Global insurer AXA’s property & casualty (P&C) and specialty risk division, AXA XL, achieved gross written premium (GWP) and other revenues growth of 7% in the first nine months of 2024 to €44.5 billion, supported by 10% year-on-year growth at AXA XL Reinsurance.
Within the reinsurance business, premiums grew to €2.4 billion from €2.1 billion in 9M 2023 on the back of favorable price effects, notably in property and in casualty, as well as higher volumes in both specialty and property.
Both personal lines and commercial lines also contributed to growth at AXA XL in the period, with the former seeing premiums rise 6% to €14.7 billion from €13.9 billion last year, driven by favorable price effects in both motor and
non-motor lines. This was somewhat offset by lower volumes in UK & Ireland and Germany, and a shift in business mix
towards lower-risk customers in motor in UK & Ireland.
In commercial lines, premiums grew 7% year-on-year to €27.4 billion from €25.8 billion, which the company attributes to 6% growth at AXA XL Insurance, driven by increased volumes in both property and casualty, partially offset by soft market conditions in financial lines in the U.S. Growth was strong in Asia, Africa & EME-LATAM at 24% in 9M 2024, while Europe premiums rose 5% and France premiums by 4%.
Currently, AXA estimates that it will incur combined losses from hurricanes Helene and Milton of less than €200 million, pre-tax and net of reinsurance. Despite the impact of these events, AXA has confirmed that the Group natural catastrophe load of 4.5 points of combined ratio for 2024 is maintained.
In its life and health (L&H) business, GWP and other revenues increased 7% to €38.2 billion from €35.7 billion last year, with a solid performance in both segments.
In life, premiums grew 7% to €25.1 billion from €23.5 billion, and in health, premiums rose 7% to €13.2 billion from €12.2 billion.
The present value of expected premiums rose by an impressive 16% to €37.1 billion for 9M 2024, driven by higher volumes in France, Japan, and Italy, and growth of 33% in Health, mainly from France due to higher volumes and favorable changes in actuarial assumptions, explains the firm.
The new business value rose jumped 6% year-on-year to €1.7 billion, while the new business value margin actually fell by 0.5 percentage points to 4.6%, mostly driven by a less favorable business mix and a change in financial assumptions.
Group-wide, AXA has today reported GWP and other revenues growth of 7% to €84 billion for 9M 2024, compared with €78.8 billion last year.
Lastly, looking at asset management, the insurer’s assets under management (AuM) grew to €868 billion from €842 billion.
Commenting on the carrier’s 9M 2024 performance, Chief Financial Officer, Alban de Mailly Nesle, said: “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.
“Revenue growth in P&C Commercial lines4 was again strong, with premiums up 7%, driven by higher volumes and disciplined pricing. P&C Personal lines premiums were up 6%, reflecting continued repricing, notably in the UK and Germany. Our Life and Health business mix remained of high quality, with premiums up 7%, supported by good growth dynamics in Employee Benefits, and Unit-Linked sales following successful commercial campaigns.
“The Group maintained a very solid balance sheet, operating with a high level of capital, with a Solvency II ratio of 221% at the end of September. The Group’s financial strength was further affirmed this quarter by the decision from Moody’s to raise the Group rating outlook to positive, while affirming our Aa3 Group rating.
“We have today an attractive business model, with a diversified risk profile and high-quality businesses with strong positioning in the markets we have chosen. This has produced consistent results quarter after quarter. We are confident in the execution of our new plan.
“I would like to thank all our colleagues, agents and partners for their commitment and support, as well as our clients for their continued trust.”
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