Back to home of AXA's website

9M22 Activity Indicators - Sustained high-quality revenue mix


Press Release

PDF 298.7 Kb

press contacts

November 2, 2022

published at 5:45 PM CET

  • Gross revenues* up 2% to Euro 78.4 billion
    - P&C Commercial lines Insurance** revenues up 6% to Euro 24.4 billion
    - P&C Personal lines revenues up 4% to Euro 13.3 billion
    - Health revenues up 14% to Euro 13.1 billion
  • Solvency II ratio*** at 225%, down 2 points vs. 1H22
  • Preliminary estimated claims from Hurricane Ian of Euro 0.4 billion, gross of tax and net of reinsurance

Alban de Mailly Nesle

Group Chief Financial Officer

AXA has delivered another strong performance in the first nine months of 2022 in a challenging environment. Our revenue mix continued to be of high quality, focused on growing technical lines while reducing our exposure in Nat Cat Reinsurance and traditional G/A Savings.

Health and P&C Commercial lines Insurance revenues have remained strong, increasing by 14% and 6%, respectively. In P&C Personal lines, the pricing environment is showing clear signs of improvement. Overall, we expect that the actions we have taken to counterbalance inflation impacts in P&C this year should keep our strong underlying technical profitability on track across the Group.

This year has been marked by a series of natural catastrophes, notably Hurricane Ian, which is estimated to be one of the costliest hurricanes in the United States. We expect AXA XL’s market share of claims from Hurricane Ian to be around 0.7%, well below its historical market share, reflecting underwriting actions already taken to cut Nat Cat exposure.

Our robust balance sheet puts us in a strong position against the current macroeconomic backdrop, with the Solvency II ratio at 225% and a very high-quality asset mix benefiting from a prudent allocation over the years.

We remain confident in our strategy, focused on developing in technical lines in our core markets, including through selective acquisitions such as recently in Spain.

I would like to thank all our colleagues, agents and partners for their commitment and support in achieving these results, as well as our clients for their continued trust.

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
**Commercial lines Insurance 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 adver se 1/200 year shock. It includes a theoretical amount for dividends accrued for the first nine months of 2022, based on the full year dividend of Euro 1.54 per share paid in 2022 for FY21. Dividends are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2021 Universal Registration Document, 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 divid end amount, if any, for 2022 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, 2021, available on AXA’s website (

Find out more


Investor Relations

Media relations