AXA published a three-year strategic plan called Growing Forward. It sets four headline financial targets for 2027 to 2029. AXA XL will focus on disciplined cycle management in large commercial. Growth will concentrate in SME, mid-market, retail and life and health. AXA will deploy AI across underwriting, pricing and claims. It targets €500m to €700m in annual pre-tax benefits from AI by 2029. AXA XL will prioritise margin over volume in softening markets. Brokers should expect AXA XL to compete selectively on terms. The plan signals where AXA will and will not grow. It also outlines partnerships with specialist brokers and IFAs. AXA XL’s reinsurance volume has already fallen 9% in H1 2026. Pricing in AXA XL Reinsurance dropped 5% in the same period. AXA’s P&C combined ratio held at 90.1% in H1 2026.
What changed
AXA XL had been reducing reinsurance volume as pricing fell.
What it unlocks
Prioritising margin over market share in large commercial and specialty lines.
- €500m–€700m annual pre-tax AI benefits by 2029
- 7%–9% EPS growth 2026–2029
- 15%–17% underlying ROE 2027–2029
- €25bn cumulative organic cash upstream
Sources