AXA Tianping Property & Casualty Insurance to return to profit by 2026

Gross premiums written are forecast to grow by 7% to 10% yearly through 2027.

AXA Tianping Property & Casualty Insurance is expected to return to profit by 2026 as it strengthens underwriting discipline and controls expenses, according to S&P Global Ratings.

The insurer’s combined ratio is projected to narrow to between 100% and 105% over the next two years, from about 106% in 2024 and an average of 109% over the past five years. 

S&P said tighter risk selection, lower acquisition costs, and continued expense management should help reduce underwriting losses.

Gross premiums written are forecast to grow by 7% to 10% annually through 2027, led by non-motor business, which accounted for about 43% of total premiums in the first half of 2025. 

Motor insurance growth is expected to stay in the low-to-mid single digits due to selective underwriting.

AXA Tianping’s capital position remains satisfactory, supported by the AXA group’s oversight and commitment to its China strategy. 

The insurer had a capital base of about $400m at end-2024.

The company is expected to continue leveraging AXA’s technical expertise, reinsurance support, and brand strength as it expands. 

It also plans to contribute to the group’s green finance goals through new energy vehicle insurance.