AXA (CSP) Q1 2025 earnings summary

Executive summary

• Total revenues rose 7% to €37 billion in Q1 2025, driven by robust growth across P&C, life and savings, and health lines.

• Disciplined execution of organic growth strategy and favorable pricing supported expansion in both Personal and Commercial lines.

• Solvency II ratio stood at 213%, down 3 points from FY24, reflecting strong operating return but offset by market and regulatory impacts.

Financial highlights

• P&C revenues up 7% to €21.0 billion, with commercial lines (ex-AXA XL) up 6% and AXA XL insurance revenues up 9%.

• Personal lines revenues up 7%, with motor and non-motor both growing 7% and 8% respectively.

• Life and health premiums up 8% to €15.5 billion; unit-linked sales up 16%, GA savings up 10%.

• Net flows in life and health at €2.5 billion, a €1.8 billion improvement year-over-year.

• Asset management revenues up 8% to €0.4 billion, despite €4 billion net outflows due to a low-fee mandate termination.

Outlook and guidance

• Confident in achieving plan targets, with continued organic growth and balanced performance across business lines.

• Expect improving net flows to fuel CSM and earnings growth over time.

• Annual natural catastrophe budget maintained at 4.5 points of combined ratio, with Q1 NatCat experience below budget.