Axa, which completed its acquisition of Bermuda-based XL Group in September, says property and casualty (P&C) revenue grew 1% to €25.4 billion ($35.2 billion) in the first nine months of the year.

Commercial lines revenue gained 2% to €12.4 billion ($17.2 billion), led by motor increases in markets including the UK and Ireland and the international segment.

Axa’s overall revenue grew 4% to €75.8 billion ($104.9 billion), with health up 7% and protection annual premium equivalent gaining 10%.

“We grew in all five of our geographies and across all business lines,” Deputy CEO and Group CFO Gerald Harlin said.

“Notably, we recorded a strong top-line growth in our preferred segments, with the continued dynamism of our health, protection and P&C commercial lines businesses.”

Mr Harlin says the XL acquisition’s closure was a key milestone and Axa’s balance sheet remains strong.

Third-quarter catastrophes, including typhoons Mangkhut, Jebi and Trami and Hurricane Florence, are expected to trigger about €300 million ($415.3 million) in claims before tax and reinsurance – about twice typical third-quarter natural catastrophes charges.

The company says Hurricane Michael claims are likely to be about €200 million ($276.8 million) based on a preliminary estimate – about twice typical fourth-quarter levels. The profit and loss impact will be “immaterial” at Axa Group level.