9M22 Activity Indicators – Sustained high-quality revenue mix
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
- P&C Commercial lines Insurance2 revenues up 6% to
- 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
"
"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
"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
"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
Solvency
Solvency II ratio3 was 225% as of
- 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
Fitch: On
S&P: On
Main transactions
Main transactions from
- 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 onJune 30, 2022 , with its captive internal reinsurerAXA Global Re (announcedJuly 1 , 2022); - Announced sale of
AXA Germany closed life and pensions portfolio ofEuro 16 billion insurance reserves forEuro 660 million 6 (July 14 , 2022); - Completed execution on
October 3, 2022 , ofAXA 'sEuro 1 billion share buy-back program announced onAugust 3, 2022 ; - Completed execution on
September 26, 2022 , of a cash tender offer on two series of AXAS.A. subordinated notes announced onAugust 29, 2022 , for a total debt amount repurchased ofUSD 616 million ; - Announced completion of sale of
AXA 's insurance operations7 inMalaysia 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
- 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% toEuro 2.9 billion as a result of a strong reduction inNat 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 inEurope , reflecting improved momentum inBelgium ,UK &Ireland , andSpain , and Motor (+3%) across all geographies, mostly driven by improving pricing trends inTurkey andEurope .
Hurricane Ian made landfall in
Life & Savings
Total revenues were down by 6% to
- Protection revenues grew by 3% to
Euro 11.7 billion , driven byAsia (+6%), mostly from higher sales of Protection with Unit-Linked products inJapan , and byEurope (+2%), mainly from higher volumes of semi- autonomous Group Life products inSwitzerland . - Unit-Linked revenues were down 12% to
Euro 4.8 billion , driven byFrance (-12%), following the non-repeat of a large Group contract in 1H21 and byAsia (-50%), mostly inHong 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 inItaly , reflecting lower sales through the banking channel in a continued challenging market environment, and (iii)Asia (-25%), mostly inJapan , following elevated sales of a capital-light G/A9 single premium whole-life product last year.
Net flows10 amounted to
Page 4
LINES OF BUSINESS
New Business Value10,11was stable at
Health
Total revenues were up 14% to
- 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 byUK &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 inGermany from favorable price effects, (ii) International (+19%), mostly from positive price effects inMexico and higher average premiums inTurkey , and (iii)France (+11%)from both higher volumes and positive price effects.
Asset Management
From
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
Average assets under management13 amounted to
Page 5
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