Key Figures
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.
Total gross written premiums and other revenues were up 8%, driven by (i) Property & Casualty (+7%), with growth in Commercial lines (+6%) from higher volumes, notably at AXA XL Insurance, as well as favorable price effects across all geographies, in Personal lines (+7%), driven by favorable price effects, partly offset by lower volumes notably in the UK & Ireland and Germany, reflecting measures to restore profitability, and at AXA XL Reinsurance (+10%), from favorable price effects and higher volumes, (ii) Life & Health (+8%), with Life premiums up 9%, driven by Unit-Linked products (+18%) following the launch of a new product in Italy and good sales dynamics in France, G/A Savings (+12%), notably from elevated sales of a capital-light product in Japan, and Protection (+3%), and with Health premiums up 8%, thanks to strong growth across most geographies, both in Individual and Group businesses, and (iii) Asset Management (+8%), mainly driven by higher management fees.
(in millions of Euro)
2022 and prior years were based on IFRS4.
Net income increased by 11% to Euro 7.9 billion, mainly reflecting the increase in underlying earnings and favorable change in fair value of assets.
(in millions of Euro)
2022 and prior years were based on IFRS4.
Underlying earnings increased by 7% to Euro 8.1 billion, driven by (i) Property & Casualty (+10%), due to strong underwriting results across the board, (ii) Life & Health (+4%), driven by higher technical results in Protection and Health mainly reflecting margin recovery in UK Health, and (iii) Asset Management (+11%), from higher revenues. This was partly offset by (iv) Holdings (Euro -156m), reflecting investments in technology and growth initiatives.
(in millions of Euro)
2022 and prior years were based on IFRS4.
Solvency II ratio was 216% as of December 31, 2024, down 11 points versus December 31, 2023, with + 6 points from a strong operating return (+28 points) net of a provision for dividend and annual share buy-back for 2024 (-22 points), which was more than offset by the unfavorable impact from financial markets (-13 points), mainly from the widening of government spreads, and the negative impact of net subordinated debt redemption (-3 points).
(percentage)
Direct business revenues are split within geographies