AXA (CSP) Q4 2024 earnings summary

Executive summary

• Achieved 8% revenue growth to €110.3 billion and 8% underlying EPS growth to €3.59, with strong performance across all business lines and geographies.

• Dividend per share increased by 9% to €2.15, and a new €1.2 billion annual share buyback program was announced, with an additional €3.8 billion buyback planned post-AXA IM sale.

• Solvency II ratio stands at 216%, reflecting a robust balance sheet and disciplined capital management.

• Return on equity reached 15.2%, within the 14%-16% target range.

• Consistent execution of the three-year plan, with a focus on technical profitability, technology investment, and operational improvements in key markets.

Financial highlights

• Group underlying earnings reached €8.1 billion, up 7% year-over-year; net income increased 11% to €7.9 billion.

• P&C underlying earnings rose by 10% to €5.5 billion, with a 91% combined ratio; Life & Health earnings up 4% to €3.3 billion.

• Asset management underlying earnings increased by 11% to €0.4 billion, with AUM up 4% to €879 billion.

• Book value per share increased to €24.5; shareholders' equity stood at €49.9 billion as of December 31, 2024.

• Cash generation exceeded €7 billion, and remittance ratio increased to 82%.

Outlook and guidance

• Management targets underlying EPS growth of 6–8% CAGR for 2023–2026, ROE between 14–16%, and cumulative organic cash upstream above €21 billion for 2024–2026.

• Confident in continued high organic growth, margin expansion, and strong capital generation.

• P&C Personal lines expected to accelerate volume growth; Commercial lines pricing remains favorable in SME/mid-market.

• Life & Health earnings growth to be driven by short-term business and improved persistency.

• Capital management policy targets a 75% total payout ratio (60% dividend, 15% buy-backs).