Company Reports

Better performance in retail property and casualty, and life and health have continued for AXA over the second quarter of 2026. This has helped drive first-half underlying earnings up by close to 10% on a comparable basis, positioning the company ahead of its 2026 targets.

AXA is a large European multiline insurer that has been on a path of renewed focus and transformation. The company has clearly made strong inroads in transforming its business to one that is less focused on savings and more focused on writing technical property and casualty and life and health risks. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North American-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging Asia markets.

For the first quarter of 2026, AXA reported good indicators in retail property and casualty, broadly across life and health, and a decline in reinsurance volume as the softer market has driven a pricing decline approaching midsingle digits.

AXA is a large European multiline insurer that has been on a path of renewed focus and transformation. The company has made strong inroads into transforming its business to one that is less focused on savings and more focused on writing technical property and casualty and life and health risks. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North America-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging Asia markets.

For 2025, AXA's results are in line, with underlying earnings of EUR 8.368 billion versus the EUR 8.359 billion company-compiled consensus. However, the company has delivered ahead of what we were forecasting.

AXA is a large European multiline that has been on a path of renewed focus and transformation. The company has clearly made strong inroads in transforming its business model to one that is less focused on savings and more focused on writing technical property and casualty and life and health risks. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North American-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging Asia markets.

AXA is a large European multiline insurer that has been on a path of renewed focus and transformation. The company has clearly made strong inroads in transforming its business model to one that is less focused on savings and more focused on writing technical property and casualty and life and health risks. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North American-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging Asia markets.

As AXA has been on a journey to orient the business away from capital-intensive business lines and shift its focus more toward capital-light, we think that still shows through in the first nine months of this year.

AXA has delivered sound earnings growth over the first half of 2025, driven by solid deliveries in property and casualty, and life and health. Net income has ultimately fallen because of adverse currency movements. AXA announced the acquisition of Italian insurer Prima with the Aug. 1 results.

AXA reported indicators for the first quarter that showed solid mid-single-digit development of gross written premiums and other revenue, with particular strength in property and casualty personal lines and health.

We rolled our model for AXA to incorporate full-year 2024 figures, and in doing so we have revised our forecasts.

AXA is a large European multiline insurer that has been on a path of renewed focus and transformation. The company has clearly made strong inroads in transforming its business model to one that is less focused on life and savings and more focused on writing insurance for property and casualty risks. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North American-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging Asia markets.

We think AXA has delivered rock-solid earnings for 2024, but the market's slightly subdued reaction is probably stuck on some marginal misses. Strong results have been predominantly driven by property and casualty and to a lesser degree asset management.

Following the Aug. 1 2024, announcement that AXA entered negotiations with BNP Paribas to sell AXA Investment Managers, AXA has announced its signing of the related share purchase agreement with BNP Paribas.

AXA is a large European multiline insurer that has been on a path of renewed focus and transformation. The company has clearly made strong inroads in transforming its business model to one that is less focused on life and savings and more focussed on writing insurance for property and casualty risks. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North American-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging markets in Asia.

AXA is a large European multiline insurer that has been on a path of renewed focus and transformation. While its renewed focus may still be a bit elusive and it will always be hard for such a large insurer to achieve, given the nature of this business, the company has clearly made strong inroads in transforming its business model to one that is less focused on life and savings. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North American-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging markets in Asia.

AXA has delivered a decent set of key indicators for the first nine months. We maintain our EUR 41 fair value estimate and no moat rating.

AXA is a large European multiline insurer that has been on a path of renewed focus and transformation. While its renewed focus may still be a little elusive and it will always be hard for such a large insurer to achieve, given the nature of this business, the company has clearly made strong inroads in transforming its business model to one that is less focused on life and savings. Historically, these lines of business have contributed over half of AXA’s revenue and earnings. Yet, as the company took some deliberate actions to sell its North American savings business, shift its products to more technical-based income in Switzerland, and purchase a more North American-focused commercial property and casualty insurer with the proceeds, this is by and large a technical income-based, albeit large and diversified, insurance business. Alongside the developed markets of France, the US, and Northern Europe, we think the company holds solid property and casualty insurance businesses and relationships in developed as well as emerging markets in Asia.

AXA has, by and large, reported a good set of results for first-half 2024 with underlying earnings and underlying EPS ahead of our forecasts for the full year. They are also ahead of company-compiled consensus. However, these good results have been overshadowed by the lure of, and AXA’s appetite for, mergers and acquisitions.

With first-quarter results for 2024, AXA continues on its path of transformation, renewed focus, and a shift to a model that sells less long-term savings products, but has more technical risks. That shift started with it selling the North American long-term savings and asset management business.