(Finance) – The French insurance group AXA closed the first quarter of 2024 with with gross premiums and other revenues in growth of 6% to 34 billion euros. P&C Commercial lines premiums were up 7% to 12.1 billion euros, P&C Personal lines premiums up 6% to 6.4 billion euros, Life and Health premiums up 6% to 13 .8 billion euros. The Solvency II ratio stood at 229%, up 2 points compared to FY23.
“AXA got it an excellent performance in the first quarter of 2024 – commented the CFO Alban de Mailly Nesle – We have achieved strong organic revenue growth across the Group, in line with our new strategic plan presented earlier this year. The Group also continued to operate with strong capital levels with a Solvency II ratio at 229% at the end of March, reflecting our capital generation capacity.”
Separately, AXA announced that AXA e Athora they have agreed to mutually terminate the sales agreement relating to the purchase of a closed life and pensions portfolio from AXA Germany, initially disclosed on 14 July 2022. AXA will retain this portfolio, which is well capitalized and duration matched, as well as the associated revenue. The resolution is expected to have no impact on the financial targets announced by the Group as part of its new strategic plan “Unlock the Future”.
Additionally, AXA announced that its subsidiary AXA Life Europe has entered into a reinsurance agreement with New Reinsurance Company which covers approximately 3 billion euros of variable annuity reserves. This transaction will result in a reduction in underlying earnings of approximately €20 million per year from 2024 onwards. AXA intends to offset the resulting profit dilution related to the AXA Life Europe reinsurance agreement with a buyback of own shares for 0.2 billion euros to be completed by the end of the year. The transaction, including the impact of the share buyback, is expected to have an impact of approximately -1 point on the Solvency II Ratio.