Total revenues were up 5% to Euro 103,532 million with growth in all geographies, (i) AXA XL (+10%) with strong growth momentum in both P&C Insurance and Specialty, (ii) Europe (+4%) with growth across all countries, (iii) France (+4%), driven by higher sales of Individual Savings and Health, (iv) International (+6%) driven by a strong contribution from Mexico and Turkey and (iv) Asia (+4%), notably with higher sales of Protection with Savings products in Hong Kong and Japan.
Net income increased by 75% to Euro 3.9 billion, mainly driven by (i) the non-repeat of the goodwill impairment of Equitable Holdings, Inc. in 2018 (Euro 3.0 billion) as well as (ii) higher underlying earnings, partly offset by (iii) the negative impacts from the announced disposal of AXA Bank Belgium (Euro -0.6 billion), the deconsolidation of Equitable Holdings, Inc. (Euro -0.6 billion) as well as the change in the fair value of derivatives.
Underlying earnings increased by 2% to Euro 6.5 billion, reflecting continued positive operational performances from France (+9%), International (+17%), Asia (+3%) and Europe (+1%), mainly driven by improved technical profitability in P&C and volume growth in Health. The increased contribution from AXA XL was offset by the lower contribution from Equitable Holdings, Inc. Holding costs were higher mainly due to temporary higher financial charges.
Solvency II ratio
Solvency II ratio was up 5 points versus December 31, 2018 to 198%, mainly driven by the positive impacts of a strong operating return net of accrued dividend (+11 points) and the secondary offerings of Equitable Holdings, Inc. (+10 points), partly offset by unfavorable market conditions (-14 points) mostly from lower interest rates, as well as the negative impact of the repayments of subordinated debts (-4 points).