European Insurance News & Views: Read-across from US/Canada and AXA results

Research evidence excerpt

European Insurance News & Views: Read-across from US/Canada and AXA results

Global Research

31 July 2026ab

European Insurance News & Views Equities

Europe including UKRead-across from US/Canada and AXA results

Financial

Nasib Ahmed, FIA

Headline: Read across from US/Canada results Analyst

nasib-za.ahmed@ubs.com

We provide read-across from AXA, Definity, Lincoln results (see First Reads here, here +44-20-7568 8231

and here) for Aviva and Aegon. Will Hardcastle, CFA

Analyst

will.hardcastle@ubs.com

UBS Summary:

+44-20-7567 9763

Qian Lu

Aviva: Definity results appear to be better than read-across from Intact earlier in the Analyst

reporting cycle. Canada property COR was better YoY, driven by lower cat losses, with qian-za.lu@ubs.com

Canada Commercial deteriorating due to higher cats (but within company’s +44-20-7567 4657

expectations). There are acquisition-related impacts also that we exclude. Canada

Chloe Ryan

commercial is a focus, particularly large accounts. Definity expects industry growth at Associate Analyst

low or mid single digits, varying by account. AXA reported results this morning, with chloe.ryan@ubs.com

details provided on UK&I pricing trends. Commercial Lines pricing was up 0.3% YoY in +44-20-7567 3505

1H26, slowing down from the 0.5% reported at 1Q26, whereas Personal Lines trends

were much more favourable, with 1H26 rate change coming in at 3.4% vs -0.9%

reported at 1Q, implying a mid to high single digit price increase in Q2 stand-alone,

ahead of claims inflation trends.

Aegon: Lincoln announced an SGUL deal with better terms than its previous deal.

Aegon still has some (smaller) SGUL exposure following its deal in Dec last year. The

implied stat capital to FCF multiple for the SGUL transaction is 5-6.5x, which appears to