AXA XL shrinks property-cat book in Q1
Premiums in AXA XL Reinsurance declined by 2% to €1.2 billion in the first quarter compared with the same period a year ago, driven by lower premiums in property-cat – something the company said reflected a reduction in exposure, a strategic move by the company. Declines were partly offset, however, by strong price increases. Premiums in casualty and specialty lines were both higher, mostly from favourable price effects.
The update on its reinsurance book came amid a wider picture of positive growth for AXA Group, which issued a report on its performance today (May 15). Its overall gross written premiums increased by 1% to €31.8 billion. P&C commercial lines enjoyed premium growth of 7% to reach €11.5 billion and P&C personal lines enjoyed premium growth of 4% to reach €5.9 billion.
“AXA performed well in the first quarter of 2023,” said Alban de Mailly Nesle (pictured), chief financial officer of AXA. “We delivered robust growth in technical lines and our balance sheet remains very strong with a 217% Solvency II ratio.”
“Our activity indicators are again of excellent quality. We recorded strong premium growth in P&C Insurance up 6% and in Protection Insurance up 2%. We also continue to deliberately right-size some specific businesses, including in Property Catastrophe Reinsurance, in traditional G/A Savings and across some Group Health international contracts. This should
be largely completed by year-end.”
“Our fundamentals are strong across all our businesses. Pricing momentum remains favorable in P&C and Health, and our Life performance is resilient reflecting the dynamism of our proprietary distribution networks.
“The Group enters the last year of its “Driving Progress 2023” plan in a position of strength. We have an attractive business mix focused on technical and cash generative lines set to deliver organic growth over time. Our balance sheet is very strong, with a high level of solvency and a prudent and diversified asset allocation. All of this places us well in the current uncertain and volatile economic environment.”
