Loading…
French multi-line insurer selling property & casualty, life and health insurance plus asset management, worldwide.
French multi-line insurer selling property & casualty, life and health insurance plus asset management, worldwide.
Earns premiums on property-and-casualty, health and life cover and invests the float, with commercial and specialty risk, boosted by its 2018 purchase of XL, now a bigger share. It has been shedding capital-hungry life and asset-management businesses: it floated and sold down its US life arm and sold AXA Investment Managers to BNP Paribas in 2025.
In one line: France's MetLife/Allianz.
Moat: narrow (scale, brand, distribution). Large multi-country distribution network and brand, but insurance pricing power is limited by competition.
Headquarters: Paris, France · Founded: 1817 · Employees: 103,423
Size Axa (CS.PA) is a France Financials company (Multi-Line Insurance) with a market value of $103B, the 11th largest of 206 France companies the cockpit tracks. Shares closed at €44.68 on 6 Nov 2026.
Performance Over six months the shares gained 13.2%, against +13.1% for the median peer and -0.4% for the France market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +10.5%); the operating margin is 9.4% (peer median 23.1%).
Valuation It trades at 2.24× book value against a peer median of 2.05× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 17.8%; Axa delivers 19.0%, so the price asks less than the business earns today.
Credit Axa has 29 bonds outstanding ($27.1B), rated A by the agencies and trading like AA at a weighted spread of 60 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €117B | €109B | €108B | €100B | €86.1B |
| Revenue growth | — | +1% | +8% | +16% | — |
| Net income | €9.88B | €9.62B | €7.68B | €7.00B | €4.88B |
| Free cash flow | €13.5B | €21.1B | €11.4B | €2.67B | €7.52B |
| Capital expenditure | €415M | €428M | €476M | €419M | €398M |
| Total debt | n/a | €61.9B | €64.2B | €62.0B | €64.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Axa CS.PA | $103B | +13% | +11% | 19% | 2.24× | 17.8% |
| Allianz ALV.DE | $192B | +19% | +21% | 21% | 2.98× | 16.0% |
| Assicurazioni Generali G.MI | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% |
| Zurich Insurance ZURN.SW | $114B | +16% | +19% | 26% | 3.67× | 11.2% |
| Munchener Ruckversicherungs-Gesellschaft MUV2.DE | $80.3B | +22% | 0% | 21% | 2.13× | 9.0% |
| Prudential 2378.HK | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CS.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +3.3% | 6th highest of 21 |
| 6-month return | +13.2% | +13.1% | 11th highest of 21 |
| Return on equity | 19.0% | 16.3% | 8th highest of 21 |
| Price / book | 2.24× | 2.05× | 10th most expensive of 21 |
| Trailing P/E | 9.4× | 12.7× | 8th cheapest of 21 |
| ROE the price implies | 17.8% | 10.6% | 2nd most demanding of 21 |
| ROE delivered | 19.0% | 16.6% | 8th highest of 20 |
| Bond spread | 60 bp | 79 bp | 2nd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Axa CS.PA | France | $103B | +13% | +11% | 19% | 2.24× | 17.8% | 19.0% |
| AIA 1299.HK | Hong Kong | $104B | -10% | +13% | 20% | 2.53× | 18.4% | 19.6% |
| Zurich Insurance ZURN.SW | Switzerland | $114B | +16% | +19% | 26% | 3.67× | 11.2% | 25.5% |
| Progressive PGR | United States | $132B | +17% | +8% | 33% | 3.82× | 15.8% | 33.2% |
| China Life 2628.HK | Hong Kong | $134B | -17% | +38% | 41% | 0.93× | 10.0% | 41.3% |
| China Life Insurance 601628.SS | China | $135B | -3% | +16% | 12% | 1.54× | 13.1% | 11.9% |
| Ping An Insurance (Group) Company of China 601318.SS | China | $136B | -8% | +12% | 14% | 0.96× | 7.4% | n/a |
| Ping An 2318.HK | Hong Kong | $138B | -17% | -8% | 10% | 0.79× | 9.7% | 9.8% |
| Allstate ALL | United States | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% | 46.1% |
| Fubon Financial Hldg 2881.TW | Taiwan | $62.7B | +66% | +12% | 16% | 1.66× | 7.4% | 16.0% |
| MetLife MET | United States | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% | 13.2% |
| Aflac AFL | United States | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% | 16.9% |
| Great-West Lifeco GWO.TO | Canada | $57.4B | +18% | +4% | 16% | 3.02× | 15.7% | 16.0% |
| Allianz ALV.DE | Germany | $192B | +19% | +21% | 21% | 2.98× | 16.0% | 21.1% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| People's Insurance Co. (Group) of China 1339.HK | Hong Kong | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% | 18.1% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| China Pacific Insurance (Group) 601601.SS | China | $42.6B | -14% | +4% | 14% | 0.93× | 8.2% | 14.4% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |
Axa has 29 bonds outstanding with $27.1B face value. The agencies rate it A; its bonds trade like AA. Weighted yield 3.80%, a spread of 60 bp over government bonds.