AXA XL Reinsurance, the global property, casualty, and specialty reinsurance division of AXA Group, recorded a 9% year-on-year decrease in gross written premiums and other revenues during the first nine months of 2026 to €2.2 billion, with the firm pointing to discipline in the softening market.
Numerous insurers and reinsurers have reported their third quarter and nine months 2026 financials this week, and the impact of the softening market environment has been evident in lower premium volumes across certain lines of business, as companies maintain underwriting discipline.
During the first nine months of 2026, AXA XL Re saw pricing down -5%, and opted to shrink its book in the period by €200 million which the company says is a reflection of “lower volumes, consistent with our focus on maintaining profitability in a softer market environment.”
AXA XL Re forms part of AXA Group’s property & casualty operation, AXA XL, which witnessed a 3% increase in gross written premiums and other revenues during the period to €48.1 billion.
This was driven by 7% growth in personal lines to €17.2 billion, driven by favorable price effects and higher volumes, and 1% growth in commercial lines to €28.7 billion, driven by favourable price effects and higher volumes in commercial lines ex-AXA XL.
As well as the decline at AXA XL Re, AXA XL Insurance, which is part of the commercial lines business, recorded a 1% decline, reflecting disciplined cycle management in a softening market environment with pricing down -1%, and with higher volumes in property and lower volumes in casualty.
The figure isn’t provided, but AXA says that the Group natural catastrophe experience in the first nine months of 2026 was above the prorated annual normalised load, which is 4.5pts of combined ratio, driven by elevated secondary peril activity mainly in France, Switzerland, and Italy.
AXA confirms that Prima, an MGA the company acquired in late 2025, contributed €1 billion in gross written premiums and other revenues in 9M’26, reflecting €500 million commissions paid to the MGA for business underwritten by third-party insurers and €500 million of recaptured gross written premiums.
“The 7% growth rate in Personal lines is calculated based on 9M25 figures adjusted to include Euro 0.8 billion of gross written premiums and other revenues, as if Prima had been consolidated in 2025 and the same proportion of the business had been recaptured as in 9M26,” explains the firm.
Within the Life & Health business, gross written premiums and other revenues increased 7% year-on-year to €44.8 billion in 9M’26, with growth of 7% in life to €29.3 billion, and growth of 7% in health to €15.5 billion.
So, Group-wide, AXA has today reported gross written premiums and other revenues of €93 billion for 9M’26, an increase of 5% on the comparable prior year period’s €89.4 billion.
AXA’s Solvency II ratio was 213% as of September 30th, 2026, down -5 points versus 218% on June 30th, 2026. The firm says that a strong operating return and less accrued dividend and annual share buyback, were more than offset by unfavourable financial market movements.
Alban de Mailly Nesle, Chief Financial Officer of AXA, said: “AXA delivered solid performance in the first nine months of 2026, maintaining the momentum of the first half of the year.
“In Retail P&C and Commercial ex-XL, we delivered 6% growth in aggregate with a balanced contribution from pricing and volumes, while at AXA XL, we remained disciplined in managing the cycle. Health continued its growth trajectory in the third quarter and we delivered strong net flows in Life & Savings. We also maintained a robust Solvency II ratio at 213%, underscoring the resilience of our balance sheet in a volatile market environment.
“Our diversified business model and prudent reserving give us confidence to deliver underlying earnings per share growth for 2026 at the top end of our plan target range, despite elevated natural catastrophe activity in the third quarter in Europe. Beyond 2026, current trends position us well for the beginning of “Growing Forward”, our next strategic plan for 2027–2029.
“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.”
