AXA achieved another very good performance in the first nine months of 2023. Revenue growth remained strong with good momentum in our technical and cash generative lines and across our two Commercial and Personal pillars.
In P&C Commercial lines, which is our largest business, premiums were up 9% benefiting from good customer demand and disciplined pricing. In P&C Personal lines, we saw continued repricing with overall premiums now up 5%. Life & Health revenues were again of high quality with good organic growth across Protection, Capital-light G/A**** business and Health, although the environment remained challenging for Unit-Linked. The right-sizing of our non-prioritized businesses is now almost complete across Property Catastrophe Reinsurance, traditional G/A Savings, and some Group Health international contracts.
Our model continues to deliver strong capital generation. AXA’s Solvency II ratio stood at 230% at the end of September, in particular reflecting our decision not to refinance over Euro 1 billion in subordinated debt.
In line with our strategy, we continue to focus our footprint on our core markets where we have leading positions, while exiting non-core markets. The Group recently finalized the acquisition of Laya Healthcare, strengthening our leadership in Ireland, and agreed***** on the disposal of its joint venture Bharti AXA Life Insurance Co in India. We also remain confident in delivering our in-force management target****** by year-end.
The Group is on track to achieve its earnings outlook target for the year and fully deliver on its four main “Driving Progress 2023” financial targets*******. AXA is in a position of strength ahead of launching its new Strategic Plan, which will be communicated on March 11, 2024.
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.