According to AXA, total gross written premiums and other revenues were up 8%, driven by Property & Casualty (+7%), with growth in Commercial lines (+6%) from higher volumes, notably at AXA XL Insurance, as well as favorable price effects across all geographies, in Personal lines (+7%), driven by favorable price effects, partly offset by lower volumes notably in the UK & Ireland and Germany, reflecting measures to restore profitability, and at AXA XL Reinsurance (+10%), from favorable price effects and higher volumes, Life & Health (+8%), with Life premiums up 9%, driven by Unit-Linked products (+18%) following the launch of a new product in Italy and good sales dynamics in France, G/A Savings (+12%), notably from elevated sales of a capital-light product in Japan, and Protection (+3%), and with Health premiums up 8%, thanks to strong growth across most geographies, both in Individual and Group businesses, and Asset Management (+8%), mainly driven by higher management fees.
The report key takeaways:
• Gross written premiums & other revenues at EUR 110 billion, up +8% vs FY23
• Underlying earnings per share at EUR 3.59, up +8% vs FY23
• Solvency II ratio at 216%, down 11 pts vs FY23
• Dividend of EUR 2.15 per share, up +9% vs FY23, and launch of an annual share buy-back program of up to EUR 1.2 billion.
“AXA has delivered a very strong performance in 2024, successfully executing in the first year of its strategic plan ‘Unlock the Future’”, commented Thomas Buberl, Chief Executive Officer of AXA. “We have a clear strategy fully focused on insurance and built around leading businesses, supported by a robust balance sheet. This is producing attractive and consistent results, with record topline and underlying earnings per share, both growing by +8% this year, and cash generation of more than EUR 7 billion”, Thomas Buberl added.
“Our Group is now growing at a stronger pace, with robust revenue growth across all lines of business and geographies. We have remained disciplined on pricing while accelerating on volume growth. This reflects continued demand notably in both P&C Commercial lines and Life & Health, high customer satisfaction driving improved retention, and contribution from growth initiatives”, said Chief Executive Officer of AXA. According to him, “Group underlying earnings reached EUR 8.1 billion, a function of both higher topline growth and excellent margins. We have delivered on our short-term profitability improvement in P&C Retail and UK Health and maintained strong margins in P&C Commercial lines, with limited impact from Nat Cats. Trends in Life are improving, and we continue to invest in technology to support long-term growth”, Thomas Buberl explained.
The full report can be found here.
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