AXA has said its sales for the first nine months of 2023 rose 2% on a comparable basis, driven primarily by higher premiums in its property and casualty (P&C) arm.

The French insurance giant’s gross written premiums and other revenue (GWP) during the period totalled €78.76bn ($83.72bn) as against €78.02bn a year ago.

The P&C division, which includes insurance for personal property such as cars and homes, as well as liability, posted a GWP of €41.8bn. This marks a 7% increase on a comparable basis compared with €40bn last year.

The life and health division of the group registered a 2% decline in GWP year-on-year at €35.7bn. The group attributed the decline to the non-renewal of two “large legacy international group” contracts in France.

The insurance group’s Solvency II ratio, a key indicator of its financial health, was 230% as of 30 September 2023, down five percentage points versus the end of June 2023, as the company paid off €1bn of debt.

Premiums for commercial lines rose by 9% to €25.8bn and personal lines premiums grew by 5% to €13.9bn during the period under review.

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Premiums at AXA XL Reinsurance declined by 3% to €2.1bn, driven by lower premiums in property catastrophe.

Commenting on the performance, AXA CFO Alban de Mailly Nesle said: “AXA achieved another very good performance in the first nine months of 2023. Revenue growth remained strong with good momentum in our technical and cash-generative lines and across our two commercial and personal pillars.

“In P&C commercial lines, which is our largest business, premiums were up 9%, benefitting from good customer demand and disciplined pricing. In P&C personal lines, we saw continued repricing with overall premiums now up 5%.”

The insurer noted that it was on course to meet its full-year profitability target for 2023 of more than €7.5bn in underlying earnings.

Nesle added: “The group is on track to achieve its earnings outlook target for the year and fully deliver on its four main ‘Driving Progress 2023’ financial targets.

“AXA is in a position of strength ahead of launching its new strategic plan, which will be communicated on 11 March 2024.”