"AXA delivered a strong performance in 2022 despite a challenging environment, a confirmation of the resilience of our business model", said Thomas Buberl, Chief Executive Officer of AXA.
"Our Group is well positioned, delivering across all dimensions, with underlying earnings per share of EUR 3.08, up +12%, a Solvency II ratio at 215% and Euro 4.5 billion cash at the Holding."
In Property & Casualty, total revenues were up by 2% to EUR 51.6 billion, while all year combined ratio was 94.6%, up 0.1%. Commercial lines Insurance revenues increased by 5% to EUR 31.3 billion, AXA XL Reinsurance revenues decreased by 27% to EUR 3.2 billion as a result of a strong reduction in Nat Cat exposure, while Personal lines revenues increased by 4% to EUR 17.0 billion, resulting from higher revenues in Motor (+4%), and in non-Motor (+4%).
In Life & Savings, total revenues were down by 5% to EUR 31.5 billion. Protection revenues grew by 3% to EUR 15.7 billion, Unit-Linked revenues were down 12% to EUR 6.5 billion, while G/A Savings revenues declined by 13% to EUR 9.1 billion.
Health total revenues were up 16% to EUR 17.4 billion. Group business was up 28% to EUR 8.9 billion, while Individual business was up 6% to EUR 8.5 billion. All year combined ratio was 96.5%, up 1.3 points.
Total Asset Management revenues decreased by 3% to EUR 1.6 billion, driven by lower management fees due to unfavorable market conditions, and lower performance fees from elevated levels in 2021.
"We remain focused on executing our strategy. We recorded good growth across our technical and cash-generative businesses, particularly in P&C Insurance, Health and Protection, while continuing to reposition away from Nat Cat reinsurance and traditional General Account business. Our fundamentals are strong and our distinctive franchise can deliver sustainable growth in the future, in particular by addressing new areas of coverage, including from the energy transition."
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