AXA (CSP) Q2 2025 (Media) earnings summary

Executive summary

• Revenue and gross written premiums increased by 7% year-over-year to over €64 billion in 1H25, with strong organic growth and operational excellence.

• Underlying earnings rose 6% to €4.5 billion, and underlying earnings per share grew 8% to €2.03.

• Solvency II ratio improved to 220%, up 4 points from FY24, reflecting robust financial strength.

• Return on equity reached 17.5%, up from 15.2% in 1H24.

• Strategic focus on insurance, highlighted by the disposal of AXA Investment Managers and acquisition of Prima in Italy.

Financial highlights

• Net income declined 2% year-over-year to €3.9 billion, mainly due to unfavorable FX impacts.

• Shareholders' equity decreased to €45.5 billion, reflecting dividend payments, share buy-backs, and FX effects.

• Debt gearing increased to 23.4%, reflecting new subordinated debt issuances.

• Share buy-back of up to €3.8 billion launched to offset AXA IM sale dilution.

• Underlying ROE at 17.5%, up 0.8 pt year-over-year.

Outlook and guidance

• Management targets underlying EPS growth of 6-8% CAGR (2023-2026E) and ROE of 14-16% (2024-2026E).

• Confident in achieving 2025 targets under the Unlock the Future plan.

• Focus remains on organic growth, with opportunistic acquisitions to strengthen core positions.

• Continued investment in data, AI, and distribution networks to drive future growth.

• Cumulative organic cash upstream expected to exceed €21 billion for 2024-2026E.