Axa XL rebounds to profit after underwriting overhaul
Axa XL delivered “very strong” technical results last year following re-underwriting measures, said group CEO Thomas Buberl on Thursday, as the Axa SA unit saw annual underlying earnings rebound to $1.17 billion from a loss of $1.4 billion in 2020.
The turnaround was helped by higher pricing of 13% across the year. Rates were up 15% on average in its insurance business and 9% in reinsurance.
The performance at Axa XL helped Axa increase its underlying earnings by 61% last year to €6.76 billion ($7.55 billion). Group net income increased 135% to €7.29 billion.
Mr. Buberl said Axa’s earnings reflect very strong technical performance across the group, and in particular at Axa XL, which was hit by natural catastrophe and COVID-19-related losses in 2020.
Axa XL’s combined ratio improved to 97.1% in 2021, compared with 112.2% in 2020.
