AXA has reported strong growth during the first quarter of 2021 – with total revenues up 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 31 billion euros.
This performance was underpinned by sustained growth in AXA’s preferred segments, with P&C commercial lines up 4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, health up 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, and continued positive flows and a favourable mix in L&S.
“AXA XL performed well during the quarter, pursuing its underwriting discipline, achieving significant price increases, targeted exposure reductions, and growing revenues by 4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f},” said Etienne Bouas-Laurent, group chief financial officer. “AXA Investment Managers also delivered strong performance, with €13 billion net inflows and revenues up 17{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}.”
Bouas-Laurent said that AXA’s balance sheet was “very strong,” with a Solvency II ratio of 208{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} at the end of March – an eight-point increase from December. That doesn’t include the positive impact from the issuance of a subordinated green bond in April and the expected completion of the AXA Bank Belgium disposal.
“As a leader in the sector on climate and societal topics, AXA issued its first green bond, has pledged to invest €2 billion in SMEs impacted by the COVID-19 crisis in France, and will act as chair of the new Net-Zero Insurance Alliance,” Bouas-Laurent said. “AXA also announced that it is collaborating with Microsoft to build a digital healthcare platform, enabling a virtual healthcare system that is open to all.”
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