AXA reported higher premiums across its main insurance lines in the first quarter of 2026, supported by rate increases and volume growth in retail and commercial business, while maintaining a strong solvency position despite market volatility.

The group’s gross written premiums and other revenues rose 6% on a comparable basis to €38 billion, from €37 billion a year earlier. Property and casualty (P&C) business grew 4% to €21.5 billion, while life and health revenues increased 8% to €16.5 billion.

Chief financial officer Alban de Mailly Nesle said the performance was “fully aligned with our organic growth strategy,” pointing to balanced growth between pricing and volumes in P&C and continued momentum in life and health.

P&C growth led by retail and SME

In P&C, personal lines premiums climbed 7% to €7 billion, driven by both higher volumes and rate increases. Europe delivered 7% growth, with price rises across most markets except the UK and Ireland, while France reported an 8% increase on the back of growth from direct and agent channels and further rate action.

Asia, Africa and EME‑LATAM also posted 7% growth, largely reflecting higher average premiums in Türkiye and additional volume in Mexico.

Commercial lines rose 3% to €13.2 billion. AXA XL Insurance grew 2%, with expansion in property and specialty classes where margins remain attractive, partly offset by lower volumes in casualty. The French commercial portfolio expanded 6%, supported by both rate and volume, while Asia, Africa and EME‑LATAM were up 10%, again helped by pricing in Türkiye.

AXA XL Reinsurance shrank 7% to €1.2 billion as the group pulled back in a softening market. AXA said the decline reflected lower volumes consistent with its focus on maintaining profitability, with reinsurance pricing down 4% on renewals.

Group natural catastrophe experience in the quarter was slightly below the pro‑rated annual budget. AXA kept its full‑year natural catastrophe load unchanged at about 4.5 points of the combined ratio.

Life and health sustain strong volumes

Life and health premiums reached €16.5 billion, up 8% year on year. Life business accounted for €10.5 billion, also up 8%, with unit‑linked products recording 16% growth and general account savings up 9%. The group cited successful campaigns in Spain, strong single‑premium sales in Japan, capital‑light general account products in Italy and momentum in individual savings in Switzerland.

Protection premiums increased 4%, supported by protection‑with‑savings solutions in Hong Kong and Japan, and individual protection with savings in Switzerland. Health premiums rose 8% to €5.9 billion, reflecting favorable pricing across all geographies.

Capital position and earnings guidance

AXA’s Solvency II ratio stood at 211% at March 31, 2026, compared with 215% at January 1, 2026, and 224% at the end of 2025. 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.

The group reiterated that it is on track to deliver underlying earnings per share growth for 2026 at the upper end of its 6–8% target range, assuming no significant deterioration in operating, pricing or market conditions. AXA plans to present a new strategic plan for 2027–2029 on Sept. 15, 2026.

Broadly in line with trends

Set against other large European composite insurers, AXA’s first‑quarter performance is broadly in line with trends reported in recent periods by Allianz, Zurich and Generali.

Those peers have also been posting mid‑single‑digit growth in P&C and life premiums, supported by rate increases in commercial and retail lines and continued demand for protection and health products, while maintaining Solvency II ratios generally around or above the 200% mark.

AXA’s 6% top‑line growth and 211% solvency ratio place it comfortably within that peer group, with its tilt toward capital‑light life products and selective pullback in reinsurance consistent with moves seen across the sector to protect margins and optimize capital.

Signs of softening becoming more visible

P&C rate momentum remains broadly intact in retail and small and mid‑sized commercial business, even as large‑risk and reinsurance pricing shows signs of softening. AXA’s 3% growth in commercial lines, with price still contributing around half of the increase, suggests major composites are maintaining underwriting discipline rather than trading rate for volume.

The contraction at AXA XL Reinsurance points to greater selectivity after several years of strong price gains. By cutting back where terms are easing, AXA is signaling a willingness to sacrifice top‑line growth to protect margins, a stance that will be watched by brokers and cedants heading into key renewal periods.

In life and savings, the tilt toward unit‑linked and capital‑light general account products supports a lighter capital footprint under Solvency II and reduces interest‑rate risk, which is relevant for investors assessing dividend capacity and for peers considering similar product shifts.

With a 211% solvency ratio, AXA remains well capitalized relative to regulatory requirements, giving it room to continue returning capital to shareholders while backing growth in areas such as SME, health and protection.

For the wider market, the figures reinforce the view that large European composite groups are entering the next phase of the cycle from a position of capital strength, with scope to be selective on risk rather than chasing volume.