Insurance giant AXA reported record financial results for the full year 2025, driven by a robust performance in its core business segments and strategic shifts, including the disposal of its investment management arm.
The group announced on Thursday that gross written premiums and other revenues reached €116 billion, representing a 6% increase compared to 2024. Underlying earnings rose by 6% to €8.4 billion. When excluding the impact of AXA Investment Managers (AXA IM), which was sold to BNP Paribas in July 2025, underlying earnings growth stood at a higher 9%.
“In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence,” said chief executive officer Thomas Buberl. “These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA’s ability to generate sustainable, long‑term value.”
The P&C division saw premiums grow by 5% to €58 billion, with commercial lines up 4% and personal lines increasing by 7%. The company attributed much of this growth to favourable pricing effects across various geographies.
Within the commercial lines, AXA XL Insurance grew by 3%, benefiting from attractive margins in property and casualty sectors, although this was partly offset by lower pricing in financial lines. In the personal lines segment, European growth of 5% was supported by price effects, though UK and Ireland motor pricing softened after significant hikes in 2024.
In the life and health segment, revenues grew by 8% to €56.5 billion. Health premiums specifically rose by 17%, a result Buberl said underlined the strength of the portfolio even after accounting for tax changes in Mexico.
Life premiums increased by 9%, bolstered by strong protection sales in Hong Kong, Switzerland, and Japan, alongside a 13% rise in unit-linked products. The group reported that net flows reached €5.4 billion, a significant increase from €1.5 billion in 2024, driven primarily by protection and health products.
Investors are set to benefit from the record year, as AXA proposed a dividend of €2.32 per share, an 8% increase from the previous year. Furthermore, the board approved a new annual share buyback programme of up to €1.25 billion. This follows the completion of a separate €3.8 billion buyback related to the AXA IM sale.
As of December 31, 2025, AXA’s Solvency II ratio - a key measure of financial health - stood at 224%. The company noted that its investments in artificial intelligence and automation are beginning to drive efficiency gains across the organization.
Looking ahead, AXA expressed confidence in its “Unlock the Future” plan. The group expects underlying earnings per share growth for 2026 to hit the upper end of its 6%-8% target range. The firm also plans to unveil a new strategic roadmap for 2027-2029 in September 2026.
