French insurer AXA’s property, casualty and specialty risk division, AXA XL, has reported on a comparable basis an 4% year-on-year increase in gross written premiums (GWP) and other revenues to €21.5 billion for the first quarter of 2026, compared to €21 billion in Q1’25.
These were driven by both higher volumes, notably at AXA XL Insurance, and favourable price effect mainly in the SME & Mid-market business in Europe and France, partly offset by AXA XL Reinsurance’s performance, which reflects discipline in softening market conditions.
AXA’s reinsurance arm, AXA XL Reinsurance, as stated earlier, reported on a comparable basis a decrease of 7% year-on-year in GWP and other revenues to €1.2 billion for Q1’26, compared to €1.4 billion in Q1’25, reflecting lower volumes, consistent with the reinsurer’s focus on maintaining profitability in a softer market environment, as pricing went down by 4%.
For Q1’26, commercial lines GWP and revenues grew by 3% on a comparable basis to €13.2 billion, compared to €13.2 billion in Q1’25, driven by 2% growth in AXA XL Insurance, 10% rise in Asia, Africa & EME-LATAM, and 6% growth in France from favourable price effects in all lines of business and higher volume
AXA explained, “The group’s natural catastrophe experience in Q1’26 was slightly below the prorated annual budget. The annual natural catastrophe budget of ca. 4.5 points of combined ratio is maintained”
Meanwhile, for this quarter, personal lines grew by 7% on a comparable basis to €7 billion, compared to €6.4 billion in Q1’26, driven by 7% growth in Europe from favourable price effects across geographies, 7% growth in Asia, Africa & EME-LATAM, and 8% increase in France.
Overall, Life and Health GWP and revenues grew by 8% on a comparable basis to €16.5 billion for Q1’26, compared to €15.5 billion in Q1’25.
Premiums in Life grew by 8% to €10.5 billion compared to €9.8 billion in Q1’25, 16% growth in Unit-Linked, from the continuation of positive sales momentum across geographies, 9% rise in G/A Savings, and 4% growth in Protection.
While Health premiums grew by 8% to €5.9 billion, compared to €5.6 billion in Q1’25, driven by favourable price effects in both Group and Individual businesses across most geographies.
As a whole, AXA saw a 6% rise in total GWP other revenues to €38 billion in Q1’26, compared to €37 billion in Q1’25, driven by, as mentioned earlier, 4% rise in the P&C segment, and 8% rise in L&H.
The group’s Solvency II ratio was 211% as of March 31, 2026, compared to 215% on January 1, 2026, reflecting a strong operating return, an increase of 7 points, less accrued dividend and annual share buyback for Q1’26 (-6 points), more than offset by unfavourable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility.
The insurer said that it is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range.
Alban de Mailly Nesle, Chief Financial Officer of AXA, commented, “AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy. This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year’s strong momentum.”
“In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan. I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA.”
