AXA reveals full-year earnings

Metric

FY22

FY21

Gross revenues

€102.35 billion

€99.93 billion

Underlying earnings

€7.26 billion

€6.76 billion

Net income

€6.68 billion

€7.29 billion

In terms of revenues in FY22, both the property & casualty (P&C) and health segments registered growth, while the numbers for life & savings (L&S) and asset management fell.

As for underlying earnings, higher figures were contributed by P&C and L&S, while health and asset management suffered declines. P&C underlying earnings stood at €4.43 billion; L&S, €2.63 billion; health, €614 million; and asset management, €400 million.

The slide in the group’s net income, meanwhile, was partly attributed to a decrease in the value of invested assets and derivatives.

Chief executive Thomas Buberl, nonetheless, is happy with the full-year results.

“AXA delivered a strong performance in 2022 despite a challenging environment, a confirmation of the resilience of our business model,” commented the CEO. “Our group is well positioned, delivering across all dimensions, with underlying earnings per share of €3.08, up +12%, a Solvency II ratio at 215%, and €4.5 billion cash at the holding.

“We remain focussed on executing our strategy. We recorded good growth across our technical and cash-generative businesses, particularly in P&C insurance, health, and protection, while continuing to reposition away from nat cat (natural catastrophes) reinsurance and traditional general account business.”

Buberl went on to describe AXA’s fundamentals as strong, saying the company is able to deliver sustainable growth in the future.

He added: “In light of our strong performance in 2022 and a robust balance sheet, the board of directors is proposing a dividend of €1.70 per share, up 10%, and has, again, approved a share buyback up to €1.1 billion.”

Serving 93 million clients in 51 countries, AXA employs 145,000 people.