AXA outlines efficiency in first quarter

AXA has reported its exercise indicators for the primary three months of 2023.

When it comes to gross written premium and different revenues within the interval, right here’s how AXA’s divisions stacked up:

Lifting the lid on the numbers, AXA famous: “Complete gross written premiums and different revenues have been up 1%, pushed by (i) property & casualty (+6%), with progress in business traces (+7%) from continued favorable value results in addition to increased volumes notably throughout AXA XL and Europe, and in private traces (+4%), pushed by favorable value results, partly offset by nat cat (pure disaster) publicity discount at AXA XL reinsurance (-2%).

“This was partly offset by (ii) life & well being (-4%), with life down 4% from decrease premiums in financial savings (-9%) primarily in Italy and France reflecting difficult market circumstances, partly offset by progress in safety (+2%), and well being down 5% following the non-renewal of two giant legacy worldwide group contracts, and (iii) asset administration (-4%) from decrease administration charges, reflecting a decrease common asset base attributable to unfavorable market circumstances.”

In the meantime, chief monetary officer Alban de Mailly Nesle described AXA as having carried out nicely within the quarter.

The CFO mentioned: “We delivered strong progress in technical traces, and our stability sheet stays very robust with a 217% Solvency II ratio. Our exercise indicators are once more of wonderful high quality. We recorded robust premium progress in P&C insurance coverage up 6% and in safety insurance coverage up 2%.

“We additionally proceed to intentionally right-size some particular companies, together with in property disaster reinsurance, in conventional G/A financial savings, and throughout some group well being worldwide contracts. This must be largely accomplished by year-end.”

In keeping with the finance chief, AXA’s fundamentals are robust throughout all its companies.

“Pricing momentum stays favorable in P&C and well being, and our life efficiency is resilient reflecting the dynamism of our proprietary distribution networks,” he added.

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