With the commitment and the engagement of our teams, we have delivered a strong performance in the first year of our new Ambition 2020 plan.
We recorded Euro 5.7 billion in underlying earnings, a growth of 4% on a per share basis, despite continued low interest rates and market volatility. We generated over Euro 6.2 billion of operating free cash flows and our Solvency II ratio of 197% remained well within our target range. In this context, the Board of Directors is proposing a dividend of Euro 1.16 per share, an increase of 5% versus last year, which corresponds to a payout ratio of 48%.
AXA’s revenues crossed the Euro 100 billion mark for the first time in the company’s history. In Life & Savings, we continued to grow our profitable Protection & Health and capital light Savings businesses, in line with our strategy. In Property & Casualty, we grew in both personal and commercial lines. We also experienced significant positive net inflows in Asset Management.
We are on track on the headline targets of our Ambition 2020 plan, focusing on the execution of clear management levers, and pursuing the transformation of the Group towards becoming the innovation leader in insurance and empowering people to live a better life.