CoinShares International Limited Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenues: EUR 34 billion, up 6% YoY (compared to Q1 2023).
  • Solvency II Ratio: 229%, up 2 points vs FY 2023, reflecting strong capital generation.

Segment Highlights

  • Property & Casualty (P&C):
    • Revenues up 7%, with growth in both Commercial and Personal lines.
    • Commercial Lines pricing strong: +7% overall, +15% in North America property, +5% in casualty.
    • Personal Lines revenues up 6%, pricing up 10% (Motor +3%, non-Motor +9%).
    • AXA XL Reinsurance revenues up 9% following rightsizing in 2023.
  • Life & Savings:
    • Premiums up 6%, with strong growth in capital-light G/A savings (+19%) and Unit-Linked (+8%).
    • Traditional G/A savings down 14%, consistent with strategy.
    • Life & Health PVEP and NBV up 14% and 6%, respectively.
    • New Business CSM up 1%, affected by prior model changes in France making YoY comparison difficult.
  • Health:
    • Premiums up 7% to EUR 4.8 billion due to price increases across group and individual lines.
    • U.K. Health undergoing transformation; full profitability recovery expected by early 2025.

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Alban Nesle: Good morning to all of you, and thank you for joining the call today. So let me go through the key highlights of 1Q '24. And I think the sentence that said -- the result is that we have achieved a very good performance in this first quarter. We delivered strong organic growth across all our lines of business. P&C, Life & Savings, Health and Asset Management. And this is obviously very consistent with our new strategic plan, which we presented to you in February. So we are growing all our businesses, leveraging our attractive positioning, in particular in P&C, Commercial lines and employee benefits. And our growth initiatives are starting to contribute. Overall, our total revenues increased by 6% to EUR 34 billion. Our balance sheet remain very robust with a Solvency II ratio at 229%, reflecting our strong capital generation capacity. And we also continue our actions on climate. We have recently strengthened the AXA for Progress Index targets across underwriting, investment and our own operations. So let me now go through the key numbers of the press release, starting with P&C. P&C revenues are up 7% with growth both in Commercial and Personal lines. In Commercial lines, excluding AXA XL Re, we grew by 7%. And this was driven by favorable price effects across all markets as well as higher volumes, notably in Europe and at AXA XL. At AXA XL insurance, in particular, prices were up 3% on renewables, which is a similar growth as last year's. So pricing is holding

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