AXA (CSP) Q2 2026 (Media) earnings summary

Executive summary

• Gross written premiums and other revenues reached EUR 66.3 billion, up 5.3% year-over-year, with strong growth in both Life & Health (+8.1%) and Property & Casualty (+2.9%).

• Underlying earnings per share rose to €2.19, up 8% year-over-year, with underlying earnings at €4.5 billion, up 4% year-over-year and 9% excluding AXA IM.

• Net income increased by 9% to €4.2 billion, reflecting higher underlying earnings and improved mark-to-market impacts.

• Solvency II ratio stood at 218% as of June 30, 2026, up 3 points since January 1, 2026.

• Robust performance across all business lines and geographies, with all segments contributing positively to earnings.

Financial highlights

• Property & Casualty combined ratio was 90.1%, up 0.1 point year-over-year, reflecting higher losses in the Middle East.

• Life & Health underlying earnings rose 8% to €1,955 million, driven by technical improvements and higher CSM release.

• Underlying return on equity improved to 18.3% for underlying earnings.

• Net flows in Life & Health reached €4.7 billion, up from €3.6 billion year-over-year.

• Administrative Expense Ratio reduced by 40 basis points since the start of the strategic plan.

Outlook and guidance

• Management expects to achieve the upper end of the 6–8% CAGR target for underlying EPS for 2023–2026.

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

• Cumulative organic cash upstream is expected to exceed €21 billion for 2024–2026.

• Continued investment in technology, AI, and prevention to drive future growth and efficiency.

• Payout ratio target remains at 75%, with a minimum dividend per share equal to the prior year.