AXA (CSP) investor relations material

Executive summary

• Delivered strong, broad-based performance in H1 2026 with organic top-line growth of 5%–5.3% and underlying EPS growth of 8%, at the top end of the 6%–8% target range.

• Return on equity reached 18.3%, supported by robust capital position and Solvency II ratio of 218%.

• All operating businesses and geographies contributed positively, confirming resilience and consistent execution.

• Transformation initiatives largely completed, setting a strong foundation for the next strategic plan.

• Gross written premiums and other revenues rose to €66.3 billion, driven by Life & Health (+8%) and Property & Casualty (+3%).

Financial highlights

• Underlying earnings up 4%–9% year-over-year, excluding AXA IM, with underlying EPS at €2.19, up 8%.

• Net income increased by 6%–9% to €4.17–€4.2 billion compared to H1 2025.

• P&C earnings up 6% with a combined ratio of 90.1%, reflecting Middle East losses.

• Life & Health premiums up 8%–9%, earnings up 11%; technical margins and CSM release improved.

• Investment income and asset yields grew, supported by disciplined asset reallocation.

Outlook and guidance

• Confident in delivering full-year 2026 underlying EPS growth at the upper end of the 6%–8% target range.

• Underlying ROE targeted between 14% and 16% for 2024–2026; cumulative organic cash upstream above €21 billion.

• Capital management policy targets a 75% payout ratio, including 60% dividend and 15% share buybacks.

• New strategic plan for 2027–2029 to be presented in September 2026.