Axa’s life and health protection businesses delivered an 8% increase in gross written premiums (GWP) and other revenues in the first six months of 2025 the global insurer revealed.
The insurer said claims management and improving patient outcomes through care pathways had increased its health insurance margins.
The group’s half year results revealed life and health gross written premiums and other revenues hit €29.2bn over the period.
Overall gross written premiums and other revenues across the group reached €64.3bn, which was up 7% on the first half of 2024.
Health premiums rose by 6% to hit €10.1bn, which the group attributed to favourable price effects both in group and individual businesses, across most geographies.
However it noted this was partly offset by lower volumes.
Life premiums rose by 9% to €19.1bn, which the group said was driven by protection sales increasing 9%.
Overall, present value of expected premiums (PVEP) rose 1% to €25.9bn, in life (up 6%) driven by higher volumes in savings and protection, but partly offset by health (down 13%), mainly from France reflecting lower new business volumes in domestic business.
Net flows were €3.6bn compared to €0.0bn in the same period last year due to the 8% increase in premiums with protection contributing (€3bn) mainly in Hong Kong, Japan, and France, and health contributing €1.5bn, mainly in Germany, Japan and France.
Life and health underlying earnings rose by 5% to €1.8bn, mainly reflecting higher technical profitability in short-term health, from pricing, underwriting and claims management, the insurer added.
Claims management increasing health margins
Thomas Buberl, chief executive officer of Axa, said: “We continued to sustain strong growth momentum, with revenues up 7% and underlying earnings per share up 8%, while maintaining a robust capital position with a Solvency II ratio at 220%.
“P&C premiums were up 6% with growth across both commercial and personal lines. Life and health premiums rose 8%, supported by good commercial momentum across our businesses. Net flows in life and savings continued to accelerate, from both higher sales and better persistency.
“Group underlying earnings increased 6%, driven by high top-line growth and excellent operational performance across our businesses.
“We further expanded our margins in P&C retail while margins in P&C commercial remained stable at attractive levels.
“In health, margins continued to increase, reflecting investments made to manage claims while improving patient outcomes through care pathways and optimised care delivery.
“Our life and savings business delivered steady earnings growth, underpinned by an attractive in-force portfolio. In line with our strategy, we continue to invest in technology and distribution capabilities to further strengthen our core businesses.“
Buberl added that with the acquisition of Prima, it expected to further grow its business in Italy, while including through direct distribution to complement its traditional distribution channels.
