AXA: operating earnings per share up 8% in first half of 2026
AXA published on July 31, 2026 half-yearly results in line with its strategic trajectory, with operating earnings per share growth of 8%, at the upper end of its 6% to 8% target range.
This progression is supported by growth in both business lines (property and casualty and life/health) and by a strengthened solvency ratio, confirming that 2026 is on track to achieve the objectives of the Unlock the Future plan. However, shareholders' equity declined, as shareholder distributions (dividends and share buybacks) more than offset the contribution from net income.
Operating earnings per share up 8%
Operating earnings per share increased by 8% to €2.19 in the first half of 2026, at the upper end of the 6% to 8% target range of the strategic plan. This increase is driven by both the progression of operating income (+4%) and the effect of share buybacks (+6%), partially offset by an unfavorable exchange rate impact (-3%), notably the depreciation of the US dollar, Japanese yen and Hong Kong dollar against the euro.
Operating income amounted to €4.5 billion, up 4% at constant exchange rates (+9% excluding AXA IM, divested on July 1, 2025). Net income increased by 9% to €4.2 billion, reflecting the increase in operating income as well as an improvement in the impacts related to changes in fair value of assets.
Growth is based on the group's two pillars: property and casualty insurance generated operating income of €3.2 billion (+6%), while life and health insurance reached €2.0 billion (+11%), driven by improved technical results in health and protection insurance and by the increase in release of contractual service margin in long-term activities.
Strengthened solvency and increased net inflows in life insurance
The Solvency II ratio stood at 218% as of June 30, 2026, up 3 points compared to January 1, 2026 (215%). This starting point of 215% already included a 10-point decline related to the end of the Solvency II transitional period. The improvement during the half-year reflects strong operational performance (+17 points, net of dividend provisioning and share buyback program at -12 points) and regulatory model changes (+2 points), partially offset by unfavorable market effects (-4 points), linked to the widening of sovereign spreads and increased inflation expectations.
In life and health insurance, net inflows reached €4.7 billion, compared to €3.6 billion in the first half of 2025. They are driven by protection insurance (+€3.4 billion, mainly in Hong Kong, Japan and France) and health (+€1.7 billion). The group's gross premiums written and other revenues increased by 5% to €66.3 billion, with growth of 8% in life and health insurance and 3% in property and casualty insurance.
Shareholders' equity declining due to shareholder distributions
Shareholders' equity stood at €44.7 billion as of June 30, 2026, down €2.5 billion compared to December 31, 2025, despite a positive contribution from net income of €4.2 billion. This decline is explained by shareholder distributions: a dividend for 2025 of €4.7 billion and share buybacks of €1.5 billion, to which are added the repurchase of subordinated debt (-€0.8 billion) and the change in fair value reserves (-€0.3 billion), partially offset by a favorable exchange rate effect (+€0.8 billion).
The operational return on equity stands at 18.3%, up 0.8 points compared to June 30, 2025, above the target range of 14% to 16% of the plan. AXA anticipates for 2026 operating earnings per share growth at the upper end of its target range and will present its new strategic plan 2027-2029 on September 15, 2026.
