Axa grows P&C earnings by 10% in 2024

By Scott Vincent

Feb 26 - (The Insurer) - Axa reported underlying earnings of 5.51 billion euros ($5.77 billion) for its P&C operations in its annual results announcement on Thursday, an increase of 10% year on year on a constant currency basis.

• Axa's P&C combined ratio improved by 2.1 percentage points

• Axa XL's commercial lines posted 5% revenue growth in 2024

• Double-digit premium growth in Axa XL Reinsurance, with pricing up 5.3% in 2024

• Axa proposes 9% dividend increase and 1.2 billion euro share buy-back program

The group’s P&C combined ratio improved by 2.1 percentage points to 91.0%, which included a 1.0 point improvement from lower natural catastrophe losses.

P&C gross written premiums (GWP) and other revenue rose 7% on a comparable basis to 56.5 billion euros, of which commercial lines accounted for 33 billion euros.

Axa XL’s commercial lines business reported a 5% increase in GWP and other revenues to 16.73 billion euros, with average price increases of 1.4% across its portfolio during 2024.

Axa XL Reinsurance reported double-digit growth in 2024, with written premiums rising to 2.52 billion euros. Reinsurance pricing was up on average by 5.3% across the year.

Across its commercial lines and reinsurance segments, Axa XL's GWP and other revenue grew by 6% on a comparable basis to 19.38 billion euros during 2024, with underlying earnings down 4% to 1.82 billion euros.

Axa’s personal lines P&C portfolio reported a 7% increase in premiums to 19.1 billion euros despite volume reductions in the UK and Ireland, as well as Germany.

At group level, Axa reported underlying earnings of 8.08 billion euros, with underlying earnings per share of 3.59 euros, up 8% on the 2023 full year.

Axa’s board has proposed a dividend of 2.15 euros per share, up 9% on last year, and launched an annual share buyback program of up to 1.2 billion euros. Axa expects to return an additional 3.8 billion euros to shareholders through a share buyback that will launch when the previously announced sale of Axa Investment Managers to BNP Paribas closes.