AXA Publishes H1 Financials

• Underlying earnings per share at Euro 2.19, up +8% vs. 1H25

• Underlying earnings at Euro 4.5 billion, up +4% vs. 1H25, up +9% excluding AXA IM

  • P&C underlying earnings at Euro 3.2 billion, up +6% vs. 1H25

  • L&H underlying earnings at Euro 2.0 billion, up +11% vs. 1H25

• Gross written premiums & other revenues at Euro 66.3 billion, up +5% vs. 1H25

  • P&C GWP at Euro 35.1 billion, up +3% vs. 1H25

  • L&H GWP at Euro 31.2 billion, up +8% vs. 1H25

• Solvency II ratio at 218% as of June 30, 2026, up +3 points vs. January 1, 2026 (post-grandfathering period)

Outlook

• Underlying earnings per share growth for 2026 expected to be at the upper end of the 6–8% plan target range

• AXA to present its new strategic plan for 2027–2029 on September 15, 2026, with roundtables with our business CEOs on September 21, 2026

“AXA delivered outstanding performance in the first half of 2026, with growth in underlying earnings per share at the top end of our target range of 6% to 8% while further strengthening our reserve prudence,” said Thomas Buberl, Chief Executive Officer of AXA.

“These results confirm AXA’s positioning as an all-weather company able to navigate changing market conditions. In P&C, our Retail and Commercial lines ex-XL businesses continued to expand their customer base while further improving their best-in-class margins. At AXA XL, earnings grew by +4%, demonstrating disciplined cycle management through agile redeployment towards the most profitable business lines. Life & Health earnings rose by +11%, reflecting the impact of management actions across the Health & Protection businesses and solid growth in earnings in our long-term savings business.

This excellent performance shows the strength of our multi-line, globally diversified model, with growth in Life increasingly balancing the growth in P&C. We recorded sustained positive net flows in Life & Savings, which will support higher earnings generation over time. This performance was further amplified by continued progress on efficiency gains, notably from our technology and AI initiatives.”

“Building on this excellent momentum and the resilience of our diversified business, underpinned by prudent reserving and a high-quality investment portfolio, we are confident in our ability to deliver underlying earnings per share growth in 2026 at the upper end of our target range, and to sustain organic growth with strong profitability beyond the current plan.”

“I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust.”