AXA XL premiums up 6% in H1’25 to €34bn

French insurer AXA recorded a rise in underlying earnings of 5% to €4.5 billion and 7% growth in gross written premium (GWP) and other revenues to €64.3 billion in the first half of 2025, driven by growth at AXA XL, the firm’s property and casualty (P&C) and specialty risk division, and the insurer’s Life and Health (L&H) business.

Despite higher underlying earnings and GWP and other revenues year-on-year, AXA has reported a slight dip in net income to €3.9 billion from €4 billion in H1’24, which mainly reflects unfavourable foreign exchange impacts.

Group-wide, underlying earnings per share increased by 8% to €2.03, mainly driven by the higher underlying earnings, the favourable impact of share buy-backs, and lower financial charges related to undated and deeply subordinated debts, partially offset by unfavourable foreign exchange impacts.

At the P&C business AXA XL, GWP and other revenues increased 6% year-on-year to €34.1 billion in H1’25, with 11% growth at AXA XL Reinsurance to €2 billion, 5% growth in commercial lines to €21.2 billion, and 7% growth in personal lines to €10.9 billion.

The firm notes that reinsurance segment growth was supported by alternative capital, while commercial lines growth was driven by casualty from favorable price effects and higher volumes, and by property, also reflecting higher volumes, including the impact of a large contract with limited risk retention in the first quarter of 2025. Personal lines premium growth was mainly driven by favorable price effects across geographies, except in UK Motor where pricing softened following strong repricing in 2024.

Underlying earnings at AXA XL increased by 7% year-on-year to €3.1 billion, which the carrier attributes to a “higher technical margin and investment income from higher volumes and better reinvestment yields on fixed income assets, which more than offset the increase in unwind.”

The all-year combined ratio moved from 90.2% in H1’24 to 90% in H1’25, with AXA highlighting a more favorable undiscounted current year loss ratio excluding nat cat, a conducive pricing landscape in personal lines, and lower expenses and nat cat charges, somewhat offset by commercial lines which reflects a deterioration at AXA XL where margins remain at attractive levels.

Within L&H, GWP and other revenues rose by 8% year-on-year to €29.2 billion in H1’25, with 9% growth in Life to €19.1 billion and 6% growth in Health in €10.1 billion.

The present value of expected premiums increased by 1% to €25.9 billion, driven by higher volumes in Savings and Protection, partly offset by Health, as the NBV (post-tax) fell 2% to €1.2 billion, driven by the unfavourable impact from actuarial changes implemented in the second half of 2024 in Japan, and a negative mix effect in multinational Employee Benefits contracts, explains the firm.

Net flows were at €3.6 billion+ as a result of the 8% increase in premiums combined with a decrease in surrenders in G/A Savings and Unit-Linked.

L&H underlying earnings totalled €1.8 billion, an increase of 5% on the prior year’s €1.7 billion, with 3% growth in Life to €1.4 billion and 15% growth in Health to €381 million.

AXA’s Asset Management business posted an 11% year-on-year rise in GWP and other revenues to €875 million for H1’25, driven by higher management fees reflecting an increase in average assets under management.

Thomas Buberl, AXA’s Chief Executive Officer, commented: “AXA delivered an excellent performance in the first half of 2025. We continued to sustain strong growth momentum, with revenues up +7% and underlying earnings per share up +8%, while maintaining a robust capital position with a Solvency II ratio at 220%. These results affirm the strength of our well-diversified business model, which is delivering predictable and sustainable earnings growth.

“P&C premiums were up +6% with growth across both Commercial and Personal lines. This reflects the continued expansion of our customer base in Personal lines in a conducive pricing environment and disciplined growth in Commercial lines with a strong focus on customer retention. Life & Health premiums rose +8%, supported by good commercial momentum across our businesses. Net flows in Life & Savings continued to accelerate, from both higher sales and better persistency.

“Group underlying earnings increased +6%, driven by high topline growth and excellent operational performance across our businesses. We further expanded our margins in P&C Retail while margins in P&C Commercial remained stable at attractive levels. In Health, margins continued to increase, reflecting investments made to manage claims while improving patient outcomes through care pathways and optimized care delivery. Our Life & Savings business delivered steady earnings growth, underpinned by an attractive in-force portfolio. In line with our strategy, we continue to invest in technology and distribution capabilities to further strengthen our core businesses.

“We are fully committed to creating value for our shareholders through disciplined capital deployment. Following the closing4 of the sale of AXA Investment Managers to BNP Paribas, we launched5 a share buy-back program of up to Euro 3.8 billion to offset the earnings dilution from this transaction. In addition, with the recent acquisition of Prima, we expect to further scale our business in Italy, while also enhancing our direct distribution capabilities to complement our traditional distribution channels.

“We are confident in our long-term strategy and focused on the execution of our current plan. I would like to thank
all our colleagues, agents, and partners for their commitment and support, as well as our customers for their
continued trust.”