Axa underlying earnings doubled to €3.6 billion ($5.8 billion) in the first half, with its property and casualty business boosted by improved pricing, while the result also benefitted from the absence of year-earlier COVID-19 impacts.

CEO Thomas Buberl says revenues and underlying earnings grew in each of the company’s geographies and business lines.

“This strong result was achieved across all our markets, and notably at Axa XL with very good underwriting performance,” he said.

“Taking advantage of the continued favourable pricing momentum, Axa XL is well positioned to deliver its €1.2 billion ($1.9 billion) earnings target in 2021 and sustainable and profitable growth beyond.”

Property and casualty earnings overall rose to €2.2 billion ($3.5 billion) from €544 million ($869 million) a year earlier. Excluding COVID impacts the earnings rose 13%.

The combined operating ratio was 93.3%, improving from 95.1% in the previous period, excluding COVID. The ratio was 101.7% in the first half of last year including the pandemic impacts.

Commercial lines pricing improved 7%, mainly driven by Axa XL, while personal lines pricing was stable, but the group experienced higher natural catastrophes.

Across other divisions in the half, life and savings underlying earnings increased 10%, health 5% and asset management 32%.

Axa also says claims associated with the floods that hit Germany, Belgium, and other parts of Western and Central Europe last month are likely to be around €400 million ($639 million), before tax and net of reinsurance, based on preliminary estimates.