AXA presented on Tuesday its new "Growing Forward" strategy for the 2027-2029 period, in which artificial intelligence will be fundamental to accelerating the insurer's transformation. The group expects AI to generate between 500 and 700 million euros in recurring pre-tax profits by 2029, through improvements in risk underwriting, operational efficiency and customer service quality.
AXA's Chief Executive Thomas Buberl, whose mandate was renewed in April for four years until 2030, stated that AI "is an opportunity, but also a risk," noting that the technology is very present in cybersecurity, allowing criminals to automate certain attacks. Buberl warned that cyber risk insurance "runs the risk of becoming difficult to sustain in the long term" if not combined with prevention efforts by companies.
Patrick Cohen, AXA's head for Europe, said the company is not "in an experimentation phase, but rather in the industrialization of artificial intelligence," giving the example that AI can summarize a 40-page contract in a few seconds and respond to customers conversationally 24 hours a day. The application of voice AI at call centers enabled a 40% increase in productivity and a satisfaction rate of 92% among customers.
The insurer also raised its financial targets, now expecting underlying earnings per share to grow at a compound annual rate between 7% and 9% in the 2026 to 2029 period, above the previous target of 6% to 8%. Underlying return on capital is expected to be between 15% and 17% in the 2027 to 2029 period, and the company expects to generate approximately 25 billion euros in cumulative organic cash flow during the three years of the new plan.
