French insurance provider AXA has witnessed a 34% rise in revenues for the first quarter of its fiscal year. This was driven by strong organic growth, as well as its recent acquisition of Winterthur.
<p>New business in life and savings climbed 33% to almost E2.1 billion, supported by a strong performance in the US, France and the UK. Property & casualty revenues rose by 42% to approximately E8.8 billion. Personal lines were up 5% with strong contributions from the UK and Ireland and southern Europe, while commercial lines were up 1%. Growth also stemmed from rapidly growing markets, with Turkey up 22%, Morocco up 21% and Asia up 14%.<br /><br />The group also reported a 15% rise in asset management revenues to E1.1 billion. Responsibility for the growth was attributed to higher average assets under management, as well as a favorable mix evolution. <br /><br />Axa revenues increased by 34% in the first quarter of the year, demonstrating the efficiency of our business model, a combination of strong organic growth and complementary acquisitions focused on distribution, said Henri de Castries, chairman of AXA's management board.</p>