AXA

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( +0.28%)

Axa worldwide
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9M25 Activity Indicators

October 30, 2025

published at 5:45 PM CET

  • Gross written premiums and other revenues* up 7% to Euro 89.4 billion
    Property & Casualty premiums up 5% to Euro 46.2 billion
    Life & Health premiums up 9% to Euro 42.3 billion
  • Solvency II ratio** at 222% up 2 points vs. 1H25

Alban de Mailly Nesle

Group Chief Financial Officer

AXA recorded solid performance in the first nine months of 2025, achieving 7% revenue growth and maintaining the momentum of the first half of the year. This performance reflects consistent execution of our organic growth strategy across all business lines and geographies.

Revenues in P&C grew 5%, well balanced between the Group’s three equally sized businesses, comprising large and specialty risks at AXA XL, small and medium-sized risks in France and Europe, and Personal lines. In P&C Commercial lines***, revenues rose 4%, supported by higher volumes, including through our strong focus on customer retention, in particular at AXA XL, and continued price increases in our small and medium-sized Commercial lines business. In P&C Personal lines, revenues increased 7%, supported by continued expansion of the customer base in a favorable pricing environment. Our balanced P&C franchise is a unique asset and a reliable engine of both topline and earnings growth.

In Life & Health, premiums rose by 9%. Sales momentum in the Life business accelerated further, reflecting the success of our strategic initiatives, with premium growth at 11% in the first nine months, underpinned by good growth dynamics across Protection and Savings. This is driving positive Life & Savings net flows, from both higher sales and better persistency, and should fuel earnings growth over time. Health revenues were up 5%, driven by continued strong pricing.

In the current volatile environment, AXA’s diversified business model and its solid balance sheet, with a Solvency II ratio of 222% and a prudent asset portfolio, are a source of strength. We remain confident in our strategy and are focused on the execution of our current plan.

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.

* Change in gross written premiums and other revenues, new business value (NBV), present value of expected premiums (PVEP) and new business value margin (NBV Margin) is 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.
** 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 buy-backs accrued for the first nine months of 2025, based on the full-year dividend of Euro 2.15 per share and annual share buy-back of Euro 1.2 billion in 2025 for FY24. Annual share buy-backs exclude anti-dilutive share buy-backs related to certain disposals and in-force management transactions, as well as share buy-backs to offset dilutive effects relating to employee share offerings and stock-based compensation. Dividends and share buy-backs are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2024 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 buy-back amounts, if any, for the 2025 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, 2024, available on AXA’s website (www.axa.com).
*** Commercial lines refers to P&C Commercial lines excluding AXA XL Reinsurance.