PARIS (Reuters) – The insurer AXA reported quarterly growth of 6% in its revenues on Thursday, driven by the growth in premiums in commercial property insurance, its flagship activity.
Gross written premiums and other income amounted to 34 billion euros, after 31.8 billion euros a year ago, the group said in a press release.
Commercial property and casualty insurance activity recorded an increase of 7% on a comparable basis, to 12.1 billion euros, thanks to the dynamism of the American subsidiary AXA XL Insurance and positive price effects in Turkey and in Europe.
The two other main businesses of the number two insurance company in Europe, life and health insurance as well as personal insurance, also posted increased revenues.
Axa’s solvency ratio, a key measure of its financial health, stood at 229% at the end of March, two percentage points higher than at the end of 2023.
Asked about the impact of the collapse of the Francis Scott Key Bridge in Baltimore, Chief Financial Officer Alban de Mailly Nesle said he expected the impact before tax and after reinsurance would not exceed 0.1 billion euros, based on a total impact of 1.5 billion euros for the industry.
AXA XL, AXA’s commercial insurance subsidiary, is the lead underwriter of a $3.1 billion reinsurance policy for ship insurers.
In asset management, where AXA is present with its subsidiary AXA Investment Managers, net inflows amounted to 5.6 billion euros in the first quarter, bringing the total assets managed to 858 billion euros.
(Written by Augustin Turpin with Mathieu Rosemain, edited by Blandine Hénault)
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