French insurance group Axa has recorded a strong topline performance for 2006, within its life and savings, property and casualty and asset management divisions.
Its life and savings sector recorded strong growth across the board over the year, with new business volume up 15% to E6.2 billion, driven primarily by France and the US both experiencing a 14% increase, along with the UK which was up 38% and Japan which was up by 16%.
The company’s 2006 revenues from its property and casualty division saw a 4% increase to E19.7 billion. Personal lines rose 5%, while commercial lines increased by 4%. In addition, personal motor and household net new inflows increased significantly, soaring to 939,000 contracts, compared to 231,000 contracts in 2005.
Within the asset management sector, revenues increased by 29% to E4.4 billion, driven by higher average assets under management, as a result of very strong net inflows and favorable equity market conditions, combined with a favorable business mix evolution.
All our business segments are contributing to this growth and I am particularly satisfied to note that this volume expansion is accompanied by continuing improvement of our business mix, notably in Life & Savings and Asset Management, said Henri de Castries, chairman of the AXA management board.