AXA posts record 2017 profit, growth driven by health

French insurer AXA has posted a record net profit for 2017 as the health business boosts growth.

Net income grew 7 percent year on year to €6.20 billion in 2017.

“AXA’s underlying earnings and net income both crossed the Euro 6 billion mark for the first time in the company’s history, with all major geographies contributing to this achievement,” said CEO Thomas Buberl.

“Our new business value was up 8 percent. Health was our fastest growing business in 2017, with revenues and earnings growing at 6 percent and 11 percent respectively,” Buberl added.

Health revenues were 6 percent higher year on year at €12 billion, with growth in all major geographies, mainly driven by higher sales of Group Health in France and full benefit coverage in Germany. Underlying earnings grew 11 percent year on year in health to €552 million in 2017.

P&C commercial lines revenues increased by 2 percent, mainly driven by non-motor (+3 percent) across all geographies.

Property & casualty current year combined ratio improved by 0.1 point to 97.6 percent, mainly due to an improved claims experience, partly offset by higher natural catastrophe charges.

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