French insurer AXA has reported growth in 2025 earnings, driven by broad-based growth across core business lines.

Underlying earnings for the year reached €8.4bn, a 6% increase over the same period of 2024.

Excluding the contribution from AXA’s investment management division, which was sold to BNP Paribas Cardif for around €5.1bn in July, underlying earnings growth reached 9% year-on-year.

Underlying earnings per share were up 8% to €3.86.

Operational efficiency also improved, with the combined ratio falling by 0.3 points to 90.6%, largely due to a reduction in the current year loss ratio excluding natural catastrophe losses.

The company’s total gross written premiums (GWP) and other revenues climbed 6% to €116bn, supported by gains in property and casualty (P&C) as well as life and health (L&H) operations.

P&C GWP and revenue increased by 5% to €58bn, showing improvement in both commercial and personal lines.

Commercial premiums rose by 4%, with AXA XL Insurance contributing through increased volumes and pricing.

Personal lines increased by 7% to €19.7bn, driven by pricing and growth, particularly in France, Europe, Asia, and Europe and Middle East-Latin America (EME-LATAM) regions.

AXA XL Reinsurance also recorded an 8% rise to €2.6bn, supported mainly by alternative capital.

L&H GWP and revenue were up by 8%, reaching €56.5bn.

In the Life segment, revenue reached €37.5bn, up 9%, mainly through a 13% increase in unit-linked products and growth in protection products through targeted sales activities.

Health business grew by 5% to €19bn due to price rises across several markets, although this was partly offset by lower volumes.

In a statement to Life Insurance International, Moody’s Ratings VP-senior credit officer Christian Badorff said: “On Thursday 26 February, AXA reported a very strong set of results for 2025, with both P&C and L&H delivering robust revenue growth and earnings. In P&C the pricing momentum in retail lines remains supportive, while rates in some commercial lines remain under pressure, albeit at still very healthy rate adequacy levels.

“In L&H, net flows continue to strengthen thanks to both better sales and lower lapses. While the earnings outlook for 2026 remains positive, AXA has taken targeted measures to support future profitability, notably by increasing prudence in P&C reserves. AXA’s balance sheet remains very strong, as reflected in a stable Solvency II ratio well in excess of 200%.” 

AXA’s board has authorised an annual share buyback programme of up to €1.25bn, subject to shareholder approval at the upcoming general meeting. Shares repurchased under this initiative are intended for cancellation.

Company leadership believes that if current conditions persist, AXA will meet key targets set out in its Unlock the Future plan.

These include underlying earnings per share growth at the upper end of its stated range for both 2023–26 and for 2026 itself, alongside an underlying return on equity of between 14% and 16% for the years 2024–26.

AXA CEO Thomas Buberl said: “In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence.” 

“These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA’s ability to generate sustainable, longterm value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust. 

Last year, AXA announced the acquisition of a 51% stake in Prima, a direct insurance provider in Italy, for €500m.