August 1, 2025
Half Year 2025 Earnings
AXA delivered an excellent performance in the first half of 2025.
2 minutes
Thomas Buberl
Chief Executive Officer of AXA
We continued to sustain strong growth momentum, with revenues up +7% and underlying earnings per share up +8%, while maintaining a robust capital position with a Solvency II ratio at 220%. These results affirm the strength of our well-diversified business model, which is delivering predictable and sustainable earnings growth.
P&C premiums were up +6% with growth across both Commercial and Personal lines. This reflects the continued expansion of our customer base in Personal lines in a conducive pricing environment and disciplined growth in Commercial lines with a strong focus on customer retention. Life & Health premiums rose +8%, supported by good commercial momentum across our businesses. Net flows in Life & Savings continued to accelerate, from both higher sales and better persistency
, said Thomas Buberl.
Thomas Buberl
Chief Executive Officer of AXA
Group underlying earnings increased +6%, driven by high topline growth and excellent operational performance across our businesses. We further expanded our margins in P&C Retail while margins in P&C Commercial remained stable at attractive levels. In Health, margins continued to increase, reflecting investments made to manage claims while improving patient outcomes through care pathways and optimized care delivery. Our Life & Savings business delivered steady earnings growth, underpinned by an attractive in-force portfolio. In line with our strategy, we continue to invest in technology and distribution capabilities to further strengthen our core businesses.
We are fully committed to creating value for our shareholders through disciplined capital deployment. Following the closing* of the sale of AXA Investment Managers to BNP Paribas, we launched** a share buy-back program of up to Euro 3.8 billion to offset the earnings dilution from this transaction. In addition, with the recent acquisition of Prima***, we expect to further scale our business in Italy, while also enhancing our direct distribution capabilities to complement our traditional distribution channels.
We are confident in our long-term strategy and focused on the execution of our current plan. I would like to thank all our colleagues, agents, and partners for their commitment and support, as well as our customers for their continued trust,
concluded Thomas Buberl.
