AXA’s strong performance in the first half of 2016 reflects once again the pertinence of our business model and strategic choices in an environment which continues to be characterized by low interest rates and higher market volatility. We have delivered resilient underlying earnings of Euro 3.1 billion despite market headwinds and a higher cost of natural events. Our balance sheet remains very strong with a Solvency II ratio at 197%, well within our target range.
In Life & Savings, we focused on profitable business growth with increased sales of Protection & Health and capital light Savings products. In Property & Casualty, we delivered strong growth in both Personal and Commercial lines while maintaining our emphasis on profitability. Asset Management continued its momentum with net inflows in both our asset managers.
In our Ambition 2020 strategy, unveiled on June 21, we committed to focus on clear growth drivers in order to achieve our objectives even in these adverse market conditions. In parallel, with the new management team and our people, we are actively pursuing the transformation of the Group, towards our vision of empowering people to live a better life.