Results
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The company recorded an undiscounted CoR of 93.9% in Q2. -
Group deputy CEO Frédéric de Courtois said the issue of inflation is “mostly behind us".
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The results were disclosed in parent company Fairfax’s quarterly earnings.
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At group level, Axa’s underlying earnings improved by 4% to EUR4.2bn.
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Q2 2023 PYD had included reserve releases in connection with the LPT to Compre.
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This follows the insurer reporting $56.4mn of losses from intellectual property business in Q2.
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In November, the company said it aimed to reach the goals between 2024-2026.
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Total pre-tax cat losses for the quarter grew sixfold YoY to $135mn.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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The carrier continued to expand in property and specialty, especially non-cat exposed business.
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The results were impacted by cat events and reserve strengthening in US casualty.
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The reinsurance segment LR reflected 10 points of cat activity, up YoY from 6.7.
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