CoinShares International Limited Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Headline Group Growth: AXA reported 1% headline growth in Q1 2023. Growth was strong in technical lines, especially P&C (+6%), but offset by declines in Unit-Linked Asset Management due to market volatility and de-prioritized businesses.
  • P&C Segment: Growth of 6% driven by:
    • Commercial lines: +7% overall, with XL Insurance up 4%. Renewal pricing excluding North America Professional lines rose 8% (vs. 7% in Q4 2022).
    • Personal lines: +4%, with Motor up 6% (a result of pricing actions to counter inflation), Non-Motor up 2%.
  • Health Segment: Organic growth of +7% (excluding non-renewed contracts in France). Growth seen in both group and individual health across geographies. Two large, unprofitable contracts were discontinued.
  • Protection: Up +2%, driven by strong performance in Japan and Switzerland.
  • Savings:
    • Shift towards capital-light products with guarantee at maturity in response to lower Unit-Linked sales.
    • Net flows in French business positive at +5% (a mix of Unit-Linked weakness and guarantee-at-maturity products).
    • Capital-heavy traditional G/A savings continued to shrink, consistent with strategy.

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Anu Venkataraman: Good morning, and welcome to AXA's First Quarter Analyst and Investor Call. In today's call, our Group CFO, Alban de Mailly Nesle, will cover 2 topics. In addition to commenting on the activity indicators for the first 3 months of '23, Alban will also review the highlights of 2022 financial information restated under IFRS 17 and IFRS 9 that we also published this morning. In order to enable you to better assess the group's earnings trajectory under the new accounting standards, we're also providing on an exceptional basis and underlying earnings target for '23. This outlook is unaudited and subject to several key assumptions. Please review the disclaimer slide of the presentation for important qualifying information. After the presentation, our Group Chief Accounting and Reporting Officer, Grégoire de Montchalin, will join Alban to take your questions. And with that, let me hand over to Alban. Alban Nesle: Many thanks, Anu, and good morning to all of you. Thank you for joining the call today. So as you see, it's slightly different from our usual quarterly calls. Because as Anu said, we will cover 2 topics to today. And therefore, we prepared a small presentation, and we will spend a bit more time so that you have enough time for your questions at the end of the call. So let's start with Q1 2023. What are the key highlights of our results. First thing to say that we performed well in the third quarter, and the headline growth is 1%. But in fact, it masks

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