Bulletin: AXA?s Increase In Underlying Net Income Reflects Positive Price Momentum In P&C

MILAN (S&P Global Ratings) Aug. 3, 2023--Insurance group AXA's underlying net income increased by 5% to €4.1 billion (under International Financial Reporting Standard (IFRS) 17/9) in the first half of 2023. The increase is in line with our earnings expectations for the group. We expect underlying net income of above €7.5 billion and a return on equity of about 15% for 2023 and 2024. The property and casualty (P&C) segment reported underlying earnings of €2.7 billion, an increase of 13% compared with the first half of 2022. The increase reflects an improvement in technical margins as premium growth of 7% more than offset claim growth. The natural catastrophe loss ratio declined to 3.0%, from 4.1% in the first half of

...August 3, 2023 MILAN (S&P Global Ratings) Aug. 3, 2023--Insurance group AXA's underlying net income increased by 5% to 4.1 billion (under International Financial Reporting Standard (IFRS) 17/9) in the first half of 2023. The increase is in line with our earnings expectations for the group. We expect underlying net income of above 7.5 billion and a return on equity of about 15% for 2023 and 2024. The property and casualty (P&C) segment reported underlying earnings of 2.7 billion, an increase of 13% compared with the first half of 2022. The increase reflects an improvement in technical margins as premium growth of 7% more than offset claim growth. The natural catastrophe loss ratio declined to 3.0%, from 4.1% in the first half of 2022. Taking into account the positive effect of discounting, the IFRS 17 combined ratio of the P&C business improved to 90.9% in the first half of 2023. Unlike the P&C segment, the life and health segment reported a 4% decline in underlying earnings to 1.6 billion....

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