AXA, Europe’s second-largest insurer, saw a 6% increase in total revenue in the first quarter of 2024, reaching €34 billion (.4 billion) compared to €31.8 billion (.1 billion) in the same period of 2023. This growth was mainly driven by the property/casualty (P/C) business, which experienced a 7% rise in gross written premiums (GWP) to €19.8 billion (.2 billion) from €18.6 billion (.9 billion) in Q1 2023.
In the breakdown of the P/C results, commercial lines premiums increased by 7% to €12.1 billion (.0 billion) in Q1 2024, primarily led by AXA XL Insurance with a 6% rise in premiums and favorable pricing. AXA XL Reinsurance premiums also increased by 9% to €1.3 billion (.4 billion), driven by favorable prices and higher volumes in specialty. Additionally, personal lines premiums rose by 6% to €6.4 billion (.9 billion).
Furthermore, life premiums increased by 6% to €9 billion, and health premiums went up by 7% to €4.8 billion. The group reported that its natural catastrophe experience for the first quarter of 2024 was below the prorated annual budget.
Alban de Mailly Nesle, the chief financial officer of AXA, highlighted the company’s strong performance in Q1 2024 and emphasized the achievement of organic revenue growth in line with their new strategic plan. He also mentioned that AXA maintained strong capital levels, with a Solvency II ratio of 229% at the end of March.
Overall, AXA’s solid financial results in the first quarter of 2024 reflect its resilience and strategic focus on growth and profitability.
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