CORRECTED-Axa XL grows GWP by 9% in Q1

By Scott Vincent

May 6 - (The Insurer) - Axa XL grew its gross written premiums to close to 7 billion euros during the first quarter of 2025, parent company Axa reported in a trading statement on Tuesday.

Across the Axa Group, P&C gross written premiums grew 7% during the quarter to 21 billion euros, of which commercial lines accounted for 13.2 billion euros.

This represented growth of 6% year on year and was driven by 9% growth at Axa XL Insurance, where GWP totalled 5.5 billion euros for the quarter. Axa said this included the impact of a large contract with limited risk retention.

Axa XL Reinsurance grew GWP by 12% to 1.4 billion euros during the quarter, which Axa attributed to the impact of business ceded via insurance-linked securities as well as favourable pricing movements in casualty.

Across both insurance and reinsurance, Axa XL reported GWP of 6.98 billion euros for the quarter, an increase of 9% on a comparable basis with the first quarter of 2024.

Axa XL saw positive pricing impacts on renewals of 1.9% in insurance and 1.2% in reinsurance during the quarter.

Axa said its group natural catastrophe losses, which included 100 million euros of California wildfire losses, were below its pro-rata annual budget during the quarter.

The company said it had maintained its annual natural catastrophe budget of 4.5 percentage points of its combined ratio.

Personal lines GWP were flat at 6.4 billion euros, which represented a 6% increase on a comparable basis.

At group level, GWP was up 9% to 37 billion euros, or 7% on a comparable basis. Life and health and asset management GWP both rose 8% on a comparable basis to 15.5 billion euros and 400 million euros, respectively.