AXA (CSP) investor relations material

Executive summary

• Delivered strong, broad-based performance with organic top-line growth of 5%–5.3% and underlying EPS growth of 8%, reaching the upper end of the 6%–8% target range.

• Underlying ROE reached 18.3%, with Solvency II ratio at 218% and shareholders’ equity at €44.7 billion as of June 30, 2026.

• All operating businesses and geographies contributed positively, confirming resilience and consistent delivery.

• Transformation initiatives largely completed, setting a strong foundation for the next strategic plan.

Financial highlights

• Underlying earnings up 4%–9% year-over-year to €4.5 billion, with net income up 6%–9% to €4.2 billion.

• Property & Casualty underlying earnings up 6% to €3.2 billion; combined ratio at 90.1%.

• Life & Health underlying earnings up 8%–11% to €2.0 billion, with technical improvements and higher CSM release.

• Net flows in Life & Health reached €4.7 billion, mainly from Protection, Health, and Unit-Linked products.

Outlook and guidance

• Confident in delivering full-year 2026 underlying EPS growth at the upper end of the 6%–8% target range.

• Underlying ROE targeted between 14% and 16% for 2024–2026, with cumulative organic cash upstream above €21 billion.

• Capital management policy targets a 75% payout ratio, including 60% dividend and 15% share buybacks.

• New strategic plan for 2027–2029 to be presented in September 2026.