9M26 highlights
• Gross written premiums & other revenues1 up +5% vs. 9M25 to Euro 93.0 billion
‒ Property & Casualty premiums up +3% to Euro 48.1 billion
o Retail premiums up +7% with +4% from price effects and +3% from volumes
o Commercial2 premiums up +1%, with +4% in Commercial ex-XL and -1% at AXA XL Insurance
‒ Life & Health premiums up +7% to Euro 44.8 billion, with each of Life and Health up +7%
• Life & Health NB CSM up +1% and net flows of Euro +6.0 billion
• Solvency II ratio3 at 213% as of September 30, 2026, down -5 points vs. June 30, 2026, reflecting resilience in a volatile environment
Outlook
• For 2026, the Group reaffirms that it expects underlying earnings of circa Euro 8.6 billion 4 with underlying EPS growth at the top end of the plan target range of 6-8%4 and underlying return on equity at the top end of the plan target range of 14-16%4
“AXA delivered solid performance in the first nine months of 2026, maintaining the momentum of the first half of the year” said Alban de Mailly Nesle, Chief Financial Officer of AXA.
“In Retail P&C and Commercial ex-XL, we delivered 6% growth in aggregate with a balanced contribution from pricing and volumes, while at AXA XL, we remained disciplined in managing the cycle. Health continued its growth trajectory in the third quarter and we delivered strong net flows in Life & Savings. We also maintained a robust Solvency II ratio at 213%, underscoring the resilience of our balance sheet in a volatile market environment.”
“Our diversified business model and prudent reserving give us confidence to deliver underlying earnings per share growth for 2026 at the top end of our plan target range, despite elevated natural catastrophe activity in the third quarter in Europe. Beyond 2026, current trends position us well for the beginning of “Growing Forward”, our next strategic plan for 2027–2029.”
“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.”
