AXA SA

ENXTPA:CS Stock Report

Market Cap: €90.5b

AXA Management

Management criteria checks 4/4

We currently do not have sufficient information about the CEO.

Key information

Thomas Buberl

Chief executive officer

€6.1m

Total compensation

CEO salary percentage26.85%
CEO tenure10yrs
CEO ownership0.07%
Management average tenure4.6yrs
Board average tenure6.3yrs

Recent management updates

Recent updates

Narrative Update • Sep 17

CS: AI Execution And Business Reshaping Will Drive Future Re Rating

AXA's updated analyst price target moves from €48.51 to €51.99, with analysts pointing to adjusted fair value assumptions, a higher applied P/E multiple and revised revenue growth expectations, even as they highlight that profit growth currently trails the sector and the group continues to reshape its business following the asset management sale to BNP Paribas. Analyst Commentary Recent research on AXA shows a split view.
Narrative Update • Sep 03

CS: Higher Earnings Multiple Will Be Supported By AI Governance Progress

Analysts have lifted the fair value estimate for AXA to €66.18 from €64.68, reflecting higher Street price targets that now reach up to €77.10 as they point to updated assumptions on revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent Street research on AXA points to a cluster of higher price targets and supportive ratings that highlight constructive views on the stock.
Narrative Update • Aug 13

CS: Raised Price Views Will Support A Higher Future Earnings Multiple

AXA’s updated analyst price target has risen to €64.68 from €62.41. This reflects adjustments in fair value, discount rate, revenue growth, profit margin and future P/E that are broadly consistent with recent target increases from several research firms.
Narrative Update • Jul 30

CS: Higher Revenue Assumptions And Lower Discount Rate Will Test Execution

AXA's analyst price target has increased to €42.40 from €40.00, with analysts citing updated assumptions for revenue growth, margins, P/E and discount rates that are broadly consistent with recent upward revisions to Street targets in the range of approximately €50 to €77.10 per share. Analyst Commentary Recent Street research on AXA shows a wide spread in price targets, ranging from around €50 to €77.10 per share.
Narrative Update • Jul 16

CS: Updated Fair Value And P/E Assumptions Will Shape Balanced Re Rating

AXA's analyst price target has been nudged higher to €50, with analysts pointing to slightly adjusted fair value estimates, updated revenue growth and margin assumptions, and modestly refined future P/E expectations as key factors supporting the change. Analyst Commentary Recent research commentary on AXA points to a mixed but generally constructive view, with several price target increases and one reduction reflecting different opinions on valuation, growth assumptions, and execution risk.
New Narrative • Jun 30

Climate And Aging Trends Will Shape Insurance Demand While Returns Stay Steady

Catalysts About AXA AXA is a global insurance group offering property and casualty, life, health, savings and retirement products to retail clients, businesses and institutions. What are the underlying business or industry changes driving this perspective?
Narrative Update • Jun 18

CS: Higher Fair Value And P/E Assumptions Will Support Measured Re Rating

Analysts have nudged the fair value estimate for AXA higher to €47.51 from €46.48, citing a series of upward revisions to price targets, including recent increases to around €77.10 from €57.40 and by €1 in other Street updates, alongside broadly supportive new coverage. Analyst Commentary Recent Street research on AXA offers a mix of optimism and caution that investors can weigh against the revised fair value estimate.
New Narrative • Jun 15

AI And Climate Risk Tailwinds Will Reshape This Global Insurer’s Next Decade

Catalysts About AXA AXA is a global insurance group active in Property & Casualty, Life, Health, Savings and reinsurance across Europe, Asia, Africa and other markets. What are the underlying business or industry changes driving this perspective?
Narrative Update • Jun 03

CS: Higher Fair Value And P/E Assumptions Will Support Measured Re Rating

AXA's analyst price target has edged higher by about €0.35, with analysts pointing to modestly revised assumptions around fair value, discount rate, profit margin and future P/E. This move is supported by recent research that includes both a €1 target increase and a €1 reduction from different banks, alongside a bullish initiation.
Narrative Update • May 08

CS: Technical And Fee-Based Shift Plus Buybacks Will Support Measured Re-Rating

AXA's fair value estimate edges higher to €46.12 from €46.07 as analysts refine assumptions around revenue growth, profit margins and future P/E, supported by a series of recent price target increases and bullish initiations on the stock. Analyst Commentary Recent Street research around AXA has been active, with several price target revisions and fresh initiations feeding into the updated fair value estimate.
Narrative Update • Apr 22

CS: Technical And Fee-Based Earnings Mix Will Support Re-Rating As Discount Persists

Analysts have nudged their average price target for AXA slightly higher to about €46.07. This reflects modest tweaks to assumptions around discount rates, profit margins and future P/E multiples, alongside recent Street research that includes both upward and downward target revisions clustered around the €46 to €50 range.
Narrative Update • Apr 07

CS: Technical And Fee-Based Earnings Shift Will Support Re-Rating As Discount Persists

AXA's analyst price targets have edged higher into a €46 to €50.70 range, as analysts point to improved profitability from technical insurance and fee-based earnings, along with what they view as an ongoing discount to European composite peers. Analyst Commentary Recent research points to a cluster of higher price targets for AXA, with analysts largely focused on the mix of technical insurance and fee-based earnings and how that feeds into profitability, earnings stability, and valuation relative to European peers.
Narrative Update • Mar 24

CS: Technical And Fee-Based Shift Will Support Re-Rating As Discount Persists

Analysts have nudged AXA's average price target higher to around €48 to €51, citing improved profitability from its focus on technical insurance and fee-based earnings and pointing out that the current valuation still sits at a discount to European composite peers. Analyst Commentary Recent Street research has tilted positive on AXA, with several banks lifting their price targets into a relatively tight band between €46 and about €51.
Narrative Update • Mar 10

CS: Technical And Fee-Based Shift Will Support Re-Rating Versus European Composite Peers

Our AXA fair value estimate has been adjusted from €45.27 to €46.05. This reflects higher analyst price targets in the €46 to €50.70 range and their focus on improved profitability, lower earnings volatility and a reduced P/E assumption.
Narrative Update • Feb 23

CS: Technical And Fee-Based Shift Will Support Higher Future Earnings Multiple

Analysts have nudged their price target for AXA slightly higher to about €45.27 from roughly €45.11, citing continued focus on technical insurance and fee-based earnings that they say is supporting improved profitability and a higher assumed future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts point to the shift towards technical insurance and fee-based earnings as a key support for more stable and higher quality profit streams, which they see as supportive of a stronger P/E multiple over time.
Narrative Update • Feb 08

CS: Slightly Lower Discount Rate Will Support Forward Earnings Appeal

The analyst fair value estimate for AXA has been adjusted slightly higher to €45.11 from €45.06, as analysts refine their assumptions around discount rates, revenue growth, profit margins and future P/E multiples. Valuation Changes Fair Value Estimate adjusted slightly higher to €45.11 from €45.06.
Narrative Update • Jan 24

CS: Stable Assumptions And Slightly Higher Required Return Will Support Forward Earnings Appeal

Analysts have slightly raised their fair value estimate for AXA to €45.06 from €44.98, citing adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E that together support a marginally higher price target. Valuation Changes Fair value estimate is now set at €45.06, up slightly from €44.98, reflecting a very small adjustment in the model.
Narrative Update • Jan 10

CS: Stable Assumptions And Slightly Lower P/E Will Support Forward Earnings Appeal

Analysts have reduced their price target for AXA slightly to about €45, reflecting small adjustments to fair value estimates, discount rate assumptions and future P/E expectations, while keeping revenue growth and profit margin forecasts broadly unchanged. Valuation Changes Fair Value: Adjusted slightly from €45.07 to €44.98, indicating a very small reduction in the estimated fair value per share.
Narrative Update • Dec 17

CS: Lower Discount Rate Will Support Stronger Forward Earnings Appeal

Analysts have nudged their price target on AXA slightly higher to approximately €45.07 from about €45.04, citing a marginally lower discount rate and modest improvements in projected profit margins that together support a slightly richer valuation multiple. Valuation Changes Fair Value has risen slightly from approximately €45.04 to about €45.07, reflecting a marginal uplift in the intrinsic valuation estimate.
Narrative Update • Dec 03

CS: Modestly Higher Future Multiple Will Support Attractive Upside Potential

Analysts have modestly raised their price target on AXA to €45.04, citing a slightly higher assumed future price to earnings multiple, which more than offsets marginal adjustments to the discount rate and profit margin forecasts. Valuation Changes Fair Value Estimate unchanged at approximately €45.04 per share, indicating no revision to the intrinsic value assessment.
Narrative Update • Nov 19

CS: Strong Profit Margins And Stable P/E Will Drive Future Gains

Analysts have slightly raised their price target for AXA, increasing it from €44.96 to €45.04. This change is based on modest adjustments to projected revenue growth, profit margins, and discount rates.
Narrative Update • Nov 02

CS: Rising Profit Margins And Multiples Will Drive Global Expansion

Analysts have slightly raised their price target for AXA from €44.58 to €44.96, citing incremental improvements in profit margin and expected future earnings multiples as key factors supporting the revision. Valuation Changes Fair Value has increased slightly from €44.58 to €44.96.
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New Narrative • Nov 07

Calculated Market Expansion And Innovative Products Drive Revenue Growth And Profitability

AXA's disciplined pricing and focus on operational excellence aim to enhance profitability in international markets.

CEO Compensation Analysis

How has Thomas Buberl's remuneration changed compared to AXA's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

€8b

Mar 31 2026n/an/a

€7b

Dec 31 2025€6m€2m

€7b

Sep 30 2025n/an/a

€7b

Jun 30 2025n/an/a

€7b

Mar 31 2025n/an/a

€7b

Dec 31 2024€6m€2m

€7b

Sep 30 2024n/an/a

€7b

Jun 30 2024n/an/a

€7b

Mar 31 2024n/an/a

€7b

Dec 31 2023€6m€2m

€7b

Sep 30 2023n/an/a

€6b

Jun 30 2023n/an/a

€5b

Mar 31 2023n/an/a

€5b

Dec 31 2022€5m€2m

€5b

Sep 30 2022n/an/a

€6b

Jun 30 2022n/an/a

€7b

Mar 31 2022n/an/a

€7b

Dec 31 2021€5m€1m

€7b

Sep 30 2021n/an/a

€6b

Jun 30 2021n/an/a

€6b

Mar 31 2021n/an/a

€4b

Dec 31 2020€4m€1m

€3b

Jun 30 2020n/an/a

€3b

Mar 31 2020n/an/a

€3b

Dec 31 2019€5m€3m

€4b

Compensation vs Market: Thomas's total compensation ($USD7.06M) is about average for companies of similar size in the French market ($USD5.64M).

Compensation vs Earnings: Thomas's compensation has been consistent with company performance over the past year.

CEO

Thomas Buberl (53 yo)

10yrs
Tenure
€6,144,119
Compensation

Dr. Thomas Buberl, Ph D., serves as Advisory Board Member at Planet First Partners Gérant Sàrl. He is Independent Director of International Business Machines Corporation from April 28, 2020.Dr. Buberl is...

Leadership Team

NamePositionTenureCompensationOwnership
Thomas Buberl
CEO & Director10yrs€6.14m0.066%
€ 60.1m
Helen Browne
Group General Counsel & Employee Shareholders Representative Director10.3yrs€106.42k0.011%
€ 9.9m
Alban de Mailly Nesle
Group Chief Financial Officer5.2yrsno datano data
Gregoire Montchalin
Chief Accounting & Reporting Officerno datano datano data
Matthieu Caillat
Group Chief Technology & AI Officer1.7yrsno datano data
Anu Venkataraman
Group Chief Strategy Officer & Head of Investor Relations4yrsno datano data
Ulrike Decoene
Group Chief Communication7.5yrsno datano data
Astrid Panosyan-Bouvet
Group Chief Human Resources Officerno datano datano data
Hassan El-Shabrawishi
Chief Executive Officer of International Marketsno datano datano data
Guillaume Borie
Global Head of Finance1.7yrsno datano data
Patrick Cohen
Chief Executive Officer of European Markets & Health9.8yrsno datano data
Claudio Gienal
Chief Transformation Officer for European Markets & Health3.2yrsno datano data
4.6yrs
Average Tenure
53yo
Average Age

Experienced Management: CS's management team is considered experienced (4.6 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Thomas Buberl
CEO & Director10yrs€6.14m0.066%
€ 60.1m
Helen Browne
Group General Counsel & Employee Shareholders Representative Director6.3yrs€106.42k0.011%
€ 9.9m
Claude Bébéar
Honorary Chairman16.4yrsno datano data
Angelien G. Kemna
Independent Director10.4yrs€172.04k0.00036%
€ 325.8k
Gerald Harlin
Director4.4yrs€171.05k0.024%
€ 21.8m
Ramon Fernandez
Independent Director5.4yrs€233.81k0.00037%
€ 334.8k
Guillaume M. J. Faury
Independent Director5.4yrs€173.92k0.00025%
€ 226.2k
Antoine Gosset-Grainville
Independent Chairman of the Board6.3yrsno data0.00021%
€ 190.0k
Martine Bievre
Employees Representative Director8.3yrs€106.42k0.000020%
€ 18.1k
Bettina Cramm
Employees Representative Director8.3yrs€140.17k0.00017%
€ 153.8k
Ewout Steenbergen
Independent Director1.7yrs€184.14k0.00010%
€ 90.5k
Marie-France Tschudin
Independent Director6.3yrs€140.17k0.00020%
€ 181.0k
6.3yrs
Average Tenure
61.5yo
Average Age

Experienced Board: CS's board of directors are considered experienced (6.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/18 22:46
End of Day Share Price 2026/09/18 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

AXA SA is covered by 35 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Markus MayerBaader Helvea Equity Research
null nullBanco de Sabadell. S.A.
Valvanera Gómez PastorBanco Santander