AXA

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( +1.37%)

Axa worldwide
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1Q25 Activity Indicators

May 6, 2025

published at 5:45 PM CEST

  • Gross written premiums and other revenues* up 7% to Euro 37.0 billion
    - Property & Casualty premiums up 7% to Euro 21.0 billion
    - Life & Health premiums up 8% to Euro 15.5 billion
  • Solvency II ratio** at 213% down 3 points vs. FY24

Alban de Mailly Nesle

Group Chief Financial Officer

AXA has started the year with strong performance, achieving robust revenue growth across all business lines, continuing the positive momentum from last year. This performance reflects the disciplined execution of our organic growth strategy, with a healthy balance between volume and pricing.

In P&C, premiums increased by 7%, with strong growth across both Personal and Commercial lines. Following the successful turnaround of Personal lines last year, we are now expanding our customer base, while continuing to benefit from a favorable pricing environment. In Commercial lines, pricing trends remain positive, and growth is disciplined.

In Life & Health, premiums were up 8%, in line with the Group’s ambition to grow this business. Building on the momentum of 2024, we delivered strong sales in Unit-Linked, continued success in capital-light G/A Savings products, and growth in Employee Benefits. Net inflows have improved further, reflecting both higher sales and better persistency.

AXA’s diversified business model focused on technical margin and its robust balance sheet, with a Solvency II ratio of 213% and a prudent asset portfolio, are a source of strength in the current volatile environment. We remain confident in our strategy and are focused on executing on the ‘Unlock the Future’ plan.

I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA.

* Change in gross written premiums and other revenues, new business value (NBV), present value of expected premiums (PVEP) and new business value margin (NBV Margin) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.
** The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200-year shock. It includes a theoretical amount for dividends and share buy-backs accrued for the first three months of 2025, based on the full-year dividend of Euro 2.15 per share to be paid in 2025 for FY24 and annual share buy-back of Euro 1.2 billion announced on February 27, 2025. Annual share buy-backs exclude anti-dilutive share buy-backs related to certain disposals and in-force management transactions, as well as share buy-backs to offset dilutive effects relating to employee share offerings and stock-based compensation. Dividends and share buy-backs are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2024 Universal Registration Document, and then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend and share buy-back amounts, if any, for the 2025 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s SFCR as of December 31, 2023, available on AXA’s website (www.axa.com).

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