Analyst Note| Henry Heathfield, CFA |
AXA has reported indicators for the first quarter of 2022 showing a firm that continues to pursue preferred risks. Total revenue within property and casualty climbed 2% to EUR 18.0 billion with stronger growth coming from commercial lines and movement away from reinsurance. Growth in commercial predominantly came from Germany, Switzerland, and AXA Assistance as the company sees a recovery in travel insurance. Within the personal lines segment of property and casualty, investors have seen a 1% decline in motor insurance revenue. Nonmotor has shown a 5% increase.