âAXA achieved another solid operational performance in the first nine months of 2019,â said GÃ©rald
Harlin, Deputy CEO and CFO of the AXA Group. âAXA’s sales grew by 5% overall, in particular with the continued strong growth momentum in P&C and Healthcare, and all of AXA’s geographic areas contributed to this strong growth.
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Harlin also said that AXA XL has achieved significant increases in revenues, particularly in P&C and specialty insurance.
âThe favorable pricing environment for insurance continues to improve, with Q3 renewals seeing significant rate increases,â said Harlin. âGiven a series of severe natural catastrophes, including Hurricane Dorian and Typhoons Faxai and Hagibis, AXA XL recorded an above-average loss level for natural catastrophes in the third quarter and at the start of the fourth quarter, mainly due to reinsurance. “
At the same time, the Group’s Solvency II ratio fell by three points to 187%, mainly due to unfavorable financial market conditions due to the fall in interest rates.
âAXA’s Solvency II ratio was 187%, well within its target range, demonstrating the strength and resilience of the Group’s balance sheet, even in a context of very low interest rates at the end of September,â said Harlin.