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.