AXA unveils Q1 2022 revenues

Here’s how AXA’s businesses stacked up, revenue-wise:

Segment

Gross revenues Q1 2022

Gross revenues Q1 2021

Property and casualty (P&C)

€18 billion

€17.4 billion

Health

€4.4 billion

€4.2 billion

Life and savings

€8.4 billion

€8.6 billion

Asset management

€0.4 billion

Total

€31.3 billion

€30.7 billion

Of P&C’s revenues, €12.2 billion came from commercial lines; the remaining €5.8 billion from personal lines. Both units posted increases.

The insurance group’s Solvency II ratio in the quarter, meanwhile, stood at 224% – an improvement from 217% for the whole of 2021.

The CFO stated: “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. Our mix is excellent, with health revenues growing by 6%, unit-linked by 5%, and P&C commercial lines insurance by 4%, with continued favourable pricing momentum across geographies and notably at AXA XL.”

Citing AXA’s strong balance sheet, de Mailly Nesle said the Paris-headquartered group is well positioned against the uncertain macroeconomic backdrop at present.

“Our strategic transformation to move away from financial risks is proving particularly relevant in this environment,” he noted. “We remain confident in our ability to execute our strategy, focussing on our core attractive segments, in particular health, protection, and P&C insurance where the need for insurance coverage remains strong.”