Axa Sa Ord (AXAHF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for joining AXA's nine-month 2025 Activity Indicators Call. Our Group CFO, Albon de Mainel, will walk through the highlights from the press release that we published last night, after which we'll be ready to take your questions. With that, I turn it over to Albon. Thank you, Anou, and good morning to all of you. Thank you for joining the call today. So let me start with the key highlights on nine months 25. Overall, we delivered a solid performance with total revenues increasing by 7% to 89 billion euros. This reflects the strength of our franchise, which, as you know, is well diversified by line of business with 60% in P&C and 40% in life and health. And it's also balanced between B2B and B2C. All our geographies are delivering a consistent execution of our organic growth strategy, which is one of the key levers of our current plan. We continue to operate at a high level of capital with a sovereign city ratio at 222%. In the quarter, the group's financial strength was further affirmed by the decision from Moody's to upgrade its rating from AA3 to AA2. So let me now go through the key numbers of the release and I start with P&C. P&C revenues were up 5% to 46 billion euros, well balanced between the groups, three equally sized businesses, comprising of one large and specialty risks at AXA Excel, two small and medium sized risks in France, Europe and international markets, and three personal lines. At AXA Excel Insurance, premiums were up 4% to 13 billion euros. Prices were up 0.3% on renewables with the deceleration versus 1H25, predominantly in property pricing, which was down minus 4% in nine months versus minor 2% in 1H. This does not surprise us given the low level of industry NADCAT losses. In financial lines, we see the quantum of dec...