AXA (CSP) Q2 2026 (Media) earnings summary

Executive summary

• Gross written premiums and revenues reached EUR 66.3 billion, up 5.3% year-over-year, with strong growth in both Life & Health (+8.1%) and Property & Casualty (+2.9%).

• Underlying earnings per share rose to EUR 2.19, up 8% year-over-year, with underlying earnings at EUR 4.5 billion, up 9% excluding AXA IM.

• Net income increased by 9% to EUR 4.2 billion, reflecting higher underlying earnings and improved mark-to-market impacts.

• Solvency II ratio stood at 218% as of June 30, 2026, up 3 points since January 1, 2026.

• All business lines and geographies contributed positively to earnings, with notable growth in Europe, Asia, Africa, and Latin America.

Financial highlights

• Property & Casualty combined ratio was 90.1%, up 0.1 point year-over-year, reflecting higher losses in the Middle East.

• Life & Health underlying earnings rose 11% to EUR 2.0 billion, with gross written premiums at EUR 31.2 billion (+8%).

• Net inflows in Life & Health insurance at EUR 4.7 billion, up from EUR 3.6 billion year-over-year.

• Underlying return on equity improved to 18.3% for underlying earnings.

• Administrative Expense Ratio reduced by 40 basis points since the start of the strategic plan.

Outlook and guidance

• Management expects to achieve the upper end of the 6–8% CAGR target for underlying EPS for 2023–2026.

• New strategic plan for 2027–2029 to be presented in September 2026.

• Cumulative organic cash upstream is expected to exceed EUR 21 billion for 2024–2026.

• Committed to a total payout ratio of 75%, with a 60% dividend payout and 15% from annual share buybacks.

• AI and technology to play a major role in future cost management and growth.