AXA stock holds 2026 targets after nine-month premium growth
Published on 11/13/2026 at 10:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAXA reports resilient nine-month growth
- Gross written premiums and other revenues rose 5 percent to 93.0 billion euros in the first nine months of 2026.
- AXA kept its 2026 targets for underlying earnings, earnings per share growth and return on equity.
- The Solvency II ratio stood at 213 percent at September 30 despite elevated catastrophe activity.
AXA reported solid operating momentum for the first nine months of 2026, with growth across its main insurance activities and its 2026 financial targets unchanged. The insurer published the update on Thursday, October 29, in its 9M26 Activity Indicators.
Gross written premiums and other revenues increased 5 percent from the comparable period of 2025 to 93.0 billion euros. Property and casualty premiums rose 3 percent to 48.1 billion euros, while life and health premiums advanced 7 percent to 44.8 billion euros. Retail premiums grew 7 percent, supported by a 4 percent pricing contribution and 3 percent volume growth.
Insurance growth offsets market risks
Commercial premiums increased 1 percent overall. Growth of 4 percent in commercial business excluding AXA XL was partly offset by a 1 percent decline at AXA XL Insurance, reflecting disciplined cycle management. In life and health, new business contractual service margin rose 1 percent and net flows reached 6.0 billion euros.
AXA said elevated natural catastrophe activity in Europe remained a headwind during the third quarter. Chief Financial Officer Alban de Mailly Nesle nevertheless described the first nine months as a solid performance and pointed to balanced contributions from pricing and volumes in retail property and casualty and commercial business excluding AXA XL.
The Solvency II ratio was 213 percent at September 30, five percentage points below the June 30 level. AXA said the ratio continued to show balance-sheet resilience in a volatile market environment. The calculation includes theoretical amounts for the expected full-year dividend and 2026 share buyback and therefore does not determine the final capital distribution.
2026 targets remain in place
AXA reaffirmed its expectation for underlying earnings of 8.6 billion euros in 2026. Underlying earnings per share growth and underlying return on equity are both expected at the upper end of their plan ranges of 6 to 8 percent and 14 to 16 percent, respectively. The company described this as a one-off guidance statement based on year-to-date performance and current forecasts for the remainder of the year.
Management also said current trends position AXA for the start of its next strategic plan, called "Growing Forward", covering 2027 to 2029. For investors, the update combines premium growth with a still-strong capital position, while catastrophe claims and the softer insurance cycle at AXA XL remain important sensitivities.
AXA stock traded at 42.47 euros on Lang & Schwarz at 15:09:52 CET on Monday, October 26, 2026.
AXA at a glance
- Company: AXA S.A.
- ISIN: FR0000120628
- Paris ticker: CS
- Latest quoted market: Lang & Schwarz
- Quoted price: 42.47 euros on October 26, 2026
- Market capitalization: 96.44 billion euros as of November 12, 2026
European insurers remain sensitive to claims inflation, catastrophe losses, interest rates and capital-market volatility. The CAC 40 market environment provides the broader setting for French large-cap stocks.
