AXA Life & Health (AXA L&H) has recorded a 7% revenue increase for the first nine months of 2025, with premiums rising 9% to €42.3 billion, driven by double-digit growth in Protection and Unit-Linked products across Asia and Europe. The Paris-based group, which operates subsidiaries in the UK, reported total revenue of €89.4 billion, while its Solvency II ratio increased to 222%, up two points from the end of June.
Life insurance premiums rose 11%, supported by higher sales of Protection and Unit-Linked products, particularly in Hong Kong, Switzerland, and Japan. Capital-light general account Savings products also contributed to growth, mainly in France and Italy, although this was partially offset by lower sales of traditional guaranteed products in Hong Kong. Health premiums increased by 5%, driven by pricing adjustments across individual and group segments in multiple regions.
Net inflows for AXA L&H reached €5.6 billion, compared with €0.9 billion in the same period of 2024, supported by higher premiums and fewer surrenders. Positive inflows came primarily from Protection (€4.3 billion), Health (€2.1 billion), and Unit-Linked (€1.2 billion) products, while traditional general account savings experienced outflows of €3.6 billion.
Property & Casualty Performance
In the Property & Casualty segment, revenues rose 5% to €46.2 billion. Commercial lines grew 4%, supported by higher volumes and favourable pricing in areas such as Property and Casualty, particularly through AXA XL Insurance. Personal lines increased 7%, driven by pricing effects and new contracts, especially in France and across Europe. AXA XL Reinsurance premiums were up 8%, bolstered by alternative capital.
Chief Financial Officer Alban de Mailly Nesle said the group maintained consistent execution of its organic growth strategy across business lines and regions. He noted that the balanced structure of the P&C portfolio continued to support both topline growth and earnings performance.
Strategic Transactions and Outlook
In 2025, AXA completed several strategic transactions, including the sale of AXA Investment Managers to BNP Paribas in July. The group redeemed €1.2 billion of grandfathered Tier 1 debt in October and issued €750 million each in Restricted Tier 1 and Tier 2 debt, both qualifying as capital under Solvency II rules.
The company expects to maintain operating performance and achieve underlying earnings per share growth aligned with its 6%–8% compound annual growth rate target for 2023–2026.
AXA L&H’s results reflect strong premium growth across key markets, a solid capital position, and continued execution of its long-term growth strategy across insurance and investment lines.