August 1, 2024
Half Year 2024 Earnings
AXA has made a good start to its new strategic plan ‘Unlock the Future’.
1 minute
Thomas Buberl
Chief Executive Officer of AXA
AXA has made a good start to its new strategic plan ‘Unlock the Future’. In the first half of 2024, we have achieved +7% organic revenue growth and a +4% increase in underlying earnings per share. This reflects the strength of our business model, which is balanced between Commercial and Retail lines, and diversified across geographies. This gives us confidence in achieving an underlying earnings per share growth by year-end that will be in line with the 6% to 8% plan target.
We have delivered strong growth across all lines of business, leveraging the attractive positioning of our franchise and a positive initial contribution from growth initiatives. P&C revenues were up 7%, with continued good demand, notably in Commercial lines, and positive pricing dynamics across all lines. Life & Health premiums were also up 7%, including targeted growth in Employee Benefits. The planned acquisition of Nobis announced today is expected to further strengthen our P&C Retail franchise in Italy, including the expansion of our distribution network, which is one of the key levers of our strategy
, said Thomas Buberl.
Thomas Buberl
Chief Executive Officer of AXA
Group underlying earnings were Euro 4.2 billion, driven by 7% earnings growth from our operating businesses, including strong profitability in Commercial lines and good progress on the short-term margin improvement plan in P&C Retail and UK Health. In line with our strategy, we are also investing for the long term, notably in technology and growth initiatives, which will support the successful execution of the plan.
We have also taken a strategic decision to exit asset management with the intention to sell AXA IM to BNP Paribas. We intend to offset the resulting earnings dilution with a share buy-back, and we are affirming the key financial targets of our new strategic plan. We further intend to enter into a long-term investment management agreement with BNP Paribas that would provide a wider range of investment solutions to AXA and its customers.
I would like to thank all our colleagues, agents and partners for their commitment and support, as well as our customers for their continued trust,
said Thomas Buberl.
