During the first nine months of 2022, AXA has recorded a turnover of 78.4 billion EUR (76.3 billion USD), which represents a 3.2% increase over one year.
This performance was mainly driven by a 6% growth in P&C premiums and a 14% growth in the health class of business' turnover.
AXA XL Reinsurance's turnover declined by 20% to stand at 2.9 billion EUR (2.82 billion USD).
This decrease, in line with the French group's strategy, was intended to reduce the company's exposure to natural catastrophes [4].
Hurricane Ian, which severely affected Florida and other southeastern states in the US in late September 2022, is expected to cost AXA 400 million EUR (389.251 million USD) (before taxes and net of reinsurance). For all the players involved, the total amount of the loss was estimated at 60 billion EUR (58.4 billion USD).
As at 30 September 2022, the group's solvency ratio stood at 225%, a 2-point drop compared to 30 June 2022.