2026-09-15 · Source: Insurance Business UK
Summary in 3 Points • AXA announced a strategic plan focusing on AI deployment and market positioning from 2027 to 2029 • AXA XL will prioritise margin over market share in the softening reinsurance market • AXA aims to expand in property, casualty retail, SME, and life and health sectors --- AXA has introduced a strategic plan titled 'Growing Forward' for the period 2027 to 2029, focusing on AI deployment and market positioning. The plan includes financial targets such as earnings per share growth and return on equity. AXA XL, a significant part of the group, will focus on disciplined cycle management in the softening large commercial and specialty market, prioritising margin over market share. The plan also outlines growth in property and casualty retail, SME, and life and health sectors, representing a significant portion of group revenues. AI will play a crucial role, with expected annual pre-tax benefits of €500 million to €700 million by 2029, enhancing underwriting and claims management processes.
For the London insurance market, AXA's strategic shift could influence underwriting practices, particularly in large commercial and specialty lines. AXA XL's focus on margin over market share may lead to more selective underwriting, impacting brokers and clients seeking coverage in these areas. The focus on AI deployment could streamline underwriting and claims processes, potentially affecting policy wording and pricing strategies. As AXA expands in SME and mid-market segments, competition may intensify, prompting London market players to reassess their approaches to pricing and risk selection in these areas.