AXA Life & Health has reported steady growth for the first nine months of 2025, with revenue rising by 7%. The French insurance group saw premiums increase by 9% to €42.3 billion, thanks to strong demand for Protection and Unit-Linked products, particularly in markets like Asia and Europe.
The company’s overall revenue climbed to €89.4 billion during this period. Its solvency ratio, a key financial health metric under Solvency II rules, improved slightly to 222%, showing solid capital strength.
Life insurance premiums gained 11%, fueled by higher sales of Protection and Unit-Linked products. These gains were especially notable in Hong Kong, Switzerland, and Japan. There was also growth in capital-light savings products in France and Italy, although sales of traditional guaranteed products in Hong Kong declined. Health insurance premiums rose by 5%, helped by pricing changes across both individual and group plans in several countries.
Net inflows into AXA’s Life & Health business reached €5.6 billion, a significant jump from €0.9 billion in the same period last year. Most of this came from Protection (€4.3 billion), Health (€2.1 billion), and Unit-Linked (€1.2 billion) products. However, traditional savings products saw outflows of €3.6 billion.
On the Property & Casualty side, revenues grew 5% to €46.2 billion. Commercial lines increased by 4%, supported by higher volumes and better pricing, particularly through AXA XL Insurance. Personal lines saw a 7% rise due to pricing and new contracts, mainly in France and wider Europe. Reinsurance through AXA XL also posted an 8% increase, backed by alternative capital sources.
AXA completed some big moves in 2025. It sold its Investment Managers arm to BNP Paribas in July. The company also redeemed €1.2 billion of older Tier 1 debt in October and issued new capital worth €750 million each in Restricted Tier 1 and Tier 2 debt, which counts toward regulatory capital.
Looking ahead, AXA aims to keep its momentum going and expects its underlying earnings per share to grow between 6% and 8% annually through 2026.
The insurer’s steady premium growth and positive net inflows, especially in its Life & Health segment, suggest it will continue driving company revenues next year. With solid capital levels and ongoing efforts to balance its business portfolio, AXA appears well placed for further progress.