AXA reported for 3Q2024 Gross Written Premiums (GWP) and other revenues up 7% y-o-y, to Euro 84.0 billion, driven mostly by the Property & Casualty segment and the Life & Health business, which both saw a 7% increase in GWP.
Alban de MAILLY NESLE, Group Chief Financial Officer stated: “AXA continued to deliver excellent performance, achieving 7% revenue growth in the first nine months of 2024. We are growing across all our businesses and geographies, reflecting strong execution of our growth agenda. This is driven by targeted pricing actions, improved customer retention and our focus on taking market share in attractive business segments. Scaling organic growth is a core lever of our plan, alongside our continued focus on technical and operational excellence.”
He also emphasized that the Group’s financial strength was further affirmed in 3Q by the decision from Moody’s to raise the Group rating outlook to positive, while affirming our Aa3 Group rating.
The Group saw growth in Commercial lines (+7%) from favorable price effects across all geographies as well as higher volumes, notably at AXA XL Insurance. In Personal lines (+6%), growth was primarily driven by favorable price effects, partly offset by lower volumes notably in Germany and UK & Ireland, reflecting measures to restore profitability, and at AXA XL Reinsurance (+10%), from favorable price effects and higher volumes.
Life & Health saw a 7% GWP growth, with Life premiums up 7%, driven by Unit-Linked products (+14%) following a recovery in Italy and good dynamics in France, and G/A7 Savings (+10%) from strong sales of a capital-light product in Japan, as well as Protection (+2%), and with Health premiums up 7%, with growth across all geographies, both in Individual and Group businesses.
Asset Management recorded a +6% growth, mainly driven by higher management fees reflecting an increase in average assets under management.
Solvency II ratio was 221% as of September 30, 2024, down 6 points versus June 30, 2024, reflecting (i) a strong operating return (+7 points), less accrued dividend and annual share buy-back for 3Q24 (-5 points), more than offset by (ii) unfavorable impacts from financial markets (-6 points), primarily reflecting lower interest rates and widening of government and corporate spreads in Europe, and (iii) the effect of an anti-dilutive share buy-back related to employee share-based compensation (-1 point).
Outlook: The Group expects to maintain its good operating performance and is confident in achieving underlying earnings per share growth in 2024 in line with the 6%-8% CAGR plan target range over the 2023-2026E period.
