Major insurer
AXA has released its revenue figures for the first quarter of 2022, which chief financial officer Alban de Mailly Nesle sees as an “excellent” mix.
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 €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 favorable 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.”
