Thus, in P&C, AXA has reported revenue expansion of 5% y-o-y to EUR 38.5 billion for the first nine months of the year, against EUR 38 billion a year earlier. In commercial lines, revenue increased by 7% to EUR 25.5 billion as a result of positive price effects, while Personal lines revenues were stable at EUR 13.0 billion, with higher revenues in non-Motor LoBs.
AXA representatives mentioned this solid growth in revenues was driven mainly by the AXA XL segment, mostly from continued favorable price effects of 11% and the recovery of clients' turnover. This was somewhat offset by disciplined exposure reduction in both insurance and reinsurance, notably in property cat. At AXA XL, price increases on renewals remained strong during the nine-month period at +15% in insurance and +9% in reinsurance, which the company says is broadly in line with the price increases recorded in H1 2021.
In Health operation, and total revenues increased by 4% during the first nine months of the year to EUR 11.5 billion, while in Life & Savings, AXA has announced revenue growth of 12% to EUR 24.5 billion. At the same time, total Asset Management revenues grew by 17% to EUR 1.07 billion, driven by higher management fees from both higher assets under management and an improved business mix, as well as higher performance fees.
"AXA continued to deliver an excellent performance in the first nine months of 2021. Revenues increased overall by 7%, with all business lines and geographies contributing to this strong growth.
In Life & Savings, revenues grew by 12% with continued focus on a high-quality business mix. Growth dynamics remained strong in P&C Commercial lines, up 7%, benefiting from a favorable pricing environment, notably at AXA XL. In Asset Management, AXA IM had another very good quarter in both Core and Alts and grew revenues by 17% in the first nine months.
The Group's Solvency II ratio further strengthened to 214% at the end of September. Taking into consideration the strong level of solvency and the strength of AXA's balance sheet more broadly, and as announced in our earlier press release, the Board of Directors approved today a share buy-back program, including the immediate launch of up to EUR 1.7 billion, and an intention to launch up to a further EUR 0.5 billion in 2022 to offset earnings dilution from recent disposals", said Alban de MAILLY NESLE, Group Chief Financial Officer.
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