AXA (CSP) Q2 2024 earnings summary

Executive summary

• Organic revenue grew 7% year-over-year to €60 billion, with strong performance across all business lines and geographies.

• Underlying earnings per share increased 4% to €1.87, with underlying ROE at 16.6%.

• Net income rose 6% to €4.0 billion, driven by higher underlying earnings and capital gains.

• Strategic sale of AXA Investment Managers to BNP Paribas for €5.4 billion, with a €3.8 billion share buyback planned to offset earnings dilution.

• Acquisition of Nobis Group in Italy for €0.5 billion expands P&C operations and market share.

Financial highlights

• Group revenues reached €60 billion, up 7% year-over-year, with P&C and Life & Health both up 7%, and asset management up 5%.

• Underlying earnings rose 4% to €4.2 billion; net income increased 6% to €4.0 billion.

• P&C underlying earnings up 7% to €2.9 billion; Life & Health up 7% to €1.7 billion; Asset Management up 8% to €204 million.

• Shareholders’ equity at €47.3 billion after dividend payments and share buybacks.

• Debt gearing at 22.1%, up from FY23 due to new debt issuances.

Outlook and guidance

• Management targets underlying EPS growth within the 6–8% CAGR range for 2023–2026.

• Confident in sustaining strong underwriting margins in Commercial lines and improving Personal lines margins.

• Cumulative cash remittance target of €21 billion for 2025–2026 reaffirmed.

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