AXA: premiums up 5% over nine months, €8.6bn target confirmed
Over the first nine months of 2026, AXA raised its gross written premiums and other revenues to €93.0bn, up 5% on a like-for-like basis. The group reaffirmed its target of an operating result of approximately €8.6bn for the year, with operating EPS growth in the upper part of its 6% to 8% range.
This confirmation comes as natural catastrophe claims over the period exceeded the normalised annualised charge, mainly in France, Switzerland and Italy. Meanwhile, the Solvency II ratio fell 5 points since 30 June 2026, to 213% at 30 September, due to financial markets.
Property & casualty up 3%, life and health up 7%
On 29 October 2026, the insurer published its activity indicators for the first nine months. Gross written premiums and other revenues rose from €89.4bn to €93.0bn, an increase of 4% on a reported basis and 5% on a like-for-like basis (constant exchange rates, scope and methodology).
Property and casualty insurance reached €48.1bn (+3%). Retail contracts grew 7% to €17.2bn, with a 4-point price effect and 3 points of volume. Commercial contracts increased 1% to €28.7bn, while AXA XL Reinsurance fell 9% to €2.2bn.
Life and health insurance totalled €44.8bn (+7%), with life and health each growing 7%, to €29.3bn and €15.5bn respectively. In life, general account savings and unit-linked products each increased 9%, and protection rose 5%.
Retail and commercial (excluding AXA XL) drive growth
In property and casualty, growth relies on retail networks and commercial lines excluding AXA XL. Together, these activities grew 6%, with, according to Chief Financial Officer Alban de Mailly Nesle, a balanced contribution from price increases and volumes. France shows +8% in retail and +6% in commercial.
AXA XL followed a different trajectory: its insurance premiums fell 1%, with rates down 1%, and its reinsurance premiums fell 9%, with rates down 5%. The group attributes this decline to disciplined management of the cycle in a softening market.
Retail growth includes Prima, in which AXA finalised the acquisition of a majority stake on 28 November 2025. This entity contributed €1.0bn to premiums and revenues for the period, the 7% rate being calculated on a restated 2025 basis.
In life and health, net inflows reached €6.0bn, compared with €5.6bn a year earlier, driven by protection (€4.5bn) and health (€2.6bn). Traditional general account savings recorded net outflows of €4.0bn.
The present value of new business premiums rose 8% to €39.9bn. The contractual service margin on new business increased 1% to €1.6bn (+4% excluding the effect of higher interest rates, notably in Japan).
The value of new business is stable at €1.7bn, with its margin down 0.3 points to 4.2%.
2026 target confirmed, solvency ratio down to 213%
For 2026, AXA confirmed it expects an operating result of approximately €8.6bn, compared with €8.4bn in 2025, as well as an operating return on equity in the upper part of its 14% to 16% range. This target assumes no significant deterioration in conditions, particularly regarding natural catastrophes, pricing and markets.
The Solvency II ratio went from 218% at 30 June to 213% at 30 September 2026. Operating profitability added 7 points, the provisioned dividend and the annual share buyback subtracted 6, and market movements 5, linked to interest rate volatility and widening sovereign yields.
This decline comes in a tense stock market context for the shares: as of 19 October 2026, the AXA share had fallen 5.5% over one month, in a Paris market affected by tensions over French debt. The group launched its €1.25bn share buyback programme for 2026.
Management indicates that current trends place the group in a good position for the launch of its next strategic plan, “Growing Forward”, covering 2027-2029. Full-year 2026 results will be published on 25 February 2027, with an operating result target set at approximately €8.6bn.
