Axa

Axa SA will become the group’s internal reinsurer following a merger with Axa Global Re.

A Q1 results update shows total revenues at Axa XL increased 4% to EUR6.2bn ($6.5bn) as top-line growth was offset by drop in revenue at Axa XL Re.

Shareholders also approved the appointment of new chairman Antoine Gosset-Grainville.

The carrier said the new pay deal reflected “very good financial performance” and the “successful transformation of the group” under CEO Thomas Buberl.

The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.

Axa has stopped writing new insurance cover and renewals for Russian-owned assets located in Russia in response to the country’s ongoing invasion of Ukraine.

Axa has published resolutions to be proposed by its board at the next shareholders’ meeting on 28 April, including the appointment of Gérald Harlin and Rachel Picard as directors, replacing Denis Duverne and Patricia Barbizet, whose mandates are set to expire.

Axa has been granted permission to appeal certain aspects of the ruling of a case successfully brought against it by Wolseley owner Corbin & King over Covid-19 BI cover.

The firm said reinsurance unit Axa XL was now operating in “business as usual mode” following an extensive re-underwriting of its portfolio.

The figures reflect a major turnaround from 2020, when the carrier was heavily impacted by Covid-19 claims.

Around 100 Ageas UK staff will transfer to Axa Commercial.

The Singapore business is a composite insurer offering life, health and P&C.