AXA XL TARGETS 96% COMBINED RATIO FOR 2021

Axa XL is targeting underlying earnings of about €1.2bn and a combined ratio of 96% and in 2021. These targets are based on a more conservative assumption for an annual natural cat load of 6 percentage points of gross earned premiums, up from 4% previously. For the property/casualty operations as a whole, Axa is targeting a combined ratio of 93% by 2023. Thomas Buberl, Axa’s chief executive, said: “Our group is now reshaped to a simpler and more focused organization, closer to its customers and with the right scale across our geographies and preferred segments, health, protection and property/casualty commercial lines. With a unique profile, Axa is very well positioned to capture post Covid-19 growth, and to cater to the new insurance needs of customers and society.”