1Q23 Activity indicators
May 15, 2023
published at 7:00 PM CEST
- Gross written premiums and other revenues* up 1% to Euro 31.8 billion
- P&C Commercial lines** premiums up 7% to Euro 11.5 billion
- P&C Personal lines premiums up 4% to Euro 5.9 billion
- Protection premiums up 2% to Euro 4.4 billion - Solvency II ratio*** at 217% up 2 points vs. FY22
- Group underlying earnings target**** of above Euro 7.5 billion in 2023
- Publication of 1H22 and FY22 earnings under IFRS17/9 accounting standards****
Alban de Mailly Nesle
Group Chief Financial Officer
AXA performed well in the first quarter of 2023. We delivered robust growth in technical lines and our balance sheet remains very strong with a 217% Solvency II ratio.
Our activity indicators are again of excellent quality. We recorded strong premium growth in P&C Insurance up 6% and in Protection Insurance up 2%. We also continue to deliberately right-size some specific businesses, including in Property Catastrophe Reinsurance, in traditional G/A Savings and across some Group Health international contracts. This should be largely completed by year-end.
Our fundamentals are strong across all our businesses. Pricing momentum remains favorable in P&C and Health, and our Life performance is resilient reflecting the dynamism of our proprietary distribution networks.
The Group enters the last year of its “Driving Progress 2023” plan in a position of strength. We have an attractive business mix focused on technical and cash generative lines set to deliver organic growth over time. Our balance sheet is very strong, with a high level of solvency and a prudent and diversified asset allocation. All of this places us well in the current uncertain and volatile economic environment.
This year marks an important milestone for our company and our industry as we move to the new IFRS17/9 accounting standards. Today we are publishing our 2022 results restated under the new standards and confirm that our earnings power remains unchanged, and there is no change to cash and capital. We are confident that we will achieve more than Euro 7.5 billion underlying earnings in 2023, including a negative Euro 0.1 billion foreign exchange impact, subject to prevailing market conditions and a normalized level of natural catastrophe charges.
I would like to thank all our colleagues, agents and partners for their commitment and support, as well as our clients for their continued trust.
* Change in gross written premiums and other revenues is on a comparable basis (constant forex, scope and methodology).
** “Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.
*** The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 year shock. It includes a theoretical amount for dividends accrued for the first three months of 2023, based on the full year dividend of Euro 1.70 per share paid in 2023 for FY22. Dividends are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2022 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 2023 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s SFCR as of December 31, 2021, available on AXA’s website (www.axa.com).
**** Please refer to the press release (and the disclaimers therein) published on May 15, 2023, “AXA publishes 1H22 and FY22 financial information under IFRS17 and IFRS9 accounting standards and provides 2023 Group Underlying Earnings Target”, available on AXA’s website (https://www.axa.com/en/press/press-releases).
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