Thomas Buberl

In 5 to 10 years, there will be no insurance without prevention.

— Thomas Buberl, CEO of AXA

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Overview

Thomas Buberl
Born	1973 (age 52–53) Cologne, Germany
Citizenship	German; Swiss; French
Education	Business degree; MBA; Doctorate in economics
Alma mater	WHU–Otto Beisheim School of Management; Lancaster University; University of St. Gallen
Occupation(s)	Business executive; insurance manager
Employer	AXA
Known for	CEO of AXA; strategic pivot toward property & casualty and health insurance; climate and ESG leadership in insurance
Title	Chief Executive Officer
Term	2016–present
Predecessor	Henri de Castries
Board member of	AXA; IBM; Bertelsmann
Children	2
Awards	Young Global Leader, World Economic Forum (2008)

🛡️ Thomas Buberl (born 1973) is a German-born business executive who has served as chief executive officer (CEO) of the French insurance group AXA since September 2016 and is widely associated with a strategic pivot of the company toward property-and-casualty and health insurance as well as a prominent stance on climate-related finance. Educated in Germany, the United Kingdom and Switzerland, he previously worked for Boston Consulting Group, Winterthur Group and Zurich Insurance Group before joining AXA in 2012, later becoming a member of the company’s board, a reserve officer in the French Navy and, in 2008, a Young Global Leader of the World Economic Forum. Beyond AXA, he has held board positions at companies such as IBM and Bertelsmann and participates in industry and policy bodies including the World Economic Forum and the Institute of International Finance.

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Early life and education

🎼 Early life. Buberl was born in 1973 in Cologne, Germany, and grew up in a German household, but as a teenager initially pursued an ambition to become a professional pipe organist, practising intensively and considering a musical career until failing a singing examination led him to abandon that path and redirect his efforts towards academic and business pursuits. In later interviews he has described this early disappointment as a formative episode that strengthened his willingness to change course when circumstances required and to approach his professional life with a sense of discipline learned from musical training.

🎓 Education and early recognition. After deciding against a career in music, Buberl studied business administration at the WHU–Otto Beisheim School of Management in Germany, completed an MBA at Lancaster University Management School in the United Kingdom and obtained a doctorate in economics from the University of St. Gallen in Switzerland, combining case-based teaching, quantitative analysis and international teamwork in his training. During his studies he spent time in Paris, where he improved his French to near-native fluency, and he has later credited the cross-border academic experience with shaping his collaborative leadership style and giving him a cosmopolitan outlook that would prove useful in leading a multinational insurer. In 2008, at the age of 35, the World Economic Forum named him a Young Global Leader, highlighting his emerging profile among the next generation of business leaders.

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Career

🧭 Consulting and early industry roles. Buberl began his professional career in 2000 at the Boston Consulting Group, where he specialised in advising banks and insurers in Germany and abroad, gaining exposure to strategic and operational issues in financial services. In 2005 he moved into line management by joining Winterthur Group in Switzerland—shortly before the company’s acquisition by AXA—as chief operating officer and later chief marketing and distribution officer, positions in which he immersed himself in the practicalities of insurance operations from underwriting and claims handling to sales management. In 2008 he was recruited by Zurich Insurance Group to become chief executive officer of Zurich’s business in Switzerland, marking his first appointment as a country CEO while still in his mid-thirties.

🏢 Joining AXA and becoming group CEO. In 2012 AXA invited Buberl back into the orbit of the enlarged French group by appointing him chief executive officer of AXA Konzern AG, its German subsidiary, where he focused on improving underwriting discipline and modernising distribution. His performance in Germany led to his promotion to AXA’s global management committee, first with responsibility for the health business line in 2015 and then for the life and savings segment in early 2016, placing him at the centre of strategic decisions on product mix and capital allocation. In March 2016 AXA announced that long-serving chief executive Henri de Castries would step down and that Buberl, then 42 and relatively new to the group, had been chosen by the board as his successor, an appointment that surprised some observers who had expected a more senior French insider; he formally became group CEO and joined AXA’s board of directors in September 2016, coinciding with the separation of the chair and CEO roles as Denis Duverne took the chairmanship.

🔁 Strategic pivot toward property and health insurance. Confronted with a prolonged period of ultra-low interest rates, Buberl concluded that AXA’s traditional focus on savings-oriented life insurance, which represented a large share of its business on his arrival, left the group too exposed to reinvestment risk and guarantees that were harder to honour in a low-yield environment. He therefore set out to shift the portfolio towards property-and-casualty and health insurance, which he viewed as offering more sustainable risk-return profiles and growth potential, while maintaining the company’s life and savings presence in a more capital-light form. In 2018 AXA executed a two-step strategy in support of this pivot: it floated a significant portion of its US life-insurance operations through the initial public offering of AXA Equitable Holdings and used the proceeds, together with additional financing, to acquire XL Group, a major commercial P&C and reinsurance underwriter, in a transaction valued at about US$15.3 billion (around €12.4 billion). The acquisition, one of the largest in AXA’s history, immediately increased the weight of non-life activities in the group’s earnings, but its timing—announced before the full disposal of the US unit—initially unsettled some investors, and AXA’s share price fell in the wake of the deal announcement as analysts questioned integration risks and capital impact.

💻 Efficiency programme and simplification. Alongside the change in business mix, Buberl launched a wide-ranging efficiency programme designed to reduce AXA’s cost base and accelerate digitalisation. Shortly after becoming CEO he announced a plan to achieve €2.1 billion of cumulative cost savings by 2020, involving the streamlining of product portfolios, investments in online services and data analytics, and reductions in overlapping functions. In Belgium, for example, AXA announced that it would stop selling certain traditional life products to concentrate on pensions and P&C and that it planned to cut about 650 jobs as part of a digital transformation and restructuring of the local unit, a move explained internally as essential to “remain strong” in a changing market. At group level, Buberl simplified reporting lines and delegated more authority to regional and country CEOs, seeking to make the 110,000-employee insurer operate with greater agility while retaining central oversight of risk and capital management.

📊 Performance and reappointment. After an initial period in which restructuring charges, the XL acquisition and external shocks such as natural catastrophes weighed on results, AXA’s financial performance improved significantly under Buberl’s strategy. By 2021, amid the recovery from the COVID-19 pandemic, group revenues had returned to around €100 billion, near pre-crisis levels despite disposals of non-core assets, and AXA reported net income of approximately €7.3 billion, more than double the previous year’s figure. From 2020 through early 2024 the company delivered a total shareholder return of about 76%, outpacing its performance in the previous decade and closing part of the valuation gap with peers such as Allianz, while its share price rose by around 15% over the three years to 2022 as investors responded to the increased emphasis on property, health and fee-based businesses. Commentators described the company as a “supertanker” that had begun to turn in a new strategic direction, and in 2022–2023 AXA’s board proposed and secured Buberl’s reappointment as CEO for a further term through 2026, citing the progress of the transformation plan.

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Financials and wealth

💶 Chief executive compensation. Buberl’s remuneration as AXA’s CEO has attracted both scrutiny and debate among shareholders. For several years after he succeeded Henri de Castries in 2016, his fixed pay was held at its initial level, reflecting a cautious approach to adjusting compensation during a period of strategic change. In 2022, however, AXA’s board proposed raising his fixed annual salary to €1.65 million and setting his target annual bonus at about €1.75 million, increasing the theoretical maximum total compensation from roughly €5.8 million to €6.9 million once long-term incentive grants were included. Proxy-advisory firm Institutional Shareholder Services recommended that investors oppose the change, arguing that the justification was not fully compelling and that bonus criteria were not described in sufficient detail, while the board responded that even after the increase Buberl’s pay would remain materially below that of chief executives at comparable European insurers and that the level would be fixed for his 2022–2026 term.

📈 Pay structure and share ownership. Subsequent disclosures indicated that Buberl’s total remuneration for 2023 was about €5.9 million, representing an increase of more than 20% from the previous year as variable pay reflected AXA’s improved earnings; only around 28% of this figure corresponded to fixed salary, with the balance tied to annual bonuses and long-term equity incentives. He has also accumulated a significant personal shareholding in AXA, estimated at approximately €43 million based on recent share prices, a stake that aligns his financial interests closely with those of other shareholders and reflects the company’s share-based remuneration policies. Analysts and commentators generally characterise his overall wealth as substantial but modest in comparison with billionaire founders or US-based “celebrity CEOs”, noting that much of it is embedded in AXA equity rather than in high-profile personal ventures.

🌐 Other board mandates and professional roles. In addition to heading AXA, Buberl has served as a non-executive director on the board of IBM since 2019, one of a small number of European executives on the US technology company’s board, receiving a separate fee for this role that industry surveys put in the low six-figure US-dollar range annually. He joined the supervisory board of the German media conglomerate Bertelsmann in 2018, extending his involvement into the media and content sector, and he has been active in global fora, sitting on the World Economic Forum’s Board of Trustees and engaging with bodies such as the Institute of International Finance and The Geneva Association. These positions contribute to his influence in debates on financial regulation, climate policy and digitalisation while complementing, rather than overshadowing, his responsibilities at AXA.

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Personal life

👨‍👩‍👧‍👦 Family and residence. Despite leading a global insurer with around 150,000 employees, Buberl is often portrayed as placing a high priority on family life. He is married to a woman originally from South Africa, and the couple have two children; the family lives in the western suburbs of Paris, within commuting distance of AXA’s headquarters. Profiles report that he seeks to preserve weekends for his family as far as possible and that he deliberately sets boundaries around travel and evening engagements to maintain a degree of work–life balance.

🐎 Hobbies and interests. Buberl has retained a strong connection to music, continuing to enjoy organ works and occasionally playing for personal enjoyment, and he credits his early musical training with teaching him discipline and creativity. He is an enthusiastic runner who uses early-morning runs to reflect on strategic questions and decompress from professional pressures, and he has described horse riding as more than a hobby, calling it a passion that combines physical challenge, connection with animals and immersion in nature. Friends and colleagues have suggested that the patience and attentiveness required in equestrian sports mirror his methodical, observant approach to leadership.

⚓ Citizenship, naval reserve and cultural integration. Over the course of his career Buberl has acquired Swiss and French citizenship in addition to his German nationality, becoming a tri-national and further embedding himself in the countries in which he has worked. After settling in France he undertook service as a reserve officer in the French Navy, a commitment that has involved training exercises and participation in strategic discussions and that observers have seen as reflecting both his personal interest in structured challenges and his desire to integrate into French civic life. French officials have occasionally remarked on his willingness to adopt national customs—from wearing a naval uniform to conducting internal meetings in fluent French—and he has come to be regarded as a bridge figure in Franco-German business relations, consulted by policymakers in both countries.

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Notable quotes

Strategic vision and business model

We need to shift our business model from when I started 100% paying claims to... 2030 or Beyond... making the claims payment the exception while helping people to live a better life.

If you can avoid a claim rather than to play a claim correctly that is also a much better Mission... Really be the last resort is to pay the claim.

In 5 to 10 years, there will be no insurance without prevention.

Without insurance, there is no more financing.

Risk philosophy and systemic challenges

What has changed is those what we call secondary perils so wildfires floodings droughts and so on and they happen more often and they happen in areas that we have never seen before.

If 10 people are ill out of 10, we have a systemic problem... we need a pandemic regime.

Cyber attacks could be the next pandemic... a systemic risk.

The biggest danger is that the traditional mechanism of insurance that creates social cohesion and risk diversion is being destroyed [by hyper-individualization].

Climate leadership and the transition paradox

The energy transition paradox is that we want to get out of coal, we want to get out of gas, we want to get into clean energy, but we still need the energy... If you reduce the supply before you have built the clean energy supply, the price of energy will go up.

The role of the CEO today is to navigate between these two worlds... the short-term financial world... and the long-term societal world.

I am attacking our own model but I do believe it is more sustainable going forward.

Leadership psychology and organizational culture

Retirement arrives on the day of death.

A good CEO is not a micromanager but a 'Chief Excitement Officer' or 'Engagement Officer'.

One person in a company can do nothing alone... we need collective wisdom.

I like round tables because there is no hierarchy.

Societal contract and generational change

Companies are not the government. The government is not companies.

The millennial generation is really a catalyst for us... a mirror that forces companies to address transparency.

Diversity and inclusion is not because we want to be feel good... but it's a business imperative.

The common good is no longer taken for granted and we are currently in a crisis of the common good.

By definition, [the common good] belongs to all of us. The question is rather what are the rules and who plays what role.

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