Axa says its property and casualty (P&C) business achieved better financial results last year, supported partly by favourable commercial lines pricing momentum.

Underlying P&C earnings more than doubled to €4.06 billion ($6.34 billion) from €1.64 billion ($2.56 billion) in 2020, with growth seen across most geographies, the insurer said in a full-year earnings release last week.

P&C revenues improved 3% to €49.3 billion ($77 billion) as commercial lines income grew 5% to €32.7 billion ($51 billion) and personal lines 1% to €16.6 billion ($25.9 billion).

The commercial lines business enjoyed average price growth of about 7%, with Axa XL Insurance seeing the highest rate increase at 15%, Axa XL Re 9%, France 3% and Europe also 3%.

“Axa delivered an excellent performance in 2021 on all fronts,” CEO Thomas Buberl said.

“We have significantly transformed and simplified the Group in recent years and this strategy is producing strong results, with revenues and earnings increasing across all lines of business.”

Overall net income for the insurer, which also has health and life businesses, surged to €7.29 billion ($11.39 billion) from €3.16 billion ($4.93 billion) while underlying earnings grew 59% to €6.76 billion ($10.6 billion).