Axa Sa Stock Earnings Reports

AXA delivered a strong H1 2025: Group revenue rose ~7% to above €64bn, underlying earnings increased ~6% to €4.5bn and underlying EPS grew ~8% (at the upper end of the Unlock the Future plan range). Solvency II remains very strong (c.220%), with the group generating around 15 solvency points per half-year and preserving capital flexibility for buybacks and selective bolt-on M&A. Business-line performance was broad-based: P&C revenues +6% (combined ratio ~90%, nat-cat loss ratio ~3%), Life & Health revenues +8% (life +9%, health GWP +6%), and reinsurance growth of ~11%. AXA completed the disposal/partnership of AXA IM (effective 1 July) and is refocusing on “insurance, only insurance”; it announced the acquisition of 51% of Prima (Italy, ~€500m), which materially strengthens its direct motor footprint in Italy (direct channel revenues across the group rising from ~€3.5bn to ~€4.7bn). Management emphasised continued investment in data/AI and distribution expansion (agents, salaried salesforce, and direct channels) while prioritising organic growth and disciplined, opportunistic M&A. Near-term drivers to monitor: integration and synergies from Prima/Nobis in Italy, the AXA IM transition impacts on flows and earnings recognition, claims and pricing dynamics in UK motor, continued capital return (buybacks) and solvency/headroom evolution.