The reinsurance arm of French insurer AXA’s property, casualty and specialty risk division, AXA XL Reinsurance, reported on a comparable basis an 8% year-on-year increase in gross written premiums (GWP) and other revenues to €2.6 billion for the full year 2025.
This growth was supported by alternative capital and favourable price effects in casualty, partly offset by a softening in other lines, explained AXA.
Meanwhile, the insurer’s wider P&C segment saw a 5% growth on a comparable basis in GWP and other revenues to €58 billion, up from €56.5 billion in FY’24.
For FY’25, commercial lines GWP and revenues grew by 4% to €35.8 billion, compared to €34.9 billion in FY’24, driven by 3% growth in AXA XL Insurance, 13% rise in Asia, Africa & EME-LATAM, and 6% growth in France from favourable price effects in all lines of business and higher volume
Personal lines grew by 7% on a comparable basis to €19.7 billion, compared to €19.1 billion in FY’24, driven by 5% growth in Europe from favourable price effects across geographies, 14% growth in Asia, Africa & EME-LATAM and 9% increase in France.
For FY’25, the combined ratio improved by 0.3 points to 90.6%, compared to 91% in FY’24, due to lower undiscounted current year loss ratio excluding natural catastrophe, further margin expansion in commercial lines in a favourable pricing environment, while margins at AXA XL Insurance were stable at attractive levels.
Additionally, growth in personal lines in a conducive pricing environment, lower expense ratio, and lower natural catastrophe charges also contributed to an improved CoR.
Lastly, P&C underlying earnings were up 9% to €5.9 billion for FY’25, compared to €5.5 billion in FY’24.
Thomas Buberl, Chief Executive Officer, AXA, commented, “Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins.”
The carrier’s life & health (L&H) division recorded GWP and other revenues rise of 8% to €56.5 billion compared to €52 billion in FY’24.
Premiums in Life grew by 9% to €37.5 billion compared ot €34.5 billion in FY’24, driven by 11% growth in Protection. While Health premiums grew by 5% to €19 billion, compared to €17.5 billion in FY’24, driven by favourable price effects in both Group and Individual businesses across most geographies, partly offset by lower volume.
Within L&H, the present value of expected premiums decreased by 2% to €49.4 billion for FY’25. Although there was a 1% growth in Life, from higher volumes in Hong Kong, France, and Switzerland, Health dipped by 12% due to lower volumes in France following underwriting and pruning actions. Both segments were impacted by higher interest rates on the discounting of future premiums.
The FY’25 underlying earnings for L&H increased by 7% to €3.5 billion, compared to €3.3 billion in FY’24.
Buberl added, “In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio.”
As a whole, AXA’s GWP and other revenues grew by 6% to €116 billion for FY’25, compared to €110 billion in FY’24. The insurer’s underlying earnings rose by 6% to €8.4 billion, compared to €8 billion in FY’24. The FY’25 net income rose by 26% to €9.8 billion compared to €7.9 billion in FY’24.
Looking ahead, AXA is confident it will achieve its main financial targets, underpinned by profitable organic growth, scaling technical capabilities across its businesses, and driving operational efficiency across the organisation through reinforced cost management.
Buberl stated, “In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level.
“These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA’s ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust.”
