Results season continues with the turn of French insurance giant AXA to share how it’s been doing so far in 2021.
According to AXA, its gross revenues for the first nine months of the year grew to €76 billion (about SG$118.74 billion). Broken down by segments, here’s what the insurer’s revenue numbers look like:
|
Segment |
9M21 revenues |
9M20 revenues |
|
Property and casualty (P&C) |
€38.5 billion |
€38 billion |
|
Health |
€11.5 billion |
€11.3 billion |
|
Life and savings |
€24.5 billion |
€22.8 billion |
|
Asset Management |
€1.1 billion |
€0.9 billion |
|
Total |
€76 billion |
€73.4 billion |
Of the group’s P&C revenues in the period, €25.5 billion came from commercial lines; the remaining €13 billion from personal lines. Under health, both group and individual businesses posted revenue growth. As for life and savings, the rise was mainly driven by AXA’s results in France.
Asset management revenues, meanwhile, saw a 17% increase, largely thanks to higher assets under management and an improved business mix. Both management and performance fees improved in the nine-month span.
Over €21 billion of AXA’s total revenues was contributed by France; €25.5 billion, Europe; €8.3 billion, Asia; €4.4 billion, international; €2.4 billion, transversal; and €14.3 billion, AXA XL. Transversal and central holdings include the likes of AXA Investment Managers, AXA Assistance, AXA Liabilities Managers, and AXA Global Re.
“AXA continued to deliver an excellent performance in the first nine months of 2021”, commented chief financial officer Alban de Mailly Nesle. “Revenues increased overall by 7% (on a comparable basis; reported change: 4%), with all business lines and geographies contributing to this strong growth.”
Separately, the Paris-headquartered group announced a €1.7 billion share buy-back programme, which is slated to commence on or about November 08. AXA also plans to launch a further share buy-back programme, for up to €0.5 billion, next year.
