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Half Year 2026 Earnings - On track to deliver “Unlock the Future” plan targets

July 31, 2026

published at 7:00 AM CEST

Key 1H26 highlights

  • Underlying earnings per share1 at Euro 2.19, up +8% vs. 1H25
  • Underlying earnings1,2 at Euro 4.5 billion, up +4% vs. 1H25, up +9% excluding AXA IM3
    - P&C underlying earnings at Euro 3.2 billion, up +6% vs. 1H25
    - L&H underlying earnings at Euro 2.0 billion, up +11% vs. 1H25
  • Gross written premiums & other revenues2 at Euro 66.3 billion, up +5% vs. 1H25
    - P&C GWP at Euro 35.1 billion, up +3% vs. 1H25
    - L&H GWP at Euro 31.2 billion, up +8% vs. 1H25
  • Solvency II ratio4 at 218% as of June 30, 2026, up +3 points vs. January 1, 2026 (post-grandfathering period)

Outlook

  • Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range5
  • AXA to present its new strategic plan for 2027–2029 on September 15, 2026, with roundtables with our business CEOs on September 21, 2026

Thomas Buberl

Chief Executive Officer of AXA

AXA delivered outstanding performance in the first half of 2026, with growth in underlying earnings per share at the top end of our target range of 6% to 8% while further strengthening our reserve prudence.

These results confirm AXA’s positioning as an all-weather company able to navigate changing market conditions. In P&C, our Retail and Commercial lines ex-XL businesses continued to expand their customer base while further improving their best-in-class margins. At AXA XL, earnings grew by +4%, demonstrating disciplined cycle management through agile redeployment towards the most profitable business lines. Life & Health earnings rose by +11%, reflecting the impact of management actions across the Health & Protection businesses and solid growth in earnings in our long-term savings business. This excellent performance shows the strength of our multi-line, globally diversified model, with growth in Life increasingly balancing the growth in P&C. We recorded sustained positive net flows in Life & Savings, which will support higher earnings generation over time. This performance was further amplified by continued progress on efficiency gains, notably from our technology and AI initiatives.

Building on this excellent momentum and the resilience of our diversified business, underpinned by prudent reserving and a high-quality investment portfolio, we are confident in our ability to deliver underlying earnings per share growth in 2026 at the upper end of our target range, and to sustain organic growth with strong profitability beyond the current plan.

I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust.

1. "Underlying earnings”, “underlying earnings per share”, “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of June 30, 2026 (“AXA’s Half-year 2026 Activity Report”), on the pages indicated under the heading “Alternative Performance Measures”. For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary in AXA’s Half-year 2026 Activity Report. AXA’s Half-year 2026 Activity Report is available on AXA’s website (www.axa.com).
2. Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”), NB CSM and NBV Margin is on a comparable basis (constant forex, scope and methodology) and change in underlying earnings is at constant foreign exchange rates, unless otherwise indicated. These and other terms, including but not limited to contractual service margin (“CSM”) and new business contractual service margin (“NB CSM”), are defined in the glossary section of this press release.
3. AXA completed the disposal of its Asset Management business (AXA IM) to BNP Paribas on July 1, 2025.
4. 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 buybacks accrued for the first six months of 2026, based on the full-year dividend of Euro 2.32 per share and annual share buy-back of Euro 1.25 billion in 2026 for FY25. Annual share buybacks exclude anti-dilutive share buy-backs 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. Dividends and share buybacks are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2025 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 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 SFCR as of December 31, 2025, available on AXA’s website (www.axa.com).
5. Expected underlying earnings per share (“UEPS”) growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group’s current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements.

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