Global insurer AXA’s Property and Casualty (P&C) and Specialty Risk division, AXA XL, saw gross written premiums and other revenues climb 7% to €21 billion in Q1 2025, helped by a 12% increase in premiums to €1.4 billion at AXA XL Reinsurance.
Within P&C, commercial lines premiums rose 6% to €13.2 billion in the first quarter of the year. According to the firm, this was driven by growth in AXA XL Insurance (+9%) from higher volumes and pricing, especially in Casualty and Property; Asia, Africa & EME-LATAM (+16%) from increased volumes and premiums, notably in Mexico and Türkiye; France (+6%) from favorable pricing trends; and Europe (+1%) mainly due to price effects in Switzerland and Germany.
Meanwhile, personal lines premiums rose 7% to €6.4 billion in Q1 2025, driven by Europe (+6%) due to positive pricing dynamics (excluding UK Motor); France (+9%) from strong Motor volume growth and price effects; and Asia, Africa & EME-LATAM (+12%) from higher premiums in Türkiye and increased volumes in Colombia.
As mentioned, AXA XL Reinsurance premiums increased by 12% to €1.4 billion, driven by the impact of business ceded via Insurance-Linked Securities (ILS), and favourable price effects in Casualty.
Turning to AXA’s Life & Health line of business, gross written premiums and other revenues were up 8% to €15.5 billion in Q1 2025.
Specifically, Life premiums increased by 9% to €9.8 billion, while Health premiums rose 6% to €5.6 billion.
AXA’s Asset Management segment also improved in the first quarter, with average assets under management (AUM) increasing 4% to €777 billion, reflecting favourable market developments in 2024.
Taking all segments into account, AXA’s Q1 2025 group-wide gross written premiums and other revenues rose 7% to €37 billion.
The group’s natural catastrophe experience in Q1 2025, including estimated losses from California wildfires, amounted to €0.1 billion, below the prorated annual budget.
Alban de Mailly Nesle, Chief Financial Officer of AXA, commented, “AXA has started the year with strong performance, achieving robust revenue growth across all business lines, continuing the positive momentum from last year.
“This performance reflects the disciplined execution of our organic growth strategy, with a healthy balance between volume and pricing.”
“In P&C, premiums increased by 7%, with strong growth across both Personal and Commercial lines. Following the successful turnaround of Personal lines last year, we are now expanding our customer base, while continuing to benefit from a favourable pricing environment. In Commercial lines, pricing trends remain positive, and growth is disciplined.”
The CFO continued, “In Life & Health, premiums were up 8%, in line with the Group’s ambition to grow this business. Building on the momentum of 2024, we delivered strong sales in Unit-Linked, continued success in capital-light G/A Savings products, and growth in Employee Benefits. Net inflows have improved further, reflecting both higher sales and better persistency.”
“AXA’s diversified business model focused on technical margin and its robust balance sheet, with a Solvency II ratio of 213% and a prudent asset portfolio, are a source of strength in the current volatile environment.
“We remain confident in our strategy and are focused on executing on the ‘Unlock the Future’ plan. I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA.”
