AXA Group has revealed “strong operating performance” in the first nine months of 2019, with total gross revenue across all geographies at €79.7 billion, up 5% from the same period in 2018.
The group also posted revenue increases across all business lines, with P&C commercial lines revenues up 7% to €24.9 billion, health revenues up 6% to €10.7 billion, and protection revenues up 3% to €12.3 billion.
“AXA delivered another strong operating performance in the first nine months of 2019,” said Gérald
Harlin, deputy chief executive officer and group chief financial officer of AXA. “AXA’s revenues grew overall by 5%, notably with a continued strong growth dynamic in P&C commercial lines and in health, and with all of AXA’s geographies contributing to this strong growth.”
Harlin also said that AXA XL achieved significant revenue increases, notably in P&C insurance and specialty.
“The favorable pricing environment in insurance continues to improve, with the third quarter renewals experiencing significant rate increases,” said Harlin. “Given a series of severe natural catastrophes, including Hurricane Dorian and Typhoons Faxai and Hagibis, AXA XL incurred an above average level of natural catastrophe claims in the third quarter and early into the fourth quarter, mostly from reinsurance.”
Meanwhile, the group’s Solvency II ratio was down three points to 187%, driven mainly by unfavourable financial market conditions from lower interest rates.
“AXA’s Solvency II ratio was 187%, well within its target range, demonstrating the strength and resilience of the Group’s balance sheet, even in the context of very low interest rates at the end of September,” said Harlin.