Axa Switzerland grew in all areas in 2023
Published: Thursday, Feb 22nd 2024, 07:40
Updated At: Thursday, Feb 22nd 2024, 10:21
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Axa Switzerland continued to grow last year, recording increases in all lines of business. The insurance group benefited from the good investment environment, while numerous storms had a negative impact on the result.
Axa generated gross premiums of CHF 5.84 billion in 2023. This was 5% more than in 2022, as the Swiss insurer, which is part of the French Axa Group, announced on Thursday. However, net profit fell slightly by 0.5 percent to 808 million francs.
The reason for the narrowly held profit was significantly higher storm damage than in the previous year, it said. As a result, the combined ratio deteriorated by 0.9 percentage points to 89.5 percent. However, this was largely offset by a better investment result.
Strong year
"We achieved strong growth in all divisions last year, meaning that 2023 will go down as one of the fastest-growing years in the history of Axa Switzerland in the last two decades," CEO Fabrizio Petrillo is quoted as saying in the press release.
In non-life insurance, gross premiums increased by 4% to CHF 3.89 billion. The corporate customer business recorded an increase of 6% to CHF 1.98 billion, thanks to the good development of new business in accident and group health insurance as well as growth in the liability business.
The modular motor vehicle insurance product launched in October 2022 was well received by private customers, according to the statement. Overall, premium income in the private customer business rose by 2 percent to CHF 1.91 billion.
Pension products in high demand
The occupational pensions business, where Axa has been focusing on semi-autonomous collective foundations for several years, also grew. Group life premiums rose by 6 percent to CHF 818 million.
In private pension provision, the premium volume increased by 3% to CHF 1.05 billion thanks to good demand for the SmartFlex pension product. And the still small health provision segment with supplementary insurance increased premium income by over a third to CHF 90 million.
Axa is also continuing to gain weight in asset management: at the end of 2023, the insurer managed assets worth CHF 46.7 billion for BVG third-party clients. This was an increase of 13 percent on the previous year.
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