AXA grew its property and casualty (P&C) premiums by 3% in the first nine months of 2026, as strong growth in personal lines offset a deliberate pullback at AXA XL in softening commercial and reinsurance markets.
P&C gross written premiums and other revenues rose to €48.1 billion on a comparable basis, according to AXA’s nine-month activity indicators, published on 29 October. Group-wide premiums and other revenues rose 5% to €93 billion, with life and health up 7% to €44.8 billion.
Personal lines drove the growth, with premiums up 7% to €17.2 billion. AXA said its retail P&C and commercial business outside AXA XL grew 6% in aggregate, with a balanced contribution from pricing and volumes.
AXA XL told a different story. Its insurance business shrank 1%, with prices down 1%, higher volumes in property and lower volumes in casualty, which AXA described as disciplined cycle management in a softening market. AXA XL Reinsurance fell further, with premiums down 9% to €2.2 billion, which AXA attributed to discipline in softening market conditions.
AXA said natural catastrophe losses in the nine months were above its prorated annual budget of 4.5 points of combined ratio. It blamed elevated secondary peril activity, mainly in France, Switzerland and Italy.
That matches this summer’s run of severe convective storms in the region. Catastrophe data provider PERILS put insured losses from the late-August Raphaela hailstorms across France, Germany, Switzerland and Italy at €3.3 billion, following €2.2 billion from storms in the same countries in July.
AXA’s Solvency II ratio fell to 213% at the end of September, from 218% at the end of June. AXA said a strong operating return was more than offset by dividend accruals, share buybacks and unfavourable financial market movements, including higher interest rate volatility and higher inflation expectations in the eurozone.
Despite above-budget catastrophe losses, AXA expects full-year underlying earnings of around €8.6 billion. It said underlying earnings per share growth would be at the top end of its 6% to 8% target, and underlying return on equity at the top end of its 14% to 16% range.
For brokers, AXA’s results reflect a market moving in two directions. Personal lines remain firm enough to deliver growth through both price and volume, but large commercial and specialty business is softening. AXA XL is choosing to give up volume rather than cut prices further, especially in casualty.
Brokers placing large commercial and specialty risks with AXA XL should expect underwriting discipline to continue, particularly in casualty, even as competitors cut prices. In reinsurance, AXA XL Re’s 9% contraction suggests it will remain selective at the 1 January renewals.
The secondary peril losses are also a signal for European property clients. With convective storms now producing multi-billion-euro losses, insurers are likely to scrutinise hail exposures and deductibles more closely at renewal.
