AXA’s P&C enterprise noticed its income rise 1% to €29.3 billion, with business traces revenues up 1% from final yr to €19.7 billion. Nonetheless, its robust development in business traces insurance coverage (up 4% to €17.5 billion) was partly offset by AXA XL Reinsurance (down 21% to €2.2 billion). In the meantime, private traces revenues rose 3% year-on-year to €9.5 billion.
In life and financial savings, AXA’s whole revenues dropped 5% year-on-year to €16.0 billion whereas in well being the insurer reported that its whole revenues rose 13% to €8.8 billion, with development throughout all geographies.
AXA additionally revealed the launch of a brand new share buy-back program of as much as €1.0 billion.
Commenting on the outcomes, Buberl highlighted that the group achieved an +11% improve in underlying earnings per share, with robust natural earnings development recorded throughout all traces of enterprise. Through the H1 2022 interval, he stated, AXA noticed high-quality income development, notably throughout well being, business traces insurance coverage and asset administration.
“Within the meantime, we continued to reposition our portfolio away from property disaster reinsurance and conventional common account enterprise,” he stated. “We reported robust technical profitability throughout all companies, specifically in France and Europe delivering enticing and constant efficiency, and AXA XL recording resilient outcomes regardless of the influence of the warfare in Ukraine.”
Bearing on the group’s €1 billion share buy-back, Buberl stated this displays AXA’s sturdy operational efficiency, the energy of its steadiness sheet, and the continued execution of its capital administration initiatives. He highlighted that AXA is dedicated to monetary self-discipline and to delivering long-term shareholder worth.
Given the instability of the present macroeconomic surroundings, the group is coming into this era in a powerful place, he stated, with a Solvency II ratio of 227%, and a “resilient and diversified” mixture of enterprise.
“We’re vigilant and are taking actions to counterbalance impacts from inflationary pressures and market volatility,” he added. “We stay very assured in delivering our Driving Progress 2023 key targets, notably underlying earnings per share development on the excessive finish of our goal vary.
“The group is properly ready to navigate this evolving surroundings because of the collective efforts and relentless engagement of all our colleagues, brokers and companions and the continued belief of our shoppers.”