AXA reports Q1 revenue growth to EUR 31.3 billion

9 May 2022 — Andrei Victor
French re/insurance group AXA has reported revenue growth of 1% to EUR 31.3 billion in the first quarter of 2022, reflecting growth in P&C, personal lines and health and a reduction in life & savings.

"AXA performed well in the first quarter of 2022, delivering high-quality revenue growth. We continue to see strong performance in our technical and fee-based businesses across the Group", said Alban de Mailly NESLE, Group CFO.

"Our mix is excellent, with Health revenues growing by 6%, Unit-Linked by 5% and P&C Commercial lines Insurance by 4%, with continued favorable pricing momentum across geographies and notably at AXA XL".

In property-casualty, total revenues were up 2% to EUR 18.0 billion.

Of this total, commercial lines revenues accounted for EUR 12.2 billion (up by 2%), with strong growth in Commercial lines Insurance (+4% to EUR 10.7 billion) across most geographies, partly offset by AXA XL Re (-12% to EUR 1.5 billion).

Personal lines revenues were up 1% to EUR 5.8 billion, driven by higher revenues in non-Motor (+5%) across all geographies, from higher volumes and favorable price effects. Motor revenues declined by 1% as positive price effects across most geographies were more than offset by lower volumes in Europe.

In Health, total revenues were up 6% to EUR 4 .4 billion, with growth across most geographies. Group business was up 9% to EUR 2.1 billion, while Individual business was up 4% to EUR 2.3 billion.

In Life & Savings, total revenues were down by 3% to EUR 8.4 billion, as growth in Protection (3% to EUR 4.3 billion) and Unit-Linked (up 5% to EUR 1.8 billion) was more than offset by lower revenues in G/A Savings (-16% to EUR 2.3 billion).

Total Asset Management revenues were stable at EUR 392million.

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