AXA XL reported a 7% increase in gross written premiums and other revenues in Q1 2025, reaching €21bn. This included a 12% rise in AXA XL Reinsurance premiums to €1.4bn, attributed to higher volumes and pricing.
Commercial lines premiums rose 6% to €13.2bn. AXA XL Insurance grew by 9% due to increased volume and pricing, particularly in Casualty and Property.
Asia, Africa & EME-LATAM rose 16%, supported by growth in Türkiye and Mexico. France saw a 6% increase, driven by pricing, and Europe grew 1%, mainly from pricing changes in Switzerland and Germany.
Personal lines premiums increased 7% to €6.4bn, led by a 6% rise in Europe, excluding UK Motor, due to pricing.
France rose 9% from higher Motor volume and pricing, while Asia, Africa & EME-LATAM gained 12% from premium growth in Türkiye and volume increases in Colombia.
As noted, AXA XL Reinsurance grew 12% to €1.4bn, supported by business ceded via Insurance-Linked Securities and stronger pricing in Casualty.
AXA’s Life & Health segment reported an 8% rise in gross written premiums and other revenues to €15.5bn. Life premiums reached €9.8bn, up 9%, and Health premiums increased 6% to €5.6bn.
The Asset Management segment reported a 4% increase in average assets under management, reaching €777bn. This reflected positive market conditions during 2024.
Group-wide, AXA’s gross written premiums and other revenues for Q1 2025 rose 7% to €37bn.
Natural catastrophe-related losses for the quarter, including wildfires in California, were estimated at €0.1bn, remaining below the prorated annual budget.
Alban de Mailly Nesle, Chief Financial Officer of AXA, stated that the company achieved strong revenue growth across all lines in Q1 2025, continuing the progress made in 2024. He attributed this to consistent execution of the company’s organic growth strategy, balancing volume and pricing.
In P&C, the CFO noted that premiums rose 7%, supported by gains in both Personal and Commercial lines. He said AXA is expanding its customer base in Personal lines following last year’s recovery and continues to benefit from pricing in Commercial lines.
Life & Health premiums grew 8%, which the CFO said aligns with the group’s business development plans. He highlighted strong Unit-Linked sales, growth in capital-light G/A Savings products, and increased Employee Benefits business. He added that net inflows improved due to higher sales and better client retention.
The CFO also said AXA’s diversified model, focus on technical margin, Solvency II ratio of 213%, and cautious asset portfolio contribute to the company’s position in current market conditions. He confirmed continued focus on the ‘Unlock the Future’ plan and expressed appreciation to employees, partners, and clients.
