AXA premiums and revenue rise 5% to €93 billion in nine months
Key Facts
AXA said on October 29 that gross written premiums and other revenue rose 5% on a comparable basis to €93.0 billion in the first nine months of 2026. Chief Financial Officer Alban de Mailly Nesle said the company delivered "solid performance in the first nine months of 2026, maintaining the momentum of the first half." Growth came from its main insurance segments, with life and health premiums rising faster than property and casualty. At the same time, the solvency ratio fell from its level at the end of June, under the impact of financial market movements. The company nevertheless reaffirmed its outlook for earnings, earnings per share and return on equity for the current year.
Property and casualty premiums reached €48.1 billion, up 3% on a comparable basis from the same period in 2025. Retail premiums in the segment rose 7%, comprising a 4% pricing effect and a 3% increase in volumes. This mix showed pricing and business growth contributing to the increase in retail premiums. Combined property and casualty business for individuals and businesses, excluding the XL unit, also grew 6%, with a balanced contribution from prices and volumes. This breakdown puts overall segment growth below the pace recorded in retail and the specified combined business.
Life and health premiums rose 7% to €44.8 billion, with both life and health activities growing at the same rate. Net inflows in the life and savings business reached €6.0 billion during the nine months. The contractual service margin for new life and health business also increased 1%. Taken together, these indicators show premium growth, positive new inflows and a limited improvement in the margin on new business. The segment's growth therefore exceeded the increase recorded in property and casualty premiums.
The Solvency II ratio was about 213% on September 30, down 5 percentage points from June 30. AXA attributed the pressure to adverse financial movements linked to interest-rate volatility, eurozone inflation expectations and wider government bond yield spreads. Adverse financial market movements had a negative 5-point impact in the first nine months. By contrast, operating return added 7 points to the ratio, while 6 points were deducted for accrued dividends and the annual share buyback. These components show that the impact of markets offset part of the support provided by operating activity.
AXA said it expects underlying earnings of about €8.6 billion in 2026. It expects underlying earnings per share growth at the upper end of its target range of 6% to 8%, and targets underlying return on equity at the upper end of its range of 14% to 16%. The company said it expects to deliver earnings per share growth at the upper end despite increased natural catastrophe activity in Europe during the third quarter. The Insurer reported that the group's natural catastrophe losses during the nine months exceeded the usual annual level distributed across the period, with elevated secondary peril activity in France, Switzerland and Italy. This follows AXA's 2025 results, when it reported underlying earnings of €8.4 billion, up 6%, and underlying earnings per share of €3.86, up 8%.
The company is preparing to implement its "Growing Forward" strategic plan for 2027-2029, announced in September 2026. The plan targets compound annual growth in underlying earnings per share of between 7% and 9% during 2026-2029, and underlying return on equity of between 15% and 17% during 2027-2029. It also includes cumulative organic cash flow to the parent company of about €25 billion during 2027-2029, and a target total payout ratio of 75%. These targets set the framework for the next phase after the annual guidance the company reaffirmed its commitment to in the nine-month results statement. The statement did not specify a later date for updating this outlook.