The reinsurance arm of French insurer AXA’s property, casualty and specialty risk division, AXA XL Reinsurance, achieved, on a comparable basis, an 8% year-on-year increase in gross written premiums (GWP) and other revenues to €2.4 billion for the nine month period ended September 30th, 2025.
The solid growth at AXA XL Reinsurance was supported by alternative capital, and supported total GWP and other revenue growth at the AXA Group level of 7% to €89.4 billion, compared with €84 billion in the same period last year.
The reinsurance arm sits within the wider property and casualty (P&C) business, which achieved 5% GWP and other revenues growth to €46.2 billion for 9M’25, compared with €44.5 billion in 9M’24.
Within P&C, the large re/insurer highlights 4% growth in Commercial lines from higher volumes, notably at AXA XL Insurance. The strong P&C performance was also supported by 7% growth in Personal lines, driven by favorable price effects and growth in net new contracts, notably in France and Europe.
Importantly, and no doubt aided by the benign third quarter, AXA reveals that Group nat cat losses experienced in 9M’25 “was below the prorated annual budget.”
Alban de Mailly Nesle, Chief Financial Officer of AXA, said: “AXA recorded solid performance in the first nine months of 2025, achieving 7 % revenue growth and maintaining the momentum of the first half of the year. This performance reflects consistent execution of our organic growth strategy across all business lines and geographies.”
“Revenues in P&C grew 5%, well balanced between the Group’s three equally sized businesses, comprising large and specialty risks at AXA XL, small and medium- sized risks in France and Europe, and Personal lines. In P&C Commercial lines, revenues rose 4%, supported by higher volumes, including through our strong focus on customer retention, in particular at AXA XL, and continued price increases in our small and medium-sized Commercial lines business. In P&C Personal lines, revenues increased 7%, supported by continued expansion of the customer base in a favorable pricing environment. Our balanced P&C franchise i s a unique asset and a reliable engine of both topline and earnings growth,” continued the CFO.
The carrier’s life & health (L&H) division recorded GWP and other revenues of $42.3 billion in 9M’25, driven by Protection, an increase of 9% on the prior year’s €38.2 billion. Life premiums grew 11% year-on-year to €27.8 billion, while Health premiums rose by 5% to €14.5 billion, driven by favorable price effects in both Group and Individual businesses across all geographies, explains the firm.
Within L&H, the present value of expected premiums rose by 1% year-on-year to €37.3 billion in 9M’25. At the same time, the new business value decreased by 1% to €1.7 billion, which the firm attributes to underwriting and pruning actions in France in multinational business, and the unfavourable impact from actuarial changes implemented in Q4’24 in Japan. As a result, the new business value margin fell to 4.5% from 4.6%.
“In Life & Health, premiums rose by 9%. Sales momentum in the Life business accelerated further, reflecting the success of our strategic initiatives, with premium growth at 11% in the first nine months, underpinned by good growth dynamics across Protection and Savings. This is driving positive Life & Savings net flows, from both higher sales and better persistency, and should fuel earnings growth over time. Health revenues were up 5%, driven by continued strong pricing,” said de Mailly Nesle.
Looking ahead, AXA remains confident of maintaining its good operating performance and achieving underlying earnings per share growth in line with the 6%-8% CAGR plan target range over the 2023-2026E period.
“In the current volatile environment, AXA’s diversified business model and its solid balance sheet, with a Solvency II ratio of 222 % and a prudent asset portfolio, are a source of strength. We remain confident in our strategy and are focused on the execution of our 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,” added the CFO.
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