AXA's gross revenues went up by 2% on a comparable basis, to EUR 78.4 billion in 9M 2022. In P&C Commercial lines, insurance revenues increased by 6% to EUR 24.4 billion. Estimated claims from Hurricane Ian of EUR 0.4 billion, gross of tax and net of reinsurance.

"AXA has delivered another strong performance in the first nine months of 2022 in a challenging environment," said Alban de Mailly NESLE, Chief Financial Officer of AXA. "Our revenue mix continued to be of high quality, focused on growing technical lines while reducing our exposure in Nat Cat Reinsurance and traditional G/A Savings."

He explained that Health and P&C Commercial lines Insurance revenues have remained strong, increasing by 14% and 6%, respectively, while the pricing environment in P&C Personal lines is showing clear signs of improvement. "Overall, we expect that the actions we have taken to counterbalance inflation impacts in P&C this year should keep our strong underlying technical profitability on track across the Group," NESLE said.

Total revenues were up 2% driven by:

• Property & Casualty (+3%), with growth in Commercial lines Insurance revenues (+6%) from continued favorable price effects, partly offset by Nat Cat exposure reduction at AXA XL Reinsurance (-20%) while Personal lines revenues grew by +4% driven by improved pricing, notably in Europe,
• Health (+14%), with continued strong growth across all geographies
• Asset Management (+2%)4, with higher transaction fees.

This upswing trend was partly offset by Life & Savings(-6%), as the growth in Protection was more than offset by lower revenues in Unit-Linked, notably from the non-repeat of a large Group contract in France, and in G/A Savings mostly in France, Italy and Japan

"This year has been marked by a series of natural catastrophes, notably Hurricane Ian, which is estimated to be one of the costliest hurricanes in the United States. We expect AXA XL's market share of claims from Hurricane Ian to be around 0.7%, well below its historical market share, reflecting underwriting actions already taken to cut Nat Cat exposure," Alban de Mailly NESLE said. As AXAs CFO explained the Group's robust balance sheet puts it in a strong position against the current macroeconomic backdrop, with the Solvency II ratio at 225% and a very high-quality asset mix benefiting from a prudent allocation over the years. "We remain confident in our strategy, focused on developing in technical lines in our core markets, including through selective acquisitions such as recently in Spain," he concluded.

Find out all details from AXA Group's press release here and access the presentation provided for analysts and investors here.