AXA Q1 2026: Gross Written Premiums Rise 6% to €38 Billion Despite Volatile Global Environment

AXA, France's largest insurer and one of the world's largest financial services groups, reported first-quarter 2026 revenues that validated its organic growth strategy despite a turbulent macro environment shaped by the Iran war, elevated energy prices, and financial market volatility. Gross written premiums and other revenues rose 6% on a comparable basis to approximately €38 billion (€37.95 billion) for the three months ended March 31, 2026.

The Property and Casualty segment — AXA's largest by revenues — grew 4% to €21.5 billion. Retail P&C premiums increased 7%, driven by a 4% pricing effect and a 3% rise in volumes, reflecting AXA's strategy of maintaining pricing discipline while growing its retail book in select markets. Commercial P&C premiums grew 3%, with pricing and volume contributing roughly equally. Chief Financial Officer Alban de Mailly Nesle described the performance as 'fully aligned with our organic growth strategy.'

Life and health revenues increased 8% to €16.5 billion, continuing the structural trend toward health and protection products that has characterised European life insurance in recent years. The health segment in particular benefited from rising demand across AXA's domestic French market and expanding international operations.

A notable strategic development in Q1 2026 was AXA's decision to selectively pull back from reinsurance as margins came under pressure from softening global reinsurance pricing. AXA's set against peers Allianz, Zurich, and Generali — which have also been posting mid-single-digit P&C and life premium growth — shows broadly consistent sector dynamics. Most major European composite insurers are maintaining Solvency II ratios generally at or above the 200% mark. AXA's 211% Solvency II ratio, while 4 points lower than January 2026 due to financial market volatility including higher inflation expectations and equity/interest rate swings, represents a strong capital position.

Looking ahead, AXA confirmed it remains on track to deliver underlying EPS growth at the upper end of its 6–8% target range for 2026, assuming no significant deterioration in operating, pricing, or market conditions. The company also plans to present its 2027–2029 strategic plan at a Capital Markets Day on September 15, 2026.