The first French insurer, Axa, announced on Wednesday in a press release that it registered a 2% increase in turnover for the first nine months of the year compared to the same period last year, to 78.4 billion euros.
The health insurance sector grew by 14% to €13.1 billion, supported by business casualty insurance (+6% to €24.4 billion). “In personal property damage insurance, the pricing environment is showing tangible signs of improvement,” said Mailly Nesle’s Alban.
Fall in turnover of the subsidiary Axa XL Réassurance
The group’s solvency ratio as of September 30, 2022, a key indicator for the sector, fell 2 points to 225% compared to June 30, 2022, according to the group’s press release. Axa has also estimated at 400 million euros the amount of claims that Axa XL – the subsidiary of the “great risk” group based in the United States – will have to register in relation to Hurricane Ian.
With global warming, natural disasters are going to be more and more frequent, which is why the insurer has begun a repositioning that, according to him, translates into a 20% drop in the turnover of Axa XL Réassurance, to 2,900 million euros. euros.
Net profit of more than 4,000 million euros in the first half
Insurer Axa had beaten expectations in the first half, posting a net profit of 2.8% in one year to €4.1bn, despite a changing economic environment and the war in Ukraine.
During the last quarter of 2022, the Italian bank Monte dei Paschi di Siena (MPS) launched its capital increase aimed at raising 2,500 million euros, a crucial operation to which the French insurer Axa intends to contribute “up to 200 million euros” , still according to Alban de Mailly Nesle. The insurer also announced that it had entered into exclusive negotiations with Groupe des Assurances Crédit Mutuel (GAMC) to acquire its subsidiary in Spain for €310 million.
Source: BFM TV
