Middle East: AXA XL posts US$115m loss in 1H2026 for the region

Source: Middle East Insurance Review | Sep 2026

AXA XL, the P&C and specialty risk division of Paris-headquartered AXA Group, has reported a EUR100m ($115.4m) loss related to the Middle East for the first half of this year.

Nevertheless, AXA XL’s overall profits rose by 4% at constant exchange rates to EUR994m, the Group’s half-year financial statements show.

Mr Alban de Mailly Nesle, AXA Group CFO, said during an earnings call, “At AXA XL, we grew earnings by 4% while maintaining AXA XL insurance combined ratio as stable, excluding Middle East losses and with no PYDs. This reflects effective cycle management.”

Though AXA XL pricing weakened in 1H2026, management said that the company’s pricing was still better than the market’s.

The Group’s results for the first half of the year showed that AXA XL Re’s total reinsurance premiums and other revenues fell by 9% year-on-year to EUR1.8bn, as business volume declined. The company maintained a strategy of focussing on profitability rather than expanding underwriting, while reinsurance rates fell by about 5%. M

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.