AXA H1 Earnings Rise 4% to €4.54bn
AXA reported first‑half 2026 underlying earnings of €4.54 billion, a 4 % increase year‑on‑year, and underlying earnings per share of €2.19, up 8 % and at the upper end of its 6‑8 % target range. Life & Health underlying earnings grew 11 % to €2 billion, reflecting a better short‑term technical result in Health & Protection and higher earnings in the long‑term business due to increased reserves and higher margins recognised in the second half of 2025. Property & Casualty underlying earnings rose 6 % to €3.2 billion, driven by a stronger underwriting result and higher financial income.
Excluding AXA Investment Managers, whose sale to BNP Paribas was completed on 1 July 2025, underlying earnings increased 9 %, with AXA IM contributing €0.2 billion to the first‑half 2025 underlying earnings.
Gross written premiums and other revenues increased 5 % to €66.29 billion. Property & Casualty premiums were €35.07 billion, up 3 %, while Life & Health premiums reached €31.16 billion, up 8 %.
Net income rose 9 % to €4.17 billion, mainly reflecting the increase in underlying earnings and favourable mark‑to‑market impacts. The Solvency II ratio stood at 218 % as of 30 June 2026, up three points from 1 January 2026, driven by a 17‑point operating return, a 2‑point benefit from regulatory and model changes, partially offset by a 4‑point negative impact from financial‑market movements such as widening government spreads and higher inflation expectations. Shareholders’ equity was €44.7 billion on 30 June 2026, €2.5 billion lower than on 31 December 2025, with positive contributions from net income and foreign‑exchange gains being more than offset by the 2025 dividend, 2026 share buybacks, redemption of undated and deeply subordinated debt, and changes in net other comprehensive income.
Chief Executive Officer Thomas Buberl stated that AXA delivered outstanding performance in the first half of 2026, achieving EPS growth at the top end of the 6‑8 % target range while further strengthening reserve prudence. The insurer confirmed it remains on track to meet the financial targets of its “Unlock the Future” plan, which includes an underlying return on equity of 14‑16 % for 2024‑2026 and cumulative organic cash upstream of more than €21 billion over the same period. AXA announced that its new strategic plan for 2027‑2029 will be presented on 15 September 2026, followed by round‑table discussions with business CEOs on 21 September 2026.