Axa’s losses from the Russia-Ukraine war are likely to be in line with those of a medium natural hazard, the French insurer says.

Axa reports a 1% rise in first-quarter revenue to €31.31 billion euros ($46.65 billion) as it as “repositioned its reinsurance portfolio,” lowering its natural catastrophe exposure by 40% across first quarter renewals.

Property & casualty revenues were up 2% in the quarter to €17.4 billion ($25.92 billion).

“We currently expect the net underwriting losses from the (Ukraine) crisis to be akin to a mid-sized natural catastrophe event,” Axa CFO Alban de Mailly Nesle said.

Axa – which promoted Nancy Bewlay to CEO Reinsurance in March as Charles Cooper stepped down after more than 20 years at the firm – says its first-quarter reinsurance revenue fell 12% on “a strong reduction in natural catastrophe exposure in line with our strategy”.

Price increases on renewals remained strong in the first quarter, at 10% in insurance and 8% in reinsurance. Personal lines revenue rose 1%, driven by a 5% rise in non-motor revenue across all geographies, from higher volumes and favourable price effects.

Motor revenue fell 1% as positive price effects across most geographies were more than offset by lower volumes in Europe.

"Axa performed well in the first quarter of 2022, delivering high-quality revenue growth,” Mr de Mailly Nesle said.