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.