AXA has announced that total revenue was up 4% in the first quarter of 2020, with growth across all business lines and geographies.
This was notably supported by a strong pricing environment in property and casualty and commercial lines, which rose by 3% and 5%, respectively.
The group said that its balance sheet “remains resilient” in the three months ended 31 March, with a solvency II ratio at 182%.
After the repayment of €1.3bn (£1.13bn) in subordinated debt in April, its debt gearing was also reduced to below 28% in the period.
The group said it was also taking “strong actions” to support employees, clients and the communities, and is now expecting a slowdown in revenues in light of the ongoing crisis.
In a statement, AXA said: “Although Covid-19 related claims notified in March were limited and the precise implications of the crisis remain uncertain at this stage, we believe that the effects of the Covid-19 crisis will have a material impact on our earnings in 2020.”
In addition, the group confirmed that it was “too early” for precise earnings guidance at this time.
Thomas Buberl, CEO of AXA, said: “AXA’s priority has been to protect the safety of our 160,000 employees and partners and allow them, as well as our distributors, to continue providing undisrupted services to our 108 million customers.
“Exceptional measures have been implemented to help our most impacted clients, particularly SMEs.”
He added: “We are confident in our strategy and its execution, and the need for enhanced insurance coverage in our preferred segments confirms our growth potential post-crisis.
“I would particularly like to express my gratitude to all AXA colleagues and partners for their unwavering commitment during this crisis, and their support as we prepare for a safe and progressive end to global lockdowns.”