AXA, 9M2019: 5% increase in revenues

At the end of September 2019, for the first nine months of current year, AXA Group's total revenues went up by 5%, amounting EUR 79.7 billion. Most of this amount came from French and European markets.


AXA nine months figures (vs. 9M2018)


  • Gross revenues: EUR 79,680 million (+5%), of which:
    • (1) Life & Savings: EUR 29,026 million (+4%)
    • (1) Property & Casualty: EUR 38,096 million (+5%)
    • (1) Health: EUR 10,670 million (+6%)
    • (1) Asset Management: EUR 1,546 million (-6%)
    • (2) France: EUR 19,572 million (+4%)
    • (2) Europe: EUR 26,981 million (+3%)
    • (2) AXA XL: EUR 14,172 million (+11%)
    • (2) Asia: EUR 7,324 million (+4%)
    • (2) United States: EUR 4,297 million (+5%)
    • (2) International: EUR 5,302 million (+5%)
    • (2) Transversal: EUR 2,033 million (+0%)


Total revenues of AXA grew across all geographic regions, (i) AXA XL (+11%) with strong growth momentum in both P&C Insurance and Specialty, (ii) Europe (+3%) with growth across all countries, notably in P&C Commercial lines, (iii) France (+4%), driven by higher sales of capital light G/A Savings products and Health, (iv) Asia (+4%) notably with higher sales of Protection with Savings products in Hong Kong, and (v) International (+5%) driven by a strong contribution from Mexico and Turkey.

Total revenues increased in all business lines, with (i) Property & Casualty (+5%), driven by Commercial lines (+7%) and Personal lines (+2%), both from positive volumes and price effects, (ii) Health (+6%), with growth across all geographies and (iii) Life & Savings (+4%), notably from higher sales of capital light G/A Savings as well as Protection products.

New Business Value was up 1% to Euro 1.9 billion, with APE (new business volume) increasing by 1% and NBV margin up 0.2 point to 41.3%.

Solvency II ratio was down 3 points versus June 30, 2019 to 187%, mainly driven by (i) unfavorable financial market conditions (-5 points) mostly from lower interest rates, (ii) the repayment of preferred shares at AXA XL (-2 points), partly offset by (iii) a strong operating return net of accrued dividend for the quarter (+5 points).


More financial information about AXA can be found at axa.com/en/investor/earnings-presentation.


Source: axa.com

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