Axa's Swiss subsidiary was able to lift its gains last year as assets under management grew.
Axa's Winterthur-based Swiss offshoot, increased its net profit by 37 percent to 751 million Swiss francs ($817 million) in 2021 over the previous year, it said in a statement Thursday (in German).
Its combined ratio, a measure of insurer profitability, improved by 0.6 percent to 91.4 percent.
Axa Switzerland's largest revenue pillar, general non-life insurance, increased gross premiums by 1.2 percent to 3.66 billion francs, with personal and corporate business roughly balancing each other out.
Among customer sectors, corporate business grew by 1.5 percent, with private client activity increasing 0.8 percent.
Mixed Pension Results
The company's private pension business saw premium volume grow by 3.4 percent to 1 billion Swiss francs, with new business up 18.6 percent. However premium volumes for occupational pensions decreased by 2.5 percent to 740 million Swiss francs due to a reduction in pension savings premiums.
Asset Management Growth
Asset Management in particular contributed to Axa Switzerland's result. Assets under management for third-party clients rose by 5.6 billion to 38.8 billion francs, an increase of 16.8 percent.
