AXA's First Quarter 2026: Revenues Up 6% to €38 Billion, Reinsurance Pulled Back 7% and Solvency II at 211%

AXA, the French insurance group, reported a steady first quarter of 2026 in which its core insurance lines grew while it deliberately held back in reinsurance. The figures, published in early May and reported by Insurance Business UK on May 6, show a group aligned, in the words of its chief financial officer Alban de Mailly Nesle, with its organic growth strategy. This article summarises that report. An earlier version of this article referred to a Capital Markets Day and gave asset management figures that are not in the report, so those have been removed. The only related event mentioned is the presentation of a new strategic plan on September 15, 2026.

At group level, gross written premiums and other revenues rose 6% on a comparable basis to about €38 billion, from €37 billion in the first quarter of 2025. Comparable basis means the figures are adjusted for acquisitions, disposals and exchange rate movements, so the growth reflects the underlying business.

Property and casualty insurance, the largest part of the group, grew 4% to €21.5 billion. Within it, personal lines rose 7% to €7 billion, driven by both volume and rate increases. In Europe, personal lines grew 7%, with price rises in most markets except the United Kingdom and Ireland, where competition is stronger. France rose 8%, helped by direct and agent channels and further rate action. In Asia, Africa and the region AXA calls EME-LATAM, personal lines rose 7%, mainly because of higher average premiums in Türkiye and more volume in Mexico. Commercial lines grew 3% to €13.2 billion. AXA XL Insurance, the group's large commercial and specialty arm, grew 2%, with growth in property and specialty and lower casualty volumes. The French commercial portfolio grew 6%, and Asia, Africa and EME-LATAM grew 10%, helped by pricing in Türkiye.

The notable decline was in reinsurance. AXA XL Reinsurance fell 7% to €1.2 billion. Pricing on renewals was down 4%, and AXA said the fall in business reflected a deliberate focus on profitability. In practice, when reinsurance prices drop after several years of increases, a company that is disciplined writes less business rather than accept prices it considers too low. That is consistent with other reports of softer catastrophe reinsurance pricing, such as the Florida renewals in June, in which risk-adjusted prices fell by roughly 15% to 20%. AXA also said natural catastrophe experience in the quarter was slightly below the pro-rated annual budget, and that its full-year catastrophe load remains about 4.5 points of the combined ratio.

Life and health insurance grew faster than property and casualty. Revenues were up 8% to €16.5 billion. Life premiums rose 8% to €10.5 billion, with unit-linked products, in which the customer bears the investment risk, growing 16%, and general account savings, in which the insurer guarantees returns, growing 9%. The company points to campaigns in Spain, single-premium sales in Japan, capital-light general account products in Italy and individual savings in Switzerland. Protection premiums, which pay out on death or illness, rose 4%. Health premiums rose 8% to €5.9 billion, reflecting favourable pricing in all geographies.

Capital is the other half of the picture. AXA's Solvency II ratio, the European measure of an insurer's capital strength, was 211% at March 31, 2026. That compares with 215% on January 1, 2026 and 224% at the end of 2025. The report says the drop at the start of the year reflected the end of Solvency II grandfathering for certain capital instruments, which reduced the ratio by 10 points. Grandfathering allows older instruments to count towards capital for a limited time, and when it ends, they stop counting. The ratio remains well above the regulatory minimum of 100%, and the Insurance Business article notes that peers such as Allianz, Zurich and Generali have reported Solvency II ratios generally around or above 200%.

For guidance, AXA expects underlying earnings per share growth for 2026 at the upper end of its 6% to 8% target range, assuming no significant deterioration in operating, pricing or market conditions. It plans to present a new strategic plan covering 2027 to 2029 on September 15, 2026.

What does the quarter tell us? First, personal insurance pricing is still rising in many European markets, but not in the United Kingdom and Ireland, which matches Aviva's experience of intense competition in the UK. Second, commercial insurance is growing slowly, and the casualty line is being managed down at AXA XL, reflecting caution about liability claims. Third, savings and health are increasing faster than the property and casualty business, which suggests that the group is benefiting from structural demand for retirement saving and healthcare cover.

There are limits to a quarterly update. It reports revenues and not profit, and it does not give the combined ratio for the quarter, so readers cannot judge underwriting profitability from it. Investors typically wait for half-year results for earnings figures. This summary reports published figures and is not investment advice.