AXA delivered a strong performance in the first half of 2022, reflecting the strength of our operating model in a more challenging environment. The Group has achieved an +11% increase in underlying earnings per share, with strong organic earnings growth recorded across all our lines of business.
Revenue growth was of high quality, with an excellent mix towards technical and fee-based business, notably across Health, Commercial Lines Insurance and Asset Management. In the meantime, we continued to reposition our portfolio away from Property Catastrophe Reinsurance and traditional General Account business.
We reported strong technical profitability across all businesses, in particularin France and Europe delivering attractive and consistent performance, and AXA XL recording resilient results despite the impact of the war in Ukraine.
Today the Group announced a Euro 1.0 billion share buy-back reflecting our robust operational performance, the strength of our balance sheet, and continued execution of our capital management initiatives. AXA is committed to financial discipline and to delivering long term shareholder value.
The macroeconomic environment has become more uncertain. The Group is entering this period in a strong position, with a Solvency II ratio of 227%, and a resilient and diversified mix of business, which continues to shift away from financial risks. We are vigilant and are taking actions to counterbalance impacts from inflationary pressures and market volatility. We remain very confident in delivering our Driving Progress 2023 key targets, notably underlying earnings per share growth at the high end of our target range.
The Group is well prepared to navigate this evolving environment thanks to the collective efforts and relentless engagement of all our colleagues, agents and partners and the continued trust of our clients.