AXA has stated its gross sales for the primary 9 months of 2023 rose 2% on a comparable foundation, pushed primarily by increased premiums in its property and casualty (P&C) arm.
The French insurance coverage big’s gross written premiums and different income (GWP) in the course of the interval totalled €78.76bn ($83.72bn) as towards €78.02bn a yr in the past.
The P&C division, which incorporates insurance coverage for private property similar to automobiles and houses, in addition to legal responsibility, posted a GWP of €41.8bn. This marks a 7% enhance on a comparable foundation in contrast with €40bn final yr.
The life and well being division of the group registered a 2% decline in GWP year-on-year at €35.7bn. The group attributed the decline to the non-renewal of two “giant legacy worldwide group” contracts in France.
The insurance coverage group’s Solvency II ratio, a key indicator of its monetary well being, was 230% as of 30 September 2023, down 5 share factors versus the tip of June 2023, as the corporate paid off €1bn of debt.
Premiums for industrial strains rose by 9% to €25.8bn and private strains premiums grew by 5% to €13.9bn in the course of the interval underneath evaluate.
Entry essentially the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we wish you to take advantage of
helpful
choice for your online business, so we provide a free pattern which you can obtain by
submitting the beneath kind
By GlobalData
Premiums at AXA XL Reinsurance declined by 3% to €2.1bn, pushed by decrease premiums in property disaster.
Commenting on the efficiency, AXA CFO Alban de Mailly Nesle stated: “AXA achieved one other superb efficiency within the first 9 months of 2023. Income progress remained sturdy with good momentum in our technical and cash-generative strains and throughout our two industrial and private pillars.
“In P&C industrial strains, which is our largest enterprise, premiums had been up 9%, benefitting from good buyer demand and disciplined pricing. In P&C private strains, we noticed continued repricing with total premiums now up 5%.”
The insurer famous that it was on the right track to satisfy its full-year profitability goal for 2023 of greater than €7.5bn in underlying earnings.
Nesle added: “The group is on observe to realize its earnings outlook goal for the yr and totally ship on its 4 essential ‘Driving Progress 2023’ monetary targets.
“AXA is ready of power forward of launching its new strategic plan, which might be communicated on 11 March 2024.”
