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Half Year 2021 Earnings - Excellent performance across the Group


Press Release

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August 2, 2021

published at 7:00 AM CEST

  • Gross revenues at Euro 54 billion, +7%* vs. 1H20
  • Underlying earnings** at Euro 3.6 billion, +101% vs. 1H20 and +12% excl. Covid-19 claims***
  • Underlying earnings per share** at Euro 1.48, +97% vs. 1H20 and +7% excl. Covid-19 claims***
  • Solvency II ratio**** at 212%, up 12 points vs. FY20

Thomas Buberl

Chief Executive Officer of AXA

AXA achieved an excellent performance in the first half of 2021. Revenues and underlying earnings grew strongly across the Group, in all geographies and business lines.

Revenues were up 7%, reflecting strong business dynamics underpinned by P&C Commercial lines, up 6%, and by a strong growth in Life & Savings with a high-quality business mix. In Asset Management, AXA IM continued to perform very well in both Core and Alts platforms.

The Group’s underlying earnings were Euro 3.6 billion in the first semester, up 101% and representing a 12% growth excluding the impact from Covid-19 last year. This strong result was achieved across all our markets, and notably at AXA XL with very good underwriting performance. Taking advantage of the continued favorable pricing momentum, AXA XL is well positioned to deliver its Euro 1.2 billion earnings target in 2021 and sustainable and profitable growth beyond.

AXA’s balance sheet remained very strong, as illustrated by our solvency II ratio of 212% at the end of June, up 12 points from the end of 2020.

As part of Driving Progress 2023, AXA continues its transformation journey with the deployment of innovative health services, notably with the launch of a digital health platform with Microsoft. The Group is playing an active role in society by supporting the economic recovery and strengthening further its engagement towards shaping climate transition.

These excellent results reflect the collective efforts of all our colleagues, agents and partners. I would like to thank them for their relentless engagement, as well as our clients for their continued trust.

* Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
** Underlying earnings, underlying earnings per share, combined ratio, underlying return on equity and debt gearing are non-GAAP financial measures, or alternative performance measures (“APMs”). A reconciliation from APMs underlying earnings and combined ratio to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 19 and 20 of AXA’s Half-Year 2021 Financial Report. APMs underlying return on equity and underlying earnings per share are reconciled to the financial statements in the table set forth on page 26 of AXA’s Half-Year 2021 Financial Report. The calculation methodology of the debt gearing is set out on page 22 of AXA’s Half-Year 2021 Financial Report. The above mentioned and other non-GAAP financial measures used in this press release are defined in the Glossary set forth on pages 60 to 67 of AXA’s Half-Year 2021 Financial Report.
*** Excluding the impacts of “Covid-19 claims” in 1H20. “Covid-19 claims” includes P&C, L&S and Health net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. “Covid-19 claims” does not include any financial market impacts (including impacts on investment margin, unit-linked and asset management fees, etc.) related to the Covid-19 crisis.
**** The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. It also includes a theoretical amount for dividends accrued for the first half of 2021, based on the full year dividend paid in 2021 for FY20. Dividends are proposed by the Board at its discretion based on a variety of factors described in AXA’s Universal Registration Document for the year ended December 31, 2020 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 amount, if any, for the 2021 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, 2020, available on AXA’s website (

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