CoinShares International Limited Q3 FY2023 Earnings Call

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AXA Nine-Months 2023 Activity Indicators – Investor Summary

  • Total Revenues: Up 2% YoY to €79 billion compared to 9M 2022.
  • Solvency II Ratio: 230% as of September 2023 (down from 235% at end of H1 2023), reflecting strong capital generation (+23 pts YTD) and disciplined risk management.
  • In-Force Management Target: On track to deliver €30-50 billion by year-end; €24 billion worth of transactions announced year-to-date.
  • Key Transactions:
    • Acquisition of Laya, leading health insurer in Ireland (28% market share).
    • Disposal agreement for life JV with Bharti in India, aligning with core-market strategy.

Property & Casualty (P&C)

  • Revenue Growth: +7% YoY driven by Commercial and Personal Lines.
  • Commercial Lines: +9% excluding AXA XL Re; price increases and strong demand.
  • AXA XL Insurance: Prices +4% overall and +7% excluding North America Professional Lines.
  • North America Property: Prices up 19%, reflecting strong market conditions.
  • Personal Lines: +5%, with Motor +7% and Non-Motor +3%; price increases in Europe offsetting severity trends.

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Operator: Good day, and thank you for standing by. Welcome to the AXA 9 months 2023 Activity Indicators call. [Operator Instructions]. Please note that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Anu Venkataraman. Please go ahead. Anu Venkataraman: Good morning, and welcome to AXA's 9 months 2023 Activity Indicators Call. This morning, our Group CFO of Alban de Mailly Nesle, we'll go through briefly the highlights of last night's press release, after which we'll be ready to take your questions. Alban? Alban Nesle: Thank you, Anu. Good morning to all of you, and thank you for joining the call today. So I'll start with the key highlights of our 9 months '23 results. AXA continued to deliver high-quality revenue growth, very much in line -- very much in line with our strategy and consistent with the trends that you see in the first half. We continue to see strong momentum across our technical lines, in particular, in P&C, plus 7%; and protection, plus 3%. And growth in Health remains also strong, up 7% if you adjust for the nonrenewal of 2 large international group contracts. This has been partly offset by actions taken to rightsize businesses that has been deprioritized and that you know well, that's reinsurance property cat and traditional general account, and this should be completed by year-end. Overall, our total revenues increased by 2% to EUR 79 billion. Our balance sheet remains very strong with the Solve

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