AXA XL EARNINGS SURGE AS RATES RISE

Axa XL’s underlying earnings surged in the first half of the year as it benefited from a strong underwriting performance. Underlying earnings increased to €619m, representing a 40% increase on the same period last year when adjusted for Covid-19 losses. The unit booked a 95.8% combined ratio driven by rising rates and the benefits of the actions to improve the portfolio. Prices were up 15% in insurance and 10% in reinsurance.