Overview of AXA’s 2024 Performance
Global insurer AXA’s property and casualty (P&C) and specialty risk division, AXA XL, achieved a combined ratio of 91% for the full year 2024, a 2.1 percentage point improvement on the prior year. Gross written premiums (GWP) and other revenues increased 7% to €56.5 billion, supported by 10% growth at AXA XL Reinsurance.
AXA Group Performance
2024 was a strong year for AXA XL and the wider AXA Group, generating GWP and other revenues of €110 billion, an increase of 7% from the prior year, with growth across the business. Group-wide, underlying earnings rose 6% to €8.1 billion, with strong growth in P&C, life and health (L&H), and asset management, partially offset by a decrease in holdings.
All in all, AXA’s net income increased by 10% on a reported basis to €7.9 billion, mainly reflecting the increase in underlying earnings and favorable change in fair value of assets.
AXA XL’s Growth
AXA XL’s GWP and other revenues growth of 7% was supported by expansion in all segments, including a 10% growth at AXA XL Reinsurance to €2.5 billion, driven by favorable price effects in property and casualty, as well as higher volumes.
The commercial lines segment saw premiums rise 6% to €34.9 billion, driven by 5% growth at AXA XL Insurance and growth across various regions. Personal lines premiums rose 7% to €19.1 billion.
P&C Combined Ratio Improvement
The improvement in the P&C combined ratio to 91% reflects a 1.6 percentage point improvement in the current year combined ratio, lower natural catastrophe charges of 3.8%, and further improvement in commercial lines.
L&H Business Performance
AXA’s L&H business saw GWP and other revenues rise 8% to €52 billion in 2024, with an increase in life and health segments.
Asset Management and Holdings
AXA’s asset management business performed strongly in 2024, increasing its AUM to €879 billion, with an 8% increase in gross revenues. Holdings underlying earnings were down, mainly due to higher expenses from technology and growth initiatives.
Future Outlook
Looking ahead, AXA’s natural catastrophe load of around 4.5 points of combined ratio for 2025 is maintained. AXA’s Chief Executive Officer, Thomas Buberl, commented on the results, highlighting the success of the strategic plan ‘Unlock the Future’ and the strong financial outcomes.
In the context of these results, the Board of Directors is proposing a dividend of €2.15 per share, up 9% versus last year, and has approved an annual share buy-back of €1.2 billion.
