Business

AXA income soars in H1

Meanwhile, gross revenues increased ‘strongly’ by 7% to €54bn (£46bn), reflecting growth across all business lines

AXA has welcomed a period of “excellent” trading in its half-year results, with net income soaring 180% to €3.9bn (£2.4bn).

Underlying earnings doubled in the period, up 101% to €3.6bn (£3bn), or up 12% excluding Covid-19 claims.

Meanwhile, gross revenues increased “strongly” by 7% to €54bn (£46bn), reflecting growth across all business lines.

Property and Casualty rose by 4%, with Commercial lines growing at 6% mostly from favorable price effects, notably at AXA XL. Health was up 3%, with continued growth across most geographies, and Life and Savings was up by 12%, reflecting a “strong” performance in Individual Savings in France.

In Asset Management, AXA IM continued to perform very well in both Core and Alts platforms, while its solvency II ratio was at 212%, up 12 points against FY20. 

Thomas Buberl, CEO of AXA, said: “AXA achieved an excellent performance in the first half of 2021. Revenues and underlying earnings grew strongly across the group, in all geographies and business lines.

“This strong result was achieved across all our markets, and notably at AXA XL with very good underwriting performance. Taking advantage of the continued favorable pricing momentum, AXA XL is well positioned to deliver its €1.2bn (£1bn) earnings target in 2021 and sustainable and profitable growth beyond.”

He added: “As part of Driving Progress 2023, AXA continues its transformation journey with the deployment of innovative health services, notably with the launch of a digital health platform with Microsoft. The Group is playing an active role in society by supporting the economic recovery and strengthening further its engagement towards shaping climate transition.

“These excellent results reflect the collective efforts of all our colleagues, agents and partners. I would like to thank them for their relentless engagement, as well as our clients for their continued trust.”

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