AXA reported a year-over-year increase in first-quartertotal revenues to €31.75 billion from €31.47 billion.
For the period, life and savings revenues totaled €17.44billion, compared to €17.46 billion a year earlier. New business volume, annualpremium equivalent, rose on a yearly basis to €2.17 billion from €1.87 billion,mainly driven by increases in the unit-linked division in the U.K. followinghigher corporate pension scheme sales.
Net inflows at the life and savings business amounted to€3.0 billion in the quarter, compared to €3.9 billion in the year-ago period.
The property and casualty business recorded revenues of€11.68 billion, up from €11.43 billion a year ago. The increase was driven by growth in both commercial andpersonal lines.
Asset management revenues were booked at €883 million, downfrom €956 million in the first quarter of 2015. Asset management net inflowswere €10.2 billion, down from €19.1 billion a year earlier, with some €8billion net inflows at AXA Investment Managers.
AUM amounted to €1.115 trillion at March 31, compared to€1.124 trillion three months ago, mainly driven by an adverse foreign exchangeimpact with the euro strengthening against major currencies, and partly offsetby a positive market effect driven by lower interest rates and net inflows.
As of March 31, the Solvency II ratio stood at 200%,compared to 205% at Dec. 31, 2015. Deputy CEO Denis Duverne noted that theSolvency II ratio at March-end is "in the middle of our target range of170% to 230%."