AXA reported its full-year earnings for 2024, showing an 8% increase in total gross written premiums and other revenues to €110.3 billion.
Growth was supported by gains across property & casualty, life & health, and asset management.
Property & casualty premiums rose 7% to €56.5 billion. Commercial lines increased 6%, driven by higher volumes, particularly at AXA XL Insurance, along with favourable pricing across all regions.
Personal lines premiums also grew by 7%, though volumes declined in the UK & Ireland and Germany due to profitability-focused measures. AXA XL Reinsurance recorded a 10% increase, supported by favourable pricing and higher volumes.
Life & health premiums grew 8% to €52 billion, with Life premiums up 9%. Unit-linked products rose 18%, supported by a new product launch in Italy and strong sales in France.
G/A savings increased 12%, led by demand for a capital-light product in Japan, while protection rose 3%. Health premiums expanded 8%, reflecting strong growth in both individual and group business across multiple regions.
Asset management revenues increased 8% to €1.7 billion, driven mainly by higher management fees.
The results are in-line with the interim 9M financials posted by the giant insurer a few months ago. CFO Alban de Mailly Nesle highlighted a 7% revenue growth in the first nine months, with notable growth across all segments.
Underlying earnings rose 7% to €8.1 billion, supported by a 10% increase in property & casualty earnings due to strong underwriting results. Life & health earnings were up 4%, reflecting improved technical results, particularly in protection and health, with margin recovery in UK Health.
Asset management earnings grew 11%, benefiting from higher revenues. These gains were partially offset by a €156 million impact from holdings, attributed to investments in technology and growth initiatives.
Underlying earnings per share rose 8% to €3.59, supported by a 7% increase in underlying earnings and a 2% boost from share buy-backs, partially offset by a 1% impact from foreign exchange movements and higher financial charges related to undated and deeply subordinated debt.
Net income rose 11% to €7.9 billion, reflecting higher underlying earnings and a favourable change in the fair value of assets.
AXA’s Solvency II ratio declined by 11 percentage points to 216% from 227% in 2023.
“AXA has delivered a very strong performance in 2024, successfully executing in the first year of its strategic plan ‘Unlock the Future’”, said Thomas Buberl (pictured above), chief executive officer of AXA. “We have a clear strategy fully focused on insurance and built around leading businesses, supported by a robust balance sheet.”
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