AXA SA Revenue & Financials

AXA's financial performance in 2024 demonstrated the resilience of its diversified business model. Gross written premiums and other revenues reached €110.3 billion, up 7% on a reported basis and 8% on a comparable basis (constant forex and scope). This growth was broad-based: P&C premiums rose 7% to €56.5 billion, life & health increased 8% to €52.0 billion, and asset management revenues grew 9% to €1.7 billion. On a constant exchange rate basis, underlying earnings grew 7% to €8.1 billion, while net income increased 11% to €7.9 billion. The P&C segment was the standout performer. Underlying earnings reached €5.5 billion, up 10%, driven by a 2.1 percentage point improvement in the combined ratio to 91.0%. The current year loss ratio excluding natural catastrophes improved by 1.0 percentage point, reflecting underwriting actions in response to 2023's elevated motor claims frequency in the UK and Germany. Prior-year reserve development was favorable at 1.6%, contributing €0.9 billion to earnings. The natural catastrophe load was 3.8% of earned premiums, below the 4.5% budget, demonstrating the impact of portfolio re-underwriting discipline. AXA XL's underlying earnings grew 29% to €2.0 billion, with a combined ratio of 91.7%. Life & health underlying earnings were €3.3 billion, up 4% on a constant exchange rate basis. The health business was particularly strong, with underlying earnings up 24% to €687 million, driven by favorable pricing and claims management. Life earnings were flat at €2.6 billion, reflecting the impact of in-force transactions and market conditions. The new business value (NBV) for life and health was €2.3 billion, with a margin of 4.4%. Net flows in life & health turned positive at €1.5 billion in 2024, a significant improvement from the €4.1 billion outflow in 2023, driven by strong health and protection inflows. The balance sheet remains robust. Shareholders' equity was €49.9 billion at year-end 2024, and the Solvency II ratio stood at 216%, providing a substantial capital cushion. The debt gearing ratio was 20.6%, within the company's target range. Cash at the holding company was €4.0 billion, supported by €7.1 billion in organic cash remittance from subsidiaries. The Contractual Service Margin (CSM) stock of €33.9 billion provides visibility into future earnings release, with normalized CSM growth of 2% in 2024. In US Dollar terms, AXA's 2024 revenue of €110.3 billion converts to approximately $119.5 billion at average 2024 exchange rates (€1 = $1.083). The company's market capitalization fluctuates with the Euro/Dollar exchange rate and equity market conditions, but was approximately $80 billion as of mid-2025 based on Euronext Paris trading. The underlying return on equity was 15.2% in 2024, up 0.3 percentage points from 2023 and above the strategic plan target range of 14-16%.