9M22 Activity Indicators - Sustained high-quality revenue mix - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
November 2, 2022 Newswires
Share
Share
Post
Email

9M22 Activity Indicators – Sustained high-quality revenue mix

Swiss Equity Markets (Web Disclosure) via PUBT

Paris, November 2, 2022 (5:45pm CET)

9M22 Activity Indicators

Sustained high-quality revenue mix

  • Gross revenues1 up 2% to Euro 78.4 billion
    • P&C Commercial lines Insurance2 revenues up 6% to Euro 24.4 billion
    • P&C Personal lines revenues up 4% to Euro 13.3 billion
    • Health revenues up 14% to Euro 13.1 billion
  • Solvency II ratio3 at 225%, down 2 points vs. 1H22
  • Preliminary estimated claims from Hurricane Ian of Euro 0.4 billion, gross of tax and net of reinsurance

"AXA has delivered another strong performance in the first nine months of 2022 in a challenging environment," saidAlban de Mailly Nesle, Chief Financial Officer of AXA. "Our revenue mix continued to be of high quality, focused on growing technical lines while reducing our exposure in Nat Cat Reinsurance and traditional G/A Savings."

"Health and P&C Commercial lines Insurance revenues have remained strong, increasing by 14% and 6%, respectively. In P&C Personal lines, the pricing environment is showing clear signs of improvement. Overall, we expect that the actions we have taken to counterbalance inflation impacts in P&C this year should keep our strong underlying technical profitability on track across the Group."

"This year has been marked by a series of natural catastrophes, notably Hurricane Ian, which is estimated to be one of the costliest hurricanes in the United States. We expect AXA XL's market share of claims from Hurricane Ian to be around 0.7%, well below its historical market share, reflecting underwriting actions already taken to cut Nat Cat exposure."

"Our robust balance sheet puts us in a strong position against the current macroeconomic backdrop, with the Solvency II ratio at 225% and a very high-quality asset mix benefiting from a prudent allocation over the years."

"We remain confident in our strategy, focused on developing in technical lines in our core markets, including through selective acquisitions such as recently in Spain."

"I would like to thank all our colleagues, agents and partners for their commitment and support in achieving these results, as well as our clients for their continued trust."

Key figures (in Euro billion, unless otherwise noted)

9M21

9M22

Change on a

Change on a

reported basis

comparable basis

Gross Revenues1

76.0

78.4

+3%

+2%

o/w Property & Casualty

38.5

40.7

+6%

+3%

o/w Health

11.5

13.1

+14%

+14%

o/w Life & Savings

24.5

23.2

-5%

-6%

o/w Asset Management4

1.1

1.2

+10%

+2%

1H22

9M22

Change on a

reported basis

Solvency II ratio3 (%)

227%

225%

-2 pts

All notes are on page 7 of this document.

Page 1

KEY HIGHLIGHTS

9M22 key highlights

Revenues

Total revenues were up 2%1 driven by (i) Property & Casualty (+3%), with growth in Commercial lines Insurance2 revenues (+6%) from continued favorable price effects, partly offset by Nat Cat exposure reduction at AXA XL Reinsurance (-20%) while Personal lines revenues grew by +4% driven by improved pricing, notably in Europe, (ii) Health (+14%), with continued strong growth across all geographies, and (iii) Asset Management (+2%)4, with higher transaction fees. This was partly offset by (iv) Life & Savings(-6%), as the growth in Protection was more than offset by lower revenues in Unit-Linked, notably from the non-repeat of a large Group contract in France, and in G/A5 Savings mostly in France, Italy and Japan.

Solvency

Solvency II ratio3 was 225% as of September 30, 2022, down 2 points versus June 30, 2022, resulting mainly from

  1. an operating returnnet of accrued dividends (+1 point) which includes the impact from elevated Nat Cats (-1 point), more than offset by (ii) negative financial market effects (-3 points) due to increased implied volatility and lower equity performance, partly compensated by higher interest rates.

Page 2

RATINGS AND MAIN TRANSACTIONS

Ratings

AM Best: On July 8, 2022, AM Best assigned a financial strength rating to AXA S.A. of 'A+ (Superior)', with a stable outlook, as well as a long-term issuer credit ratings of 'aa-(Superior)'.

Fitch: On May 16, 2022, Fitch Ratings reaffirmed the financial strength rating of AXA's core operating subsidiaries at 'AA-', maintaining a positive outlook and assigned AXA S.A. a financial strength rating at 'AA-'. Fitch Ratings also upgraded AXA S.A.'s long term issuer default ratings from 'A' to 'A+'.

S&P: On March 28, 2022, S&P Global Ratings reaffirmed the financial strength rating of AXA core's operating subsidiaries at 'AA-', with a stable outlook. On May 11, 2022, S&P Global Ratings also assigned AXA S.A. a financial strength rating at 'A+' and upgraded AXAS.A.'s long term issuer credit ratings from 'A' to 'A+'.

Moody's: On June 15, 2021, Moody's Investors Service reaffirmed the financial strength rating of AXA's core subsidiaries at 'Aa3', with a stable outlook. On July 1, 2022, Moody's Investors Service also assigned AXA S.A. a financial strength rating at 'Aa3' and upgraded AXAS.A.'s long-term senior debt rating from 'A2' to 'A1'.

Main transactions

Main transactions from July 1, 2022:

  • Completion of AXA S.A.'s transformation into the Group's internal reinsurer following receipt of its insurance license (May 10, 2022) and its merger on June 30, 2022, with its captive internal reinsurer AXA Global Re (announced July 1, 2022);
  • Announced sale of AXA Germany closed life and pensions portfolio of Euro 16 billion insurance reserves for Euro 660 million6 (July 14, 2022);
  • Completed execution on October 3, 2022, of AXA's Euro 1 billion share buy-back program announced on August 3, 2022;
  • Completed execution on September 26, 2022, of a cash tender offer on two series of AXAS.A. subordinated notes announced on August 29, 2022, for a total debt amount repurchased of USD 616 million;
  • Announced completion of sale of AXA's insurance operations7 in Malaysia for ca. Euro 0.1 billion (August 30, 2022);
  • Announced the successful placement of Euro 850 million of senior notes due 2030 (October 6, 2022);
  • Announced that AXA has entered into exclusive negotiations to acquire Groupe Assurances du Crédit Mutuel España (October 18, 2022).

Page 3

LINES OF BUSINESS

Property & Casualty

Total revenues were up 3% to Euro40.7 billion.

  • Commercial lines Insurance revenues increased by 6% to Euro 24.4 billion driven by (i) Europe (+7%) andFrance (+8%), both from higher volumes and favorable price effects, (ii) AXA Assistance (+33%), primarily from strong volumes in Travel, and (iii) AXA XL Insurance (+1%), from favorable price effects, partly offset by lower exposure reflecting continued underwriting discipline.
  • AXA XL Reinsurance revenues decreased by 20% to Euro 2.9 billion as a result of a strong reduction in Nat Cat exposure, in line with our strategy. This was partly offset by favorable price effects.
  • Personal lines revenues were up 4% to Euro 13.3 billion, driven by both higher revenues in non-Motor (+4%), mainly from favorable price effects in particular in Europe, reflecting improved momentum in Belgium, UK & Ireland, and Spain, and Motor (+3%) across all geographies, mostly driven by improving pricing trends in Turkey and Europe.

Hurricane Ian made landfall in the United States on September 28, 2022, impacting the state of Florida and subsequently several Southeastestates of the United States. It is expected to be one of the costliest hurricanes to hit the United States in recent years. Management's preliminary estimate of claims from Hurricane Ian is ca. Euro 0.4 billion, gross of tax and net of reinsurance. This equates to a market share of around 0.7%8 based on a current estimated industry insured loss of ca. USD 60 billion8.

Life & Savings

Total revenues were down by 6% to Euro23.2 billion:

  • Protection revenues grew by 3% to Euro 11.7 billion, driven by Asia (+6%), mostly from higher sales of Protection with Unit-Linked products in Japan, and by Europe (+2%), mainly from higher volumes of semi- autonomous Group Life products in Switzerland.
  • Unit-Linked revenues were down 12% to Euro 4.8 billion, driven by France (-12%), following the non-repeat of a large Group contract in 1H21 and by Asia (-50%), mostly in Hong Kong, from lower sales due to mobility restrictions.
  • G/A Savings revenues declined by 13% to Euro6.5 billion, mainly driven by (i) France (-13%), due to lower sales of traditional G/A products as well as the non-repeat of a large Group contract in 3Q21, partly offset by the continued success of Eurocroissance, (ii) Europe (-12%), mostly in Italy, reflecting lower sales through the banking channel in a continued challenging market environment, and (iii) Asia (-25%), mostly in Japan, following elevated sales of a capital-light G/A9 single premium whole-life product last year.

Net flows10 amounted to Euro +2.9 billion, driven by (i) Health10 (Euro +3.6 billion), with positive net flows across all geographies, (ii) Protection (Euro +3.0 billion), mostly in Asia and France, and (iii) Unit-Linked (Euro +1.6 billion), mostly in France, partly offset by (iv) G/A Savings (Euro -5.2 billion), driven by strong outflows in traditional G/A (Euro -5.3 billion) across geographies, in line with our strategy.

Page 4

LINES OF BUSINESS

New Business Value10,11was stable at Euro 1.9 billion, and Annual Premium Equivalent (new business volume)10,11was up 3% to Euro 4.6 billion, mostly driven by Switzerland, notably from higher sales ofsemi-autonomousGroup Life products, and by France, reflecting the expansion of international business in Group Health. NBV margin10,11was down 1.4 points to 41.3%, notably driven by a higher share of Group business in Health.

Health

Total revenues were up 14% to Euro 13.1 billion, with growth across all geographies.

  • Group business was up 24% to Euro6.6 billion, mostly driven by strong growth in (i)France (+29%), from higher volumes in international business primarily through partnerships, (ii) Europe (+15%), driven by UK & Ireland from higher volumes and favorable price effects, and (iii) Mexico (+12%), primarily from favorable price effects.
  • Individual business was up 5% to Euro 6.4 billion, mainly from (i) Europe (+4%) across all countries, notably in Germany from favorable price effects, (ii) International (+19%), mostly from positive price effects in Mexico and higher average premiums in Turkey, and (iii) France (+11%)from both higher volumes and positive price effects.

Asset Management

From January 1, 2022, the scope of the Asset Management segment also includes Architas.

Total Asset Management revenues increased by 2% to Euro 1.2 billion12, driven by higher transaction fees, partly offset by lower performance and management fees.

Asset Management net inflows amounted to Euro +18 billion, with continued strong inflows from third-party clients in both AXA IM Alts (Euro +5 billion) and AXA IM Core (Euro +5 billion), as well as from Asian JVs (Euro +8 billion).

Average assets under management13 amounted to Euro 760 billion, down-4%, with strong net inflows more than offset by unfavorable market effects in the last nine-month period.

Page 5

Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

AXA SA published this content on 02 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2022 18:05:59 UTC.

Older

MetLife Selected As Insurance Carrier For New Hampshire’s New Voluntary PFML Insurance Program

Newer

Kemper Announces Quarterly Dividend

Advisor News

  • Berkeley arts tax heads toward passage while public bank measure looks likely to fail
  • Americans’ sense of overall prosperity still ticks upward
  • Turning expanded eligibility into a better coverage plan for federal clients
  • Election 2026: Which of Berkeley's 7 ballot measures will pass?
  • How advisors can help frugal retirees finally enjoy their savings
More Advisor News

Annuity News

  • AM Best Affirms Credit Ratings of Knighthead Annuity & Life Assurance Company and Merit Life Insurance Co.
  • Jackson reports record annuity sales, increases share repurchase authorization
  • Why the market doesn’t need more carriers
  • Equitable, Corebridge steam toward merger with strong Q3 annuity sales
  • Jackson Announces New Annuity Offering for AARP Members
More Annuity News

Health/Employee Benefits News

  • CVS Health will split into two new companies. What does it mean for Hartford-based insurer Aetna?
  • An Application for the Trademark “ALMERA” Has Been Filed by Health Care Service Corporation: Health Care Service Corporation
  • Reports Outline Managed Care Study Findings from Ohio State University (Factors Associated With Pretreatment Patient Attrition in an Advanced Orthodontic Education Clinic: A Cross-Sectional Study): Managed Care
  • State: Beware of unlicensed health coverage marketed by LifeX Research Corporation
  • Kirksville school board to meet Friday on benefits association agreement, 2027 health insurance rates
More Health/Employee Benefits News

Life Insurance News

  • Brighthouse Financial Announces Third Quarter 2026 Results
  • Prudential earnings dip as Japan sales suspension offsets U.S. growth
  • U-Haul Holding Company Reports Second Quarter Fiscal 2027 Financial Results
  • Genworth Financial Announces Third Quarter 2026 Results
  • AM Best Affirms Credit Ratings of Knighthead Annuity & Life Assurance Company and Merit Life Insurance Co.
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Spectrum Weather & Specialty Insurance Celebrates 15 Years and Welcomes the Next Generation
  • Royal Neighbors of America® Increases Service Capacity
  • Benefits Studio Launches to Fill the Missing Middle of Benefits Navigation at $49/mo
  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.