Axa’s gross revenue rose 2% to €102 billion ($159 billion) last year, putting it on track to beat its earnings growth targets.

Axa CEO Thomas Buberl says the company delivered notable growth, particularly in Property and Casualty (P&C) insurance and health and protection.

“Axa delivered a strong performance in 2022 despite a challenging environment, a confirmation of the resilience of our business model,” Mr Buberl said.

Axa’s board approved a share buy-back of up to €1.1 billion ($1.56 billion).

“It is a clear sign of reflection of our very strong operational performance, but also of our very confident outlook going forward,” Mr Buberl said. “Our group is well positioned, delivering across all dimensions.”

Axa’s underlying earnings rose 4% to €7.3 billion ($11.44 billion) last year. P&C commercial revenues rose 5% to €31.3 billion ($49.05 billion) and personal lines were up 4% at €17 billion ($26.64 billion).

Axa reinsurance revenue fell 27% to €3.2 billion ($5.01 billion) on it “continuing to reposition away” from natural catastrophe exposure.

Axa’s combined ratio for the year was 96.6%, up 0.1 point from 2021, reflecting elevated motor claims as they normalise after covid, the impact of the war in Ukraine and lower prior years reserve development – offset by lower natural catastrophe charges.

“Our fundamentals are strong and our distinctive franchise can deliver sustainable growth in the future, in particular by addressing new areas of coverage, including from the energy transition,” Mr Buberl said.

Net income fell 11% to €6.7 billion ($10.49 billion) on a decline in the value of invested assets.

The Life & Savings segment posted an 11% increase in earnings. Health was down 11% due to higher covid claims in Japan.