AXA (CSP) Q1 2026 earnings summary

Executive summary

• Total revenues and gross written premiums rose 6% year-over-year to EUR 38 billion in 1Q26, with balanced growth across business lines and geographies.

• Solvency II ratio stood at 211% at March-end 2026, reflecting a robust balance sheet amid market volatility and post-grandfathering adjustments.

• S&P upgraded the group's rating from AA- to AA, affirming financial strength.

• Retail P&C premiums increased 7% (4% from price, 3% from volume), while commercial P&C premiums grew 3% equally from price and volume.

• Life & Health net flows reached EUR 2.7 billion, up from EUR 2.5 billion in Q1 2025.

Financial highlights

• Property & Casualty gross written premiums reached EUR 21.5 billion (+4% year-over-year), with personal lines up 7% and commercial lines up 3%.

• Life & Health gross written premiums totaled EUR 16.5 billion (+8%), with Life and Health both up 8%.

• Life & Health NB CSM (pre-tax) increased 4% to EUR 0.6 billion; NBV (post-tax) rose 1% to EUR 0.6 billion.

• Net flows in Life & Health were EUR 2.7 billion, driven by strong inflows in Protection and Unit-Linked products.

• Solvency II ratio decreased from 215% at January 1 to 211% at March-end, mainly due to market volatility and dividend accruals.

Outlook and guidance

• Confident in delivering 2026 UEPS growth at the top end of the 6%-8% target range.

• New strategic plan for 2027–2029 to be presented on September 15, 2026.

• Expect continued top-line growth and margin improvement in P&C, with favorable pricing and disciplined underwriting.

• Life & Health expected to maintain strong sales momentum and CSM growth above 3%.

• Solvency II revision benefit of 17 points expected to come into effect next year.