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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 31, 2026
AI Summary
Q2 2026

Strong half year: AXA said first-half 2026 results were strong and broad-based, with organic top-line growth of 5%, underlying EPS up 8%, and return on equity at 18%.

Capital strength: The Solvency II ratio ended at 218%, and management said the balance sheet remains very strong and resilient.

P&C held up well: P&C earnings rose 6% while the combined ratio stayed strong at 90.1%, despite a 0.1 billion euro Middle East loss in AXA XL.

Life & Health improved: Premiums rose 8% and earnings rose 11%, with stronger short-term technical performance and improving long-term savings flows.

Outlook reaffirmed: Management reiterated confidence in delivering full-year 2026 underlying EPS growth at the upper end of the 6% to 8% target range.

Capital return: AXA said it expects cash remittance to be above the EUR 21 billion target for the plan, even excluding AXA IM.

Key Financials
Organic top-line growth
5%
Underlying earnings per share growth
8%
Return on equity
18%
Solvency II ratio
218%
Underlying earnings growth
9% excluding AXA IM
P&C earnings growth
6%
P&C combined ratio
90.1%
Middle East losses
EUR 0.1 billion
Nat Cat
3.5%
Non-commission expenses
9.7%
Life & Health premiums growth
8%
Life & Health earnings growth
11%
Short-term Life & Health insurance revenues
5%
Short-term Life & Health combined ratio
96%
Long-term Life & Health net flows
EUR 3 billion
CSM release growth
6%
Net income growth
9%
Financial flows
minus EUR 0.2 billion
Normalized capital generation
plus 17 points
Dividends and annual share buybacks impact
minus 12 points
Economic variance impact
minus 3 points
Organic growth CAGR since full year 2023
7%
P&C margins improvement since full year 2023
160 bps
Middle East impact on P&C margin improvement since full year 2023
40 bps
Personal lines revenue growth
8%
Commercial lines revenue growth
3%
Net new contracts
2 million
AXA XL earnings growth
4%
AXA XL pricing
minus 1%
Commercial lines ex-XL loss ratio improvement
50 bps
Retail loss ratio improvement
20 bps
Investment income reinvestment rate
4.6%
Prima premiums growth
30%
Prima premium recapture expected in 2026
EUR 900 million
Prima reserves
around EUR 2 billion
Prima combined ratio
87.5%
Mid-market lending
roughly EUR 10 billion
Cash remittance target
EUR 21 billion
Average shares
2.023 billion

Other Earnings Calls

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2020
2019
2018