AXA reaches in $5.77b in gross revenues for Asia in H1

The insurer’s P&C business in the region grew by 7% YoY.

AXA reported an increase of 2% to $5.77b (€5.68b) in its gross revenues for its Asia businesses in the first half of 2022.

In its latest financial report, AXA’s biggest earners for the half year was its property and casualty (P&C) business which grew to 7% to $1.14b compared to H1 2021. It’s health segment grew by 3% to $1.17b compared to a year before. Meanwhile, life and savings dropped 3% to $3.46b in H1 2022.

For the group’s total earnings, gross revenue went up 1% to $55.88b, with underlying profits increasing by 4% to $3.96b.

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The group’s P&C business wwere up 1%, with growth in AXA’s commercial lines insurance climbing by 4% on the back of favorable price effects partially offset by Natural Catastrophe exposure reduction at AXA XL Reinsurance. Meanwhile Personal lines revenues grew by 3% driven by favorable price effects and with its its Health business growing by 13% and Assetmanamgement by 4% with higher management ang transaction fees. However, this was partially offset by Life & Savings, which dropped by 5%, as the growth in Protection was more than offset by lower revenues in Unit-Linked, notably from the non-repeat of a large group contract in France, and in G/A9 Savings mostly in Italy, Japan and France.

“The group is entering this period in a strong position, with a Solvency II ratio of 227%, and a resilient and diversified mix of business, which continues to shift away from financial risks. We are vigilant and are taking actions to counterbalance impacts from inflationary pressures and market volatility. We remain very confident in delivering our Driving Progress 2023 key targets, notably underlying earnings per share growth at the high end of our target range. The Group is well prepared to navigate this evolving environment thanks to the collective efforts and relentless engagement of all our colleagues, agents and partners and the continued trust of our clients,” Thomas Buberl, CEO of AXA said.