AXA (CSP) Q3 2024 earnings summary

Executive summary

• Total revenues and gross written premiums increased by 7% year-over-year, reaching €84.0 billion, with balanced growth across P&C, Life & Health, and Asset Management.

• Growth was driven by disciplined pricing, improved customer retention, and market share gains, particularly in commercial lines and unit-linked products.

• The Solvency II ratio stood at 221% as of September 30, 2024, reflecting robust capital strength despite a 6-point decline from 1H24 due to market impacts and capital returns.

• Moody's raised the group's rating outlook to positive, affirming the Aa3 rating.

Financial highlights

• Property & Casualty premiums rose 7% to €44.5 billion, with commercial lines up 7%, personal lines up 6%, and AXA XL Reinsurance up 10%.

• Life & Health premiums grew 7% to €38.2 billion, driven by unit-linked (+14%), capital-light savings (+12%), and health (+7%).

• Asset Management revenues increased 6% to €1.2 billion, with average AUM up 3% to €755 billion.

• Net flows in Life & Health were €0.9 billion, with positive flows in protection and health offsetting outflows in traditional savings and unit-linked.

• Combined losses from recent hurricanes estimated below €200 million before tax and net of reinsurance.

Outlook and guidance

• Pricing remains favorable and will be earned through next year, supporting margin improvement.

• Management expects to achieve underlying EPS growth in line with the 6%-8% CAGR target for 2023–2026.

• P&C top-line growth of 4%-5% is expected in 2025, with normalization after a strong 2024.

• Capital generation is expected at the upper end of the 25-30 point range for the year.