class = “sc-cffd1e67-0 iQNQmc”>
Axa achieved gross premiums of 5.84 billion francs in 2023. That was 5 percent more than in 2022, the Swiss insurer, part of France’s Axa Group, said on Thursday. Net profit fell slightly by 0.5 percent to 808 million francs.
The reason profits were tight was said to be because storm damage was significantly higher than the previous year. The combined rate subsequently decreased by 0.9 percentage points to 89.5 percent. However, this was largely offset by better investment results.
“Last year we managed to achieve significant gains in all divisions, so that 2023 will go down in Axa Switzerland history as one of the strongest growth years of the last two decades,” CEO Fabrizio Petrillo said in a statement.
Gross premiums in non-life insurance increased by 4 percent to 3.89 billion francs. Corporate customer volume increased 6 percent to 1.98 billion, driven by good development of new business in accident and group health insurance, as well as growth in liability business.
It was stated that the modular product in motor vehicle insurance, which was launched in October 2022, was positively received by private customers. Overall, premium income in private client business increased by 2 percent to 1.91 billion francs.
Axa’s occupational pension business, where it has been focusing on semi-autonomous collective foundations for several years, has also grown. Group life premiums increased by 6 percent to 818 million francs.
In private pension, premium volume increased by 3 percent to 1.05 billion francs, thanks to the good demand for the SmartFlex pension product. The still small healthcare segment with additional insurance increased its premium income by more than a third, to 90 million francs.
Axa also continues to gain weight in asset management: at the end of 2023, the insurer was managing assets worth 46.7 billion francs for BVG third-party clients. This meant an increase of 13 percent compared to the previous year.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
