AXA reports interim 2023 performance
AXA reports interim 2023 performance | Insurance Business Asia
Insurance News
AXA reports interim 2023 performance
Contributors to higher GWP outlined
Insurance News
By
Terry Gangcuangco
AXA is the latest to share how it has performed so far this year.
According to the insurer’s activity indicators release, here are the numbers for the first nine months of 2023 in terms of gross written premium and other revenues:
GWP & other revenues
9M 2023
9M 2022
Property & casualty
€41.8 billion
€40 billion
Life & health
€35.7 billion
€36.7 billion
Asset management
€1.2 billion
€1.2 billion
Total GWP & other revenues
€78.8 billion
€78 billion
Under the P&C segment, commercial and personal lines both saw an increase in premiums while AXA XL reinsurance posted a decline. Life & health, meanwhile, was dragged down by the health business following the non-renewal of two large legacy international group contracts in France.
Commenting on the figures, chief financial officer Alban de Mailly Nesle said: “AXA achieved another very good performance in the first nine months of 2023. Revenue growth remained strong with good momentum in our technical and cash generative lines and across our two commercial and personal pillars.
“In P&C commercial lines, which is our largest business, premiums were up 9% benefiting from good customer demand and disciplined pricing. In P&C personal lines, we saw continued repricing with overall premiums now up 5%.”
The CFO added that AXA’s model continues to deliver strong capital generation and that the company is on track to achieve its earnings outlook target for 2023. At the end of September, the insurer’s Solvency II ratio stood at 230%.
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