AXA Posts 4.5 Billion Euro First-Half Earnings as EPS Rises 8%

French insurer AXA reported a strong first half of 2026, with total premiums and other revenues rising 5% to 66.3 billion euros and underlying earnings of about 4.5 billion euros, up 9% excluding the impact of its former investment-management arm. Underlying earnings per share climbed 8% to the top end of the group's 6% to 8% target range, and its Solvency II ratio strengthened to a robust 218%, underscoring a healthy capital position. Growth was broad-based: property and casualty underlying earnings rose 6% with the combined ratio holding at a strong 90.1%, while life and health earnings surged 11%, helped by higher premiums and net inflows into long-term savings. AXA XL delivered around 1 billion euros of earnings despite a softer specialty pricing environment and a charge tied to Middle East claims, and the group deliberately pulled back its reinsurance volumes, cutting premiums about 9% rather than chase falling prices in a softening market. AXA added roughly 2 million net new personal-lines contracts in the half, surpassing its full-year 2025 total. Management reaffirmed confidence in hitting the upper end of its earnings target for the year and will unveil its next strategic plan in September.