9M26 highlights
- Gross written premiums & other revenues1 up +5% vs. 9M25 to Euro 93.0 billion
- Property & Casualty premiums up +3% to Euro 48.1 billion
- Retail premiums up +7% with +4% from price effects and +3% from volumes
- Commercial2 premiums up +1%, with +4% in Commercial ex-XL and -1% at AXA XL Insurance
- Life & Health premiums up +7% to Euro 44.8 billion, with each of Life and Health up +7%
- Life & Health NB CSM up +1% and net flows of Euro +6.0 billion
- Solvency II ratio3 at 213% as of September 30, 2026, down -5 points vs. June 30, 2026, reflecting resilience in a volatile environment
Outlook
For 2026, the Group reaffirms that it expects underlying earnings of circa Euro 8.6 billion with underlying EPS growth at the top end of the plan target range of 6-8% and underlying return on equity at the top end of the plan target range of 14-16%4.
Alban de Mailly Nesle
Group Chief Financial Officer
AXA delivered solid performance in the first nine months of 2026, maintaining the momentum of the first half of the year.
In Retail P&C and Commercial ex-XL, we delivered 6% growth in aggregate with a balanced contribution from pricing and volumes, while at AXA XL, we remained disciplined in managing the cycle. Health continued its growth trajectory in the third quarter and we delivered strong net flows in Life & Savings. We also maintained a robust Solvency II ratio at 213%, underscoring the resilience of our balance sheet in a volatile market environment.
Our diversified business model and prudent reserving give us confidence to deliver underlying earnings per share growth for 2026 at the top end of our plan target range, despite elevated natural catastrophe activity in the third quarter in Europe. Beyond 2026, current trends position us well for the beginning of “Growing Forward”, our next strategic plan for 2027-2029.
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.
1.Changes in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”), new business contractual service margin (“NB CSM”) and new business value margin (“NBV margin”) are 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.
2.“Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.
3.The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. It includes a theoretical amount for dividends and share buybacks accrued for the first nine months of 2026, based on the full-year dividend of Euro 2.32 per share and annual share buyback of Euro 1.25 billion in 2026 for FY25. Annual share buybacks exclude anti-dilutive share buybacks related to certain disposals and in-force management transactions, as well as share buybacks to offset dilutive effects relating to employee share offerings and stock-based compensation. As the annual implementation of AXA’s capital management policy (including dividends and share buybacks) remains subject to the approval of the Board of Directors and AXA’s shareholders at the Annual Shareholders’ meeting, this estimate should not be considered in any way to be an indication of the actual dividend and share buyback amounts, if any, for the 2026 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2025, available on AXA’s website (www.axa.com).
4.This one-off guidance reflects AXA’s current expectations based on year-to-date performance and its current forecasts for the remainder of 2026. It assumes no significant deterioration in current operating conditions, including natural catastrophe charges, pricing and market environment.
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