AXA

39.790

( -0.28%)

Axa worldwide
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Half Year 2025 Earnings

August 1, 2025

published at 7:00 AM CEST

  • Gross written premiums & other revenues¹ at Euro 64.3 billion, up +7% vs. 1H24
  • Underlying earnings² at Euro 4.5 billion, up +6% vs. 1H24
  • Underlying earnings per share² at Euro 2.03, up +8% vs. 1H24
  • Solvency II ratio³ at 220%, up +4 points vs. FY24

Thomas Buberl

Chief Executive Officer of AXA

AXA delivered an excellent performance in the first half of 2025. 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.

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 closing⁴ of the sale of AXA Investment Managers to BNP Paribas, we launched⁵ 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 Prima⁶, 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.

¹ Change in gross written premiums & 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, 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.
² Underlying earnings”, underlying earnings per share, underlying return on equity, combined ratio and debt gearing are Alternative Performance Measures (APMs), as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of its 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 Half-Year Financial Report as of June 30, 2025, 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 2024 Universal Registration Document, which is available on AXA’s website (www.axa.com).
³ 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 six 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).
⁴ Please refer to the Press Release AXA completes the sale of AXA Investment Managers to BNP Paribas published on July 1, 2025, and available on AXA’s website (www.axa.com).
⁵ Please refer to the Press Release Execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM published on July 1, 2025, and available on AXA’s website (www.axa.com).
⁶ Please refer to the Press Release AXA announces the acquisition of Prima, the leading direct insurance player in Italy published on August 1, 2025, and available on AXA’s website (www.axa.com).

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