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9M21 Activity Indicators - Continued strong performance


Press Release

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November 4, 2021

published at 5:50 PM CET

  • Total revenues* increased by 7%, to Euro 76.0 billion:
    o/w P&C Commercial lines revenues up 7% to Euro 25.5 billion
    o/w Health revenues up 4% to Euro 11.5 billion
    o/w L&S revenues up 12% to Euro 24.5 billion
    o/w Asset Management revenues up 17% to Euro 1.1 billion
  • Solvency II ratio** at 214%, up 2pts vs 1H21

Alban de Mailly Nesle

Group Chief Financial Officer

AXA continued to deliver an excellent performance in the first nine months of 2021. Revenues increased overall by 7%, with all business lines and geographies contributing to this strong growth.

In Life & Savings, revenues grew by 12% with continued focus on a high quality business mix. Growth dynamics remained strong in P&C Commercial lines, up 7%, benefiting from a favorable pricing environment, notably at AXA XL. In Asset Management, AXA IM had another very good quarter in both Core and Alts, and grew revenues by 17% in the first nine months.

The Group’s Solvency II ratio further strengthened to 214% at the end of September. Taking into consideration the strong level of solvency and the strength of AXA’s balance sheet more broadly, and as announced in our earlier press release, the Board of Directors approved today a share buy-back program, including the immediate launch of up to Euro 1.7 billion, and an intention to launch up to a further Euro 0.5 billion in 2022 to offset earnings dilution from recent disposals***.

The Group also announced strong new commitments to contribute to the fight against climate change and to preserve biodiversity. AXA has extended its investment and insurance exclusions in Oil and Gas, as well as in activities actively contributing to deforestation, investing Euro 1.5 billion to support sustainable forests.

These excellent achievements are the result of the collaborative work of our employees, agents and partners. I would like to thank them, as well as our clients for their continued trust and loyalty.

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
**The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. It also includes a theoretical amount for dividends accrued for the first nine months of 2021, based on the full year dividend paid in 2021 for FY20. Dividends are proposed by the Board at its discretion based on a variety of factors described in AXA’s Universal Registration Document for the year ended December 31, 2020 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 2021 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2020, available on AXA’s website (
***The immediate launch of a share buy-back of up to Euro 1.7 billion is expected to commence on or about November 8, 2021. Recent disposals refer to the disposals announced after December 1, 2020 and include Greece, Malaysia and Singapore. For further details, please refer to the press release issued on November 4, 2021 related to the share buy-back program.


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