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Thomas Buberl

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Thomas Buberl
Thomas Buberl
Buberl at the World Economic Forum in Davos, 2021
BornMarch 24, 1973 (age 53)
Wuppertal, West Germany
NationalityGerman, French and Swiss
EducationWHU Otto Beisheim School of Management; Lancaster University; University of St Gallen
OccupationBusiness executive
CompanyAXA
TitleChief Executive Officer
ChildrenTwo

Thomas Buberl (born 24 March 1973) is a German business executive who has been the chief executive officer of the French insurance group AXA since 1 September 2016. He holds German, French and Swiss citizenship.[1] Buberl spent most of his career inside the insurance industry, rising from a management consultant at the Boston Consulting Group to chief executive of Winterthur's successor at Zurich Financial Services in Switzerland, then to the head of AXA's German subsidiary, before being chosen in March 2016 to succeed Henri de Castries as the group's chief executive, the first German and the first non-French national to lead the company.[2][3]

Under Buberl, the group refocused from life and savings business toward property and casualty insurance, most notably through the 2018 acquisition of XL Group for $15.3 billion, and later divested its asset management arm, AXA Investment Managers, to BNP Paribas in 2025.[4][1] As of September 2026 Buberl remains the company's chief executive, having been reappointed by shareholders on 30 April 2026 to a new four-year term as director with the board's stated intention of returning him as chief executive officer, extending his tenure to at least the 2030 shareholders' meeting.[5][6]

Buberl also sits on the boards of IBM and the German conglomerate Bertelsmann, and chairs the AXA Foundation for Human Progress.[7][6] He was named a Young Global Leader by the World Economic Forum in 2008 and was made a Chevalier of the French Legion of Honour in 2019.[8][9]

Early life and education

Buberl was born on 24 March 1973. A profile published by Euro am Sonntag describes him as a native of Wuppertal, in what was then West Germany.[10] He studied business administration at WHU Otto Beisheim School of Management in Koblenz and Vallendar, Germany, earning a degree in economics and commerce, and completed a Master of Business Administration at Lancaster University in the United Kingdom.[6][11] During his studies he also spent a semester at the Paris Dauphine University, taking courses in management and finance, an exchange that gave him his first command of French.[11] He went on to earn a PhD in economics from the University of St Gallen in Switzerland.[6][1]

Buberl began his career as a consultant at the Boston Consulting Group in Germany in 2000, working in the firm's banking and insurance practice.[11][6] He later said that insurance was a sector other consultants at the firm avoided, recalling that colleagues told him "it's for you" and that he accepted the assignment because he liked taking on challenges nobody else wanted.[11] While at the Boston Consulting Group he worked on the development of a direct insurer for HUK-Coburg, a project that led to the 1999 launch of HUK24, which later became one of the best-known digital brands in the German insurance market; his manager on the project, Astrid Stange, later became a board member at AXA Germany under Buberl.[10]

Career

Winterthur and Zurich Financial Services, 2005 to 2012

Buberl joined the Winterthur Group in Switzerland in 2005, at the age of 32, first as chief operating officer and then as chief marketing and distribution officer.[10][6] Winterthur was acquired by AXA from Credit Suisse in 2006, and for a transitional period the Swiss operations traded under the combined name AXA Winterthur while the company phased out the Winterthur brand in favour of a single-brand strategy; it was during this period that Buberl first came to the attention of Henri de Castries, then the group's chief executive.[10][1]

In November 2008, Buberl left AXA Winterthur for Zurich Financial Services, and was named chief executive for the company's Swiss operations within two months of joining.[10][6] At Zurich he publicly set a target of overtaking AXA Winterthur to become the number one property and casualty insurer in Switzerland by 2013, while also holding to strict cost targets set by then Zurich chief executive James Schiro; he told the Swiss trade publication Schweizer Versicherung that "the lemon must always be squeezed, that is our job toward our customers, the policyholders, and toward the shareholders".[10] By 2012, AXA Winterthur still held a larger share of the Swiss property and casualty market than Zurich, roughly 19 percent against Zurich's 16 percent, and Buberl left the company without having closed the gap.[10]

AXA Germany, 2012 to 2016

Buberl returned to AXA at the beginning of 2012, aged 38, as chief executive officer of AXA Konzern AG, the group's German subsidiary, and joined its group executive committee.[6][1][10] He succeeded Frank Keuper, who had overseen the integration of the German Winterthur subsidiary DBV into the group and a large cost-reduction programme before his retirement.[10] During Buberl's four years running AXA Germany, five members of the executive board departed and he rotated others through different functions; he also pushed an informal culture at odds with the rest of the group, ending the requirement for board members to wear neckties and encouraging the use of the informal German "du" form of address.[10]

Buberl was a public skeptic of the long-term role of independent insurance agents and brokers, telling colleagues internally that insurers needed to reduce the influence of what he called "intermediaries" and own the customer relationship directly, a position he connected to the wider shift toward digital distribution.[10] In 2014 he set up a small internal unit in Cologne-Mülheim, at arm's length from AXA Germany's headquarters in Cologne-Holweide, under the codename "Transactional Model", staffed by around 10 employees and tasked with rethinking how the company sold insurance; he frequently cited Amazon's simplicity as a model the insurance industry had failed to match.[10]

In March 2015, while still running AXA Germany, Buberl was additionally appointed chief executive officer of the group's global health insurance business line and joined its Management Committee.[6][3] In January 2016 Buberl took on a second global role, as chief executive officer of the group's global life and savings business line, meaning he held the Germany, health and life and savings mandates simultaneously in the months before his promotion to group chief executive.[6][1]

Succession as group chief executive, 2016

On 19 March 2016, AXA's board of directors unanimously selected Buberl, then 43, to succeed Henri de Castries as chief executive, concluding a selection process that de Castries said he had initiated with the board in the fourth quarter of 2013.[2] Buberl later recalled learning of the decision while playing football with his son at his home in Zurich, when de Castries called him directly.[11] The appointment, announced publicly on 21 March 2016, made Buberl the third chief executive in AXA's history after founder Claude Bébéar and de Castries, the first German to lead the company and the first non-French national to run a major French multinational.[2][3] De Castries told employees in a letter that "my successor will be considerably better than me".[10]

The board separated the roles of chairman and chief executive on Buberl's appointment, a structure the group had not used under de Castries: Denis Duverne, previously de Castries' deputy and the group's finance chief, became non-executive chairman, while Buberl took the chief executive title alone.[2][6] Buberl himself was reportedly surprised that the board had not chosen a French candidate, telling reporters at his introduction that it had "somewhat surprised" even him.[10] From 21 March to 31 August 2016, Buberl served as deputy chief executive officer, alongside his existing responsibility for the life and savings business line, before formally becoming chief executive officer and a director of the company on 1 September 2016, when de Castries stepped down after close to 17 years running the group.[7][6][2]

In the weeks before formally taking office, Buberl moved quickly to put his own mark on the company. In May 2016, Buberl announced the group's withdrawal from investments in the tobacco and cigarette industry, and around the same time completed the sale of one of its British life insurance businesses, a transaction he had personally negotiated while still responsible for the group's global life and health lines.[10] He unveiled his own management team the same day, and on 21 June 2016 presented a new strategic plan built around annual pre-tax cost savings of €2.1 billion by 2020, funded in part by headcount reductions in the group's core markets of Germany, France and Italy, even as its overall worldwide headcount, then around 166,000 employees, was intended to stay broadly stable through hiring in growth markets in Asia and in data analytics roles.[10][11]

Group chief executive, 2016 to 2026

As chief executive, Buberl pursued a strategy of concentrating the group's business in insurance risk rather than the financial market risk associated with life and savings products, and of narrowing its geographic footprint to markets where it held leading positions.[5] The signature transaction of this strategy was the 2018 acquisition of XL Group, described in further detail below. Buberl's team also floated the former US life insurance and asset management business, Equitable Holdings, on the New York Stock Exchange in 2018 and sold the group's remaining stake in the company in 2019, while separately acquiring full ownership of the Chinese joint venture AXA Tianping and a majority stake in Mansard Insurance in Nigeria.[1]

The group's prior three-year plan, "Driving Progress 2023", concluded under Buberl with all of its main financial targets met: underlying earnings of €7.6 billion for 2023, up 6 percent on the prior year, underlying earnings per share of €3.31, a dividend of €1.98 per share, up 16 percent, and a Solvency II capital ratio of 227 percent.[12] Buberl then unveiled the following plan, "Unlock the Future", targeting underlying earnings per share growth of 6 to 8 percent a year and underlying return on equity of 14 to 16 percent through 2026, alongside a new capital policy returning 75 percent of underlying earnings to shareholders through dividends and buybacks.[12] In 2023 the company acquired Groupe Assurances du Crédit Mutuel España and the Irish health insurer Laya Healthcare, and in 2025 it completed the sale of AXA Investment Managers to BNP Paribas and acquired majority stakes in the Italian insurers Nobis and Prima, transactions discussed further below.[1]

On 17 October 2025, Buberl announced a reshuffle of the group's management committee effective 1 December 2025, intended, in his words, to prepare the group's next strategic cycle by "leveraging internal talents with outstanding track records".[13] Guillaume Borie, previously chief executive of AXA France, became global head of finance, strategy, underwriting, risk and technology, taking on responsibilities previously held by Frédéric de Courtois, who stepped down as a senior adviser; Mathieu Godart became chief executive of AXA France; Matthieu Caillat became group chief technology and AI officer and chief executive of AXA Group Operations, succeeding Alexander Vollert; and Karima Silvent became deputy general secretary for human resources, audit and compliance.[13] Buberl thanked de Courtois and Vollert for their contributions, crediting de Courtois with strengthening the group's technical underwriting and overseeing the sale of AXA Investment Managers, and Vollert with leading AXA Germany and later the group's technology, data and AI transformation.[13]

In April 2025 the company's board, having reviewed Buberl's record since his previous mandate renewal in 2022, decided to propose extending his term as a director for a further four years, with the explicit intention of reappointing him as chief executive once the new term began.[5] The board's public rationale cited the group's "record underlying earnings of €8.4 billion and a strong Solvency II ratio of 224%" for 2025, gross revenues that had grown from €100 billion in 2021 to €116 billion in 2025, and a total shareholder return of 89 percent between April 2022 and February 2026.[5] Shareholders approved the renewal at the annual meeting on 30 April 2026, extending Buberl's term as director and chief executive until the 2030 shareholders' meeting.[6][5] Marking the vote, Buberl said: "We have come a long way since 2016 and I believe that the Group's transformation over the past years positions us well to navigate the new economic and geopolitical context in which we are operating today. As the Group celebrates the 40th anniversary of the AXA brand, I am proud of all we have achieved, and I am excited to take on the challenges to come."[5]

In its results for the first half of 2026, the group reported underlying earnings per share of €2.19, up 8 percent year on year, underlying earnings of €4.5 billion, and gross written premiums of €66.3 billion, with Buberl stating that the group had "delivered outstanding performance in the first half of 2026, with growth in underlying earnings per share at the top end of our target range of 6% to 8% while further strengthening our reserve prudence".[14] The company said it planned to present its next strategic plan, covering 2027 to 2029, in September 2026.[14]

Leadership and management style

Colleagues and analysts who spoke to German media around Buberl's promotion described a manager who worked at a punishing pace, holding down as many as three senior roles simultaneously in the run-up to his move to Paris, running AXA Germany while also serving as global head of the health line from 2015 and the life and savings line from 2016.[10] He was said to rely heavily on a small circle of trusted advisers and colleagues for even minor decisions, a pattern already visible during his time at Winterthur.[10]

Buberl has been consistent in positioning himself as a proponent of digital transformation in insurance, a stance that shaped both his strategy at AXA Germany and the priorities he set on becoming group chief executive. As head of AXA Germany he argued publicly that insurers needed to reduce their dependence on independent agents and brokers and build a direct relationship with customers, and set up a dedicated internal unit to prototype new distribution models rather than wait for insurance-focused startups to force the issue.[10] That approach produced friction with parts of AXA's own distribution network, discussed further under Controversies below.

As group chief executive, Buberl's leadership has been evaluated annually by the company's board against a mix of financial and non-financial metrics. For 2025, the board assessed Buberl's performance using a formula weighting overall group financial results at 70 percent, measured through underlying earnings per share, cash remittance, a sustainability indicator tied to the reduction of the group's general account carbon footprint, and its Net Promoter Score customer satisfaction measure, with the remaining 30 percent tied to individual objectives including the closing of the AXA Investment Managers sale, the completion of the Prima acquisition, progress preparing the next strategic plan, and the cohesion and succession planning of the management committee.[1] The board rated Buberl's overall 2025 performance at an achievement rate of 109.4 percent of target.[1]

Major deals and strategic decisions

The defining transaction of Buberl's tenure was the group's acquisition of XL Group Ltd, a Bermuda-based property and casualty commercial lines insurer and reinsurer listed on the New York Stock Exchange. Announced on 5 March 2018, the deal valued XL Group at $15.3 billion, or €12.4 billion, to be paid entirely in cash, with XL Group shareholders receiving $57.60 per share, a 33 percent premium to XL Group's closing price two trading days earlier.[4] The company described the transaction as creating "the first global P&C Commercial lines insurance platform" and said it would shift its business profile from predominantly life and savings toward predominantly property and casualty insurance, partly funded by proceeds from the planned initial public offering of its US life insurance and asset management business.[4] The combined business was later rebranded AXA XL.

Buberl also oversaw the separation of the group's US operations. It floated its US life insurance and asset management arm as Equitable Holdings, Inc. on the New York Stock Exchange in 2018, and sold its remaining stake in the company in 2019.[1] Buberl served as a director of Equitable Holdings during this period as a former subsidiary of the group.[7]

In 2023, the group acquired Groupe Assurances du Crédit Mutuel España and the Irish health insurer Laya Healthcare.[1] In 2024 it agreed to acquire Gruppo Nobis, a predominantly retail property and casualty insurer in Italy, completing the purchase on 1 April 2025; the upfront consideration was €423 million, with a potential earn-out of up to €55 million payable over five years depending on revenue targets.[1] On 1 July 2025, the company completed the sale of its asset management business, AXA Investment Managers, to BNP Paribas for cash proceeds of €5.1 billion, alongside the sale of the Select investment platform to AXA IM for a further €0.3 billion, taking the total transaction value to the previously announced €5.4 billion; the two companies simultaneously entered a long-term partnership under which BNP Paribas provides investment management services to the group, which retained authority over product design and asset allocation.[1] On 28 November 2025, the company completed the acquisition of a 51 percent stake in Prima, an Italian direct motor insurer operating as a managing general agent, for a consideration of €0.5 billion; the agreement included call and put options allowing it to acquire the remaining stake, expected to be exercised in 2029 or 2030, and Buberl's team said the deal would almost double the size of the group's Italian motor insurance business.[1] In 2025 the group also created the AXA Foundation for Human Progress, consolidating its philanthropic activities with those of the Mutuelles d'assurances AXA under Buberl as chairman.[1][6]

Financial and market performance

The group's results under Buberl's leadership have been shaped by the shift away from life and savings business and the subsequent divestment of asset management. Gross written premiums and other revenues rose from €100 billion in 2021 to €116 billion in 2025.[5] Underlying earnings reached a record €8.4 billion in 2025, with a Solvency II solvency ratio of 224 percent, and the board noted a compound annual growth rate in underlying earnings per share of 9 percent and in dividend per share of 11 percent over 2021 to 2025.[5] Total shareholder return was 89 percent between April 2022 and February 2026.[5] In its 2025 financial year the combined ratio, a core measure of underwriting profitability, improved to 90.6 percent from 91.0 percent in 2024, organic cash remittance rose from €7.1 billion to €7.5 billion, and return on equity improved from 15 percent to 16 percent.[1] The share price rose from €26.06 at the end of 2022 to €40.96 within the company's most recent reported compensation disclosure period, a compound annual growth rate of 16.3 percent, according to its own disclosures.[1]

Group headcount has fallen significantly over Buberl's tenure. The company employed around 166,000 people worldwide when Buberl became chief executive in 2016.[11] By the end of 2025, after the divestment of AXA Investment Managers and a series of portfolio changes, it reported 111,262 employees worldwide, of whom 61,528 were women and 49,668 were men.[1]

Buberl's own compensation has risen over his second mandate. The board set his total annual cash compensation target for 2025 at €3.4 million, composed of €1.65 million in fixed pay and a target annual variable award of €1.75 million.[1] The company disclosed that Buberl's actual total compensation, which also includes long-term share-based awards, rose from €5.332 million in 2022 to €6.718 million across his second mandate, a compound annual growth rate of 8.0 percent that the board said was consistent with company performance over the same period.[1] Deferred portions of his variable compensation from earlier years are paid out over following years depending on share price performance; in February 2026, Buberl was paid the final tranche of his 2022 deferred variable compensation, worth €238,208 after being adjusted to 130 percent of its original value, the second tranche of his 2023 award, worth €257,305 at a 130 percent multiplier, and the first tranche of his 2024 award, worth €231,582 at a 120 percent multiplier.[1] As of 31 December 2025, Buberl held 1,344,069 shares in the company.[1]

Board memberships and outside roles

Buberl has been a non-executive director of IBM since 2020. He serves on IBM's Audit Committee and, effective 28 April 2026, chairs IBM's Executive Compensation and Management Resources Committee.[7] For his service as an IBM director in 2025, Buberl received $365,000 in cash and stock retainer fees plus $86,081 in dividend-equivalent payments on previously granted share units, for total reported compensation of $451,081; as of the company's most recent proxy statement he held 13,808 IBM deferred stock units and restricted stock units, valued at just over $4.09 million.[7] IBM's own disclosures describe Buberl as a former chair of the Pan-European Insurance Forum and a member of the Climate Finance Leadership Initiative, in addition to his AXA and Bertelsmann roles.[7]

In September 2015, Buberl was appointed to the board of trustees (Kuratorium) of the Bertelsmann Stiftung, the charitable foundation linked to the Bertelsmann media group, taking up the position on 1 January 2016; the foundation's chairman at the time, Werner J. Bauer, said Buberl had been chosen as one of the youngest chief executives in the insurance industry and someone who was tackling the challenges of the digital era with energy.[8] Buberl went on to join the supervisory board of Bertelsmann itself, and AXA's own disclosures describe him as a director or member of the supervisory board of Bertelsmann Verwaltungsgesellschaft (BVG) in Germany, the entity that controls Bertelsmann's voting shares, a mandate for which Buberl obtained the prior approval of AXA's board of directors as required for outside positions.[1][6]

Within the AXA group, Buberl chairs the board of the AXA Foundation for Human Progress, the group's main philanthropic vehicle.[1] He is also a member of the Climate Finance Leadership Initiative, a coalition of financial executives organised to help mobilise private capital toward the financing objectives of the Paris Agreement on climate change.[7]

Controversies

Buberl's push to reduce AXA's reliance on independent insurance agents and brokers, and to build direct digital distribution instead, produced visible friction with parts of the company's own sales network while he still led AXA Germany. In November 2015, speaking to around 1,000 members of an association representing AXA's German insurance agents at a conference near Frankfurt Airport, Buberl was met with booing and whistling from parts of the audience; attendees reported further audible expressions of disapproval as he left the conference early to catch a flight.[10] Euro am Sonntag contrasted this reception with the warm applause Buberl received from AXA employees elsewhere in the group a few months later, when he was introduced as de Castries' successor, attributing the difference in reception to agents' concerns that Buberl's digital strategy would reduce their role in the business.[10]

The restructuring plan Buberl unveiled in June 2016 also drew scrutiny for its effect on jobs. The plan targeted €2.1 billion in annual pre-tax cost savings by 2020 and, while AXA said its total worldwide headcount would remain broadly stable, it specifically targeted workforce reductions in the group's core markets of Germany, France and Italy, to be offset by hiring in faster-growing markets in Asia and in data-analytics roles.[10] AXA's disclosed global headcount fell by roughly a third between 2016 and the end of 2025, from around 166,000 to 111,262, over a period that also included the 2025 divestment of the asset-management business AXA Investment Managers, which removed those employees from AXA's reported workforce.[11][1]

Personal life

Buberl is married; according to a 2016 profile in Euro am Sonntag, his wife comes from a family of English descent based in South Africa.[10] The couple have two children and, according to the same profile, continued to live as a family in Zurich even after Buberl became chief executive of AXA Germany and was commuting to Cologne, before relocating as he took up the Paris-based role of AXA group chief executive.[10] Buberl has described learning of his selection as AXA's next chief executive while playing football with his son at the family's home in Zurich, when Henri de Castries called him directly with the news.[11] Buberl keeps his family out of public view even as he himself maintains a high public profile.[10]

Outside of work, Euro am Sonntag reported that Buberl's favoured indulgence is Swiss chocolate, and that he has personally invested in a small shoemaking business, noting that he designed the shoes he wears himself.[10] He is a member of the World Economic Forum's Young Global Leaders community, to which he was admitted in 2008.[8]

Philanthropy

Buberl chairs the board of directors of the AXA Foundation for Human Progress, created in 2025 to bring together the main philanthropic activities of the AXA group with those of the Mutuelles d'assurances AXA, a role he holds in addition to his position as AXA's chief executive.[1][6]

Recognition

  • 2008: Named a Young Global Leader by the World Economic Forum.[8]
  • 2019: Made a Chevalier (Knight) of the French Legion of Honour, by decree of 13 July 2019, in recognition of his role as "director general and administrator of an insurance group" after 26 years of professional service; at the time of the award he was listed among foreign nationals resident in France, holding German and Swiss nationality.[9]
  • 2023: Named a Chevalier of the French Ordre des Arts et des Lettres, under an order published by France's Ministry of Culture listing him as a patron and as "director general and administrator of an insurance group".[15]
  • 2026: Awarded the Order of Merit of the Federal Republic of Germany (Bundesverdienstkreuz am Bande), announced by the Office of the Federal President on 12 January 2026.[16]

See also

References

  1. ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 <ref>"Universal Registration Document 2025".AXA SA.3 April 2026.Retrieved 28 September 2026.</ref>
  2. ↑ 2.0 2.1 2.2 2.3 2.4 <ref>Thévenin, Laurent."Henri de Castries va laisser sa place à l'Allemand Thomas Buberl à la tête d'AXA".Les Echos.21 March 2016.Retrieved 28 September 2026.</ref>
  3. ↑ 3.0 3.1 3.2 <ref>Schubert, Christian."Thomas Buberl wird Vorstandschef von Axa Versicherung".Frankfurter Allgemeine Zeitung.21 March 2016.Retrieved 28 September 2026.</ref>
  4. ↑ 4.0 4.1 4.2 <ref>"AXA to acquire XL Group: Creating the #1 global P&C commercial lines insurance platform".XL Group Ltd, filed with the U.S. Securities and Exchange Commission.5 March 2018.Retrieved 28 September 2026.</ref>
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 <ref>"AXA's Board of Directors announces its decision to propose the renewal of Thomas Buberl's mandate in 2026".AXA SA.Retrieved 28 September 2026.</ref>
  6. ↑ 6.00 6.01 6.02 6.03 6.04 6.05 6.06 6.07 6.08 6.09 6.10 6.11 6.12 6.13 6.14 6.15 <ref>"Thomas Buberl".AXA SA.Retrieved 28 September 2026.</ref>
  7. ↑ 7.0 7.1 7.2 7.3 7.4 7.5 7.6 <ref>"Notice of 2026 Annual Meeting and Proxy Statement".International Business Machines Corporation, filed with the U.S. Securities and Exchange Commission.10 March 2026.Retrieved 28 September 2026.</ref>
  8. ↑ 8.0 8.1 8.2 8.3 <ref>"Axa-Chef Thomas Buberl neu im Kuratorium".Bertelsmann Stiftung.28 September 2015.Retrieved 28 September 2026.</ref>
  9. ↑ 9.0 9.1 <ref>"Décret du 13 juillet 2019 portant promotion et nomination".Journal officiel de la République française.13 July 2019.Retrieved 28 September 2026.</ref>
  10. ↑ 10.00 10.01 10.02 10.03 10.04 10.05 10.06 10.07 10.08 10.09 10.10 10.11 10.12 10.13 10.14 10.15 10.16 10.17 10.18 10.19 10.20 10.21 10.22 10.23 10.24 10.25 <ref>"Neuer AXA-Chef Buberl: Der Superlativ-Mann".29 August 2016.Retrieved 28 September 2026.</ref>
  11. ↑ 11.0 11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8 <ref>"Thomas Buberl, l'exception culturelle allemande d'Axa".Le Monde.20 June 2016.Retrieved 28 September 2026.</ref>
  12. ↑ 12.0 12.1 <ref>"AXA announces its 2024-2026 strategy, setting ambitious new financial targets".AXA SA.Retrieved 28 September 2026.</ref>
  13. ↑ 13.0 13.1 13.2 <ref>"AXA announces changes within its leadership team".AXA SA.17 October 2025.Retrieved 28 September 2026.</ref>
  14. ↑ 14.0 14.1 <ref>"Half-year 2026 earnings".AXA SA.Retrieved 28 September 2026.</ref>
  15. ↑ <ref>"Nomination dans l'ordre des Arts et des Lettres, été 2023".Ministère de la Culture (France).2023.Retrieved 28 September 2026.</ref>
  16. ↑ <ref>"Bekanntgabe der Ordensträgerinnen und Ordensträger".Der Bundespräsident (Office of the Federal President of Germany).12 January 2026.Retrieved 28 September 2026.</ref>
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