AXA plans to propose a dividend of €1.98 per share during its annual general meeting (AGM). Credit: Alexandros Michailidis/Shutterstock.

French insurance giant AXA reported net income of €7.18bn in 2023, an increase of 45% on a comparable basis against €5.06bn in 2022.  

The company’s overall GWPs and other revenues also saw a 3% increase, amounting to €102.73bn. 

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The growth in GWPs and other revenues was primarily attributed to the property and casualty sector, which experienced a 7% rise to €53bn.  

It was bolstered by commercial lines, which saw a 9% increase in premiums to €33bn, and personal lines, which grew by 6% to €17.8bn.  

However, AXA XL Reinsurance faced a 5% decrease in premiums, down to €2.3bn. 

The life and health segment of AXA’s business reported a slight downturn, with GWPs and other revenues declining by 2% to €48.1bn.  

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Life premiums edged up by 1%, while health premiums dropped by 7% following the non-renewal of two significant legacy international group contracts in France. 

AXA plans to propose a dividend of €1.98 per share during its AGM next month and has initiated a share buyback programme of up to €1.6bn.  

The company has also launched its new strategic plan, Unlock the Future, setting key financial targets for the 2024–26 period.  

The plan aims to expand and fortify AXA’s core businesses, maintaining disciplined execution in line with the successful delivery of its Driving Progress 2023 strategy. 

AXA CEO Thomas Buberl said: “AXA reported strong results in 2023, reflecting continued execution of its strategy. This also marks the completion of our ‘Driving Progress 2023’ plan. Today we announce our new three-year strategic plan, ‘Unlock the Future’, building on our successful strategy that has delivered excellent performance.  

“We will focus on growing and strengthening our core businesses by systematically scaling our distinct capabilities across the group to deliver even more value to all of our stakeholders.”