AXA’s revenue growth remains strong after the first nine months of 2023

14 November 2023 — Marina MAGNAVAL
In 9M2023 AXA’s GWP and other revenues were up 2% to EUR 78.8 billion. P&C Commercial lines premiums up 9% to EUR 25.8 billion, P&C Personal lines up 5% to EUR 13.9 billion, protection premiums up 3% to EUR 11.5 billion, according to the recent press-release of AXA.

“AXA achieved another very good performance in the first nine months of 2023. Revenue growth remained strong with good momentum in our technical and cash generative lines and across our two Commercial and Personal pillars”, commented Alban de Mailly Nesle, Group Chief Financial Officer.

“In P&C Commercial lines, which is our largest business, premiums were up 9% benefiting from good customer demand and disciplined pricing. In P&C Personal lines, we saw continued repricing with overall premiums now up 5%. Life & Health revenues were again of high quality with good organic growth across Protection, Capital-light G/A business and Health, although the environment remained challenging for Unit-Linked. (…) Our model continues to deliver strong capital generation. AXA’s Solvency II ratio stood at 230% at the end of September, in particular reflecting our decision not to refinance over EUR 1 billion in subordinated debt”, he added.

According to the Group CFO, the Group continues to focus on the core markets where it has leading positions, while exiting non-core markets. The Group is on track to achieve its earnings outlook target for the year and fully deliver on its four main “Driving Progress 2023” financial targets.