French insurance group AXA said Thursday that its first quarter revenues rose by 7 percent thanks in part to price increases.
The company posted 34 billion euros ($36.4 billion) in revenues for the January through March period.
Rising revenue could be seen in all of its business segments: property and casualty insurance, life and health insurance, and asset management.
“These increases, for insurance portion, were the product of favourable price effects and a solid growth dynamics across most” of AXA’s activities, the company’s chief financial officer, Alban de Mailly Nesle, said in a call with journalists.
He noted that AXA had been able to “strongly boost activity despite a relatively volatile macroeconomic environment”.
AXA does not publish full quarter financial results.
In February, AXA said it is targeting increasing operating earnings by 4 to 6 percent per year on average.
It reported a 5 percent increase in operating earnings of 7.6 billion euros in 2023, with net earnings coming in at 7.2 billion.
De Mailly Nesle estimated AXA’s exposure to the collapse of the Francis Scott Key Bridge in the US city of Baltimore after being struck by a cargo ship in March at less than 100 million euros before taxes and following payments from reinsurers.
He put the financial hit of the bridge collapse on the insurance industry at 1.5 billion euros.
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