French insurer Axa says it delivered a strong first-quarter performance, as it incorporates the acquisition of XL Group.

Total gross revenue for the period was up 2% to €30.8 billion ($49.21 billion), while property and casualty commercial lines revenue increased 2% to €6.3 billion ($10.07 billion).

“We are resolutely focused on reshaping Axa’s profile towards our preferred segments, both through our new business mix and, of course, through the strategic decisions to list our US operations and acquire the XL Group,” Deputy CEO and Group CFO Gerald Harlin said.

Axa’s acquisition of XL for almost $20 billion was announced in March. It should be completed by the second half of this year.

“Axa will see its profile significantly rebalanced towards insurance risks and away from financial risks,” CEO Thomas Buberl said in March.