AXA SA

Latest Results (29.08.2026):

AXA SA — Half Year 2026 (1H26): AXA reported strong first-half 2026 results with underlying earnings per share of €2.19 (up +8% vs. 1H25) and underlying earnings of €4.54 billion (up +4% vs. 1H25, or +9% excluding the prior-year contribution from AXA IM). Group revenues (gross written premiums & other) were €66.3 billion (+5% vs. 1H25). Capital metrics remained robust with a Solvency II ratio of 218% at June 30, 2026, and management reiterates guidance to deliver UEPS growth in 2026 at the upper end of the 6–8% target range.

Earnings

Underlying earnings: €4.54bn (+4% vs. 1H25; +9% ex-AXA IM). Underlying EPS: €2.19 (+8%). Net income: €4.17bn (+9%), helped by favorable mark-to-market impacts.

Revenues & Premiums

Gross written premiums & other revenues: €66.3bn (+5% vs. 1H25). P&C GWP €35.1bn (+3%); Life & Health GWP €31.2bn (+8%).

Property & Casualty (P&C)

P&C underlying earnings €3.18bn (+6%). Personal lines grew strongly (+8%) and the all-year combined ratio was 90.1% (slight deterioration +0.1 point). AXA XL Insurance disciplined with selective volume and price actions; AXA XL Reinsurance down -9% on lower volumes.

Life & Health (L&H)

L&H underlying earnings €1.96bn (+11%). Strong net flows of €+4.7bn (protection, health and Unit‑Linked), Unit‑Linked volumes +17%, and NBV roughly stable at €1.14bn (NBV margin 4.3%). CSM increased to €34.2bn.

Capital, Solvency & Balance Sheet

Solvency II ratio 218% (up 3 pts vs. Jan 1, 2026 post-grandfathering). Shareholders’ equity €44.7bn (down vs. Dec‑31‑2025 after dividends, buybacks and debt redemptions). Underlying ROE 18.3%; debt gearing 21.7% (within 19–23% guidance).

Shareholder returns & capital actions

Paid FY25 dividend (~€4.7bn) and executed share buybacks (~€1.5bn YTD). Management is targeting a total payout ratio of 75% (60% dividend + 15% buybacks) and announced continuation of buyback program up to €1.25bn for 2026.

Outlook

Management expects UEPS growth for 2026 at the upper end of the 6–8% plan range, reiterates targets for ROE and cumulative organic cash upstream, and will present the 2027–2029 strategic plan on September 15, 2026.