AXA Life & Health (AXA L&H) has seen a 7% revenue growth for the first nine months of 2025, with premiums up 9% to €42.3 billion, supported by double-digit growth in Protection and Unit-Linked products across Asia and Europe. The Paris headquartered group, with subsidiaries in the UK, has reported that total revenue reached €89.4 billion, while its Solvency II ratio increased to 222%, up two points from the end of June.
Life premiums grew 11%, driven by higher sales in Protection and Unit-Linked products, particularly in Hong Kong, Switzerland, and Japan. Capital-light general account Savings products also contributed, mainly in France and Italy. The company said this trend was partially offset by lower sales of traditional guaranteed products in Hong Kong. Health premiums rose 5%, driven by pricing adjustments across both individual and group segments in several geographies.
AXA’s net inflows reached €5.6 billion, compared to €0.9 billion in the same period in 2024, supported by higher premiums and fewer surrenders. Positive flows came mainly from Protection (€4.3 billion), Health (€2.1 billion), and Unit-Linked (€1.2 billion) products, offset by outflows from traditional general account savings (€–3.6 billion).
In the Property & Casualty segment, revenues increased 5% to €46.2 billion. Commercial lines grew 4%, supported by higher volumes and favourable pricing in areas such as Property and Casualty, notably through AXA XL Insurance. Personal lines rose 7%, driven by pricing effects and new contracts, particularly in France and across Europe. AXA XL Reinsurance premiums were up 8%, supported by alternative capital.
Chief financial officer Alban de Mailly Nesle said the group maintained consistent execution of its organic growth strategy across business lines and regions. He added that the balanced structure of the P&C portfolio continued to support both topline and earnings performance.
AXA completed several transactions in 2025, including the sale of AXA Investment Managers to BNP Paribas in July. The group redeemed €1.2 billion of grandfathered Tier 1 debt in October and issued €750 million each in Restricted Tier 1 and Tier 2 debt, both qualifying as capital under Solvency II rules.
The company said it expects to maintain operating performance and achieve underlying earnings per share growth in line with its 6%–8% compound annual growth rate target for 2023–2026.
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