AXA performed well in the first quarter of 2022, delivering high-quality revenue growth. We continue to see strong performance in our technical and fee-based businesses across the Group.
Our mix is excellent, with Health revenues growing by 6%, Unit-Linked by 5% and P&C Commercial lines Insurance by 4%, with continued favorable pricing momentum across geographies and notably at AXA XL.
The Group remains strongly focused on disciplined execution. We have been repositioning our Reinsurance portfolio with Nat Cat exposure already trimmed by 40% across first quarter’s renewals, while we continue to deliver a high-quality Life & Savings business mix, with further reduction in traditional G/A.
We delivered this performance amid the uncertainty from rising geopolitical tensions sparked by the war in Ukraine. As an organization with deep European roots, we are profoundly saddened by the tragic situation in Ukraine. AXA is fully respecting all applicable international sanctions and has stopped underwriting new insurance business with respect to Russian-owned assets located in Russia. While it is too early to provide precise guidance, based on our current assessment and the current scope of the conflict, we currently expect the net underwriting losses from the crisis to be akin to a mid-sized Nat Cat event.
I would like to warmly thank AXA’s employees, agents and partners who have expressed their solidarity and participated in several actions to help address the humanitarian crisis, through donations and volunteering initiatives.
AXA is well positioned against the current uncertain macroeconomic backdrop, with a strong balance sheet including a Solvency II ratio at 224%. Our strategic transformation to move away from financial risks is proving particularly relevant in this environment.
We remain confident in our ability to execute our strategy, focusing on our core attractive segments, in particular Health, Protection and P&C Insurance where the need for insurance coverage remains strong.
* Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
** Commercial lines Insurance refers to P&C Commercial lines excluding AXA XL Reinsurance.