AXA Group full year 2025 earnings press release/Property and casualty
Gross written premiums and other revenues were up 5% to Euro 58.0 billion.
Commercial lines grew by 4% to Euro 35.8 billion, driven by:
- AXA XL Insurance (+3%) from growth in lines with attractive margins, including in Property, and in Casualty from both favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines.
- Asia, Africa & EME-LATAM (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico.
- France (+6%) from favorable price effects in all lines of business and higher volumes.
Personal lines grew by 7% to Euro 19.7 billion, driven by:
- Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024.
- Asia, Africa & EME-LATAM (+14%) driven by Türkiye from higher average premiums and volumes.
- France (+9%) with strong volume growth in all lines of business, both from direct business and proprietary agent networks, combined with favorable price effects in Motor.
AXA XL Reinsurance grew by 8% to Euro 2.6 billion, driven by growth supported by alternative capital and favorable price effects in Casualty partly offset by a softening in other lines.
| Segment | FY24 | FY25 | Chg (comp.) | FY25 Price effect |
|---|---|---|---|---|
| Total P&C | 56.5 | 58.0 | +5% | +2.9% |
| — Commercial lines | 34.9 | 35.8 | +4% | +1.9% |
| — Personal lines | 19.1 | 19.7 | +7% | +5.2% |
| — AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |
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Section 2: P&C combined ratio
The all-year combined ratio improved by 0.3 point to 90.6%, mainly driven by:
- Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from further margin expansion in (i) Commercial lines (-0.5 point), driven by the SME & mid-market business (-0.9 point) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 point), as well as in (ii) Personal lines (-0.4 point) in a conducive pricing environment.
- Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains.
- Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%).
| Metric | FY24 | FY25 | Chg |
|---|---|---|---|
| All-year combined ratio | 91.0% | 90.6% | -0.3 pt |
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Section 3: P&C underlying earnings
P&C underlying earnings were up 9% to Euro 5.9 billion driven by:
- Increase in technical result (Euro +0.5 billion) reflecting strong growth in volumes, combined with an improvement in technical margin.
- Higher financial result (Euro +0.2 billion) thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.
- Partly offset by higher income taxes (Euro -0.2 billion) mainly due to higher pre-tax underlying earnings.
| Metric | FY24 | FY25 | Chg (CC) |
|---|---|---|---|
| P&C underlying earnings | 5,510 | 5,872 | +9% |
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Section 4: P&C GWP by geography and business line
| Geography | Commercial | Chg | Personal Motor | Chg | Personal Non-Motor | Chg | Reinsurance | Total FY25 |
|---|---|---|---|---|---|---|---|---|
| France | 5,077 | +6% | 2,693 | +9% | 1,877 | +10% | — | 9,648 |
| Europe | 9,179 | +1% | 7,434 | +6% | 4,644 | +5% | — | 21,257 |
| AXA XL | 16,604 | +3% | — | — | — | — | 2,555 | 19,159 |
| Asia, Africa & EME-LATAM | 3,193 | +13% | 2,315 | +14% | 749 | +12% | — | 6,257 |
| Transversal | 1,718 | -1% | — | — | — | — | — | 1,718 |
| Total | 35,771 | +4% | 12,443 | +8% | 7,269 | +7% | 2,555 | 58,038 |
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Section 5: P&C price effects and 2026 pricing trends
| Geography | Commercial | Personal | 2026 Market pricing trends |
|---|---|---|---|
| France | +4.0% | +3.3% | Moderation of price increase |
| Europe | +3.1% | +5.4% | (see sub-geographies below) |
| — Switzerland | +3.0% | +5.0% | Continued price increases both in Personal and Commercial lines |
| — Germany | +3.1% | +10.3% | Moderation of price increase, notably in Personal lines following two years of high increases to counter claims inflation |
| — Belgium & Luxembourg | +2.5% | +4.4% | Price increase broadly in line with 2025 |
| — UK & Ireland | +1.4% | -2.6% | In UK Personal lines, continuation of current trend; continued moderation in Commercial lines |
| — Spain | +8.8% | +8.6% | Moderation of price increase |
| — Italy | +5.2% | +5.3% | Moderation of price increase |
| AXA XL (Reinsurance) | — | — | Softening prices with conditions varying by lines (price increase on renewals +0.2% Insurance, +0.3% Reinsurance) |
| Asia, Africa & EME-LATAM | +3.8% | +7.1% | Moderation of price increase |
| Total | +1.9% | +5.2% |
Note: Price effects are calculated as a percentage of total gross written premiums of the prior year. AXA XL Reinsurance FY25 price effect was +0.3%. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums.
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Section 6: P&C discount rates
| Currency | FY24 | FY25 |
|---|---|---|
| EUR | 2.8% | 2.6% |
| USD | 4.4% | 4.2% |
| JPY | 0.4% | 1.0% |
| GBP | 4.3% | 4.3% |
| CHF | 0.8% | 0.2% |
| HKD | 3.7% | 3.2% |
Note: FY24 rates are calculated as monthly average from January 2024 to December 2024. FY25 rates are the average of monthly opening discount rates of 2025.