AXA stock gains focus after 5% nine-month revenue growth

AXA reported a 5 percent increase in gross written premiums and other revenues to 93.0 billion euros for the first nine months of 2026. The insurer released the activity indicators on Thursday, October 29, with the figures covering the period through September 30.

The AXA release showed growth across both major operating divisions. Property and casualty premiums rose 3 percent to 48.1 billion euros, while life and health premiums increased 7 percent to 44.8 billion euros. New business contractual service margin in life and health rose 1 percent, and net flows reached 6.0 billion euros.

Retail strength offsets selective underwriting

Retail premiums increased 7 percent, supported by a 4 percent price contribution and 3 percent volume growth. AXA said retail property and casualty together with commercial business outside AXA XL grew 6 percent, with pricing and volumes contributing in a balanced way.

The commercial insurance picture was more mixed. Commercial premiums rose 1 percent overall, with business outside AXA XL up 4 percent, while AXA XL Insurance declined 1 percent. AXA XL Reinsurance contracted 9 percent to 2.2 billion euros as the group maintained discipline in softening commercial and reinsurance markets.

Insurance publication Insurance Business linked the AXA XL pullback to weaker pricing conditions, particularly in casualty business. For investors, the split points to a trade-off between protecting underwriting margins and maintaining premium volume as market conditions diverge by segment.

Outlook holds despite catastrophe losses

AXA said natural catastrophe losses were above its prorated annual budget during the first nine months, driven mainly by severe convective storms in France, Switzerland and Italy. The Solvency II ratio stood at 213 percent at September 30, down from 218 percent at June 30, after dividend accruals, share buybacks and market movements offset a strong operating return.

Management nevertheless reaffirmed its 2026 outlook. AXA expects underlying earnings of 8.6 billion euros, with underlying earnings per share growth at the top end of its 6 percent to 8 percent target range and underlying return on equity at the top end of its 14 percent to 16 percent range. The company also said current trends support the start of its next strategic plan, Growing Forward, for 2027 through 2029.

The real-time quote of AXA stock stood at 42.47 euros on Lang & Schwarz at 15:09 CET on Monday, October 26, 2026.

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