AXA has revealed that total revenues grew by 2% to €31bn (£27bn) in its first quarter of trading, in what was still a “context which continued to be marked by Covid-19 related restrictions”, the group said.
The group also reported net inflows of €2bn (£1.7bn) in Life & Savings and €13bn (£11bn) in Asset Management over the period.
According to the group, this “good performance” was underpinned by sustained growth in its preferred segments, notably with P&C Commercial lines up 4%, Health up 5%, and with continued positive flows and a favorable mix in L&S.
AXA’s overall performance was also bolstered by AXA XL, which “performed well” in the quarter, pursuing its underwriting discipline, achieving significant price increases, targeted exposure reductions, and growing revenues by 4%.
AXA Investment Managers also delivered a “strong performance” in the period, with €13bn net inflows and revenues up 17%.
The group added that its balance sheet remains “very strong”, with a Solvency II ratio of 208% at the end of March, up 8 points from December. This does not include the positive impacts from the issuance of the subordinated Green bond in April and the expected completion of the AXA Bank Belgium disposal, however.
The Green bond marked the first one ever issued by AXA. The group has also pledged to invest €2bn (£1.7bn) in SMEs impacted by the Covid-19 crisis in France, and will act as chair of the new Net-Zero Insurance Alliance.
During the period, the group also announced that it is collaborating with Microsoft to build a digital healthcare platform, “enabling a virtual healthcare system that is open to all”.
Etienne Bouas-Laurent, group CFO, said: “I would like to thank AXA’s employees, agents and partners for their commitment especially in this prolonged challenging context, and our clients for their loyalty and continued trust.”