(Reuters) – AXA reported on Thursday sales figures (gross written premiums and other income) in line with expectations for the first nine months of the year, driven by the increase in premiums for its property insurance business.

The number two insurance company in Europe indicated that, for the period from January to September, its turnover increased by 2% on a comparable basis to stand at 78.8 billion euros, online with the 79 billion euros expected by analysts, according to a consensus compiled by the group.

This result was driven by a 7% increase on a comparable basis in its general insurance business, which includes insurance of personal property such as cars and homes, as well as civil liability.

Gross written premiums and other income for commercial insurance, AXA’s largest business, increased by 9%, with the group confirming that it is on track to achieve its operating profit target of more than 7.5 billion euros in 2023.

This good performance made it possible to offset the 2% drop in its health, life, savings and retirement division, a consequence of the “non-renewal of two significant international contracts”.

The group’s solvency ratio, a key measure of its financial health, stood at 230%, slightly below the 231% expected by analysts, the company having repaid 1 billion euros of debt.

The insurer has confirmed that it is on track to achieve its profit target for the year and will present its next strategic plan on March 11.

(Report by Mathieu Rosemain, by Augustin Turpin, edited by Kate Entringer)

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