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 2015, total revenues were up 1% to Euro 98,534 million on a comparable basis and up 7% on a reported basis, benefiting from a positive Forex effect. The growth was driven by growth In Property & Casualty, International Insurance and Asset Management, while Life & Savings revenues were stable. This growth was achieved while keeping a focus on profitability, featuring a continued improvement in Property & Casualty's current year combined ratio, as well as a resilient Life & Savings new business value margin.
Net Income was up 3% to Euro 5.6 billion, mainly driven by higher adjusted earnings.
Underlying earnings were up 2% to Euro 5.6 billion, mainly driven by Life & Savings and Asset Management, partly offset by Property & Casualty. Adjusted earnings increased by to Euro 6.0 billion, mainly driven by higher underlying earnings.
Solvency II ratio was at 205%, up 4 points vs. December 31, 2014 mainly driven by a strong operating return contribution, net of dividend proposed by the Board of Directors, partly offset by financial market impacts. 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.