AXA (CSP) Q3 2025 earnings summary

Executive summary

• Gross written premiums and other revenues rose 7% year-over-year to €89.4 billion for the first nine months of 2025, reflecting strong, diversified growth across all geographies and business lines.

• Business mix remains balanced: 60% P&C, 40% Life and Health, with a strong B2B and B2C presence.

• Solvency II ratio at 222%, up 2 points from the first half, supported by normalized capital generation, strong operating returns, and share buybacks.

• Moody’s upgraded the group’s rating from AA3 to Aa2, affirming financial strength.

Financial highlights

• P&C revenues up 5% to €46.2 billion, with growth in large/specialty risks, SME, and personal lines.

• Life & Health premiums grew 9% to €42.3 billion, with Life premiums up 11% and Health up 5%, driven by strong sales in Protection, Unit-Linked, and capital-light savings products.

• Net flows in Life & Health reached €5.6 billion YTD, up from €0.9 billion last year, due to strong sales and lower surrenders.

• NBV margin for Life & Health at 4.5%, with health NBV margin improved by 50 bps.

• Present value of expected premiums (PVEP) at €37.3 billion, up 1%.

Outlook and guidance

• Confident in delivering 2025 UEPS growth at the top end of the 6%-8% target range.

• Management expects to maintain strong operating performance and achieve underlying EPS growth in line with the 6%-8% CAGR target for 2023-2026.

• Expect further margin expansion in P&C and personal lines as higher pricing is earned through.

• Solvency II revision in 2027 expected to significantly increase solvency ratio by 10-20 percentage points.