XL Group
2018
$15.3B
Why
AXA acquired XL Group, a leading global P&C commercial lines insurer and reinsurer, to shift its business profile from predominantly life & savings to predominantly P&C and become the #1 global P&C commercial lines insurer by gross written premiums.
Impact
The $15.3 billion all-cash acquisition transformed AXA's business mix and created the AXA XL platform. It brought expertise in specialty insurance, Lloyd's market access, and a strong North American commercial lines presence. The combined ratio improved to 91.7% by 2024.
Outcome
The acquisition was accretive to earnings and integrated. AXA XL's underlying earnings grew 29% in 2024, validating the strategic rationale. The deal is considered one of the most successful large insurance acquisitions of the past decade.