AXA launches Shareplan 2026, an employee shareholding plan open to over 110,000 employees in 40 countries
The Paris-based insurer is renewing its employee shareholding plan, a scheme opened this year to over 110,000 staff members. The operation takes the form of a capital increase reserved for employees, with a subscription schedule extending until December 2026.
AXA announced on September 9, 2026 the launch of Shareplan 2026, a capital increase reserved for employees offered to over 110,000 staff members in 40 countries, in France and internationally.
The group presents this scheme as a recurring pillar of its internal policy, implemented for over 30 years. In 2025, nearly 42,000 employees had chosen to become AXA shareholders or strengthen their participation.
Beneficiaries include employees and general agents in France, retirees or pre-retirees from eligible entities, as well as eligible corporate officers, as defined in the Group Employee Savings Plan (PEEG) or the Group International Shareholding Plan (PIAG).
Two offers and a schedule extending until December
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The operation provides for the issuance of a maximum of 58,951,965 shares, representing a capital increase of a maximum nominal amount of 135 million euros, with the elimination of shareholders' preferential subscription rights, in accordance with the 18th resolution approved by the General Meeting of April 30, 2026.
Two offers are proposed in most countries: a Classic Offer, with subscription at 80% of the Reference Price, and a Guaranteed Plus Offer, with subscription at 93.95% of the Reference Price and a minimum return guarantee provided by partner bank Natixis. The amount subscribed may not exceed 25% of beneficiaries' annual gross compensation, and shares are subject to a lock-up period until July 1, 2031, except in cases of early release.
The schedule provides for a reservation period from September 10 to 24, 2026, a Reference Price setting period from October 2 to 29, 2026, a subscription and withdrawal period from November 2 to 6, 2026, and then a capital increase scheduled for December 3, 2026.
we expect underlying earnings of circa. Euro 8.6 billion with underlying EPS growth at the top end of the target range
Risks mentioned
Softening market conditions in large commercial P&C
Natural catastrophe exposure with normalized Nat Cat load of 4.5 points of combined ratio
Interest rate sensitivity with -50bp interest rates shock expected to result in -1pt impact in Solvency II ratio
Opportunities identified
Growth in Life & Savings segment driven by ageing populations and pressure on existing systems
Expansion in direct distribution channel with rising demand for affordable insurance and digital experiences
Deployment of AI across value chain with expected annual recurring benefits of €500-700m (pre-tax) by 2029
Outlook / guidance
Expected EBITDA: 500 millions d'euros
Expected net income: 8 600 millions d'euros
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
