Axa Posts Record Results with a 9% Increase in Operating Income Excluding Asset Management
In 2025, the insurance group displayed a very strong financial performance, with operating income up 6% to 8.4 billion euros and a net income of 9.8 billion euros, marking a 26% increase. These results are primarily driven by a strong momentum in property and casualty insurance and improvements in life and health activities.
Axa's operating income reached 8.4 billion euros in 2025, up by 6% as reported and 9% when excluding asset management. This increase is mainly due to the property and casualty branch, which grew by 9%, benefiting from a rise in volumes, an increase in underwriting margin, and a higher financial result. Life and health insurance also advanced by 7%, reflecting improvements in the technical result of short-term health and providence activities, as well as an increase in the result from long-term activities. Gross written premiums and other revenues stood at 116 billion euros, up by 6%, with property and casualty insurance growing by 5% and life and health insurance by 8%.
Operational Income Per Share and Solvency Ratio
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The operational income per share increased by 8% to 3.86 euros, supported by the rise in operational income, the reduction in interest expenses on subordinated debt, and the positive impact of share buybacks, partially offset by unfavorable exchange rate effects of 2%. The Solvency II ratio reached 224% on December 31, 2025, up 9 points from the end of 2024. Since January 1, 2026, this ratio has been at 215%, reflecting the end of the Solvency II transitional period. The group anticipates that the regulatory revision of Solvency II, scheduled for the first quarter of 2027, will result in a further 17-point increase in the ratio.
Dividend Proposal and Share Buyback Program
Axa proposes a dividend per share of 2.32 euros, an 8% increase from 2024, which will be put to vote at the General Assembly on April 30, 2026, with a planned payment on May 13, 2026. The board of directors has approved the launch of a share buyback program with a maximum amount of 1.25 billion euros. The group anticipates an operational income per share growth at the upper end of its target range of 6% to 8% for 2026, supported by profitable organic growth and improved operational efficiency.
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.
