“The first quarter reflected our continued focus on improving the profitability of our operations, consistently with our priorities set out early 2010”, commented Denis Duverne, Deputy CEO of AXA.
“In Life & Savings, our ongoing initiatives to drive new business sales towards selected profitable segments that address clients’ coverage needs continued to bear fruit, notably with a 16% growth in Protection & Health sales and an 11% growth in Unit-Linked sales in Continental Europe. This, combined with a greater contribution from high growth markets and a seasonally favourable country mix effect, drove a substantial increase in new business margin to 26%.
Property & Casualty revenues increased 2% benefiting from rate increases in most countries alongside higher volumes in personal lines and selective underwriting, particularly in commercial lines.
In Asset management, revenues increased by 1%. Outflows continued in the first quarter but at a more moderate level than that of end of last year, as investment performance improved.”
Source : AXA Press Release
