Global insurer AXA has revealed that its AXA XL Reinsurance division grew premiums by 9% in Q1 of 2024 to €1.3 billion, driven by favourable price effects in the Property and Casualty business and higher volumes in Specialty.
AXA’s total gross written premiums and other revenues were up 6% in Q1 of 2024, driven by Property & Casualty which grew 7% to €19.8 billion.
Within Property & Casualty, commercial lines premiums increased by 7% to €12.1 billion in Q1, aided by favourable price effects across most geographies and higher volumes, notably in Europe and at AXA XL Insurance.
Meanwhile, personal lines premiums increased by 6% to €6.4 billion, driven by favourable price effects in both Motor and Non-Motor.
As mentioned, AXA XL Reinsurance premiums increased by 9% to 1.3 billion in Q1, boosted by favourable price effects in Property and Casualty and higher volumes in Specialty.
Turning to Axa’s Life & Health business, gross written premiums & other revenues were up 6% to Euro 13.8 billion in Q1 of 2024.
According to the firm, life premiums increased by 6% to Euro 9 billion and health premiums increased by 7% to Euro 4.8 billion.
Alban de Mailly Nesle, Chief Financial Officer of AXA, commented on the results, “AXA achieved a very good performance in the first quarter of 2024. We delivered strong organic revenue growth across the Group, consistent with our new strategic plan presented earlier this year.
“The Group also continued to operate with strong capital levels with a Solvency II ratio at 229% at the end of March, reflecting our capital generation capacity.
“The Group remains committed to helping create a more sustainable and responsible world. We are confident in our strategy and focused on the execution and delivery of our new strategic plan targets.
“We have an attractive and highly diversified business model that is built to deliver predictable earnings growth. I would like to thank all our colleagues, agents, and partners for their commitment and support, as well as our clients for their continued trust.”
