AXA has reported sustained growth for the first nine months of 2017, in what chief executive Thomas Buberl described as “preferred” segments.
Here are the revenue numbers:
Life & savings - €43.8 billion, down 1%
Property & casualty (P&C) - €28.3 billion, up 1%
Asset management - €2.9 billion, up 7%
P&C growth was driven by commercial lines, which saw a 2% rise in revenues to €13.8 billion. Meanwhile the asset management segment has the following to thank: higher average assets under management, as well as an increase in the average management fee basis point.
Commercial lines revenues went up because of positive price effects and increased volumes. The insurer reported strong growth in Europe, particularly in motor and health for UK and Ireland. AXA Corporate Solutions Assurance and Brazil also contributed.
As for life & savings, the downfall was G/A savings, with a 14% drop in revenues offsetting the increases for unit-linked and protection & health. The blame falls on Italy, Hong Kong, and Japan.
“AXA continued to deliver growth in its preferred segments during the first nine months of 2017, in line with Ambition 2020,” commented Buberl.
He said: “We reinforced our leading global position in the health business, growing again by 6% in this preferred and strategic segment.”
In addition to stable total revenues of €75.4 billion (0.1% increase), the insurer also reported a Solvency II ratio of 201%.
