Axa Sa Ord (AXAHF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to AXA's first half 2025 results call. Presenting today are Group CEO, Thomas Buble, Group Deputy CEO, Frederic de Courtois, and Group CFO, Albon de Mainel. Also in the room are Guillaume Bory, CEO of AXA France, Patrick Cohen, CEO of AXA Europe, and Scott Gunter, CEO of AXA Excel. With that, I turn it over to you, Thomas. Thank you, Anu. Good morning to all of you and thank you very much for joining our first half 2025 earnings call. As you can see from the results that we have published this morning, our business is in excellent shape. We have developed strong organic growth of plus 7% top line and underlying earnings per share is up 8% at the top of our target range during this plan. We are generating a very attractive return on equity while maintaining a strong capital position with a Solvency Tool Ratio of 220%. Our results reflect the strength of our model which is simple, balanced and now with the completion of the sale of AXA-IM completely focused on insurance. We are very much on track to achieve our plan targets, and this is important to say because we are in the middle of our current three-year plan. If we go to the next slide, these results reflect the quality of our franchise and show that we have executed in a disciplined manner, very much in line with our plan. Our businesses, all of them, are delivering solid organic growth We are well balanced between pricing measures and volume growth, and we are also well balanced between the line of business. If you look at the growth of 6% in P&C, 9% in life, and 6% growth in health. This is not only strong top line growth, but the top line growth is also converting into higher earnings growth through a continued focus on technical excellence. We have delivered further margin improvement...