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AXA SA
(OTC:AXAHY)
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Rating:79Outperform
Price Target:
$59.00
▲(15.69% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial performance (steady profitability, strong and consistent cash generation, and improved leverage in 2025) and supportive technicals (price above key moving averages with positive momentum). Valuation adds an additional boost via a low P/E and high dividend yield. The latest earnings call was constructive with reaffirmed upper-end UEPS growth guidance and strong solvency, partially offset by manageable headwinds (FX, weather/nat cat uncertainty, and pockets of pricing softness).
Positive Factors
Cash generation
AXA's consistently positive operating and free cash flow — with 2025 FCF significantly above net income — indicates durable cash conversion. Strong cash generation supports underwriting flexibility, capital returns, reinvestment in growth initiatives and buffers volatility in claims or markets over the medium term.
Negative Factors
Natural-catastrophe exposure
AXA's P&C results remain exposed to weather and catastrophe volatility. Elevated regional nat-cat impacts (e.g., France) can materially increase claims and reserve needs, creating earnings and capital variability that persists across seasons and years, complicating medium-term profitability predictability.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
AXA's consistently positive operating and free cash flow — with 2025 FCF significantly above net income — indicates durable cash conversion. Strong cash generation supports underwriting flexibility, capital returns, reinvestment in growth initiatives and buffers volatility in claims or markets over the medium term.
Read all positive factors
AXA SA (AXAHY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$107.37B
Dividend Yield5.24%
Average Volume (3M)78.65K
Price to Earnings (P/E)9.1
Beta (1Y)0.51
Revenue Growth18.93%
EPS Growth45.98%
CountryUS
Employees103,423
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)4.94
Shares Outstanding2,090,901,600
10 Day Avg. Volume74,279
30 Day Avg. Volume78,654
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)1.81
Price to Sales (P/S)0.81
P/FCF Ratio4.22
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$88.10Price Target Upside72.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.76
Revenue Forecast (FY)$89.11B
AXA SA Business Overview & Revenue Model
Company Description
AXA SA is a global financial services group, operating through its subsidiaries to deliver insurance, asset management, and banking solutions worldwide. Its operations are segmented across regions like France, Europe, and Asia, alongside specializ...
How the Company Makes Money
AXA makes money mainly through insurance operations and, to a lesser extent, asset management and investment activities.
1) Insurance underwriting (core source)
- Premium income: Customers (individuals and businesses) pay premiums for coverage su...
AXA SA Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call highlights broad, high-quality and relatively consistent operational and financial performance: double-digit earnings growth in Life & Health, mid-single-digit P&C earnings growth, strong UEPS growth (+8%), attractive ROE (18%) and a very robust Solvency II ratio (218%). Investment income, disciplined expense reductions and strong new business momentum (2m net new contracts) underpin confidence for FY2026 guidance. Headwinds are largely specific and manageable: a EUR 0.1bn Middle East loss, FX weakness (-3%), seasonal absence of H1 real estate gains (-EUR 0.2bn financial flows), and some localized pricing softness (UK motor, North America property, Mexico). Overall, positives significantly outweigh the challenges, giving a constructive outlook for the remainder of 2026.Positive Updates
Strong Top-Line and UEPS Growth
Organic top-line growth of +5% and underlying earnings per share (UEPS) up +8%, at the top end of the 6%–8% target range.
Negative Updates
Middle East Losses Impact
AXA XL incurred EUR 0.1bn of losses related to the Middle East in H1, contributing ~30 bps to the P&C combined ratio and including a mix of case reserves (~1/3) and IBNR (~2/3).
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Q2-2026 Updates
Positive
Negative
Strong Top-Line and UEPS Growth
Organic top-line growth of +5% and underlying earnings per share (UEPS) up +8%, at the top end of the 6%–8% target range.
Read all positive updates
Company Guidance
Management reiterated confidence in delivering full‑year 2026 underlying earnings per share (UEPS) growth at the upper end of its 6–8% target range, after reporting H1 results including organic top‑line growth +5%, UEPS +8% (underlying earnings +4% at group level, +9% excl. AXA IM), return on equity 18% and a Solvency II ratio of 218% (215% at Jan 1, H1 movement: +17 pts normalized capital generation, −12 pts dividends/buybacks, −3 pts economic variance). They highlighted strong P&C momentum — earnings +6%, combined ratio 90.1% (↑10bps YoY, +30bps ex‑Prima, Nat Cat 3.5% vs a normalized 4.5%), non‑commission expense 9.7% (40bps improvement) and low PYD reliance (−1pt) — and said investment income is a tailwind supported by reinvestment at ~4.6%. AXA XL earnings grew +4% with pricing contained at about −1% and ~30bps benefit from lower reinsurance; Life & Health premiums +8% and earnings +11% (short‑term revenues +5%, technical margin +53%, combined ratio 96%, long‑term net flows up from €2.2bn to €3.0bn, CSM release +6% with FY26 CSM release guidance >3%). They also confirmed cash remittance ambitions above €21bn for the plan, ~€10bn mid‑market lending exposure (avg ticket €7–8m), Prima pro‑forma combined ratio ~87.5% with ~€2bn reserves and target to recapture ~90% of Prima premiums by 2027 (≈€0.9bn recapture expected in 2026), and continued cost‑efficiency delivery (group non‑commission expense rollback ~30bps in 2026 and −50bps target over the plan).AXA SA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 120.01B | 105.92B | 89.82B | 87.15B | 86.79B | 111.69B |
| Gross Profit | 79.73B | 105.92B | 89.82B | 87.15B | 86.79B | 99.03B |
| EBITDA | 10.48B | 9.50B | 10.59B | 9.05B | 7.29B | 10.05B |
| Net Income | 10.09B | 9.41B | 7.89B | 7.19B | 5.06B | 7.29B |
Balance Sheet | ||||||
| Total Assets | 650.43B | 635.23B | 653.76B | 644.45B | 696.70B | 775.49B |
| Cash, Cash Equivalents and Short-Term Investments | 18.51B | 22.19B | 333.57B | 320.12B | 323.68B | 424.91B |
| Total Debt | 64.86B | 15.79B | 62.14B | 59.54B | 63.75B | 61.84B |
| Total Liabilities | 607.22B | 585.75B | 601.28B | 597.49B | 648.32B | 700.26B |
| Stockholders Equity | 40.90B | 47.18B | 49.94B | 49.58B | 46.07B | 71.13B |
Cash Flow | ||||||
| Free Cash Flow | 14.54B | 20.22B | 11.99B | 6.01B | 7.53B | 6.18B |
| Operating Cash Flow | 14.96B | 20.64B | 12.47B | 6.44B | 7.88B | 6.53B |
| Investing Cash Flow | -9.29B | -10.21B | -11.25B | -1.59B | -155.00M | -8.95B |
| Financing Cash Flow | -11.32B | -7.80B | -7.33B | -4.34B | -6.12B | -4.33B |
AXA SA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $33.68B | 7.55 | 19.52% | ― | -0.21% | 31.57% | |
79 Outperform | $107.37B | 9.07 | 28.77% | 5.27% | 18.93% | 45.98% | |
79 Outperform | $37.39B | 8.76 | 22.99% | 1.65% | 5.95% | 39.99% | |
77 Outperform | $24.40B | 16.05 | 13.03% | 2.92% | 3.72% | 41.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $40.07B | 13.76 | 7.27% | 2.34% | -4.19% | 1.09% | |
61 Neutral | $14.23B | 13.25 | 11.63% | 5.08% | 33.06% | 50.47% |
* Financial Sector Average
AXAHY
AXA SA
51.60
3.63
7.58%
AEG
Aegon
9.41
2.33
32.83%
AIG
American International Group
76.12
-3.27
-4.12%
ACGL
Arch Capital Group
98.91
7.07
7.70%
HIG
Hartford Insurance
138.96
9.42
7.27%
PFG
Principal Financial
113.14
37.33
49.24%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.