HeadwaterCompany strategiesBuild yours

AXA

Growing Forward, 2027 to 2029

To become the insurer best positioned to meet our customers’ growing protection needs and address the emergence of new risks
AXA’s ambition

Growing Forward

AXA insures people and businesses, and made €8.4 billion of underlying earnings in 2025. On 15 September 2026, as its Unlock the Future plan neared its end, it presented Growing Forward for 2027 to 2029: three pillars, growth, technical excellence, and efficiency, amplified with AI, to take market share profitably.

Growth

Sell more to customers, keep them longer, and reach new ones.

  1. 01CustomersReach about 100 million customers by 2029, from 92 million in 2025.
  2. 02RetailAdd more than 4 million net new retail customers over 2027–2029, with targeted expansion in direct and inclusive insurance.
  3. 03RevenueGrow revenue by more than 5% a year from 2026 to 2029.

26 February 2026Gross written premiums and other revenues grew 6% in 2025, to €116 billion.

31 July 2026They grew another 5% in the first half of 2026, to €66.3 billion, with personal lines up 8%.

AXA aims for about 100 million customers by 2029

AXA had 92 million customers in 2025. It plans to grow revenue by more than 5% a year and to reach more than €10 billion of underlying earnings by 2029, gaining market share across its countries and lines of business.,

92m

One seat to each million customers; the plan’s figure is about 100 million.

AXA raised its main financial targets for 2027 to 2029

Underlying earnings per share is to grow 7–9% a year from 2026, and underlying return on equity to run at 15–17%. AXA also aims for about €25 billion of cash from its businesses over the plan, up from more than €21 billion, and keeps paying out 75% of underlying earnings.,

Underlying earnings per share growth, a year0%2%4%6%8%10%12%7–9%Underlying return on equity10%12%14%16%18%20%15–17%

The jaws close on each plan’s range.

  1. Mark the last plan before setting the next.

    AXA opened Growing Forward by showing how Unlock the Future had done against each of its targets, with earnings per share growth at the top of its range. We recommend starting every new plan with an honest score of the last one, so that the new targets are believed.

  2. Give each pillar an outcome to hit.

    Each of AXA’s three pillars has a number: revenue growth of more than 5% a year, a P&C combined ratio of about 91%, and about 90 basis points off the expense ratio. We recommend giving every pillar a measurable outcome, so that progress can be read pillar by pillar.

  3. AI as an amplifier, not a fourth pillar.

    AXA expects €500–700 million a year of recurring value from AI by 2029, counted within its three pillars rather than as a separate one. We recommend treating new technology as a way to do the existing plan better, with its value counted where it lands.

Sources

  1. 1. AXA (2026). AXA reports record results with underlying EPS growth at the top end of the target range. Press release, 26 February 2026. axa.com
  2. 2. AXA (2026). Half Year 2026 Earnings: on track to deliver “Unlock the Future” plan targets. Press release, 31 July 2026. webdisclosure.com
  3. 3. AXA (2026). AXA announces its 2027-2029 strategy and financial targets. Press release, 15 September 2026. axa.com
  4. 4. AXA (2026). AXA 2027-2029 Strategic Plan. Investor Day presentation, 15 September 2026. webcast.axa.com

Headwater is not connected with AXA SA. AXA is a trade mark of its owner. Updated 5 October 2026.

All company strategies