AXA, a global insurance leader, unveiled its new strategic plan, "Growing Forward," on September 15, 2026, aiming to achieve organic growth and enhance market share by focusing on customer needs and leveraging artificial intelligence. CEO Thomas Buberl stated that the plan is designed to build the AXA of the next decade, positioning the company as the insurer best equipped to meet evolving protection demands and address new risks. This strategy will emphasize disciplined underwriting, portfolio management, and cost control, supported by a significant deployment of AI across its operations.
The "Growing Forward" plan outlines ambitious financial targets for the 2027-2029 period. AXA projects an underlying earnings per share (EPS) Compound Annual Growth Rate (CAGR) of between 7% and 9% from 2026E to 2029E, a step up from the previous 6-8% target. The company also aims for an underlying return on equity (ROE) of 15% to 17% over 2027E-2029E, a mid-teens CAGR in book value per share (inclusive of cumulative dividends) over 2027E to 2029E, and approximately €25 billion in cumulative organic cash upstream over 2027E to 2029E. AXA also commits to an attractive capital management policy with a total payout ratio target of 75%.
For 2026, AXA expects underlying earnings per share growth to be at the top end of the 6-8% target range and underlying ROE at the top end of the 14% to 16% target range, with underlying earnings of approximately €8.6 billion. The growth strategy includes deepening customer relationships, expanding into structurally growing segments like Life & Savings, direct distribution, and inclusive insurance, and enhancing efficiency through automation and AI. AXA anticipates annual recurring benefits from AI to reach €500 million to €700 million (pre-tax) by 2029. The plan also details a focus on disciplined cycle management in AXA XL, which represented 17% of group revenues in 2025, while targeting market share gains in P&C retail, SME, mid-market, and Life & Health, which collectively accounted for 83% of group revenues in 2025.
CFO Alban de Mailly Nesle highlighted that the new plan reflects the strength, diversification, and resilience of AXA’s model, aiming to deliver predictable shareholder value creation. The increased targets for EPS growth and ROE, along with a new book value per share growth target, are underpinned by a strong Solvency II position and consistent delivery on prior targets. Analysts at Berenberg had anticipated AXA would raise its profit growth target, citing the company's consistent track record of hitting the top end of its previous goals.
The company's 2025 revenues amounted to €115.5 billion with underlying earnings of €8.4 billion. AXA, with 156,000 employees serving over 92 million clients in 52 countries, positions this plan as a commitment to sustainable growth and market share gains at attractive margins, leveraging its industry-leading margins, strong balance sheet, and diversified multi-line model.
