AXA has had a strong start to the year with a 6% increase in revenue to 38.0 billion euros in the first quarter of 2026, driven by all its business segments. However, the Solvency II ratio stands at 211%, down 4 points since January, reflecting unfavorable market effects related to inflation and volatility in stocks and rates, despite high operational performance.
Balanced Progress in Damage and Health-Life Insurance
Damage insurance recorded a 4% increase to 21.5 billion euros, supported by a 7% increase in individual insurance premiums (7.0 billion euros) and a 3% rise in business insurance (13.2 billion euros). Individuals benefited from favorable price effects (+4%) and a volume increase (+3%), while business insurance saw a rise split between price effect and volume. Reinsurance declined by 7% to 1.2 billion euros, reflecting commercial discipline in a context of tariff reductions.
Solvency Under Pressure Despite High Operational Performance
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The Solvency II ratio of 211% as of March 31, 2026, reflects a decrease of 4 points from January 1, 2026, when the ratio was at 215% following the end of the Solvency II transitional measures ('grandfathering period'). This change masks two opposing movements: a high operational yield that contributed to a 7-point increase in the ratio, net of dividend provisioning and the share buyback program of the first quarter (−6 points), was more than offset by unfavorable market effects of −4 points. These market effects primarily stem from rising inflation expectations and increased volatility in stocks and rates. The claims related to natural disasters in Q1 2026 were slightly below the prorated annual budget, with the annual claims budget for such events remaining set at 4.5 points of the Group's combined ratio.
Confirmed Trajectory for 2026, New Strategic Plan in September
AXA reaffirms its target for operational profit per share growth at the top of the target range of 6 to 8% for 2026, in a volatile environment. Chief Financial Officer Alban de Mailly Nesle highlighted the insurer's strong position, based on a solid balance sheet and a high-quality investment portfolio, offering flexibility and resilience. The Group will present its new strategic plan for 2027-2029 on September 15, 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.
