Axa has reported total group revenues of approximately £102bn for 2025, an increase of 6% on the previous year. It announced underlying earnings of £7.4bn, also up by 6% on 2024. Axa said its P&C business delivered gross written premiums and other revenues of £51bn, up by 5% on last year. It achieved underlying revenues of £5.2bn, which were up by 9% and saw its combined operating ratio improve by 0.4 percentage points to 90.6%.

Thomas Buberl, chief executive officer of Axa, said: “Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best in class margins, a lower expense ratio and higher investment income. Axa XL Insurance increased earnings with stable underlying margins.

He added: “Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level. These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in Axa’s ability to generate sustainable, long term value.”