AXA (CSP) Q4 2024 earnings summary

Executive summary

• Achieved 8% revenue growth year-over-year to €110.3 billion and 8% underlying EPS growth to €3.59, at the top end of the three-year plan range.

• Dividend per share increased by 9% to €2.15, with a new €1.2 billion annual share buyback and an additional €3.8 billion buyback planned post-AXA IM sale, resulting in a 75% payout ratio.

• Solvency II ratio stands at 216%, reflecting a strong capital position and robust balance sheet.

• Return on equity reached 15.2%, within the 14%-16% target range.

• Consistent delivery on strategic priorities, with high shareholder returns and confidence in future plan execution.

Financial highlights

• Revenue reached €110.3 billion and underlying earnings €8.1 billion, both record highs; net income increased 11% to €7.9 billion.

• P&C underlying earnings rose by 10% to €5.5 billion, with margin improvements and a combined ratio of 91%.

• Life & Health earnings up 4% to €3.3 billion, with health earnings up 24% and positive net flows of €1.5 billion.

• Asset Management underlying earnings up 11% to €0.4 billion, AUM at €879 billion, and €3 billion net inflows from third parties.

• Book value per share increased to €24.5; shareholders' equity at €49.9 billion.

Outlook and guidance

• On track to meet 2024–2026 targets: 6–8% underlying EPS CAGR, 14–16% ROE, and >€21 billion cumulative cash remittance.

• Expect continued margin improvement in P&C and health, and further growth in life and savings.

• Further share buybacks of ~€3.8 billion expected in 2025–2026 post-AXA IM sale.

• CSM growth targeted above 3% over the plan period, with improvement expected after a weak year.

• Capital management policy targets a 75% total payout ratio (60% dividend, 15% buybacks).