Axa reports European growth in first half of 2026

Axa reported growth across its European operations during the first half of 2026 as group underlying earnings increased to over €4bn.

In a trading update published today (31 July 2026), the insurer said it secured €1.99bn (£1.7bn) across Europe in the six months to 30 June 2026, up 12% from last year.

Figures show the property and casualty (P&C) business in Europe had a big contribution to this, securing an underlying earning of €1.27bn (£1.1bn) in the last six months.

Meanwhile, group underlying earnings increased by 4% year-on-year to €4.5bn (£3.9bn), while underlying earnings per share rose 8% to €2.19 (£1.88).

Excellent momentum

Thomas Buberl, chief executive at Axa, said the results demonstrated the strength of the insurer’s diversified business model.

He said: “In P&C, our retail and commercial lines ex-XL businesses continued to expand their customer base while further improving their best-in-class margins.

“At Axa XL, earnings grew by 4%, demonstrating disciplined cycle management through agile redeployment towards the most profitable business lines.”

Looking ahead, Axa said it expects underlying earnings per share growth for 2026 to be at the upper end of its 6% to 8% target range.

Buberl added that continued profitability, prudent reserving and a diversified business model had positioned the group to maintain organic growth despite changing market conditions.

He added: “Building on this excellent momentum and the resilience of our diversified business, underpinned by prudent reserving and a high quality investment portfolio, we are confident in our ability to deliver underlying earnings per share growth in 2026 at the upper end of our target range and to sustain organic growth with strong profitability beyond the current plan.”