AXA aims to leverage its industry‑leading margins, strong balance sheet and well‑diversified multi‑line model to drive market share gains and sustained earnings growth, as the company announces its 2027-2029 strategy and financial targets.

The new plan will focus on accelerating customer-driven organic growth at attractive margins, and scaling AI to deepen AXA’s competitive moat.

AXA increases its ambition with four main financial targets for the 2027-2029 plan period:

- Underlying earnings per share CAGR 2026E-2029E between 7% and 9%

- Underlying return on equity between 15% and 17% over 2027E to 2029E

- Mid-teens CAGR in book value per share, inclusive of cumulative dividends, over 2026 to 2029E

- Circa. EUR 25 billion cumulative organic cash upstream over 2027E to 2029E.

Attractive capital management policy is set with a total payout ratio target of 75%.

For 2026, AXA expects underlying earnings per share growth to be at the top end of the target range of 6-8% and underlying ROE at the top end of the target range of 14% to 16%.

“With our new plan, “Growing Forward”, we will build the AXA of the next decade, driven by a clear ambition: to become the insurer best positioned to meet our customers’ growing protection needs and address the emergence of new risks, and thus organically grow our market share across our geographies and lines of business”, said Thomas Buberl, Chief Executive Officer of AXA.

““Growing Forward” will build on the transformation carried out in recent years to create a simpler, stronger AXA, fully focused on its core insurance business. This model positions us well to withstand a volatile environment and deliver consistent performance across market cycles”, the CEO emphasized.