AXA, 1H2019: gross revenues amounted EUR 58 billion, up 8.1% y-o-y

AXA consolidated gross revenues amounted to EUR 57,949 million at the end of 30 June 2019, up by 8.1% y-o-y on a reported basis and up by 4.0% y-o-y on a comparable basis, compared to 30 June 2018.


1H2019 main figures (vs. 1H2018) - unaudited

  • Gross written premiums (GWP): EUR 55,684 million (+10.5%), of which:
    • AXA France: EUR 13,469 million (+3.4%)
    • AXA Europe: EUR 19,955 million (-8.0%)
    • AXA Asia: EUR 4,825 million (+11.2%)
    • AXA XL: EUR 10,522 million (+495.8%)
    • AXA U.S.: EUR 3,321 million (-44.5%)
    • AXA International: EUR 3,451 million (+66.8%)
  • Gross revenues: EUR 57,949 million (+4.0% *), of which:
    • AXA France: EUR 13,383 million (+3.1% *)
    • AXA Europe: EUR 19,978 million (+2.2% *
    • AXA Asia: EUR 4,827 million (+5.2% *)
    • AXA XL: EUR 10,436 million (+8.7% *)
    • AXA U.S.: EUR 4,297 million (+4.8% *)
    • AXA International: EUR 3,662 million (+5.7% *)
  • Revenues from insurance activity: EUR 55,805 million (+10.5%)
  • Annual Premium Equivalent (APE): EUR 3,227 million (+1.8% *)
  • Net investment result (excluding financing expenses): EUR 21,869 million (+181.1%)
  • Net consolidated income: EUR 2,572 million (-14.5%)
  • Property & Casualty Combined Ratio: 95.1% (+0.1 pp.)
  • Health Combined Ratio: 93.9% (-0.7 pp.)
  • Protection Combined Ratio: 93.2% (-3.0 pp.)

* restated: as per new governance; changes are on comparable basis.


AXA consolidated gross revenues growth was mainly influenced by the favorable results of AXA XL Property & Casualty (+EUR 616 million), AXA France Life & Savings (+EUR 270 million), AXA Hong Kong (+EUR 234 million).

Almost all AXA regional branches registered a higher revenues level compared to 2018 half-year, with the exception of AXA Transversal, where the revenue shrunk by 2% (- EUR 30 million), evolution driven by AXA Investment Managers lower performance fees, management fees and transaction fees.

New business Annual Premium Equivalent (APE) reported by AXA in the first half-year of 2019 amounted to EUR 3,227 million (+2%). Ordered by APE business volume by main regions, AXA France brought 33% of total APE, AXA Asia 27%, AXA Europe 20%, AXA U.S. 16% and AXA International 4%.

Property & Casualty combined ratio slightly increased by 0.1 percentage points, mainly driven by higher expense ratio driven by France due to higher administrative costs notably to further enhance customer service. Health Combined Ratio improved by 0.7 point to 93.9% mainly driven by France volume effect from Group Health, and the United Kingdom & Ireland improved claims experience and efficiency measures. Protection Combined Ratio improved by 2.8 points to 93.2%, improvement driven by Switzerland transformation of the in-force Group Life business to a semi-autonomous model.

AXA Group's Eligible Own Funds amounted to EUR 57.9 billion and the Solvency II ratio to 190% as of 30 June 2018, compared to EUR 58.2 billion and 193% as of 31 December 2018.


More financial information can be found on AXA annual and interim reports center.

Source: AXA.com

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