Commercial lines saw growth (+6%) from higher volumes, notably at AXA XL Insurance, including the impact of a large contract with limited risk retention, as well as favorable price effects across all geographies, in Personal lines (+7%), driven by favorable price effects and growth in net new contracts, notably in France and Europe, and at AXA XL Reinsurance (+12%), mostly reflecting the impact of business ceded via Insurance Linked Securities (ILS), Life & Health (+8% to EUR 15.5 billion), with Life premiums up 9%, driven by Unit-Linked (+16%) from the positive momentum across most geographies, G/A5 Savings (+10%) from strong sales in Italy and France, as well as Protection (+5%), and with Health premiums up 6%, with growth across all geographies, both in Individual and Group businesses, and Asset Management (+8%), mainly driven by higher management fees reflecting an increase in average assets under management, the company said.
Solvency II ratio was 213% as of March 31, 2025, down 3 points vs December 31, 2024, reflecting a strong operating return (+7 points), less accrued dividend and annual share buy-back for 1Q25 (-6 points), more than offset by unfavorable impacts from financial markets (-2 points), reflecting a widening of government spreads, notably in Europe and Japan, and regulatory model changes (-1 point).
“AXA has started the year with strong performance, achieving robust revenue growth across all business lines, continuing the positive momentum from last year. This performance reflects the disciplined execution of our organic growth strategy, with a healthy balance between volume and pricing”, said Alban de Mailly Nesle, Group Chief Financial Officer. “AXA’s diversified business model focused on technical margin and its robust balance sheet, with a Solvency II ratio of 213% and a prudent asset portfolio, are a source of strength in the current volatile environment. We remain confident in our strategy and are focused on executing on the ‘Unlock the Future’ plan”. Group Chief Financial Officer added.
The full 1Q25 report can be found here.
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