Among the key figures reported by the group, AXA noted that its gross revenues rose to €55 billion (approx. £42.9 billion), up 1% from H1 2021’s €53.8 billion. Its underlying earnings hit €3.9 billion for the quarter, up 4% (+7% organic growth and -3% from disposals) from H1 2021’s $3.6 billion.
AXA’s P&C business saw its revenue rise 1% to €29.3 billion, with commercial lines revenues up 1% from last year to €19.7 billion. However, its strong growth in commercial lines insurance (up 4% to €17.5 billion) was partly offset by AXA XL Reinsurance (down 21% to €2.2 billion). Meanwhile, personal lines revenues rose 3% year-on-year to €9.5 billion.
In life and savings, AXA’s total revenues dropped 5% year-on-year to €16.0 billion while in health the insurer reported that its total revenues rose 13% to €8.8 billion, with growth across all geographies.
AXA also revealed the launch of a new share buy-back program of up to €1.0 billion.
Commenting on the results, Buberl highlighted that the group achieved an +11% increase in underlying earnings per share, with strong organic earnings growth recorded across all lines of business. During the H1 2022 period, he said, AXA saw high-quality revenue growth, notably across health, commercial lines insurance and asset management.
“In the meantime, we continued to reposition our portfolio away from property catastrophe reinsurance and traditional general account business,” he said. “We reported strong technical profitability across all businesses, in particular in France and Europe delivering attractive and consistent performance, and AXA XL recording resilient results despite the impact of the war in Ukraine.”
Touching on the group’s €1 billion share buy-back, Buberl said this reflects AXA’s robust operational performance, the strength of its balance sheet, and the continued execution of its capital management initiatives. He highlighted that AXA is committed to financial discipline and to delivering long-term shareholder value.
Given the instability of the current macroeconomic environment, the group is entering this period in a strong position, he said, with a Solvency II ratio of 227%, and a “resilient and diversified” mix of business.
“We are vigilant and are taking actions to counterbalance impacts from inflationary pressures and market volatility,” he added. “We remain very confident in delivering our Driving Progress 2023 key targets, notably underlying earnings per share growth at the high end of our target range.
“The group is well prepared to navigate this evolving environment thanks to the collective efforts and relentless engagement of all our colleagues, agents and partners and the continued trust of our clients.”