AXA unveils its 2027-2029 plan: distribution maintained at 75% of operational result
The Paris-based group has unveiled its 2027-2029 roadmap, centered on accelerating organic growth and deploying artificial intelligence. The insurer targets a total distribution rate maintained at 75% of operational result per share and approximately 25 billion euros in cumulative organic cash flow generation between 2027 and 2029.
Four financial objectives raised for 2027-2029
AXA presented on September 15, 2026 its strategic plan called Growing Forward, covering the period 2027-2029. The group has set four financial objectives. It targets a compound annual growth rate of operational result per share of between 7% and 9% from 2026 to 2029. It targets an operational return on equity (ROE) of between 15% and 17% from 2027 to 2029. The third objective concerns the compound annual growth rate of book value per share, including cumulative dividends, from 2026 to 2029, directed towards the middle of the ten percent range. Book value per share constitutes a new alternative performance indicator for the group. The fourth objective provides for approximately 25 billion euros in cumulative organic cash flow generation from 2027 to 2029. AXA clarified that this plan is based on accelerating organic growth while maintaining attractive margin levels, and on the deployment of artificial intelligence across the group.
A total distribution maintained at 75%
AXA has combined these objectives with a capital management policy with a total distribution target rate of 75%, calculated on the basis of operational result per share. For fiscal year 2026, the group anticipates growth in operational result per share at the upper end of the target range of 6% to 8%. It also expects an operational return on equity at the upper end of the target range of 14% to 16%. The group indicated that this guidance for 2026 incorporates a normalized natural disaster loss charge and assumes no significant deterioration in pricing, operating and market conditions. The capital management policy reflects the current intention of the Board of Directors and remains subject each year to its approval as well as that of shareholders in general meeting.
Artificial intelligence and prevention at the heart of the plan
AXA has based Growing Forward on the transformation conducted in recent years, relying on its diversified multi-business model and its balance sheet. The group has made the deployment of artificial intelligence across the entire value chain an axis of the plan, to improve underwriting, efficiency and quality of customer service. This direction extends the agreement announced in early September with Publicis Sapient to generalize the deployment of AI agents. AXA also indicated its desire to place prevention at the heart of its offering to respond to new technological risks, adaptation to climate change, increasing healthcare costs and aging societies. An investor presentation is scheduled for September 15, 2026 at 10:30 a.m. (CET), preceded by a press conference on the same day at 8:30 a.m. (CET).
