Financial Data

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.


Compared to FY22 as restated under IFRS17, total revenues were up 3%, driven by Property & Casualty (+7%), with growth in Commercial lines (+9%) from continued favorable price effects as well as higher volumes across most geographies, and in Personal lines (+6%), largely driven by favorable price effects, partly offset by a reduction in Natural Catastrophe exposure at AXA XL Reinsurance (-5%), in line with the Group’s strategy. This was partly offset by (i) Life & Health (-2%), with Health down 7% following the non-renewal of two large legacy international Group contracts (excluding these contracts, Health was up 7%), and Life up 1% from continued growth in Protection (+4%), notably in Japan, partly offset by lower premiums in Savings (-2%), mainly in Italy due to challenging market conditions, and (ii) Asset Management (-2%), due to lower management fees, reflecting a lower average asset base.

(in millions of Euro)

2022 and prior years were based on IFRS4.

Net Income

Compared to FY22 as restated under IFRS17, net income increased by 45% to Euro 7.2 billion, primarily reflecting the increase in underlying earnings, combined with higher net realized capital gains.

(in millions of Euro)

2022 and prior years were based on IFRS4.

Underlying Earnings

Compared to FY22 as restated under IFRS17, underlying earnings increased by 27% to Euro 7.6 billion. The earnings growth was driven by Property & Casualty (+73%), due to favorable prior years reserve development, improved undiscounted current year margin, a higher claims discount effect and higher financial result. This was partly offset by (i) Life & Health (-8%), driven by lower financial result, notably due to the non-repeat of elevated funds distribution, combined with lower CSM release and elevated Health claims frequency in the UK, and (ii) Asset Management (-9%), mainly from lower revenues.

(in millions of Euro)

2022 and prior years were based on IFRS4.

Solvency II ratio

Solvency II ratio was 227% at December 31, 2023, up 12 points versus December 31, 2022, resulting mainly from (i) a strong operating return (+29 points), gross of the provision for the FY23 dividend (-16 points) that reflects the increased dividend payout ratio, as well as a provision for the Euro 1.1 billion annual share buy-back (-4 points), both announced today in line with the new “Unlock the Future” capital management policy, (ii) actions to further narrow the duration gap (+18 points), and (iii) favorable operating variance (+1 point) driven by the capital release from traditional G/A Savings outflows, partly offset by (iv) regulatory and model changes (-6 points ), (v) a reduction in subordinated debt (-4 points), (vi) the impact of the acquisitions of Laya and GACM Spain (-3 points), and (vii) unfavorable economic variance (-3 points) notably from lower interest rates, despite the benefits of a favorable equities environment and lower implied volatility. The favorable impact resulting from the reinsurance agreement for an in-force Savings portfolio at AXA France (+3 points) was mostly offset by the provision for the Euro 0.5 billion anti-dilutive share buy-back (-2 points).


Revenues by geographic region

Direct business revenues are split within geographies

  • Europe (excl. France)
  • France
  • AXA XL
  • Asia, Africa & EME-LATAM
  • AXA IM
  • Transversal
Underlying earnings
  • Property & Casualty
  • Health
  • Life
  • Asset Management and Banking

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