The leading French insurance company benefited in particular from the growth in the health sector and also performed well in the area of business damage insurance.
The first French insurer Axa announced, Wednesday in a press release, to have recorded a turnover up 2% over the first nine months of the year compared to the same period last year, to 78.4 Billions of Euro’s.
“Growth has been of very good quality in the sectors important to us, health, business damage insurance”, despite the “uncertain context”, underlined the financial director, Alban de Mailly Nesle, during a point telephone press.
The health insurance sector grew by 14% to 13.1 billion euros, supported by business damage insurance (+6% to 24.4 billion euros). “In personal property damage insurance, the pricing environment is showing tangible signs of improvement,” said Alban de Mailly Nesle.
Decline in turnover for the subsidiary Axa XL Réassurance
The group’s solvency ratio as of September 30, 2022, a key indicator in the sector, fell by 2 points to 225% compared to June 30, 2022, according to the group’s press release. Axa has also estimated at 400 million euros the amount of claims that Axa XL – the subsidiary of the “large risk” group based in the United States – will have to record in connection with Hurricane Ian.
With global warming, natural disasters are bound to become more and more frequent, which is why the insurer has begun a repositioning which, according to him, results in a 20% drop in turnover for Axa XL Réassurance. , at 2.9 billion euros.
Net profit above 4 billion euros in the first half
The insurer Axa had exceeded expectations in the first half by recording a net profit up 2.8% over one year, to 4.1 billion euros, despite a changing economic environment and the war in Ukraine.
Regarding the outlook for the end of the year, “the trend is the same, obviously there will be the impact of Hurricane Ian but we think we will be able to absorb most of this deviation for the rest of the year. ‘year,” said the group’s chief financial officer.
During the last quarter of 2022, the Italian bank Monte dei Paschi di Siena (MPS) launched its capital increase aimed at raising 2.5 billion euros, a crucial operation to which the French insurer Axa intends to contribute “up to at 200 million euros”, still according to Alban de Mailly Nesle. The insurer also announced that it had entered into exclusive negotiations with the Crédit Mutuel Insurance Group (GAMC) to acquire its subsidiary in Spain for 310 million euros.