AXA posted a 7% increase in total gross written premiums and other revenues for the first half of 2025, supported by growth across its property & casualty (P&C), life & health, and asset management segments.
P&C revenues rose 6%, reflecting a 5% increase in commercial lines, largely from AXA XL Insurance and a major contract with limited risk retention, as well as pricing gains across all regions. Personal lines grew 7% due to pricing improvements and new contracts, notably in France and Europe. AXA XL Reinsurance posted an 11% increase, backed by alternative capital contributions.
Life & health revenues climbed 8%, with Life premiums up 9% on strong protection sales in Hong Kong, Switzerland, and Japan, and further growth in savings and unit-linked products. Health premiums rose 6% across individual and group businesses. Asset management grew 4%, mainly due to higher management fees linked to increased average assets under management.
AXA previously reported that natural catastrophe exposure for early 2025 remained within budget expectations, contributing around 4.5 points to the combined ratio. Losses from events such as US wildfires were lower than projected, allowing the company to retain a stable underwriting result in its P&C segment despite a challenging claims environment globally.
The group also advanced its integration of ceded reinsurance operations from AXA XL and its broader group reinsurance entities. The restructuring is intended to streamline reinsurance purchasing and consolidate relationships with retrocession partners.
Underlying earnings increased 6% to €4.5 billion, driven by P&C (+7%) and life & health (+5%), offset by a 14% drop in asset management earnings due to a higher cost-income ratio. Underlying earnings per share rose 8% to €2.03, supported by earnings growth, share buy-backs, and reduced debt charges, partially offset by currency effects.
Net income fell 2% to €3.9 billion, mainly due to unfavorable foreign exchange movements.
Shareholders’ equity stood at €45.5 billion on 30 June 2025, down €4.5 billion since year-end 2024, primarily due to dividend payments, share buy-backs, and currency impacts. The contractual service margin (CSM) was €33.2 billion, a €0.7 billion decrease since December 2024.
AXA’s Solvency II ratio rose to 220%, up four points from December 2024, supported by operating return and capital issuances, partly offset by dividends, share buy-backs, M&A impacts, and regulatory adjustments. Underlying return on equity reached 17.5%, 0.8 percentage points higher year-on-year.
AXA recently announced changes to its board following the April shareholder meeting. The insurer refreshed several mandates and added new members, bringing the total to 14 directors, nine of whom are independent and eight women.
Chief executive Thomas Buberl (pictured above) said the group maintained strong growth momentum in the first half of 2025, with revenues and earnings per share increasing and capital levels remaining solid.
“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,” Buberl said.
Additionally, AXA has agreed to acquire a 51% stake in Prima, a digital-focused insurance provider in Italy with €1.2 billion in premiums for 2024. The deal values the stake at €0.5 billion, with call and put options available for the remaining 49% based on Prima’s earnings.
Founded in 2015, Prima holds around 10% market share in the Italian retail motor segment, operating through a direct distribution model supported by proprietary technology and advanced data analytics. The company reported a combined ratio of 90% in Italy for 2024 and employs over 1,100 staff, including 400 technology specialists. It has recently expanded into the UK and Spanish markets.
The acquisition is expected to nearly double AXA’s motor insurance business in Italy and strengthen its direct distribution channel, which generated €3.5 billion in premiums for the group in 2024 across eight markets. AXA said the transaction would broaden its reach to digitally oriented and price-sensitive customers while complementing its traditional distribution networks.
Completion of the acquisition is subject to regulatory approvals and is expected by the end of 2025.
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