AXA reported a 7% increase in total gross written premiums and other revenues for the first quarter of 2025, supported by growth across its core business segments.
The company’s property & casualty segment rose by 7% year over year, with commercial lines up by 6%. This was largely attributed to higher volumes at AXA XL, including a large contract with limited risk retention, and price adjustments across markets. Personal lines increased by 7%, reflecting pricing changes and growth in new contracts, particularly in France and Europe.
AXA XL Reinsurance premiums rose by 12% to €1.4 billion, due to ILS ceded business and pricing in casualty.
The company’s exposure to natural catastrophes in the first quarter, including estimated losses from wildfires in California, remained below its prorated annual budget. AXA maintained its full-year natural catastrophe budget at approximately 4.5 points of the combined ratio. Gross written premiums and other revenues in the first quarter were up 8% to €15.5 billion.
Meanwhile, the life & health segment grew by 8% from a year ago. Life premiums rose by 9% to €9.8 billion, while unit-linked premiums increased by 16%, with activity supported by product changes in France and sales in Japan, Belgium, Hong Kong, and Germany. Health premiums rose by 6% to €5.6 billion, with growth across group and individual business lines.
Present value of expected premiums (PVEP) increased by 5% to €13.7 billion. Life grew by 4%, supported by France and Italy, and health rose by 5%, with higher new business sales in Germany and Thailand.
Net inflows totalled €2.5 billion, compared to €700 million in Q1 2024. This reflected higher premiums and lower surrenders in unit-linked and G/A Savings, particularly in France and Italy. Protection contributed €1.8 billion in net flows, mainly from Hong Kong, Switzerland, and Japan.
And finally, the asset management segment’s revenues rose by 8% to €400 million, due to higher management fees linked to average AUM growth.
The segment recorded net outflows of €4 billion, driven by €8 billion in third-party outflows, including the end of a low-fee mandate and €1 billion from Asian joint ventures. These were partly offset by €5 billion in inflows from AXA insurance entities.
“AXA has started the year with strong performance, achieving robust revenue growth across all business lines, continuing the positive momentum from last year,” said AXA CFO Alban de Mailly Nesle. “This performance reflects the disciplined execution of our organic growth strategy, with a healthy balance between volume and pricing.”
