Access the AXA Group’s earnings-related financial information: the 1Q and 9M activity indicators but also the half-year and annual results.

Results

The AXA Group has published its Half Year 2025 Earnings on August 1st, 2025 at 6:00am (BST).

Access the replay of the presentations to:

The AXA Group has published its Half Year 2025 Earnings on August 1st, 2025 at 6:00am (BST).
Access the replay of the presentation to analysts and investors and all the documents.

Half Year 2025 Earnings

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Gross revenues

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Solvency II ratio

Key Figures

Compared to FY22 as restated under IFRS17, total revenues were up 3%, driven by Property & Casualty (+7%), with growth in Commercial lines (+9%) from continued favorable price effects as well as higher volumes across most geographies, and in Personal lines (+6%), largely driven by favorable price effects, partly offset by a reduction in Natural Catastrophe exposure at AXA XL Reinsurance (-5%), in line with the Group’s strategy. This was partly offset by (i) Life & Health (-2%), with Health down 7% following the non-renewal of two large legacy international Group contracts (excluding these contracts, Health was up 7%), and Life up 1% from continued growth in Protection (+4%), notably in Japan, partly offset by lower premiums in Savings (-2%), mainly in Italy due to challenging market conditions, and (ii) Asset Management (-2%), due to lower management fees, reflecting a lower average asset base.

Revenues

Compared to FY22 as restated under IFRS17, net income increased by 45% to Euro 7.2 billion, primarily reflecting the increase in underlying earnings, combined with higher net realized capital gains.

Net Income

Compared to FY22 as restated under IFRS17, underlying earnings increased by 27% to Euro 7.6 billion. The earnings growth was driven by Property & Casualty (+73%), due to favorable prior years reserve development, improved undiscounted current year margin, a higher claims discount effect and higher financial result. This was partly offset by (i) Life & Health (-8%), driven by lower financial result, notably due to the non-repeat of elevated funds distribution, combined with lower CSM release and elevated Health claims frequency in the UK, and (ii) Asset Management (-9%), mainly from lower revenues.

Underlying Earnings

Solvency II ratio was 227% at December 31, 2023, up 12 points versus December 31, 2022, resulting mainly from (i) a strong operating return (+29 points), gross of the provision for the FY23 dividend (-16 points) that reflects the increased dividend payout ratio, as well as a provision for the Euro 1.1 billion annual share buy-back (-4 points), both announced today in line with the new “Unlock the Future” capital management policy, (ii) actions to further narrow the duration gap (+18 points), and (iii) favorable operating variance (+1 point) driven by the capital release from traditional G/A Savings outflows, partly offset by (iv) regulatory and model changes (-6 points ), (v) a reduction in subordinated debt (-4 points), (vi) the impact of the acquisitions of Laya and GACM Spain (-3 points), and (vii) unfavorable economic variance (-3 points) notably from lower interest rates, despite the benefits of a favorable equities environment and lower implied volatility. The favorable impact resulting from the reinsurance agreement for an in-force Savings portfolio at AXA France (+3 points) was mostly offset by the provision for the Euro 0.5 billion anti-dilutive share buy-back (-2 points).

Revenues by geographic region

Underlying earnings

Full Year 2024 Earnings - Growth across the board and balance sheet strength

AXA_PR_20250801_Prima.pdf

AXA announced today that it has entered into an agreement to acquire Prima, the leading direct insurance player in Italy with Euro 1.2 billion of premiums in 2024.

#AXA announces the acquisition of Prima, the leading direct insurance player in Italy

AXA announces the acquisition of Prima, the leading direct insurance player in Italy

AXA_PR_20250801.pdf

"AXA delivered an excellent performance in the first half of 2025,” said Thomas Buberl, Chief Executive Officer of AXA.

axa_pr_20250701_2.pdf

Execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM

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Half Year 2025 Earnings

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Key Figures

Press Releases

AXA announces the acquisition of Prima, the leading direct insurance player in Italy

Half Year 2025 Earnings

Execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM

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