Axa XL’s insurance revenues were stable during the first quarter with price increases of 10% which were offset by a focus on profitable business.
In its activity indicator for the first quarter, the parent group Axa SA said that they expect that the insurance losses from the war in Ukraine will resemble a medium-sized natural disaster.
Axa XL delivered growth in property insurance during the first quarter but lower revenues in the non-life business.
Axa’s commercial insurance revenues, which include Axa XL, rose 4% during the quarter to EUR 10.7 billion ($ 11.32 billion).
This was driven by 6% growth in Europe from higher volumes and rising prices, especially in Germany and Switzerland.
Axa̵7;s total commercial revenues increased by 2% to EUR 12.2 billion, as the stronger development in insurance was dampened by a 12% decrease in Axa XL Re to EUR 1.5 billion. Axa said that the decline in reinsurance income was due to a strategic decision to reduce its exposure to natural disasters. Reinsurance prices rose by 8% during the quarter.
Axa’s total real estate / accident revenues increased by 2% to EUR 18 billion during the first quarter.
Alban de Mailly Nesle, CFO, said insurance for property and accident insurance enjoyed “continued favorable pricing across geographic areas and especially on Axa XL”.
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