P&C Revenue and Personal Lines Growth
AXA's property and casualty gross written premiums and other revenues reached €48.1 billion on a comparable basis during the first nine months of 2026, marking a 3% increase. Group-wide revenues rose 5% to €93 billion, supported by a 7% increase in life and health premiums to €44.8 billion. Personal lines drove P&C expansion with a 7% increase to €17.2 billion, while retail P&C and commercial business outside AXA XL grew by 6% in aggregate through a balanced combination of pricing and volume adjustments.
AXA XL Performance and Catastrophe Losses
In contrast to retail lines, AXA XL insurance revenue contracted by 1% amid a softening market, reflecting lower casualty volumes and a 1% drop in prices. AXA XL Reinsurance fell 9% to €2.2 billion due to disciplined cycle management. Natural catastrophe losses for the nine-month period exceeded AXA's prorated annual budget of 4.5 combined ratio points, driven by elevated secondary peril activity including the late-August Raphaela hailstorms across France, Germany, Switzerland, and Italy. AXA's Solvency II ratio declined to 213% at the end of September from 218% in June, weighed down by dividend accruals, share buybacks, and financial market movements. Despite above-budget catastrophe losses, the group expects full-year underlying earnings of approximately €8.6 billion.