Retail premiums went up by 7% with +4% from price effects and +3% from volumes. Commercial premiums were up 1%, with +4% in Commercial ex-XL and -1% at AXA XL Insurance.
Life & Health premiums were up 7% to EUR 44.8 billion, with each of Life and Health up +7%. Life & Health NB CSM were up 1% and net flows increased EUR +6.0 billion.
Solvency II ratio stood at 213% as of September 30, 2026, down -5 points vs June 30, 2026, reflecting resilience in a volatile environment.
For 2026, the Group reaffirms that it expects underlying earnings of circa EUR 8.6 billion with underlying EPS growth at the top end of the plan target range of 6-8% and underlying return on equity at the top end of the plan target range of 14-16%.
“AXA delivered solid performance in the first nine months of 2026, maintaining the momentum of the first half of the year”, said Alban de Mailly Nesle, Group Chief Financial Officer. “In Retail P&C and Commercial ex-XL, we delivered 6% growth in aggregate with a balanced contribution from pricing and volumes, while at AXA XL, we remained disciplined in managing the cycle. Health continued its growth trajectory in the third quarter and we delivered strong net flows in Life & Savings. We also maintained a robust Solvency II ratio at 213%, underscoring the resilience of our balance sheet in a volatile market environment”, Group Chief Financial Officer added.
“Our diversified business model and prudent reserving give us confidence to deliver underlying earnings per share growth for 2026 at the top end of our plan target range, despite elevated natural catastrophe activity in the third quarter in Europe. Beyond 2026, current trends position us well for the beginning of “Growing Forward”, our next strategic plan for 2027-2029”, Alban de Mailly Nesle emphasized.
Full 9M2026 report can be found here.
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