P&C enterprise drives AXA’s nine-month efficiency

AXA has mentioned its gross sales for the primary 9 months of 2023 rose 2% on a comparable foundation, pushed primarily by greater premiums in its property and casualty (P&C) arm.

The French insurance coverage big’s gross written premiums and different income (GWP) through the interval totalled €78.76bn ($83.72bn) as towards €78.02bn a 12 months in the past.

The P&C division, which incorporates insurance coverage for private property akin 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 12 months.

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 “massive 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 top of June 2023, as the corporate paid off €1bn of debt.

Premiums for business strains rose by 9% to €25.8bn and private strains premiums grew by 5% to €13.9bn through the interval underneath overview.

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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 mentioned: “AXA achieved one other excellent efficiency within the first 9 months of 2023. Income development remained robust with good momentum in our technical and cash-generative strains and throughout our two business and private pillars.

“In P&C business strains, which is our largest enterprise, premiums have 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 fulfill its full-year profitability goal for 2023 of greater than €7.5bn in underlying earnings.

Nesle added: “The group is on observe to attain its earnings outlook goal for the 12 months and absolutely ship on its 4 most important ‘Driving Progress 2023’ monetary targets.

“AXA is able of power forward of launching its new strategic plan, which will probably be communicated on 11 March 2024.”

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