Axa Posts Rise in 1Q Revenue Boosted by Property and Casualty Business
May 15 2023 - 1:38AM
Dow Jones News
By Pierre Bertrand
Axa on Monday reported a rise in its first-quarter revenue
driven by growth at its property and casualty business.
The French insurer's total gross revenue came to 31.8 billion
euros ($34.51 billion) in the quarter, a 2% rise compared with
EUR31.17 billion a year ago.
Revenue for the period rose 6% at its property and casualty
business, while revenue fell 4% at both its life and health and its
asset management units, Axa said.
Within property and casualty, commercial lines revenue grew 7%
due to favorable prices and higher volumes, while personal-lines
revenue grew 4%, again driven by prices.
Life and health revenue declined due to lower premiums, the
insurer said.
Asset management saw net inflows of more than a billion euros,
but revenue decreased 4%, driven by lower management fees due to a
lower average asset base. Average assets under management at the
end of the first quarter decreased 7% to EUR736 billion, Axa
said.
The insurer's Solvency II ratio--a measure of an insurer's
financial strength--was 217% in the first quarter, up 2 percentage
points from Dec. 31, 2022.
Axa added that it expects Solvency II normalized operating
capital generation of between 25 to 30 points this year and that it
is confident it can achieve more than EUR7.5 billion underlying
earnings in 2023.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 15, 2023 01:23 ET (05:23 GMT)
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