AXA achieved an excellent performance in the first half of 2021. Revenues and underlying earnings grew strongly across the Group, in all geographies and business lines.
Revenues were up 7%, reflecting strong business dynamics underpinned by P&C Commercial lines, up 6%, and by a strong growth in Life & Savings with a high-quality business mix. In Asset Management, AXA IM continued to perform very well in both Core and Alts platforms.
The Group’s underlying earnings were Euro 3.6 billion in the first semester, up 101% and representing a 12% growth excluding the impact from Covid-19 last year. This strong result was achieved across all our markets, and notably at AXA XL with very good underwriting performance. Taking advantage of the continued favorable pricing momentum, AXA XL is well positioned to deliver its Euro 1.2 billion earnings target in 2021 and sustainable and profitable growth beyond.
AXA’s balance sheet remained very strong, as illustrated by our solvency II ratio of 212% at the end of June, up 12 points from the end of 2020.
As part of Driving Progress 2023, AXA continues its transformation journey with the deployment of innovative health services, notably with the launch of a digital health platform with Microsoft. The Group is playing an active role in society by supporting the economic recovery and strengthening further its engagement towards shaping climate transition.
These excellent results reflect the collective efforts of all our colleagues, agents and partners. I would like to thank them for their relentless engagement, as well as our clients for their continued trust.