AXA (CSP) CMD 2026 summary

Strategic direction and transformation

• Transitioned to a pure insurance group with diversified business lines, geographies, and customer segments, focusing on value creation in P&C and health, and capital-light life products.

• Enhanced customer journeys through digitalization and AI, achieving market-leading Net Promoter Scores and equipping 80% of employees with AI tools.

• Outperformed sector peers in shareholder returns, returning 76% of market cap to shareholders via dividends and buybacks over the last two plans.

• Diversified business mix across geographies and lines, with a balanced B2B/B2C split and top-tier customer satisfaction.

• Distribution is highly diversified across agents, brokers, direct, and digital channels, reducing dependency on any single route to market.

Growth agenda and operational focus

• New plan, "Growing Forward," prioritizes organic growth and market share gains across all segments, leveraging scale, technical expertise, and AI.

• Growth will be achieved without sacrificing margins, with AI amplifying efficiency, personalization, and technical excellence.

• Expansion in structurally growing segments: Life & Savings, direct distribution, and inclusive insurance, with a focus on underpenetrated markets.

• International markets expected to deliver 12–15% GWP growth annually, with a focus on health, digital, and inclusive models.

• Strengthening distribution platforms, including proprietary agency networks and partnerships with IFAs and brokers.

Financial targets and capital management

• Underlying EPS CAGR of 7–9% (2026E–2029E), underlying ROE of 15–17% (2027E–2029E), and mid-teens CAGR in book value per share (2026–2029E, including dividends).

• Cumulative cash remittance of approximately €25 billion over 2027–2029.

• Maintains 75% payout ratio (60% dividend, 15% buyback), with dividends at least equal to prior year.

• P&C revenues expected to grow above 5%, with stable combined ratio at 91% and investment income growth of 6%-7%.

• Robust Solvency II ratio, with expected uplift of +17 points from regulatory revision in 2027 and normalized operating capital generation of 25–30 points per year.