AXA XL, the property, casualty and special risks unit of French insurer AXA, reported a 4% year-on-year increase in gross written premiums (GWP) and other revenue on a comparable basis to €21.5 billion in the first quarter of 2026, compared with €21 billion in the first quarter of 2025.
These were driven by higher volumes, particularly in AXA XL Insurance, and favorable price effects in the SME and mid-market business, primarily in Europe and France, but were partially offset by results from AXA XL Re, which reflected weaker market conditions.
As previously reported, AXA’s reinsurance arm AXA XL Reinsurance reported a 7% year-on-year decline in GWP and other revenue to €1.2 billion in 1Q26 on a comparable basis, compared to €1.4 billion in 1Q25, reflecting lower volumes, consistent with the reinsurer’s focus on maintaining profitability in a soft market environment as pricing fell 4%.
Commercial lines GWP and revenue increased 3% year-on-year to €13.2 billion in 1Q26 compared to €13.2 billion in 1Q25, driven by AXA XL Insurance growth of 2%, emerging economies in Asia, Africa and Latin America up 10% and France up 6% (due to favorable price effects and higher volumes across all business areas)
AXA explains: “The Group’s natural disasters experience in Q1’26 was slightly below the prorated annual budget. The annual natural disasters budget remained at a combined ratio of approximately 4.5 points”
Meanwhile, personal lines grew 7% on a comparable basis in the quarter to €7.0 billion, compared with €6.4 billion in the first quarter of 2026, driven by favorable price effects across regions, with growth of 7% in Europe, 7% in Asia, Africa and Emerging Markets-Latin America, and 8% in France.
Overall, Life & Health business GWP and revenue increased 8% on a comparable basis to €16.5 billion in Q1’26 compared to €15.5 billion in Q1’25.
Life insurance premiums increased by 8% to €10.5 billion, compared with €9.8 billion in the first quarter of 2025; investment-linked premiums increased by 16%, benefiting from continued positive sales momentum in all regions; total managed savings increased by 9%, and protection increased by 4%.
Health premiums increased by 8% to €5.9 billion compared with €5.6 billion in the first quarter of 2025, driven by favorable price effects in the group and individual business in most regions.
Overall, AXA’s total GWP other revenue increased 6% in Q1’26 to €38 billion, compared to €37 billion in Q1’25, driven by 4% growth in the property and casualty segment and 8% growth in the insurance and health segment, as mentioned.
The group’s Solvency II ratio was 211% as at 31 March 2026, compared with 215% as at 1 January 2026, reflecting strong operating returns, which increased by 7 percentage points, and lower accrued dividends and annual share buybacks in Q1’26 (-6 percentage points), offset by adverse financial market volatility (-4 percentage points), in particular rising inflation expectations and heightened equity and interest rate volatility.
The insurer said 2026 earnings per share growth is expected to reach the upper end of the planned target range of 6-8%.
Alban de Mailly Nesle, Chief Financial Officer at AXA, commented: “AXA has made a strong start to the year, with revenue growing across all business lines, fully in line with our organic growth strategy. This performance highlights the continued strong expansion of our Property & Casualty business across retail and commercial, with pricing and volume growth well balanced, while Life & Health revenue reflected the continuation of last year’s strong momentum.”
“Against a volatile macro environment, we are well positioned, supported by a strong balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident that we can deliver underlying earnings per share growth in 2026, reach the upper end of our target range, and sustain growth beyond current plans. I would like to thank our colleagues, agents and partners for their dedication, as well as the dedication of our clients. For their continued trust in AXA.”
