Well-established in Western Europe, North American and Asia/Pacific markets, the Group intends to reinforce its growth in the years ahead by intensifying its presence in high-growth markets.
In 2016, total revenues were up 2% to Euro 100,193 million on a comparable basis, crossing the Euro 100 billion mark for the first time in the company’s history. The growth was driven by Life & Savings and Property & Casualty, partly offset by a decline in Asset Management. This growth was achieved while keeping a focus on profitability, featuring a continued improvement in Property & Casualty's loss ratio, as well as a strong Life & Savings new business value margin.
Net Income was up 2% to Euro 5.8 billion, mainly driven by higher adjusted earnings.
Underlying earnings were up 3% to Euro 5.7 billion, mainly driven by an increase in Life & Savings, Property & Casualty and Holdings, partly offset by a decrease in Asset Management. Adjusted earnings increased by to Euro 6.1 billion, mainly driven by higher underlying earnings.
Solvency II ratio was at 197%, up 6 points versus 9M16, mainly driven by a strong operating return contribution net of dividend proposed by the Board of Directors, and more favorable financial market conditions. AXA’s internal model was approved by the French regulator (ACPR) on November 12, 2015. Solvency II took effect January 1, 2016.
With its geographic balance of its businesses, AXA is among the most diversified insurers in the world.
Thanks to the complementary nature of its businesses, AXA was able to achieve a robust operating performance.