22 February 2018Insurance

AXA posts record 2017 profit, growth driven by health

French insurer AXA has posted a record net profit for 2017 as the health business boosts growth.

Net income grew 7 percent year on year to €6.20 billion in 2017.

“AXA’s underlying earnings and net income both crossed the Euro 6 billion mark for the first time in the company’s history, with all major geographies contributing to this achievement,” said CEO Thomas Buberl.

“Our new business value was up 8 percent. Health was our fastest growing business in 2017, with revenues and earnings growing at 6 percent and 11 percent respectively,” Buberl added.

Health revenues were 6 percent higher year on year at €12 billion, with growth in all major geographies, mainly driven by higher sales of Group Health in France and full benefit coverage in Germany. Underlying earnings grew 11 percent year on year in health to €552 million in 2017.

P&C commercial lines revenues increased by 2 percent, mainly driven by non-motor (+3 percent) across all geographies.

Property & casualty current year combined ratio improved by 0.1 point to 97.6 percent, mainly due to an improved claims experience, partly offset by higher natural catastrophe charges.

Join us at Intelligent Automation in Insurance - London 2018.  Book by Feb 28th and you could save £300.

More of today's news

RSA 2017 profit jumps despite London Market loss

Insurtech Gabi raises $9.5m for US expansion

LMA CEO Gittings puts claims modernisation on top of 2018 agenda

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
23 February 2018   French insurer AXA has entered into an agreement to sell all of its insurance operations in Azerbaijan, according to a Feb. 21 press release.
Insurance
12 January 2018   The UK chief executive of AXA intermediated and direct will leave the business with immediate effect and not be replaced, the company has revealed. The revelation comes alongside a major management overhaul in the business.
Insurance
13 November 2017   AXA Group has unveiled a new operating model under which the company will be organised based on five geographies (France, Europe, the US, Asia, and International), and a single, refocused corporate center.