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1Q24 Activity indicators


Press Release

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May 2, 2024

published at 5:45 PM CEST

  • Gross written premiums and other revenues* up 6% to Euro 34.0 billion
    - P&C Commercial lines** premiums up 7% to Euro 12.1 billion
    - P&C Personal lines premiums up 6% to Euro 6.4 billion
    - Life and Health premiums up 6% to Euro 13.8 billion
  • Solvency II ratio*** at 229% up 2 points vs. FY23

Alban de Mailly Nesle

Group Chief Financial Officer

AXA achieved a very good performance in the first quarter of 2024. We delivered strong organic revenue growth across the Group, consistent with our new strategic plan presented earlier this year. The Group also continued to operate with strong capital levels with a Solvency II ratio at 229% at the end of March, reflecting our capital generation capacity.

In P&C Commercial lines, which is our largest business, premiums were up 7% from higher volumes reflecting attractive positioning and a positive initial contribution from growth initiatives. Pricing momentum remains favorable at both AXA XL and European entities. P&C Personal lines premiums grew 6% reflecting strong pricing actions, notably in the UK and Germany. Health revenues were up 7% from targeted growth in Employee Benefits, leveraging our proprietary pricing assets and service proposition to drive higher pricing across the portfolio, notably in the UK. Life revenues were up 6% driven by Unit-Linked sales from successful commercial campaigns across our distribution networks and good dynamics for capital-light products in Asia.

Today the Group also announced**** a reinsurance agreement for a Savings portfolio at AXA Life Europe and an agreement to terminate the previously announced sale of a closed life and pensions portfolio at AXA Germany. The Group does not expect any impact on the financial targets announced as part of its new strategic plan from these announcements.

The Group remains committed to helping create a more sustainable and responsible world. We have updated the AXA for Progress Index*****, which measures and monitors the Group’s sustainability performance, increasing our ambition across underwriting, investment, and the Group’s own operations.

We are confident in our strategy and focused on the execution and delivery of our new strategic plan targets. We have an attractive and highly diversified business model that is built to deliver predictable earnings growth. 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 & other revenues, New Business Value (“NBV”), Present Value of Expected Premiums (“PVEP”), and New Business Value Margin (“NBV Margin”) are on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated.
** “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 2024, based on the full-year dividend of Euro 1.98 per share to be paid in 2024 for FY23. It also includes a theoretical amount for an annual share buy-back for the first three months of 2024, based on the annual share buy-back of Euro 1.1 billion to be executed in 2024 for FY23. Dividends and share buy-backs are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2023 Universal Registration Document, and then submitted to AXA’s shareholders for approval. The foregoing should not be considered in any way to be an indication of the actual dividend and share buy-back amount, if any, for the 2024 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, 2022, available on AXA’s website ( The AXA Group SFCR as of December 31, 2023 is expected to be published by the end of May 2024.
**** Refer to the Press Release “AXA announces an agreement to terminate the sale of a closed life and pensions portfolio at AXA Germany, and that AXA Life Europe has entered into a reinsurance agreement for an in-force Savings portfolio” published on May 2, 2024, and available on AXA’s website (
***** Including cumulative Euro 6 billion in P&C gross written premiums to support transition underwriting between 2024-26, Euro 5 billion in investments per year to finance climate transition, and achieving net zero emission by 2030 in AXA Group’s own operations (energy, car fleet, and business travel).


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