AXA Tops Operating Forecasts, Misses Net Income and Acquires Italy’s Prima

AXA reported first-half 2025 underlying earnings of €4.47 billion, narrowly topping analysts’ consensus of €4.44 billion, as higher premiums and fee income offset market volatility. Net income slipped to €3.92 billion, missing forecasts of €4.26 billion, with the French insurer citing adverse currency movements. Gross written premiums and other revenue increased 7% from a year earlier to €64.25 billion, while the Solvency II capital ratio remained robust at 220%. Chief Executive Officer Thomas Bueberl said AXA is on track to meet the targets of its mid-term “Unlock the Future” plan and will continue to prioritise organic growth. He added that the company expects further industry consolidation and has attracted new U.S. shareholders. Underscoring its deal-making ambitions, AXA agreed to acquire a majority stake in Italian motor insurer Prima Assicurazioni, deploying proceeds from the recent sale of its asset-management arm. Financial terms of the Prima purchase were not disclosed.