The group saw a €400m drop in revenue.
Axa Group has posted revenue of €28.5bn (£23.4bn) for the first quarter of 2014.
This is compared with €28.9bn reported for the same period last year.
The provider's UK arm reported revenue of €155m, up from the €153m posted in the first quarter of 2013.
According to Axa, within property & casualty, personal lines revenue increased by 2%, which was partly driven by higher volumes in the UK & Ireland operation.
However, the company's revenue growth was impeded by lower average premiums mainly in UK & Ireland, although this was partly offset by France.
Commercial lines revenue also increased by 4%, which was "mainly driven" by 2.5% average tariff increases, some of which occurred in the UK & Ireland.
Jean-Laurent Granier, chairman and CEO of AXA Global P&C, said: "In the first quarter of 2014, we continued to deliver on our profitable growth strategy, enabling us to stay on track to deliver on our Ambition AXA targets.
"We believe that the good momentum reflected in our first quarter numbers should continue and translate into higher growth in 2014 versus last year."