AXA: A Persistent Valuation Discount Despite Improving Fundamentals

AXA reports 6% gross written premium growth to €38 billion in Q1, citing broad segment gains. Underlying EPS growth guidance remains at upper end of 6, 8% for 2026. Natural catastrophe losses slightly underprorated annual budget despite early U.S. hurricane season entry. Valuation multiple alignment with peers suggests significant re-rating potential.