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AXA reports €4.5 billion earnings as AXA XL reinsurance pulls back
AXA said its combined ratio held at 90.1% in the first half of 2026, while gross written premiums rose to €66.3 billion as reinsurance pricing softened.
AXA posted underlying earnings of €4.5 billion and a combined ratio of 90.1% for the first half of 2026, with property and casualty margins held steady and life and health delivering double digit earnings growth, according to Insurance Business. Gross written premiums and other revenues totaled €66.3 billion for the six months ended June 30, up 5% on a comparable basis from the prior year period. Property and casualty gross written premiums rose 3% to €35.1 billion, while life and health premiums increased 8% to €31.2 billion. AXA said underlying earnings increased 4% at constant foreign exchange rates to €4.54 billion, or 9% excluding AXA Investment Managers after its disposal to BNP Paribas was completed on July 1, 2025. Within that, property and casualty underlying earnings rose 6% to €3.2 billion on a stronger technical result and higher financial income, while life and health underlying earnings advanced 11% to €2.0 billion, including health up 34% to €489 million. AXA XL reinsurance gross written premiums fell 9% to €1.8 billion as the group pulled back volume in a softer market, with pricing down 5%. Insurance Business also cited Guy Carpenter data showing the global property catastrophe rate-on-line index fell 16% by midyear 2026, with record capital of around $785 billion driving more competitive renewal conditions.