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1Q21 Activity indicators


Press Release

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May 4, 2021

published at 5:45 PM CEST

  • Total revenues* +2% to Euro 31 billion
    o/w Preferred segments revenues +3% to Euro 20 billion
  • Net inflows** Euro +2 billion in Life & Savings, Euro +13 billion in Asset Management
  • Solvency II ratio*** at 208%, up 8 points vs. FY20

Etienne Bouas-Laurent

Group Chief Financial Officer (2019-2021)

AXA’s total revenues grew by 2% in the first quarter, in a context which continued to be marked by Covid-19 related restrictions. This good performance was underpinned by sustained growth in our preferred segments, notably with P&C Commercial lines up 4%, Health up 5%, and with continued positive flows and a favorable mix in L&S.

AXA XL performed well in the quarter, pursuing its underwriting discipline, achieving significant price increases, targeted exposure reductions, and growing revenues by 4%. AXA Investment Managers also delivered strong performance, with Euro 13 billion net inflows and revenues up 17%.

AXA’s balance sheet remains very strong, with a Solvency II ratio of 208% at the end of March, up 8 points from December. This does not include the positive impacts from the issuance of the subordinated Green bond in April and the expected completion of the AXA Bank Belgium disposal****.

As a leader in the sector on climate and societal topics, AXA issued its first Green bond, has pledged to invest Euro 2 billion in SMEs impacted by the Covid-19 crisis in France, and will act as chair of the new Net-Zero Insurance Alliance. AXA also announced that it is collaborating with Microsoft to build a digital healthcare platform, Healthanea, enabling a virtual healthcare system that is open to all.

I would like to thank AXA’s employees, agents and partners for their commitment especially in this prolonged challenging context, and our clients for their loyalty and continued trust.

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
**Life & Savings net flows include Health “life-like” business.
***The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. It includes a theoretical amount for dividends accrued for the first three months of 2021, based on the full year dividend of Euro 1.43 per share to be paid in 2021 for FY20. Dividends are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2020 Universal Registration Document, and then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend amount, if any, for the 2020 or the 2021 financial years. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s SFCR as of December 31, 2019, available on AXA’s website (
****The completion of this transaction is subject to customary closing conditions, including the receipt of regulatory approvals.


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