(AOF) – Axa announced gross written premiums and other income up 7%, to 34 billion euros in the first quarter. They increased by 6% on a comparable basis, supported by property and casualty insurance, which showed growth of 7% to 19.8 billion euros. This activity was supported by growth in commercial insurance (+7%) due to favorable pricing effects in most geographies and an increase in volumes. Axa XL Reinsurance recorded growth of 9% due to favorable pricing and increased volumes.
In life and health insurance, premiums increased by 6% to 13.8 billion euros, including an increase of 6% in life insurance, reflecting an increase in premiums in general funds – savings (+10%) and in units of account (+8%) due to renewed activity in Italy and good momentum in France.
Asset management turnover increased by 3% to 385 million euros, “due to an increase in management fees reflecting the increase in average assets under management”. The latter increased by 2%, to 750 billion euros, “reflecting favorable market effects and positive net inflows”. This amount excludes the contribution of the Asian joint ventures and Capza, which are consolidated using the equity method.
Net inflows stood at 6 billion euros, driven by strong inflows from third-party clients (+3 billion euros), notably at “AXA IM Core” (+2 billion euros) and at “AXA IM Alts” (+1 billion euros), mainly in real estate funds, and in Asian joint ventures (+3 billion euros).
The solvency II ratio increased by 2 points over the quarter to 229%. It notably benefited from high operational efficiency: +7 points.
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