AXA reports across-the-board growth for first nine months
“We grew in all five of our geographies and across all business lines.” That is the story of major insurer AXA for the first three quarters of the year.
Deputy chief executive and group chief financial officer Gérald Harlin described the nine-month performance as an illustration not only of the strength of the company’s operations but also of what he called the pertinence of AXA’s simplified operating model.
“Notably, we recorded a strong top line growth in our preferred segments with the continued dynamism of our health, protection, and P&C commercial lines businesses,” he said. “In September, we closed the XL Group acquisition, a key milestone in our transformation journey.”
The group reported a Solvency II ratio of 195%, as well as a 4% rise in total revenues to €75.8 billion.
Broken down, here are the gross revenue figures:
- France – €18.9 billion, up 5% from the same period in 2017
- Europe – €29 billion, up 3%
- Asia – €6.6 billion, up 4%
- US – €12.1 billion, up 2%
- International – nearly €5 billion, up 4%
- Transversal and other – €4.2 billion, up 4%
The transversal category includes the likes of AXA Assistance, AXA Investment Managers, and AXA Corporate Solutions Assurance.
In its home market, the Paris-headquartered insurer pointed to a robust showing from life & savings and health while in the US it enjoyed not only higher revenues at AB (AllianceBernstein) but also a strong recovery in the third quarter in US life & savings.
Europe’s numbers, meanwhile, received a boost from higher sales in Italy and Spain. In Asia, AXA cited growth in Hong Kong and Japan while Mexico and Turkey delivered a strong performance for the international operation, whose revenues were mainly driven by property & casualty and health.
“In the quarter, we also announced a partnership with Liverpool Football Club as their global insurance partner, and we were recognised by Interbrand as the #1 global insurance brand for the tenth consecutive year,” noted Harlin.
“I would like to thank our clients for their continued trust and am grateful to our employees, distributors, and partners for their strong drive and commitment.”