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AXA (CSP) investor relations material
AXA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Gross written premiums and other revenues rose 7% year-over-year to €89.4 billion for the first nine months of 2025, reflecting strong, diversified growth across all geographies and business lines.
Business mix remains balanced: 60% P&C, 40% Life and Health, with a strong B2B and B2C presence.
Solvency II ratio at 222%, up 2 points from the first half, supported by normalized capital generation, strong operating returns, and share buybacks.
Moody’s upgraded the group’s rating from AA3 to Aa2, affirming financial strength.
Financial highlights
P&C revenues up 5% to €46.2 billion, with growth in large/specialty risks, SME, and personal lines.
Life & Health premiums grew 9% to €42.3 billion, with Life premiums up 11% and Health up 5%, driven by strong sales in Protection, Unit-Linked, and capital-light savings products.
Net flows in Life & Health reached €5.6 billion YTD, up from €0.9 billion last year, due to strong sales and lower surrenders.
NBV margin for Life & Health at 4.5%, with health NBV margin improved by 50 bps.
Present value of expected premiums (PVEP) at €37.3 billion, up 1%.
Outlook and guidance
Confident in delivering 2025 UEPS growth at the top end of the 6%-8% target range.
Management expects to maintain strong operating performance and achieve underlying EPS growth in line with the 6%-8% CAGR target for 2023-2026.
Expect further margin expansion in P&C and personal lines as higher pricing is earned through.
Solvency II revision in 2027 expected to significantly increase solvency ratio by 10-20 percentage points.
Solvency II ratio: Capital actions impact?
Life & Health net flows: G/A Savings dynamics?
P&C pricing strategy: Regional and line variations?
Given XL pricing shifts, how will profitability be sustained?
Solvency II reform: impact on remittance or asset mix?
Credit portfolio: resilience to adverse scenarios?
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Frequently asked questions
One of the largest European insurers
AXA is one of the largest European insurers, the number one global commercial lines insurer, and an international leader in health and employee benefits.
The company was founded as Mutuelle de L'assurance contre L'incendie in Normandy in 1816, over 200 years ago, as a small mutual insurance company. Since then, the company has gone through several big mergers and name changes, adding millions of customers to its account. The name AXA was adopted in 1985.
The four main business segments
With its employee base of over 150,000, operations in 50 countries, and about 95 million clients, AXA operates four main business segments. Here, listed in the order of magnitude.
Property and Casual: With clients pay premiums to ensure coverage in an eventual insured loss (accident, theft, fire, etc.).
Life and Savings: Two main areas: savings and retirement, are where the money entrusted to AXA is invested and managed. And the personal protection and health line: covers life accidents for individuals or companies for their employees.
Health: Getting you the expert healthcare you need.
Asset Management: To obtain the best possible return on the assets of the group’s insurance companies and their clients, based on the risk profile and investment timeframe.
A company in transformation
AXA has transformed in recent years, simplifying their geographic and operational split, shifting the group's profile towards more technical risks, and improving UX through digitalization. Some of AXA’s main competitors are Allianz, Sun Life, and Cigna Corporation.
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