(AFP / MARCO BERTORELLO)
The insurer Axa achieved a turnover of 34 billion euros in the first quarter, up 7% year-on-year, driven by all businesses, the group said in a press release on Thursday.
“We achieved a very good performance in all of our business lines”, whether in property, life and health insurance or in asset management, declared the group’s financial director Alban de Mailly Nesle, during a conference call.
“These increases, for the insurance part, are the product of both favorable price effects and a solid growth dynamic across most” of Axa’s areas of activity, he added.
The manager notably underlined the “capacity” of the group’s distribution networks “to strongly develop their activity, despite a relatively volatile macroeconomic environment”.
As of March 31, 2024, the solvency ratio, a key sector indicator, stood at 229%, up 2 points compared to December 31, 2023, mainly due to high operational performance (+7 points), according to the group’s press release.
In the first quarter, property insurance saw its turnover increase by 6%, to 19.8 billion euros, including 12.1% for business damage, its most important activity, “due to an increase in volumes,” Axa said.
The life and health insurance business increased by 8%, to 13.8 billion euros, driven by targeted growth in health and collective protection, thanks in particular to the “proposal of services making it possible to support price increases at through (the) portfolio” of Axa, particularly in the United Kingdom, underlined the group.
The asset management activity is up 3%, with 858 billion euros under management, due to “an increase in management fees”, he noted.
The leading French insurance group, which competes on a European scale with the German Allianz, also announced in its press release the conclusion of a reinsurance agreement relating to a life insurance portfolio of Axa Life Europe, as well as as the failure of a previously announced sale agreement for a life and retirement insurance portfolio managed in extinction of Axa Germany.
“The group does not anticipate any impact on the financial objectives announced as part of its new strategic plan following these announcements,” he assured.
In February, when presenting this strategic plan, Axa said it wanted to grow its operating profit by an average of 4 to 6% per year.