...August 4, 2022 PARIS (S&P Global Ratings) Aug. 4, 2022--S&P Global Ratings said today that the strong performance reported by France-based insurance group AXA for the first half of 2022 is in line with our earnings expectations for the group. We predicted net income of more than 6 billion and average combined (loss and expense) ratio of below 96% for the full financial years ending 2022 and 2023. AXA reported a 3% growth in net income, to 4.1 billion, and a strong combined ratio for its property/casualty (P/C) business of 93.7%. Rising tariffs for commercial insurance at AXA XL offset the 21% decline in P/C reinsurance revenue during the first half of 2022. The decline in P/C reinsurance revenue indicates that the group is moving to reduce its exposure to natural catastrophe risk, as planned. AXA has also continued to scale down its traditional savings business--it recently announced the sale of a German back-book that had an average minimum guaranteed return of more than 3%. The effect...
