AXA

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9M24 Activity Indicators

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October 30, 2024

published at 5:45 PM CET

  • Gross written premiums and other revenues* up 7% to Euro 84.0 billion
    ‒ Property & Casualty premiums up 7% to Euro 44.5 billion
    ‒ Life & Health premiums up 7% to Euro 38.2 billion
  • Solvency II ratio** at 221% down 6 points vs. 1H24
  • Preliminary combined estimated losses from Hurricanes Helene and Milton of less than Euro 200 million, before tax and net of reinsurance***

Alban de Mailly Nesle

Group Chief Financial Officer

AXA continued to deliver excellent performance, achieving 7% revenue growth in the first nine months of 2024.

We are growing across all our businesses and geographies, reflecting strong execution of our growth agenda. This is driven by targeted pricing actions, improved customer retention and our focus on taking market share in attractive business segments. Scaling organic growth is a core lever of our plan, alongside our continued focus on technical and operational excellence.

Revenue growth in P&C Commercial lines**** was again strong, with premiums up 7%, driven by higher volumes and disciplined pricing. P&C Personal lines premiums were up 6%, reflecting continued repricing, notably in the UK and Germany. Our Life and Health business mix remained of high quality, with premiums up 7%, supported by good growth dynamics in Employee Benefits, and Unit-Linked sales following successful commercial campaigns.

The Group maintained a very solid balance sheet, operating with a high level of capital, with a Solvency II ratio of 221% at the end of September. The Group’s financial strength was further affirmed this quarter by the decision from Moody’s to raise the Group rating outlook to positive, while affirming our Aa3 Group rating.*****

We have today an attractive business model, with a diversified risk profile and high-quality businesses with strong positioning in the markets we have chosen. This has produced consistent results quarter after quarter. We are confident in the execution of our new plan.

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.

* Change in Gross written premiums and other revenues, NBV, PVEP, and NBV Margin is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated.
** The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200-year shock. It includes a theoretical amount for dividends and share buy-backs accrued for the first nine months of 2024, based on the full-year dividend of Euro 1.98 per share paid in 2024 for FY23 and annual share buy-back of Euro 1.1 billion announced on February 22, 2024. Annual share buy-backs exclude anti-dilutive share buy-backs related to certain disposals and in-force management transactions, as well as share buy-backs to offset dilutive effects relating to employee share offerings and stock-based compensation. Dividends and share buy-backs are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2023 Universal Registration Document, and then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend and share buy-back amounts, if any, for the 2024 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s SFCR as of December 31, 2023, available on AXA’s website (www.axa.com).
*** Preliminary loss estimates, subject to change.
***** Commercial lines refers to P&C Commercial lines excluding AXA XL Reinsurance.
***** Please refer to the press release titled as Moody’s raises the rating outlook of AXA SA to positive and affirms the “Aa3 rating” dated September 19, 2024 and available on AXA’s website at https://www.axa.com/en/press/press-releases