Broken down per business segment, here’s how AXA performed in the period:
Property & casualty (P&C)
Life & savings
Under P&C, revenues for both commercial and personal lines saw an increase in the nine-month span. Life & savings, revenues from which were down, recorded a higher result only for the protection unit; the amounts from unit-linked and general account (G/A) savings were lower from a year ago. For health, both group and individual business contributed higher revenues.
Geography-wise, AXA reported improved revenues in France (home market), Europe, and Asia. Revenue slid for the international division. Meanwhile both AXA XL and Transversal enjoyed increases. Transversal is the part of the group that includes the likes of AXA Assistance and AXA Liabilities Managers.
Commenting on the figures, chief financial officer Alban de Mailly Nesle noted: “AXA has delivered another strong performance in the first nine months of 2022 in a challenging environment. Our revenue mix continued to be of high quality, focused on growing technical lines while reducing our exposure in nat cat (natural catastrophe) reinsurance and traditional G/A savings.
“Health and P&C commercial lines insurance revenues have remained strong, increasing by 14% and 6%, respectively. In P&C personal lines, the pricing environment is showing clear signs of improvement. Overall, we expect that the actions we have taken to counterbalance inflation impacts in P&C this year should keep our strong underlying technical profitability on track across the group.”
Meanwhile, in a separate release, Monument Re said its Belgian subsidiary has completed the acquisition of a run-off life insurance portfolio from AXA Belgium.