Insurer AXA reported quarterly revenue growth of 6% on Thursday, driven by a surge in premiums from commercial property and casualty insurance, its flagship business.

Gross written premiums and other revenues amounted to 34 billion euros, up from 31.8 billion euros a year ago, the group said in a press release.

Commercial property-casualty business was up 7% on a comparable basis, to 12.1 billion euros, driven by the dynamism of US subsidiary AXA XL Insurance and positive price effects in Turkey and Europe.

The other two core businesses of Europe's number-two insurer, life and health insurance and personal lines, also posted higher revenues.

Axa's solvency ratio, a key measure of its financial health, stood at 229% at the end of March, two percentage points higher than at the end of 2023.

Asked about the impact of the collapse of the Francis Scott Key Bridge in Baltimore, CFO Alban de Mailly Nesle said he expected the impact before tax and after reinsurance to be no more than 0.1 billion euros, based on a total industry impact of 1.5 billion euros.

AXA XL, AXA's commercial insurance subsidiary, is the primary underwriter of a $3.1 billion reinsurance policy for ship insurers.

In asset management, where AXA is present through its subsidiary AXA Investment Managers, net inflows amounted to 5.6 billion euros in the first quarter, bringing total assets under management to 858 billion euros.

(Written by Augustin Turpin with Mathieu Rosemain, edited by Blandine Hénault)