Introduction
In an era marked by evolving risks, economic volatility, and accelerating technological innovation, AXA has remained a resilient force in the global financial services industry. With a rich history spanning decades and a presence in over 50 countries, AXA has cemented its role as a leading provider of insurance and asset management solutions. This post offers an in-depth look at AXA’s corporate structure, operations, financial performance, and global footprint based on its latest developments.
Company Profile
AXA is a globally recognized insurance and asset management group headquartered in France. Established through a merger of several French mutual insurance companies, AXA has grown into a multinational powerhouse, serving 95 million clients worldwide. The Group operates across five main geographical hubs: France, Europe, AXA XL (global commercial lines), Asia, Africa & EME-LATAM, and its asset management business, AXA IM.
As of December 31, 2024, AXA employed approximately 100,000 people across its global network and operated through a vast distribution network that includes exclusive agents, brokers, banks, and direct-to-consumer platforms.
The organization is structured as a public limited company (société anonyme) and is listed on Euronext Paris. Its operations are centered on a balanced business model between commercial and retail lines, supported by a strong focus on technical excellence, innovation, and sustainable development.
Corporate Identity and Values
AXA’s purpose is “to act for human progress by protecting what matters.” This commitment is reflected in every aspect of its operations—from customer-centric insurance offerings to climate-responsive investment strategies. The Group’s strategic approach emphasizes inclusion, sustainability, and risk management in a world of increasing uncertainty.
Historical Milestones
AXA’s journey from a regional French insurer to a global financial services leader includes several landmark acquisitions and strategic pivots:
- 1985: Launch of the AXA brand
- 1992–2006: Key international acquisitions including The Equitable Companies (USA), Winterthur (Switzerland), and Seguros ING (Mexico)
- 2018: Acquisition of XL Group, forming the world’s top commercial lines insurance platform
- 2024: Agreement to sell AXA Investment Managers (AXA IM) to BNP Paribas, streamlining its business to focus on core insurance operations
Global Presence and Subsidiaries
AXA operates in more than 50 countries through a network of fully owned subsidiaries, joint ventures, and strategic partnerships. Its geographic reach is segmented into the following operational hubs:
France
AXA’s operations in France include a comprehensive range of Property & Casualty (P&C), Life & Health (L&H), and banking services. These offerings cater to both retail and commercial clients. The French market remains AXA’s largest by revenue, contributing nearly €29 billion in gross written premiums and other revenues in 2024.
Europe
The European segment includes AXA’s activities in Germany, the UK & Ireland, Belgium, Luxembourg, Spain, Italy, and Switzerland. The company offers both retail and commercial insurance products tailored to each national market’s regulatory and customer needs. In 2024, this segment generated €39.3 billion in revenue.
AXA XL
AXA XL is the Group’s commercial lines arm, offering P&C insurance and reinsurance globally. It serves industrial, corporate, and specialty clients and is a key player in underwriting complex and high-risk exposures. With over €19.3 billion in revenue in 2024, AXA XL represents a critical pillar of AXA’s risk-diversified model.
Asia, Africa & EME-LATAM
AXA has a strong and growing footprint in high-potential markets including Japan, Hong Kong, China, Indonesia, the Philippines, Mexico, Colombia, Turkey, and Morocco. In 2024, these regions contributed over €19 billion in gross revenues.
AXA Investment Managers (AXA IM)
Although AXA IM is in the process of being sold to BNP Paribas (deal expected to close in mid-2025), it played a significant role in AXA’s financials in 2024. With €1.7 billion in revenues and a strong focus on sustainable investing, AXA IM was one of Europe’s leading asset management firms.
Transversal & Other Entities
This segment includes AXA Assistance (travel, health, vehicle support), AXA Liabilities Managers, and AXA SA Re (reinsurance). In 2024, AXA Assistance launched several tech-driven products like a virtual mobility payment card and parametric insurance solutions for solar energy systems.
Products and Services
AXA offers a comprehensive portfolio of products and services that span across insurance and asset management domains:
1. Property & Casualty Insurance
- Motor, household, property, and general liability insurance
- Specialty insurance (marine, aviation, energy, construction, cyber)
- Environmental and professional liability
- Parametric insurance and digital claims solutions
2. Life & Health Insurance
- Term life, whole life, and universal life policies
- Retirement savings, annuities, and pension products
- Health and disability insurance
- Critical illness and long-term care coverage
3. Employee Benefits
AXA provides group insurance and employee benefit plans, particularly in the areas of health and pensions. In 2024, AXA’s integration of Laya in Ireland strengthened its Employee Benefits segment.
4. Inclusive and Digital Insurance
- AXA EssentiALL: inclusive insurance for underserved populations
- “Mon Pack Entrepreneur”: insurance for microentrepreneurs
- AI-enhanced underwriting and claims processing
- YouDrive telematics product in France, offering usage-based premiums
5. Asset Management (AXA IM)
Until its divestment, AXA IM offered diversified solutions across equities, fixed income, private equity, and real assets. It was also a leader in ESG and climate-transition investments.
Board of Directors
As of 2024, AXA’s governance is led by a seasoned Board of Directors with diverse international experience. Key members include:
- Antoine Gosset-Grainville – Chairman of the Board
- Thomas Buberl – Chief Executive Officer
- Additional members include independent directors with expertise in finance, risk, ESG, and technology
The Board is supported by specialized committees covering audit, risk, governance, remuneration, and investment strategy. AXA follows best practices in corporate governance, transparency, and diversity.
Financial Performance in 2024
AXA delivered robust financial performance in 2024, despite facing geopolitical volatility, evolving regulatory pressures, and rapid technological change. The Group’s disciplined execution of its “Unlock the Future” strategic plan led to solid growth across all core business lines. This section provides an in-depth view of AXA’s consolidated financial statements: Profit & Loss, Balance Sheet, and Cash Flow Statement.
Consolidated Profit and Loss Statement (2024)
| Item | Amount (in € million) |
|---|---|
| Gross written premiums | 100,814 |
| Fees and revenues from services | 8,694 |
| Net investment income | 17,176 |
| Total revenues | 126,684 |
| Insurance benefits & claims | -88,727 |
| Net result of reinsurance | -1,782 |
| Acquisition expenses | -12,436 |
| Administrative expenses | -8,424 |
| Other expenses | -2,163 |
| Income before tax | 13,152 |
| Income tax | -4,075 |
| Net Income (Group Share) | €7,202 |
| Net income from discontinued operations (AXA IM) | 898 |
| Earnings per share (basic) | €3.17 |
AXA achieved a net income of €7.2 billion in 2024, marking a 16% increase over the previous year. The growth was driven by higher underwriting margins in P&C, strong performance in health insurance, and cost discipline across entities. The contribution from discontinued operations, primarily AXA Investment Managers, added €898 million to the Group’s total profit.
Segment Analysis by Business Line
| Business Segment | Revenue | Underlying Earnings | YoY Growth |
|---|---|---|---|
| Property & Casualty | €56.5 bn | €5.5 bn | +7% |
| Life | €34.5 bn | €2.6 bn | +14% |
| Health | €17.5 bn | €0.7 bn | +8% |
| Asset Management | €1.7 bn | €0.4 bn | +8% |
| Banking & Holdings | €0.1 bn | -€1.2 bn | N/A |
| Total | €110 bn | €8.1 bn | +8% |
Consolidated Balance Sheet (as of December 31, 2024)
Assets
| Asset Category | Amount (in € million) |
|---|---|
| Intangible assets | 14,176 |
| Investments | 574,204 |
| Loans & receivables | 33,120 |
| Cash & cash equivalents | 46,275 |
| Deferred tax assets | 5,741 |
| Other assets (incl. reinsurance) | 90,484 |
| Total Assets | €764,000 |
Liabilities and Equity
| Liability/Equity Category | Amount (in € million) |
|---|---|
| Insurance contract liabilities | 585,321 |
| Financial debt | 22,744 |
| Deferred tax liabilities | 7,931 |
| Other liabilities | 89,394 |
| Total Liabilities | €705,390 |
| Shareholders’ Equity | €58,610 |
AXA’s balance sheet reflects its financial strength and capital discipline. With €58.6 billion in equity and a Solvency II ratio of 216%, the Group remains well-positioned to absorb shocks and pursue strategic growth.
Consolidated Cash Flow Statement (2024)
| Cash Flow Activity | Amount (in € million) |
|---|---|
| Cash flows from operating activities | 20,152 |
| Cash flows from investing activities | -7,181 |
| Cash flows from financing activities | -9,324 |
| Net change in cash and equivalents | +3,647 |
| Cash and cash equivalents (year-end) | €46,275 |
AXA generated strong cash flows in 2024, with €20.1 billion from operations. After funding investments and shareholder distributions, the Group maintained a healthy cash position, ending the year with €46.3 billion in liquidity.
Key Financial Ratios
- Solvency II Ratio: 216%
- Underlying Return on Equity: 15.2%
- Dividend per Share: €2.15 (up from €1.98 in 2023)
- Debt Gearing: 21%
- Book Value per Share: €24.5
The improvement in underlying return on equity and dividend payout reflects AXA’s commitment to creating shareholder value through profitable growth and prudent capital management.
Strategic Transactions and Capital Management
In 2024, AXA executed several key strategic and capital transactions:
- AXA IM Divestment: Entered a Share Purchase Agreement with BNP Paribas for the sale of AXA IM for €5.4 billion. The transaction includes a long-term asset management partnership and is expected to close in mid-2025.
- Nobis Acquisition: Strengthened its position in the Italian market through the acquisition of Nobis, a P&C-focused insurer.
- €0.2 Billion Share Buyback: Carried out to offset the earnings dilution from the AXA Life Europe reinsurance agreement.
The Group’s capital allocation policy targets a total shareholder payout ratio of 75% of underlying earnings—60% via dividends and 15% through buybacks.
Human Capital
At the heart of AXA’s global operations is a diverse and dedicated workforce. As of December 31, 2024, AXA employed 100,041 full-time equivalent salaried employees across all business units and geographies. This workforce is central to AXA’s ability to deliver on its promise to customers and stakeholders alike.
Global Workforce Breakdown (2024)
| Region | Employees (FTE) |
|---|---|
| France | 17,777 |
| Europe | 30,002 |
| AXA XL | 10,273 |
| Asia, Africa & EME-LATAM | 28,542 |
| Transversal & Other | 13,446 |
Notable increases were seen in AXA XL and Mexico, where staff were added to support business growth and customer service. Egypt was consolidated for the first time in 2024, adding over 1,000 employees to the Group.
Employee Engagement and Development
AXA fosters a culture of continuous learning and inclusion. Approximately 30% of employees are also AXA shareholders, reinforcing alignment between the workforce and corporate goals. Over 15,300 people were recruited in 2024, including 9,000 in France alone. The company emphasizes development through its training platforms and leadership academies.
One key initiative is the “Engagé pour secourir” program in France, where employees may serve as reservists with the military or emergency services, receiving time off for training or active duty. AXA also supports digital transformation and automation by upskilling employees in data, AI, and cyber competencies.
Sustainability and ESG Commitments
Sustainability is woven into AXA’s corporate DNA. The Group’s strategy is structured around enabling the climate transition, promoting financial inclusion, and ensuring responsible governance.
Environmental Responsibility
AXA’s environmental strategy is anchored in a commitment to achieving net-zero emissions by 2050. The Group continues to reduce carbon intensity across its corporate portfolio, enhance energy efficiency in real estate, and prioritize green investments.
- €358 million allocated to climate disaster claims in France alone
- Over €30 billion invested annually in the economy with a growing share directed at sustainable sectors
- AXA IM (prior to its divestiture) advanced its private equity platform and directed significant capital toward natural capital solutions
Social Impact
AXA aims to create shared value through inclusive insurance programs. “AXA EssentiALL” extends affordable coverage to low- and middle-income groups and microentrepreneurs. In 2024, AXA launched a pan-European flagship insurance product for small business owners and tailored offerings for underserved retail clients.
The AXA Hearts in Action program supports volunteerism, employee engagement, and community resilience. AXA also expanded its digital wellness platform, Emma, across multiple Asian markets, offering services such as teleconsultation and mental health support.
ESG Ratings and Recognition
AXA has received strong scores from major ESG rating agencies:
- S&P Global CSA: 87/100 (98th percentile)
- MSCI: AAA
- EcoVadis: Gold (73/100)
- Sustainalytics: ESG Risk Rating of 16.3 (Low risk)
These rankings reflect AXA’s leadership in sustainable finance and responsible business practices.
Innovation and Technology
Technology is central to AXA’s transformation. In 2024, the company advanced numerous high-value data and AI initiatives, many of which focus on operational efficiency, customer personalization, and claims optimization.
Key Innovations
- Generative AI Use Cases: Deployed across customer service, underwriting, and pricing models
- Telematics (YouDrive): In France, AXA’s YouDrive platform allows motor insurance customers to reduce premiums based on driving behavior
- Virtual Mobility Card: Digital payments card for seamless transit expenses
- Parametric Insurance: Products based on real-world triggers (e.g., weather or travel delays) rolled out in home and travel lines
- AI for Claims: Predictive claims systems deployed in France’s Credit & Lifestyle Protection (CLP) line received a national award for technological innovation
The Group’s technology hubs in India, Poland, and Morocco continue to expand and now deliver a significant portion of high-value services.
Risk Management and Governance
Effective risk management is foundational to AXA’s success. The company’s governance model ensures strong oversight, transparency, and responsiveness across all risk domains.
Board of Directors
The Board of Directors is composed of seasoned professionals with deep expertise in insurance, finance, sustainability, and international markets. It includes:
- Antoine Gosset-Grainville – Chairman
- Thomas Buberl – CEO
- 14 Directors including representatives of employees, women (47% board diversity), and independent non-executives
Key committees under the Board include:
- Audit Committee
- Compensation & Governance Committee
- Finance Committee
- Risk Committee
Risk Categories Monitored
AXA applies a robust Enterprise Risk Management (ERM) framework that evaluates and mitigates multiple risk types:
- Market risks (interest rate, equity, FX, inflation)
- Credit risks (sovereign, corporate, reinsurance counterparties)
- Liquidity risk
- Insurance risk (underwriting, claims, policyholder behavior)
- Operational and cyber risks
Stress testing, scenario analysis, and control assessments are regularly conducted and reviewed by the Board and its committees.
Future Outlook
As AXA celebrates its 40th anniversary in 2025, the Group is entering a new era of disciplined growth, digital transformation, and social impact. The “Unlock the Future” strategic plan provides a clear roadmap through 2026.
Key Financial Targets (2024–2026)
- Underlying Earnings Per Share Growth: 6–8% CAGR
- Return on Equity: 14–16%
- Cash Remittance: Over €21 billion cumulative
- Solvency II Ratio: Maintain above 190%
Strategic Priorities
- Deepen P&C and health leadership through technical excellence
- Expand inclusive insurance through AXA EssentiALL and new product launches
- Accelerate digitalization with AI and automation at scale
- Strengthen local market positions through selective acquisitions
- Complete the sale of AXA IM and optimize capital structure
In 2025, AXA plans to further strengthen customer retention, scale up employee benefits, and continue to simplify its profile through partnerships and asset-light strategies.
Conclusion
AXA’s journey over the past four decades has been one of strategic clarity, operational strength, and unwavering commitment to its stakeholders. In 2024, it delivered outstanding financial results, advanced its ESG agenda, embraced cutting-edge innovation, and prepared for the future with a simplified, focused business model.
As the Group moves forward into its 40th year, AXA remains guided by its purpose: “Act for human progress by protecting what matters.” From safeguarding lives and livelihoods to supporting climate transition and economic resilience, AXA continues to be a trusted partner in an ever-changing world.
