AXA

AXA is a French multinational insurance group whose principal activities are the design, distribution and servicing of insurance and protection products. Its business spans life and savings, health, property and casualty insurance, commercial risk, reinsurance, assistance and selected financial services. The group serves individuals, families, small and medium-sized businesses, large corporations, institutions and public-sector organizations through a mixture of agents, brokers, bancassurance arrangements, direct digital channels and employee-benefit distribution. The modern AXA group grew out of a series of French mutual and commercial insurance businesses. Its oldest predecessor was founded in 1816 as Mutuelle de l'Assurance contre l'Incendie, commonly known as Ancienne Mutuelle. Through acquisitions and mergers, the organization expanded from a regional French insurer into a diversified financial-services group. It acquired Compagnie Parisienne de Garantie in 1978, merged with the Drouot Group in 1982 and became Mutuelles Unies/Drouot. The AXA name was selected in the mid-1980s as part of a deliberate internationalization strategy. It was designed to be short, distinctive and pronounceable across languages rather than to function as an acronym. Expansion accelerated during the 1990s and 2000s. AXA acquired The Equitable in the United States in 1991, purchased Union des Assurances de Paris in 1996 and bought Guardian Royal Exchange in 1999. It subsequently completed the acquisition of Sun Life & Provincial Holdings and acquired Winterthur Group from Credit Suisse in 2006. These transactions strengthened the group's presence in life insurance, general insurance, wealth management and international markets. The 2018 acquisition of XL Group added a major commercial property-and-casualty and reinsurance platform, which became AXA XL. AXA has also reshaped its portfolio through disposals. It sold its Canadian operations to Intact Financial in 2011, exited or reduced several banking and regional holdings, sold its Gulf businesses to Gulf Insurance Group in 2021 and divested its Singapore insurance business to HSBC. In 2024 AXA announced an agreement to sell AXA Investment Managers to BNP Paribas, reflecting a strategy to simplify the group and concentrate on insurance. The transaction was completed in 2025, after which AXA retained a long-term investment-management relationship with BNP Paribas while continuing to control insurance-related product design, asset allocation and asset-liability decisions. AXA's current strategic emphasis is on profitable growth in life and savings, property and casualty, and health. The group combines underwriting with prevention, claims management, assistance and risk advisory services. Through AXA XL, it covers complex commercial risks such as cyber, marine, aviation, construction, energy, political risk and specialty liability. Through local operating companies, it provides motor, home, travel, private medical, life, retirement and employee-benefit products. The group has also invested in digital insurance and healthcare ventures, including the Kamet insurtech incubator. The AXA brand is associated with financial protection, risk expertise, global scale and long-term customer relationships. Its public profile has also been shaped by sustainability and responsible-investment policies, including a 2016 decision to stop investing in tobacco companies and later scrutiny of investments connected with Israel and the Israeli defense sector. AXA continues to operate as an active global insurance group headquartered in Paris, with Thomas Buberl as chief executive officer and Antoine Gosset-Grainville as chairman of the board as of 2026.

AXA's history begins in 1816 with the creation of Mutuelle de l'Assurance contre l'Incendie, a French mutual insurer established to provide protection against fire losses. The business, later known as Ancienne Mutuelle, represents the institutional origin of the modern group, although the AXA name and corporate identity came much later. The organization expanded through a succession of mergers and acquisitions. In 1978 it acquired Compagnie Parisienne de Garantie and adopted the name Mutuelles Unies. Four years later it merged with the Drouot Group, an insurer associated with the Hottinguer family, becoming Mutuelles Unies/Drouot. The combination gave the group a broader French platform and provided the foundation for a more ambitious international strategy. During the 1980s, chairman and chief executive Claude Bébéar pursued a distinctive corporate repositioning. After the Drouot transaction, the group commissioned an external consultant to search for a short, internationally usable name. The selected name, AXA, was not intended as an acronym. It was chosen for its brevity, visual distinctiveness and ease of pronunciation in different languages. The name began to replace the former corporate identity in 1985–1986, signaling the group's intention to compete beyond France. The first major phase of international expansion centered on North America and Europe. AXA acquired The Equitable in the United States in 1991, obtaining a significant life-insurance and retirement platform. In 1996 it purchased Union des Assurances de Paris, then France's largest insurer, and temporarily operated under the AXA-UAP name before returning to AXA in 1999. The group also acquired Guardian Royal Exchange in 1999 and completed the purchase of the shares it did not already own in Sun Life & Provincial Holdings in 2000. These deals expanded AXA's reach across the United Kingdom, Ireland and other markets while adding life, health, general insurance and wealth-management capabilities. In 2006 AXA acquired Winterthur Group from Credit Suisse for approximately €9 billion. Winterthur strengthened AXA's European insurance footprint and added operations across several countries. The group continued to develop asset management as a complementary activity, serving institutional and retail investors while also managing assets connected with AXA's insurance balance sheet. AXA's portfolio subsequently became more specialized. In 2016 it created Kamet Ventures, an insurtech incubator funded initially with €100 million, to develop businesses in insurance, healthcare and assistance. The same year the group announced a policy of ending new investments in tobacco shares and bonds, allowing existing tobacco-related bond positions to mature. The move became part of AXA's wider responsible-investment and sustainability positioning. The 2018 acquisition of XL Group was one of the group's most consequential transactions in the modern era. XL brought commercial property-and-casualty insurance, specialty lines and reinsurance, and was subsequently incorporated into the AXA XL platform. AXA XL broadened the group's ability to serve multinational corporations and cover complex risks such as cyber, energy, construction, marine, aviation, political violence and professional liability. AXA also pursued divestments and regional restructuring. It sold AXA Canada to Intact Financial in 2011. In 2019 it sold AXA Bank Belgium to Crelan and reduced certain investments associated with Israeli defense and banking companies after pressure from nongovernmental organizations and ethical-investment campaigners. AXA's investment links to Israel continued to attract scrutiny, with advocacy groups reporting later changes in its holdings and divestment position. These matters became part of the public debate over the group's investment policies rather than its core insurance operations. The 2020s brought a sharper focus on insurance. AXA sold or separated a number of non-core or regional holdings, including its Gulf-region businesses, which were acquired by Gulf Insurance Group in 2021. It also sold its Singapore insurance operations to HSBC. In 2024 AXA announced an agreement to sell AXA Investment Managers to BNP Paribas for estimated total consideration of €5.4 billion. The transaction was designed to simplify AXA's business model and concentrate resources on life and savings, property and casualty, and health insurance. Completion took place in 2025, followed by the integration of AXA IM activities into BNP Paribas Asset Management. At the same time, AXA continued to expand in selected insurance markets. It announced the acquisition of Laya Healthcare in Ireland in 2023 and agreed in 2025 to acquire a 51 percent stake in Italian direct insurer Prima Assicurazioni. By 2026, AXA remained an active, publicly listed French insurance group with a global footprint, a major commercial-risk platform in AXA XL, and a strategy centered on protection, health, savings, prevention and disciplined capital allocation.

1. 2025AXA Investment Managers transaction completed

   AXA Investment Managers transferred to BNP Paribas and its activities were subsequently integrated into BNP Paribas Asset Management.

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2. 2025Prima Assicurazioni majority stake announced

   AXA agreed to acquire a 51 percent majority stake in Italian direct insurer Prima Assicurazioni for approximately €500 million.

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3. 2024AXA Investment Managers sale agreed

   AXA entered into an agreement to sell AXA Investment Managers to BNP Paribas and focus more narrowly on insurance.

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4. 2023Laya Healthcare acquisition announced

   AXA announced the purchase of Irish health insurer Laya Healthcare for approximately €650 million.

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5. 2021Gulf-region holdings transferred to GIG

   Gulf Insurance Group acquired AXA's Gulf-region holdings and rebranded the businesses under the GIG identity.

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6. 2019AXA Bank Belgium sold

   AXA sold AXA Bank Belgium to Crelan for approximately €620 million.

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7. 2018XL Group acquired

   AXA acquired XL Group for approximately $15.3 billion, creating the AXA XL commercial-insurance and reinsurance platform.

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8. 2016Tobacco-investment exclusion announced

   AXA announced that it would stop investing in tobacco shares and bonds and allow existing tobacco-related bond positions to run off.

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9. 2016Kamet Ventures created

   AXA launched a €100 million insurtech incubator focused on insurance, healthcare and assistance ventures.

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10. 2011AXA Canada sold to Intact Financial

    AXA exited its Canadian operating business through a sale to Intact Financial for approximately C$2.6 billion.

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11. 2006Winterthur Group acquired

    AXA acquired Winterthur Group from Credit Suisse for approximately €9 billion, adding scale in European insurance.

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12. 1999Guardian Royal Exchange acquired

    The transaction expanded AXA's insurance activities in the United Kingdom, Ireland and related international markets.

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13. 1996Acquisition of UAP

    AXA acquired Union des Assurances de Paris, strengthening its position as a leading French insurer.

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14. 1991Acquisition of The Equitable

    AXA acquired The Equitable in the United States, establishing a major North American life-insurance and retirement presence.

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15. 1986Adoption of the AXA identity

    The AXA name replaced the previous Mutuelles Unies/Drouot identity as the group pursued international expansion.

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16. 1985AXA name selected

    The group selected AXA as a short, internationally pronounceable name; the name was adopted corporately in the following year.

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17. 1982Merger with the Drouot Group

    Mutuelles Unies merged with Drouot Group to form Mutuelles Unies/Drouot.

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18. 1978Acquisition of Compagnie Parisienne de Garantie

    The acquisition expanded the group's French insurance base and was followed by the adoption of the Mutuelles Unies name.

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19. 1816Creation of Ancienne Mutuelle

    Mutuelle de l'Assurance contre l'Incendie, later known as Ancienne Mutuelle, was established in France and became the historical predecessor of AXA.

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A globally diversified insurer positioned around protection, prevention, health, long-term savings and complex commercial risk. AXA combines local distribution with multinational underwriting, claims and risk-management capabilities.

• Life and savingsInsurance and long-term savings

  AXA's life and savings business includes life protection, retirement products, investment-linked policies and other long-term savings solutions. These products are distributed through local insurance companies, advisers, brokers, banks and digital channels, and are designed to combine protection with wealth accumulation or retirement planning.

• Health insuranceHealth insurance

  AXA provides private medical insurance, employee health benefits, international health coverage and related healthcare services. Its operations include AXA Health in the United Kingdom, regional health businesses and assistance capabilities that support medical advice, treatment coordination and claims services.

• Property and casualty insuranceGeneral insurance

  The property and casualty portfolio covers motor, home, property, liability, accident and other general-insurance risks for individuals and businesses. Products are adapted to local markets and may be distributed through agents, brokers, bancassurance partners and direct digital channels.

• AXA XLCommercial insurance and reinsurance2018

  AXA XL is AXA's platform for complex commercial property-and-casualty insurance, specialty risks and reinsurance. Its lines include cyber, construction, energy, marine, aviation, environmental liability, political risk, professional liability and other risks requiring specialized underwriting and global claims expertise.

• AXA PartnersAssistance and embedded insurance

  AXA Partners provides assistance, travel insurance, protection services and third-party administration for customers and distribution partners. Its services support travel, mobility, health, home and other protection needs, often through partnerships with banks, retailers, manufacturers and other brands.

• AXA Investment ManagersAsset management1994

  AXA Investment Managers was AXA's asset-management arm, serving institutional and retail clients with public and private-market investment capabilities. AXA agreed to sell the business to BNP Paribas in 2024; the transaction was completed in 2025 and the activities were integrated into BNP Paribas Asset Management.

• Kamet VenturesInsurtech venture building2016

  Kamet Ventures was created by AXA as an insurtech incubator focused on developing technology-enabled businesses in insurance, healthcare and assistance. Its portfolio included ventures working on insurance advice, elderly care and other digital services.

• 2018Liverpool Football Club partnership

  United Kingdom · International

  AXA became Liverpool Football Club's official global insurance partner in 2018. The relationship expanded in 2019 through training-kit sponsorship and in 2020 through naming rights for the club's training facility, which became the AXA Training Centre.

  Outcome. The partnership gave AXA sustained international visibility and connected the brand with sport, performance, health and team resilience.

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• 2025Acquire a majority stake in Prima AssicurazioniM&A

  AXA pursued a technology-oriented direct-insurance platform in Italy with potential for digital distribution and data-enabled underwriting.

  What changed. AXA agreed to acquire a 51 percent majority stake in Prima Assicurazioni for approximately €500 million, with arrangements concerning the remaining shares expected to be addressed through later options.

  Aftermath. The transaction strengthened AXA's exposure to Italian direct insurance and digital distribution.

  Acquisition consideration. approximately €500 million (Announced and completed in 2025)

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• 2024Exit asset management and focus on insuranceStrategy

  AXA concluded that a simpler business profile centered on insurance would better support its strategic objectives while allowing customers to retain access to investment-management capabilities through a partnership.

  What changed. AXA agreed to sell AXA Investment Managers to BNP Paribas for estimated total consideration of €5.4 billion and entered into a long-term investment-management partnership with BNP Paribas.

  Aftermath. The sale was completed in 2025. AXA retained authority over insurance product design, asset allocation and asset-liability management while reducing its direct exposure to standalone asset management.

  Estimated total transaction consideration. €5.4 billion (Announced August 1, 2024; transaction completed in 2025)

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• 2023Acquire Laya HealthcareM&A

  AXA sought to strengthen its health-insurance position in Ireland and broaden its European health platform.

  What changed. AXA announced the acquisition of Cork-based health insurer Laya Healthcare for approximately €650 million.

  Aftermath. The transaction expanded AXA's Irish health-insurance presence and reinforced health as a strategic growth area.

  Acquisition consideration. approximately €650 million (Announced August 2023)

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• 2018Acquire XL GroupM&A

  AXA sought greater scale in commercial property-and-casualty insurance, specialty lines and reinsurance, areas with complex risks and multinational clients.

  What changed. AXA acquired XL Group for approximately $15.3 billion and developed the AXA XL platform around commercial insurance and reinsurance.

  Aftermath. The transaction materially increased AXA's exposure to corporate risk, specialty underwriting and reinsurance.

  Acquisition consideration. approximately $15.3 billion (2018 transaction)

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• 2016Exclude tobacco investmentsStrategy

  AXA framed tobacco as inconsistent with its risk, health and sustainability principles and responded to wider scrutiny of institutional investment in the tobacco industry.

  What changed. The group announced that it would stop investing in tobacco shares and bonds and allow existing tobacco-related bond investments to mature rather than reinvesting them.

  Aftermath. The decision became a visible part of AXA's responsible-investment positioning and was later accompanied by additional sustainability and exclusion policies.

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• 2018Criticism over investments linked to Israel and Elbit SystemsControversy

  AXA faced sustained pressure from nongovernmental organizations and boycott campaigners over investments associated with Elbit Systems and Israeli banks. AXA reduced some direct exposure, although campaigners continued to debate indirect holdings and the scope of the divestment.

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• 2013AXA Wealth investment-advice enforcement actionControversy

  The UK Financial Conduct Authority fined AXA Wealth £1.8 million after finding serious defects in the way advisers operating through several banking and building-society channels assessed the suitability of investment advice.

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• 2009Swiftcover advertising ruled misleadingControversy

  A Swiftcover television advertisement featuring Iggy Pop was banned after the advertising regulator determined that the presentation could mislead consumers because the performer would not have been eligible for the insurance policy under its occupational exclusions.

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• 2026AXA shareholders renew Thomas Buberl as chief executive

  At the April 30, 2026 shareholders' meeting, shareholders renewed Thomas Buberl's board mandate and the board reappointed him as chief executive officer for a further term.

  Leadership change
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• 2025AXA completes strategic exit from asset management subsidiary

  The planned transfer of AXA Investment Managers to BNP Paribas was completed in 2025, with the asset-management activities subsequently integrated into BNP Paribas Asset Management.

  M&A
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• 2025AXA announces majority investment in Prima Assicurazioni

  AXA announced an agreement to acquire a 51 percent stake in Italian direct insurer Prima Assicurazioni for approximately €500 million.

  M&A
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• 2024AXA announces sale of AXA Investment Managers to BNP Paribas

  AXA announced an agreement to sell AXA Investment Managers to BNP Paribas for total consideration estimated at €5.4 billion, together with a long-term investment-management partnership.

  M&A
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• 2023AXA announces acquisition of Laya Healthcare

  AXA announced the acquisition of Irish health insurer Laya Healthcare for approximately €650 million, strengthening its European health-insurance business.

  M&A
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• 2019AXA sells AXA Bank Belgium to Crelan

  AXA sold AXA Bank Belgium to Belgian financial group Crelan for approximately €620 million as part of its portfolio simplification.

  M&A
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• 2018AXA acquires XL Group

  AXA completed the acquisition of XL Group for approximately $15.3 billion, creating a major global commercial property-and-casualty and reinsurance platform.

  M&A
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• 2011AXA Canada sold to Intact Financial

  AXA agreed to sell its Canadian operations to Intact Financial for approximately C$2.6 billion, exiting direct Canadian insurance operations.

  M&A
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1. Axa
2. AXA Executive Management
3. AXA Board of Directors
4. AXA announces the results of its 2026 Shareholders' Meeting
5. AXA enters into an exclusive negotiation to sell AXA Investment Managers to BNP Paribas
6. AXA 2024 Annual Report
7. AXA 2025 Integrated Report
8. AXA Investment Managers transaction completed