AXA vs BYD: Revenue, Profit and Business Model
AXA reported ~$131.1B of revenue in FY2025 and ~$11.1B of net income. BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income.
Latest financial snapshot
Financial summary
AXA
AXA's results combine large, slow-moving premium income with investment income on the reserves it holds. In 2025 gross written premiums and other revenues rose 6% to ~$131 billion (EUR 116 billion), underlying earnings rose 6% to ~$9.49 billion (EUR 8.4 billion), underlying earnings per share rose 8% to EUR 3.86 and net income rose to ~$11.1 billion (EUR 9.80 billion), helped by the gain on the sale of AXA Investment Managers. The property and casualty combined ratio improved 0.3 points to 90.6%, so underwriting itself was profitable before investment income. The Solvency II ratio ended 2025 at 224%, and 215% on January 1, 2026 once capital instruments under Solvency II transitional measures stopped qualifying. AXA proposed a dividend of EUR 2.32 per share for 2025, up 8%, alongside an annual buyback of up to $1.41 billion (EUR 1.25 billion).
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Revenue and profit by year
AXA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$131.1B | ~$11.1B | 8.4% | +5.2% | Source |
| FY2024 | ~$124.6B | ~$8.9B | 7.2% | +7.4% | Source |
| FY2023 | ~$116.1B | ~$8.1B | 7.0% | +0.7% | Source |
| FY2022 | ~$115.3B | — | 0.0% | +2.1% | Source |
| FY2021 | ~$112.9B | ~$8.2B | 7.3% | +3.0% | Source |
| FY2020 | ~$109.6B | — | 0.0% | -6.3% | Source |
| FY2019 | ~$117B | — | 0.0% | +0.6% | Source |
| FY2018 | ~$116.3B | — | 0.0% | — | Source |
| FY2016 | ~$113B | — | 0.0% | — | Source |
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Where the revenue comes from
AXA
- Property & Casualty Insurance~50%
Gross written premiums and revenues of ~$65.5 billion (EUR 58 billion) in 2025, up 5%, including personal lines of ~$22.3 billion (EUR 19.7 billion) and AXA XL Reinsurance of ~$2.94 billion (EUR 2.6 billion). The 90.6% combined ratio means the book was profitable before investment income.
- Life & Savings Insurance~32%
~$42.4 billion (EUR 37.5 billion) of 2025 premiums and revenues, up 9%, with unit-linked business up 13%. Capital-light savings and protection contracts have replaced much of the traditional guaranteed savings book.
- Health Insurance~16%
~$21.5 billion (EUR 19 billion) of 2025 premiums and revenues, up 5% on pricing, spanning individual cover, group schemes and employee benefits. Health earnings grew 17% in 2025.
- Asset Management (divested July 2025)~1%
AXA Investment Managers contributed revenues only until July 1, 2025, when it was sold to BNP Paribas Cardif for ~$5.76 billion (EUR 5.1 billion) in cash out of a ~$6.1 billion (EUR 5.4 billion) total transaction value.
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Business model and strategy
AXA
How it makes money
AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits).
Growth strategy
AXA grows mostly organically in insurance lines it can price, supplemented by bolt-on deals: Laya Healthcare in Ireland and GACM España in 2023, and a 51% stake in the Italian direct insurer Prima announced in 2025 for ~$565 million (EUR 500 million). The bigger strategic move has been simplification.
Competitive advantage
AXA's main advantage is a diversified risk pool. Writing motor, home, commercial property, liability, health and life cover in 52 countries lets one bad year in a single market or line be absorbed elsewhere: in 2025 growth in health and European commercial lines offset pressure in other portfolios. Its balance sheet supports that spread, with a Solvency II ratio of 224% at the end of 2025.
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Questions about AXA vs BYD
Which company has higher revenue — AXA SA or BYD Company Ltd?
AXA SA reported ~$131.1B (FY2025), while BYD Company Ltd reported ~$111.8B (FY2025). By last reported revenue, AXA SA is the larger business, with BYD Company Ltd reporting a smaller revenue base.
What is the market cap of AXA SA vs BYD Company Ltd?
AXA SA's market capitalisation stands at $90.3B, while BYD Company Ltd's is $113.4B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AXA SA.
Which is more financially efficient — AXA SA or BYD Company Ltd?
AXA SA generates $840k / employee in revenue per employee, while BYD Company Ltd generates $123k / employee. AXA SA shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do AXA SA and BYD Company Ltd make money?
AXA SA and BYD Company Ltd generate revenue in fundamentally different ways. AXA SA: AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits). BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems.
Which company is valued higher relative to revenue — AXA SA or BYD Company Ltd?
On a price-to-sales (P/S) basis, AXA SA trades at 0.7x P/S and BYD Company Ltd at 1.0x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AXA SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AXA SA bigger than BYD Company Ltd?
By last reported revenue, AXA SA (~$131.1B (FY2025)) is the larger company compared to BYD Company Ltd (~$111.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AXA vs BYD overview