Axa has raised its financial ambitions for the next three years, targeting underlying earnings per share growth of 7-9% annually and a return on equity of 15-17%, under a strategy based on organic growth, gains in market share and accelerated use of AI. 

For 2026, Axa expects underlying earnings per share growth to be at the top end of its existing 6-8% target range, with underlying return on equity also expected at the top end of its 14-16% target. 

Axa expects to generate about €25 billion ($40.28 billion) in cumulative organic cash upstream over the new plan period, while targeting mid-teens annual growth in book value per share, including cumulative dividends, between 2026 and 2029. 

The group will maintain a total payout ratio target of 75%. 

Under the “Growing Forward” plan, covering 2027-2029, Axa CEO Thomas Buberl says he wants the French group “to become the insurer best positioned to meet our customers’ growing protection needs and address the emergence of new risks”.  

Mr Buberl says Axa wants to build on its strengths – strong diversification, significant scale across countries and sectors, strong brand and balance sheet and technical expertise.  

The new strategy “aims to accelerate this trajectory with a stronger growth ambition to capture additional market share, earn the trust of new customers and deepen the loyalty of our existing customers".

"To support this ambition we will continue to enhance our competitiveness through disciplined underwriting and portfolio management as well as strong cost control”, he said.  

He added: “This ambition leads us to raise all our financial targets while maintaining an attractive total payout ratio of 75%”.    

Axa also plans to scale artificial intelligence across its operations, including underwriting, efficiency and customer service. The group said its data, technology infrastructure and partnerships would support the wider deployment of AI. 

Mr Buberl says Axa will focus on “the major challenges facing insurance: new technological risks, adaptation to climate change, rising healthcare costs and the ageing of our societies”. 

“To keep risks insurable, we will make prevention core to our offers and services,” he said.