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Axa XL’s insurance revenues rose 14% to €15.86 billion ($16.80 billion) last year helped by rate increases at renewal of 7%, but average price rises slowed from 15% in 2021.
The overall Axa XL business saw its underlying earnings rise 4% to €1.21 billion in 2002. However, net income was down 24% to €906 million.
The numbers helped Axa increase property/casualty underlying earnings by 9% to €4.43 billion in 2022, with group numbers up 7% to €7.26 billion.
Axa XL’s total revenues rose 2% to €19.23 billion last year. While revenues were up 14% in insurance, they fell 31% in reinsurance business to €3.21 billion. Axa said this was caused by a “strong reduction” in natural catastrophe exposure, in line with its strategy, that was partly offset by favorable price effects.
Reinsurance pricing was also up 7% at Axa XL last year compared with 9% in 2021.
Axa XL’s insurance business saw the biggest rate rises in property at 11%, followed by 9% in casualty, 6% for specialty risks and 4% in financial lines.
“Pricing is moderating in primary insurance; however, it is expected to remain favorable in most lines of business. Reinsurance prices in property and property cat are benefitting from market hardening,” said Axa in its results release.
Axa XL’s combined ratio was pretty much flat last year at 96.7%, compared with 97.1% in 2021. The combined ratio for insurance was 94.5%, compared with 94.9%, but remained stubbornly high and deteriorated a touch in reinsurance to 105.7% from 103.3%.
The decent performance at Axa XL continues the improved results since the unit fell to a loss of €1.4 billion in 2020 and carried out re-underwriting measures.
Its figures for 2022 helped Axa’s property/casualty business increase underlying earnings by 9% to €4.43 billion. Total property/casualty revenues were up 2% to €51.5 billion. The property/casualty combined ratio was steady at 94.6%.
While Axa Group’s underlying earnings climbed 7% to €7.26 billion last year, net income was down 8% to €6.68 billion. Gross revenues were up 2% to €102.34 billion.