AXA’s Q1 Revenues Rise 6%, Led by P/C Business Growth

AXA, Europe’s second-largest insurer, reported a 6% increase in total revenue during the first quarter to €34 billion ($36.4 billion), compared with €31.8 billion ($34.1 billion) in Q1 2023.

The increase in Q1 gross written premiums (GWP) and other revenues was driven by the company’s property/casualty business, which rose by 7% on a comparable basis to €19.8 billion ($21.2 billion) from €18.6 billion ($19.9 billion) in Q1 2023.

Breaking down P/C results, AXA said:

• Commercial lines premiums increased by 7% to €12.1 billion ($13.0 billion), compared with €11.5 billion ($12.3 billion) in Q1 2023. Q1 2024 commercial lines totals were driven by AXA XL Insurance, which saw a 6% rise in premiums, and favorable pricing. (AXA XL is the lead carrier on the excess of loss policy for the International Group of P&I Clubs, which will have claims from the Baltimore Bridge collapse).
• AXA XL Reinsurance premiums increased by 9% to €1.3 billion ($1.4 billion), compared to €1.2 billion ($1.3 billion) during Q1 2023. This year’s Q1 premiums were driven by favorable prices in P/C, as well as higher volumes in specialty. (
• Personal lines premiums increased by 6% to €6.4 billion ($6.9 billion), compared with €5.9 billion ($6.3 billion) in Q1 2023. Q1 2024 totals were driven by favorable prices in both motor and non-motor.

(Percentage changes of GWP and other revenues are calculated on a comparable basis to include variables such as foreign exchange.)

The group’s natural catastrophe experience in the first quarter of 2024 was below the prorated annual budget, AXA said.

Life premiums increased by 6% to €9 billion while health premiums rose by 7% to €4.8 billion, according to AXA.

“AXA achieved a very good performance in the first quarter of 2024,” said Alban de Mailly Nesle, chief financial officer of AXA, in a statement. “We delivered strong organic revenue growth across the group, consistent with our new strategic plan presented earlier this year.”

He noted that the group continued to operate with strong capital levels with a Solvency II ratio at 229% at the end of March.

(Percentage changes of GWP and other revenues are calculated on a comparable basis to include variables such as foreign exchange.)

Topics
Profit Loss
Property Casualty
AXA XL