French re/insurance group AXA has reported revenue growth of 2% to EUR 55.14 billion in the first half of 2022, reflecting growth in P&C, health, asset management and a reduction in life & savings.

"Revenue growth was of high quality, with an excellent mix towards technical and fee-based business, notably across Health, Commercial Lines Insurance and Asset Management. In the meantime, we continued to reposition our portfolio away from Property Catastrophe Reinsurance and traditional General Account business", said Thomas Buberl, Chief Executive Officer of AXA.

In Property-Casualty, total revenues were up 1% to EUR 29.3 billion. Commercial lines revenues were up 1% to EUR 19.7 billion, with strong growth in Commercial lines Insurance (+4%), partly offset by AXA XL Reinsurance -21% - to EUR 2.2 billion due to a strong reduction in Natural Catastrophe exposure, "in line with our strategy, partly offset by favorable price effects". Personal lines revenues were up 3% to EUR 9.5 billion, "driven by both higher revenues in non-Motor (+4%) across all geographies, from higher volumes and favorable price effects, and in Motor (+2%), as lower volumes in Europe were more than offset by positive price effects across most geographies".

All year combined ratio was 93.7%, up 0.7 point, reflecting "higher Motor frequency from the non-repeat of mobility restrictions in France and in Europe in 1H21, yet with the overall frequency still being below pre-Covid levels, as well as higher large losses primarily from the impact of the war in Ukraine (EUR -0.3 billion pre-tax and net of reinsurance)".

In Life & Savings, total revenues were down by 5% to EUR 16.0 billion. Protection revenues grew by 2% to EUR 7.9 billion, Unit-Linked revenues were down 11% to EUR 3.4 billion while G/A Savings revenues declined by 12% to EUR 4.5 billion.

Total Health revenues were up 13% to EUR 8.8 billion. Group business was up 21% to EUR 4.5 billion while Individual business was up 6% to EUR 4.3 billion. All year combined ratio was 94.9%, up 0.5 point, "reflecting higher Covid-related claims in Japan, partly offset by Europe, primarily from a lower expense ratio in UK & Ireland".

Total Asset Management revenues increased by 4% to EUR 788 million.