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AXA explained that the growth was supported by the favorable impact on alternative capital and casualty prices, but was partially offset by weakness in other lines.
Meanwhile, global warming potential and other revenue from the insurer’s broader property and casualty business rose 5% on a comparable basis to €58 billion, up from €56.5 billion in FY24.
Commercial lines GWP and revenue increased 4% to €35.8 billion in FY25 compared to €34.9 billion in FY24, driven by 3% growth in AXA
Personal insurance increased by 7% on a comparable basis to 19.7 billion euros, compared with 19.1 billion euros in fiscal 2024, mainly due to favorable price effects in various regions, with Europe growing by 5%, emerging economies in Asia, Africa and Latin America growing by 14%, and France growing by 9%.
The combined ratio in FY25 improved by 0.3 percentage points to 90.6% from 91% in FY24, due to lower undiscounted loss ratios for the year excluding natural catastrophes, further expansion of margins in commercial lines amid a favorable pricing environment, and margins in AXA XL insurance stabilizing at attractive levels.
Additionally, growth in personal lines amid a favorable pricing environment, lower expense ratios and lower natural catastrophe expenses also helped improve CoR.
Finally, underlying earnings in property and casualty increased 9% to €5.9 billion in FY25 compared with €5.5 billion in FY24.
AXA CEO Thomas Buberl commented: “Our Property & Casualty business delivered excellent results, combining a healthy balance between price and volume with best-in-class margins, low expense ratios and high investment income. AXA XL Insurance increased earnings with stable underlying margins.”
GWP and other revenue at the airline’s Life & Health (L&H) division rose 8% to €56.5 billion, compared with €52.0 billion in fiscal 2024.
Life insurance premiums increased by 9% to €37.5 billion, compared with €34.5 billion in fiscal 2024, driven by an 11% increase in protection business. Health premiums increased 5% to €19.0 billion compared with €17.5 billion in fiscal 2024, driven by favorable price effects in the group and individual business in most regions, partially offset by lower volumes.
Within L&H, the present value of expected premiums for FY25 fell 2% to €49.4 billion. While the life insurance business grew 1% on higher sales in Hong Kong, France and Switzerland, the health insurance business fell 12% due to lower volumes due to underwriting and curtailment actions in France. Both sectors are affected by increases in future premium discount rates.
L&H’s underlying earnings rose 7% to €3.5 billion in FY25 compared with €3.3 billion in FY24.
Buberl added: “In the Life & Health business, earnings increased by 7%, with the Life business already showing the early benefits of our strategy to revitalize the business, while the Health business grew by 17% even after absorbing unfavorable changes in the treatment of VAT in Mexico, underscoring the strength of our portfolio.”
Overall, AXA’s GWP and other revenue increased 6% to €116 billion in FY25 compared with €110 billion in FY24. The insurer’s underlying earnings rose 6% to 8.4 billion euros, compared with 8.0 billion euros in fiscal 2024. Net profit increased by 26% to 9.8 billion euros in FY25, compared with 7.9 billion euros in FY24.
Looking ahead, AXA is confident that it will achieve its key financial targets on the back of profitable organic growth, expanding technological capabilities across its businesses and improving operational efficiency across the organization through enhanced cost management.
Buberl said: “AXA delivered another very strong performance in 2025, with earnings in our core business (excluding AXA IM) growing by 9%. We used these excellent results to further strengthen reserve prudence. Our investments in automation and artificial intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very high level.”
“These results demonstrate the profitability of our diversified operations and reinforce our confidence in AXA’s ability to create sustainable long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust.”
