Axa says revenue growth in the first quarter was driven by property and casualty insurance (P&C) gains in its recently acquired XL business.

XL recorded 16% revenue growth in P&C business lines to €2.9 billion ($4.66 billion), thanks to North American professional lines, international property and construction lines.

Axa acquired Bermuda-based XL Group in September last year. The deal shifted Axa’s business from predominantly life cover and savings to mainly P&C.

Specialty insurance revenue grew 4% to €1.4 billion ($2.25 billion) in the quarter, helping the Axa XL business increase revenue by 7% to €6.1 billion ($9.79 billion).

“Axa XL had a strong quarter of selective growth, growing in P&C insurance and specialty lines while maintaining underwriting discipline in reinsurance,” Deputy CEO and Group CFO Gerald Harlin said. “The pricing environment improved further over the quarter and we see good momentum building across most lines of Axa XL’s business.”

Overall Axa revenue grew 3% in the first quarter.

New premium growth was stable, with gains in the Asia and China markets offset by declines in group life in Switzerland and group health in France.