AXA stock holds 2026 outlook after nine-month premium growth

AXA reported stronger insurance activity for the first nine months of 2026 on October 29, while keeping its full-year targets unchanged. Gross written premiums and other revenues rose 5 percent on a comparable basis to 93.0 billion euros, according to the company’s 9M26 activity indicators.

The update showed broad-based growth across the main businesses. Property and Casualty premiums increased 3 percent to 48.1 billion euros, while Life and Health premiums rose 7 percent to 44.8 billion euros. Retail premiums also gained 7 percent, with AXA attributing the increase to both pricing and volume.

Catastrophe Claims Weigh On Capital

The improvement in premiums came alongside higher natural catastrophe activity. AXA said losses in the first nine months were above the prorated annual normalized load, driven mainly by severe weather events in France, Switzerland and Italy. Insurance Business reported that AXA’s catastrophe budget corresponds to 4.5 points of the combined ratio on an annualized basis.

AXA’s Solvency II ratio stood at 213 percent on September 30, down from 218 percent at the end of June. The company attributed the movement to market effects and capital distributions, partly offset by a strong operating return. For investors, the decline keeps capital resilience in focus even as premium momentum remains positive.

2026 Targets Remain Intact

AXA reaffirmed its expectation for underlying earnings of about 8.6 billion euros in 2026. It expects underlying earnings-per-share growth at the upper end of its 6 to 8 percent target range and underlying return on equity at the upper end of its 14 to 16 percent range.

Chief Financial Officer Alban de Mailly Nesle said the group’s diversified business model and prudent reserving supported confidence in the outlook despite elevated catastrophe activity in Europe. The guidance assumes no significant deterioration in catastrophe charges, pricing conditions or the broader market environment.

The commercial business was more mixed than the group total. Commercial premiums rose 1 percent, with growth outside AXA XL partly offset by a 1 percent decline at AXA XL Insurance. Insurance Business said AXA XL Reinsurance premiums fell 9 percent to 2.2 billion euros as the division reduced exposure in softer commercial and reinsurance markets.

Share Price And Investor Context

AXA shares traded at 45.70 euros on Xetra at 10:02 Berlin time on Thursday, November 5, 2026, 1.13 percent above the Xetra close of Wednesday, November 4. The real-time quote of AXA stock showed 42.47 euros on Lang & Schwarz at 15:09 Berlin time on Monday, October 26, 2026.

The differing timestamps matter for investors: the Xetra quotation reflects the November 5 trading session, while the Lang & Schwarz snapshot is a later-dated historical reference for October 26. The operating update itself points to a balance between resilient premium growth and sensitivity to catastrophe costs, capital markets and pricing discipline.

The CAC 40 provides the relevant French market backdrop for AXA and other large Paris-listed companies; current market reports cover the broader index environment.

More news and analyses on AXA stock will track the insurer’s capital position, premium trends and progress toward its 2026 targets.