In the first quarter of 2017, AXA continued to deliver profitable growth in the priority segments of its Ambition 2020 plan. I am grateful to our clients for their trust and for the continued drive and commitment of our teams and distributors.
In Life & Savings, new business value grew strongly from increased sales and a more profitable business mix. Health operations were particularly dynamic with topline growth of 7%. In Property & Casualty, growth momentum picked up in Commercial lines as revenues grew by 3%, in line with our strategy. In Asset Management, net flows were positive for the quarter with a strong increase in revenues.
AXA’s balance sheet strength was highlighted again by a Solvency II ratio at 196%, well within our target range.
In April, AXA was named as the leading insurance company in terms of climate risk management*, a reflection of the Group’s belief in the positive role insurance can play in society, and a key part of our vision to empower people to live a better life.