AXA (CSP) 29th Annual Financials CEO Conference summary

Strategic transformation and financial discipline

• Completed an eight-year transformation to a simpler, more balanced business model, focusing on fewer geographies and a 50/50 B2C-B2B split.

• Demonstrated strong capital management with a EUR 5.4 billion sale of AXA IM and a robust Solvency II ratio of 227%.

• Launched a new three-year plan targeting 6%-8% underlying EPS growth, 14%-16% ROE, and EUR 21 billion+ cash generation.

• Committed to a 75% payout ratio: 60% dividend, 15% share buyback, and 25% reinvestment.

• Prioritizes cash management, with excess cash allocated to dividends, buybacks, reinvestment, and targeted deals in five key markets.

Business line performance and market outlook

• P&C pricing was proactively increased, especially in Germany and the UK, with volume growth expected to accelerate through 2026.

• Commercial lines remain resilient, with diversified portfolios offsetting pressure in select segments like US D&O and cyber.

• XL Primary and XL Re have shown strong growth and profitability after restructuring, with controlled risk exposure and focus on mid-market expansion.

• Life insurance has shifted from general account to unit-linked products, with plans to enhance growth via balanced guarantees in key markets.

• Health business is growing, with ROE managed to group levels and a focus on claims management and prevention.

Capital, cash, and risk management

• Cash conversion has improved to 80%, with further gradual improvement expected as the business mix shifts.

• Debt levels are stable, with no immediate plans for significant reduction post-AXA IM sale.

• Asset allocation will broaden with new partnerships but maintain a diversified approach.

• Holding cash target remains EUR 1-3 billion, even as the holding company operates as a reinsurer.