AXA (CSP) Q3 2026 TU earnings summary

Executive summary

• 9M26 gross written premiums and other revenues rose 5% on a comparable basis and 4% reported to €93.0bn, with growth across P&C and Life & Health.

• Solid operating performance and Life & Health net flows supported 2026 guidance; the Solvency II ratio was 213% amid volatile markets.

Financial highlights

• P&C premiums and other revenues reached €48.1bn (+3%); Life & Health reached €44.8bn (+7%).

• Life & Health PVEP rose 8% to €39.9bn; NB CSM increased 1% to €1.6bn, NBV was stable at €1.7bn, and net flows were €6.0bn versus €5.6bn.

Outlook and guidance

• 2026 underlying earnings are expected at ~€8.6bn; underlying EPS growth and underlying ROE are expected at the top end of target ranges of 6%–8% and 14%–16%.

• Guidance assumes no significant deterioration in operating conditions, including natural-catastrophe charges, pricing and the market environment.

• Current trends are seen as supportive of the 2027–2029 Growing Forward plan; next-plan P&C revenue growth target is above 5%.

• 2027 Prima premium recapture is expected to approach 100%; 2026 recapture is projected at 40%–45% by year-end, versus ~30% to date.