According to the report, growth of GWP and other revenues was driven by Property & Casualty, with growth in Commercial lines (+4%) from higher volumes, notably at AXA XL Insurance, as well as from favorable price effects across all geographies, in Personal lines (+7%), driven by favorable price effects and growth in net new contracts, notably in France and Europe, and at AXA XL Reinsurance (+8%), with growth supported by alternative capital, Life & Health, with Life premiums up 11%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland, and Japan, Unit-Linked (+17%) from higher volumes across all geographies, and G/A5 Savings (+6%) from continued momentum in Italy and France, and with Health premiums up 5%, with growth across all geographies, both in Individual and Group businesses.
Solvency II ratio was 222% as of September 30, 2025, up 2 points vs June 30, 2025, reflecting a strong operating return (+7 points), less accrued dividend and annual share buy-back for 3Q25 (-6 points), and the positive impact of the sale of AXA IM net of the full EUR 3.8 billion anti-dilutive share buy-back currently being executed6 (+2 points), partly offset by the negative impact of debt redemption in July 2025 (-1 point).
“AXA recorded solid performance in the first nine months of 2025, achieving 7% revenue growth and maintaining the momentum of the first half of the year”, commented Alban de Mailly Nesle, Chief Financial Officer of AXA. “This performance reflects consistent execution of our organic growth strategy across all business lines and geographies”, he added. “In the current volatile environment, AXA’s diversified business model and its solid balance sheet, with a Solvency II ratio of 222% and a prudent asset portfolio, are a source of strength. We remain confident in our strategy and are focused on the execution of our current plan”, the CFO of AXA emphasized.
The full 9M2025 report can be found here.
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