CS Axa

   By Ed Frankl 
 

AXA SA said Thursday that first-quarter revenue rose, helped by its health and commercial-lines activities, and outlined the effect of Russia's war in Ukraine on its business.

Total gross revenue came to 31.31 billion euros ($33.26 billion) in the three months to the end of March, up from EUR30.73 billion last year, the French insurer said.

Quarterly revenue rose at its property & casualty and health segments by 2% and 6%, respectively, but fell at its life & savings business by 3%, on a comparable basis.

Commercial-lines insurance revenue rose 4%, while asset-management revenue was stable on a comparable basis at EUR392 million.

AXA said that while it is too early to provide precise guidance, it expects the net underwriting losses from the effects of the war in Ukraine to be "akin to a midsized natural-catastrophe event".

It has already stopped underwriting new insurance business with respect to Russian-owned assets located in Russia.

The company's Solvency II ratio--a measure of an insurer's financial strength--was 224% at March 31, up 7 percentage points from Dec. 31, 2021.

AXA said it has been repositioning its reinsurance portfolio with natural-catastrophe exposure already trimmed by 40% across first quarter's renewals.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

May 05, 2022 12:07 ET (16:07 GMT)

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