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 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 2 million net new contracts in property insurance.

Financial highlights

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

• Life & Health underlying earnings rose 11% to €2.0 billion, with gross written premiums at €31.2 billion (+8%).

• Net flows in Life & Health were €4.7 billion, up from €3.6 billion last year.

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

• Net income and underlying earnings per share both increased by 8%.

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.

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