Axa’s life and health businesses posted an 8% increase in gross written premiums (GWP) and other revenues in the first six months of 2026, the global insurer revealed.
The insurer said favourable price effects in both group and individual businesses had proved the primary driver of growth in its health insurance margins across all geographies.
The group’s half year results revealed life and health gross written premiums and other revenues hit €31.2bn over the period.
Overall gross written premiums and other revenues across the group climbed to €66.3bn, up 5% on H1 2025.
Favourable price effects and continued protection success
Health premiums hit €10.8bn, up 6% mainly driven by favourable price effects in both group and individual businesses across all geographies, the insurer said.
Meanwhile, life premiums rose by 9% to €20.4bn amid notable continued success of protection with G/A savings in Hong Kong and protection with unit-linked policies in Japan, as well as from pure protection in France.
Overall, present value of expected premiums (PVEP) increased 6% to €26.9bn.
In life this was up 3% driven by higher volumes in savings and protection, with health up 15% from higher new business volumes in short-term business in France, although this was partly offset by lower new business volumes in long-term business in Japan.
Net flows were €4.7bn compared to €3.6bn in the same period last year due to the increase in premiums with protection contributing (€3.4bn) mainly in Hong Kong, Japan, and France, and health contributing €1.7bn, mainly in Germany, Japan and France.
All-weather company
Thomas Buberl, chief executive officer of Axa, said the insurer was confident in delivering underlying earnings per share growth in 2026 at the upper end of its target range, and to sustain organic growth with strong profitability beyond the current plan.
“Life and health earnings rose by 11%, reflecting the impact of management actions across the health and protection businesses and solid growth in earnings in our long-term savings business,“ he said.
“This excellent performance shows the strength of our multi-line, globally diversified model, with growth in life increasingly balancing the growth in P&C.
“We recorded sustained positive net flows in life and savings, which will support higher earnings generation over time. This performance was further amplified by continued progress on efficiency gains, notably from our technology and AI initiatives.”
