The insurer Axa published on Thursday a turnover up 2% to 78.8 billion euros over the first nine months of the year (constant accounting standards), thanks in particular to damage insurance driven by inflation.
Axa, which confirmed its objectives for the year, did not detail the figures for its third quarter.
The environment is uncertain but we have achieved a very good performance, with very dynamic commercial activity in our technical and cash-generating business lines – damage insurance, protection and health -, judged Alban de Mailly during a telephone conference. Nesle, group financial director.
Property insurance still represents more than half of Axa’s activity, with total revenue of 41.8 billion euros in the first half, up 7% year-on-year after application as overall. results of a restatement of 2022 results according to new accounting standards in force since January 1.
This increase – a very good performance, according to Mr. de Mailly Nesle – is explained in particular by an increase in prices of 5.6% this year, 4.3% for business customers and 7.3% for individuals (especially automobiles).
Despite the importance of natural disasters in the third quarter – after a less turbulent first half than expected – the group, which is seeking to reduce its exposure in this area, believes that its budget is not called into question. Hurricane Otis, which has just hit Mexico, is expected to cost it around 200 million euros.
The life, savings, retirement and health activity fell by 2% to 35.7 billion euros, suffering in particular from two terminations of significant international contracts – without which this activity, considered strategic, was up 7%.
On the asset management side, which represents only a small part of Axa’s activity, with 1.2 billion euros in turnover over nine months, revenues decreased by 2% over one year. year.
In published data, Axa’s overall turnover increased modestly by 1% over the first nine months of the year, and that of property and casualty insurance by 5%, while income from the life business, savings, retirement and health and asset management fell by 2%.
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Management confirmed its financial objectives for the whole year. In particular, it still intends to achieve an operational result higher than 7.5 billion euros, compared to 7.2 billion in 2022.
We continue to carry out our development operations, with the objective of strengthening (the) leading position in the countries where Axa is present, noted Mr. de Mailly Nesle.
The insurer thus announced on Tuesday the finalization of the acquisition from a subsidiary of the American insurer AIG of the Irish Laya Healthcare Limited, for an amount of 650 million euros.
A new strategic plan will be unveiled on March 11, 2024, indicated the financial director.