French insurer AXA recorded a 6% year-on-year increase in gross written premiums and other revenues to €37.95bn in the first quarter of 2026 (Q1 2026), supported by growth across its property and casualty (P&C) and life and health (L&H) businesses.
For the three months ended 31 March 2026, P&C premiums rose by 4% to €21.46bn.
Retail premiums increased by 7%, driven by a 4% pricing effect and a 3% rise in volumes, while commercial premiums grew 3%, with pricing and volume contributing equally to the increase.
Within the division, personal lines premiums climbed 7% to €7bn, supported by higher pricing and business volumes across Europe, France, and Asia, Africa and Europe, the Middle East and Latin America.
Premiums at AXA XL Reinsurance fell by 7% to €1.24bn as the group maintained underwriting discipline amid softer market conditions.
L&H premiums increased by 8% to €16.46bn during the quarter. Life premiums rose by 8%, while health premiums also recorded 8% growth.
Unit-linked sales advanced 16%, while general account savings premiums were up by 9% and protection premiums increased by 4%.
L&H new business contractual service margin (NB CSM) rose by 4% to €600m.
Net flows improved to €2.7bn from €2.5bn in the same quarter a year earlier.
AXA said its Solvency II ratio stood at 211% at the end of March 2026, down four points from 1 January 2026.
The insurer attributed the decline to financial market volatility including higher inflation expectations and increased equity and interest rate volatility, partly offset by strong operating returns.
The Solvency II ratio is the primary measure of an insurer’s financial strength under EU regulations and reflects the relationship between available capital and the capital required to remain solvent.
AXA said it remains on track to deliver underlying earnings per share (EPS) growth for 2026 at the upper end of its 6–8% target range.
The company also plans to present its 2027–29 strategic plan on 15 September 2026.
AXA chief financial officer Alban de Mailly Nesle said: “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.”
