Financial Data


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.

(in millions of Euro)

Net Income

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.

(in millions of Euro)

Underlying Earnings

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.

(in millions of Euro)

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).


Revenues by geographic region

Direct business revenues are split within geographies
Direct business revenues are split within geographies

Underlying earnings

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