AXA S.A.
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About the company
AXA SA is a global financial services group, operating through its subsidiaries to deliver insurance, asset management, and banking solutions worldwide. Its operations are segmented across regions like France, Europe, and Asia, alongside specialized units such as AXA XL, International, and Transversal & Central Holdings. AXA's offerings include a broad spectrum of life and savings insurance, encompassing plans for retirement, wealth accumulation, diverse health coverage, and personal safeguards.
- CEO
- Thomas Buberl
- IPO
- 1996
- Employees
- 103,423
- HQ
- Paris, IF, FR
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $104.88B
- P/E
- 8.89
- Fwd P/E
- 10.69
- PEG
- 0.10
- P/S
- 0.77
- P/B
- 2.17
- EV/EBITDA
- 13.07
- Div Yield
- 5.31%
- Gross Margin
- 90.74%
- Op Margin
- -6.91%
- Net Margin
- 10.28%
- ROE
- 28.77%
- ROIC
- -0.95%
Latest fiscal year · YoY change
- Revenue
- $105.92B+17.9%
- Gross Profit
- $105.92B+17.9%
- Op Income
- $9.64B
- Net Income
- $9.41B+19.3%
- EPS
- $4.37+25.9%
- OCF Growth
- +65.5%
- FCF Growth
- +68.7%
- 52W High
- $52.56
- 52W Low
- $43.04
- 50D MA
- $50.48
- 200D MA
- $47.25
- Beta
- 0.59
- RSI (14)
- 47
- Avg Volume
- 121.79K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
AXA delivered broad-based first-half 2026 growth, with EPS at the top end of target and a very strong solvency position, while management reiterated confidence in full-year delivery.· July 31, 2026
- Organic top-line growth was 5%, underlying EPS rose 8%, and return on equity reached 18%.
- Solvency II ratio stood at 218%, with management emphasizing capital strength and no formal solvency target.
- P&C earnings rose 6% and the combined ratio was 90.1%, despite EUR 0.1 billion of Middle East losses and higher commissions from mix.
- Life & Health premium growth was 8% and earnings grew 11%, with strong short-term margins and improving long-term savings net flows.
- Management said full-year 2026 underlying EPS growth should land at the upper end of the 6% to 8% target range.
AXA reported first-half 2026 organic top-line growth of 5%, underlying earnings per share growth of 8%, and return on equity of 18%. Underlying earnings were up 4%, or 9% excluding AXA IM; net income rose 9%; and the Solvency II ratio was 218%. In P&C, earnings increased 6% and the combined ratio was 90.1%, up 10 bps year over year, or 30 bps excluding Prima. Nat Cat was 3.5% versus a 4.5% normalized load, non-commission expenses improved 40 bps, and AXA XL had EUR 0.1 billion of Middle East losses. In Life & Health, premiums rose 8%, earnings rose 11%, short-term insurance revenue rose 5%, the combined ratio improved 130 bps to 96%, and long-term net flows improved from EUR 2.2 billion to EUR 3 billion. Management reiterated that full-year 2026 underlying EPS growth should be at the upper end of the 6% to 8% range, and said the cash remittance target of above EUR 21 billion remains on track.
Thomas Buberl framed the quarter as another period of strong, broad-based execution, repeatedly stressing the quality and resilience of the franchise. He highlighted profitable growth across geographies, best-in-class margins in P&C, strong reserving discipline, and a very strong balance sheet, calling AXA an “all-weather company.” On strategy, he said the group is entering the next plan from a position of strength, with transformation initiatives largely completed or embedded.
Alban de Mailly Nesle gave the main financial readout: P&C earnings up 6%, combined ratio at 90.1%, Life & Health premiums up 8% and earnings up 11%, and underlying EPS up 8% despite a minus 3% foreign-exchange headwind. He said non-commission expenses were 9.7% versus 9.9% a year ago, and that the Solvency II ratio moved from 215% at January 1 to 218% at half year, helped by plus 17 points of normalized capital generation, partly offset by minus 12 points from dividends and buybacks. He also noted investment income should remain a tailwind, with P&C reinvestment at 4.6% in the half.
Analysts focused on AXA XL pricing, reinsurance benefit, Prima modeling, reserve prudence, retail pricing, mid-market lending, cash remittance, and the Middle East losses. Management said AXA XL pricing was still only slightly negative overall, with different trends by line, and that lower reinsurance costs contributed about 30 bps in the half. On Prima, Alban said a stabilized 2027 run-rate would involve recapturing about 90% of premiums, with EUR 900 million likely recaptured by year-end 2026; on cash, he said AXA will be above its EUR 21 billion remittance target. For the Middle East, he said the EUR 0.1 billion impact was as of June 30 and was roughly one-third case reserve and two-thirds IBNR, with no projection of further losses.
The call’s bull case is that AXA is still growing while preserving strong profitability and capital strength. Management pointed to improving earnings across P&C and Life & Health, with pricing discipline, rising contract volumes, and investment income helping offset softer market conditions in some areas. The 218% solvency ratio and reaffirmed confidence in full-year EPS growth at the upper end of target reinforce the view that the business is generating capital efficiently.
The main risks discussed were softer pricing in parts of AXA XL and some markets, the Middle East loss exposure, and higher Nat Cat levels in France and Southern Europe. Management also said the second-quarter change in AXA XL pricing reflected mix and that the market is softening in some places, while future Middle East losses could not be ruled out beyond June 30. In addition, AXA noted that first-half real estate gains were absent and that realized gains are seasonally lumpy, which can make near-term net income uneven.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 100.0%
- Shares Outstanding
- 2.06B
- Float Shares
- 2.06B
of shares held by institutions
24 13F filers
Congressional trading
Senate and House stock disclosures for AXAHY, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| First Horizon Advisors, Inc. | 201 | ▲ 149 |
Held by 5 ETFs
Biggest fund positions in AXAHY by dollar value.
Our AXAHY coverage
Recent articles, reports, and earnings notes.
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