© Reuters. Axa’s logo is seen outside a building in Montaigu, France February 23, 2022. REUTERS/Stephane Mahe
PARIS (Reuters) – Axa, Europe’s second-largest insurer, said Q1 revenues rose 2% in the first quarter as growth in P&C policies offset lower savings product revenues in France and in Italy.
Group revenues in the three-month period ending in March stood at 31.8 billion euros, up from 31.2 billion, according to a statement.
First-quarter revenues from non-life policies increased by 5%, while life policies lost ground, weighed down by a 9% decline in savings product premiums.
The French insurer said it expected a profit of more than €7.5 billion this year, up from the €6.1 billion seen in 2022, according to data revised under new accounting standards.
The solvency II ratio – a measure of the group’s capital strength based on EU risk measurement rules for insurers – stood at 217% at the end of March, an increase of 2 percentage points compared to the end of 2022, thanks to the strong operating performance.
Axa has confirmed its financial goals for 2023.
(Translated by Enrico Sciacovelli, editing by Claudia Cristoferi)