Thus, in P&C, AXA has reported revenue expansion of 3% y-o-y to EUR 49.3 billion. In commercial lines, revenue increased by 5% to EUR 32.7 billion mainly driven by AXA XL (+3%), mostly from continued favorable price effects (+10%), while Personal lines revenues increased by 1% y-o-y to EUR 16.6 billion, with higher revenues in non-Motor LoBs.
In Health operation, and total revenues increased by 5% to EUR 15.2 billion, while in Life & Savings, AXA has announced revenue growth of 9% to EUR 33.3 billion.
At the same time, total Asset Management revenues grew by 20% to EUR 1.52 billion, driven by higher management fees from both higher assets under management and an improved business mix, as well as higher performance fees.
"We have continued to achieve particularly strong revenue growth in our technical and fee-based businesses, with P&C Commercial lines, Health and Protection each growing by +5%, Asset Management up +20% and Unit-Linked +25%.
Our underlying earnings increased by +61% from last year, or +9% versus 2020 rebased, to EUR 6.8 billion. This reflects very strong technical performance across the Group, and in particular at AXA XL, which delivered EUR 1.2 billion underlying earnings following successful re-underwriting measures. AXA XL is now well positioned for sustained and disciplined growth.
Considering the Group's strong operational performance and balance sheet, the Board of Directors is proposing a dividend of EUR 1.54 per share, up 8% from last year which corresponds to a payout ratio of 56%", said Thomas BUBERL, Chief Executive Officer of AXA.