AXA (CSP) Q2 2024 earnings summary

Executive summary

• Organic revenue grew 7% year-over-year in 1H24, with strong performance across all business lines and geographies.

• Underlying earnings per share increased 4%, with return on equity at 16.6%.

• Solvency II ratio remained robust and stable at 227%, reflecting strong capital management.

• Strategic sale of AXA Investment Managers to BNP Paribas for €5.4 billion, with proceeds largely allocated to share buybacks.

• Acquisition of Nobis Group in Italy for €0.5 billion expands P&C operations and market share.

Financial highlights

• Group revenues rose 7% to €60 billion, surpassing the indicated 5% annual growth.

• Underlying earnings rose 4% to €4.2 billion; net income increased 6% to €4.0 billion.

• P&C, Life & Health, and Asset Management all posted 7% earnings growth.

• Asset Management underlying earnings up 8% to €204 million, with AUM up to €859 billion.

• Debt gearing at 22.1%, up from FY23 due to new debt issuances.

Outlook and guidance

• Confident in achieving 2024 underlying EPS growth within the 6%-8% target range.

• Further margin improvement expected in P&C Retail and Health in the second half.

• Cumulative cash remittance target of €21 billion for 2025-2026 reaffirmed.

• Capital management policy targets a 75% payout ratio and a dividend floor.