Total revenues were up 6% with growth in all business lines: (i) Property & Casualty (+3%), with Commercial lines growing at 5% mostly from favorable price effects, notably at AXA XL, and stable revenues in Personal lines, (ii) Health (+5%) with continued growth across most geographies, primarily in Group business in France, (iii) Life & Savings (+9%) reflecting strong performance in Individual Savings in France, mostly in Unit-Linked, as well as strong growth in Asia, primarily in Japan and Hong Kong, and (iv) Asset Management (+20%), from higher management and performance fees.
Net income increased by 135% to Euro 7.3billion, mainly fromthe increase in underlying earnings, a favorable change in the fair value of invested assets and derivatives from positivemarket impacts, and higher net realized capital gains.
Underlying earnings increased by 61% to Euro 6.8 billion, driven by (i) Property & Casualty (+151%) mostly due to the non-repeat of the impact from Covid-19 related claims in FY20, as well as a strong underwriting result, notably at AXA XL, (ii) Health (+2%) mainly due to higher volumes across most geographies as well as lower taxes, partly offset by higher claims in Mexico, (iii) Life & Savings (+3%)primarily linked to higher fees and revenues, and a higher net technical margin and (iv) Asset management (+25%)reflecting a strong revenue growth combined with a lower cost income ratio. Underlying earnings grew by 9% vs FY20 rebased.
Solvency II ratio
Solvency II ratio was 217% at December 31, 2021, up 17 points versus December 31, 2020, mainly driven by (i) a strong operating return, net of accrued dividend for FY21 to be paid in 2022 (+12 points), (ii) management actions (+8 points) including disposals and L&S in-force transactions, and (iii) positive financial market effects (+4 points), primarily from higher equity markets and interest rates, partly offset by (iv) the Euro 1.7 billion share buy-back completed in February 2022 (-6 points).