Group Deputy Chief Executive Officer ("Directeur Général Adjoint") and Executive Chairman of AXA Investment Managers
AXA delivered another strong operating performance in the first nine months of 2019. AXA’s revenues grew overall by 5%, notably with a continued strong growth dynamic in P&C Commercial lines and in Health, and with all of AXA’s geographies contributing to this strong growth.
AXA XL achieved significant revenue increases, notably in P&C Insurance and Specialty. The favorable pricing environment in Insurance continues to improve, with the third quarter renewals experiencing significant rate increases. Given a series of severe natural catastrophes, including Hurricane Dorian and Typhoons Faxai and Hagibis, AXA XL incurred an above average level of natural catastrophe claims in the third quarter and early into the fourth quarter, mostly from Reinsurance.
AXA’s Solvency II ratio was 187%, well within its target range, demonstrating the strength and resilience of the Group’s balance sheet, even in the context of very low interest rates at the end of September.
The recently announced sale of AXA Bank Belgium marks another important step in the further simplification of AXA’s profile and focus on preferred segments, in line with its Ambition 2020 strategy.
I would like to thank all our colleagues at AXA for their commitment and support for achieving these results, as well as our clients for their continued trust.