In detail, turnover in health is up 6%, to 4.4 billion euros. Revenues from business insurance excluding AXA XL Re (-12% to 1.5 billion euros) increased by 4%, to 10.7 billion euros, and those from personal protection, by 3%, to 4.3 billion euros. euros. The turnover of life insurance, savings, retirement fell by 3% to 8.4 billion euros. Asset management revenue was stable at €392 million.
“We achieved this performance in an uncertain context linked to the geopolitical tensions caused by the war in Ukraine. (…) It is too early to indicate a precise estimate of the impact of the crisis, nevertheless on the basis at this stage of our assessment and the scope of the crisis, we now estimate that the net underwriting loss related to the crisis should be similar to a medium-sized natural disaster”, declared Alban de Mailly Nesle, Chief Financial Officer of Axa.
Based on this indication, UBS values the loss between 140 and 280 million euros, or between 0.7 and 1.5 points at the level of the combined ratio of Axa XL.
Net inflows in asset management amounted to 9 billion euros, driven by strong inflows from third-party clients (+6 billion euros), both at “AXA IM Alts”, “AXA IM Core” and Architas, and Asian joint ventures (+4 billion euros). Jefferies points out that collection is 125% higher than expected.
Average assets under management amounted to 790 billion euros, down 1%, with strong net inflows more than offset by unfavorable market effects in the first quarter.
Finally, the insurer posted a Solvency II ratio that improved by 7 points over the quarter to 224%. It is however 4 points lower than expected, the impact of inflation, implied volatility being the culprits, explains UBS.