--- title: https://www-axa-com.cdn.prismic.io/www-axa-com/aaAYJ8FoBIGEg2j6_AXA_Full_Year_Results_2025_Press.pdf source_file: tmplrudoe7i.pdf source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aaAYJ8FoBIGEg2j6_AXA_Full_Year_Results_2025_Press.pdf doc_type: report pages: 37 tables: 1 converter: anchor_injection/1 tier: economic parsed_at: '2026-07-21T15:38:27Z' scanned_pages: [] --- ## Full Year 2025 ## Earnings Press conference February 26, 2026 ## IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as 'expects', 'anticipates', 'may', 'plan,' 'target' or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, 'would' and 'could' . In particular, the statements in this presentation regarding expected underlying earnings per share ('UEPS') growth for 2026, are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan. These statements and the other targets and expectations given in this presentation are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control, and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Please refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2024 (the ' 2024 Universal Registration Document') for a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA's results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. 'Underlying earnings', UEPS ('underlying earnings per share'), 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES' . For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on the AXA Group website (www.axa.com). AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors. - Introduction 1 Thomas Buberl, Group CEO - Business Performance 2 Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology - Financial Performance 3 Alban de Mailly Nesle, Group CFO - France 4 Mathieu Godart, AXA France CEO - Conclusion 5 Thomas Buberl, Group CEO ## Introduction ## 1 Introduction Thomas Buberl Group CEO ## Full Year 2025 | Excellent perfor mance Full Year 2025 | Excellent performance [Chart/image description:] The image displays five key financial metrics for Full Year 2025 against a white background, each in its own vertical column under a dark blue header banner. From left to right: 1. REVENUES: €116bn in large blue font, with "+6% vs FY24" below in smaller blue font. 2. UNDERLYING EARNINGS: €8.4bn in large blue font, with "+6% vs FY24" below in smaller blue font, and "+9% Excl. AXA IM" in blue font beneath that. 3. UEPS: €3.86 in large red font, with "+8% vs FY24" below in smaller red font. 4. DIVIDEND¹: €2.32 in large red font, with "+8% vs FY24" below in smaller red font. 5. SOLVENCY II RATIO: 224% in large dark red font, with "+9pts FY25" below in smaller dark red font. The footer at the bottom left reads "5 Full Year 2025 Earnings | February 26, 2026". The footer at the bottom right reads "See glossary for terminologies and footnotes on page 36 & 37 of this document." followed by the AXA logo. +9% UNDERLYING EARNINGS Excl. AXA IM € 8.4bn vs FY24 +6% € 3.86 UEPS vs FY24 +8% [Chart/image description:] This is a continuation of the five-column metric display described in . The visual content and layout are identical to that description. € 2.32 DIVIDEND vs FY24 +8% 224% SOLVENCY II RATIO FY25 + 9pts [Chart/image description:] This is a continuation of the five-column metric display described in . The visual content and layout are identical to that description. ### Strong growth, driven by all our business lines GROSS WRITTEN PREMIUMS & OTHER REVENUES [Chart/image description:] The image displays three vertical columns of financial metrics for P&C, LIFE, and HEALTH business lines. Column 1: GROSS WRITTEN PREMIUMS & OTHER REVENUES - P&C: €58.0bn, +5% vs FY24 - LIFE: €37.5bn, +9% vs FY24 - HEALTH: €19.0bn, +5% vs FY24 Each line has a colored icon to its left: blue cityscape for P&C, red umbrella for LIFE, red hands with heart for HEALTH. Column 2: UNDERLYING EARNINGS - €5.9bn, +9% vs FY24 (blue) - €2.7bn, +4% vs FY24 (red) - €0.8bn, +17% vs FY24 (pink) Column 3: COMBINED RATIO - 90.6% vs 91.0% FY24 (blue) - 97.9% vs 98.1% FY24 (pink) COMBINED RATIO ### Diversified franchise, well positioned in an attractive industry #### SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES 1 #### SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES [Chart/image description:] A donut chart centered on the AXA logo, divided into five colored segments with percentages and labels: - Red segment (33%): labeled "Life", with adjacent text "Demographics driving demand for private retirement and healthcare". - Red segment (17%): labeled "Health". - Light blue segment (17%): labeled "Large & Specialty". - Medium blue segment (16%): labeled "SME & Mid-market". - Dark blue segment (17%): labeled "Retail", with adjacent text "Protection gaps and emerging corporate risks". #### OUR RIGHT TO WIN [Chart/image description:] Four horizontal bars with checkmark icons, each containing a benefit: - First bar: "Leading brand & high customer NPS" - Second bar: "Strong and diversified distribution" - Third bar: "Technical expertise to price & underwrite risks" - Fourth bar: "Scale offering cost advantage" ### Value creation through innovation [Chart/image description:] A blue line-art icon of two hands shaking, with one hand holding a document, enclosed within a partial circular swoosh. Positioned above the heading "ACQUISITION OF prima". ### ACQUISITION OF ACQUISITION OF prima - Enhances distribution capacity of AXA in Europe thanks to a modern tech platform - Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio - 1,100+ employees including 400 developers, engineers and data scientists [Chart/image description:] A blue line-art icon of a human brain with circuit board patterns overlaid, enclosed within a partial circular swoosh. Positioned above the heading "ARTIFICIAL INTELLIGENCE". ### ARTIFICIAL INTELLIGENCE - AI is a strategic technology, bringing major benefits to businesses - Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; AXA wants to be firmly positioned in this evolution - AI is already concretely improving pricing accuracy, underwriting quality, and claims management ### AXA, a company committed to society in 2025 ### Customers - More than €49bn in claims paid - €438m climate related claims in France ### Employees - €7bn total compensation paid to our employees - 15,115 recruitments worldwide (excl. short-term contracts and trainees) including 2,138 in France - More than 36% of employees are AXA shareholders and hold 4.82% of the capital and 6.61% of its voting rights ### Economy - More than €40bn invested in the economy - €12.8bn of tax and social contributions paid, of which 36.7% in France - Launch of AXA Foundation for Human Progress with €60m/year endowed by AXA Mutuelles d’Assurances and AXA Group ### Climate transition - €4.6bn in premiums related to transition with a target of €6bn cumulated between 2024 and 2026 - €6.4bn in investments to accelerate climate transition with a target of €5bn annually €12.8bn of tax and social contributions paid, of which 36.7% in France €4.6bn in premiums related to transition with a target of €6bn cumulated between 2024 and 2026 €6.4bn in investments to accelerate climate transition with a target of €5bn annually ### 2026: laying the foundation for the next plan [Chart/image description:] A horizontal row of four red line-art icons on white square backgrounds, each with a curved red accent line beneath. From left to right: 1. A satellite with solar panels and a dish antenna. 2. A gear with a central circle. 3. A stack of three coins with a single coin beside it. 4. A shield with a checkmark inside. Below each icon, bold blue uppercase text reads: - CLEAR TECH AND AI ROADMAP - DRIVING EFFICIENCY - ENHANCING CAPITAL ALLOCATION DISCIPLINE - BUILDING RESILIENCE DRIVING EFFICIENCY ENHANCING CAPITAL ALLOCATION DISCIPLINE Confidence in sustaining earnings growth BUILDING RESILIENCE ## 2 Business Performance Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk and Technology ## Business Performance 2 ### Excellent performance in all our geographies [Chart/image description:] The chart displays performance metrics for four geographies: France, Europe, AXA XL, and Asia, Africa & EME-LATAM. Each geography is represented by a pie chart segment and two key financial figures: Gross Written Premium (GWP) and Underlying Earnings, both with year-over-year percentage changes. - France: Pie chart segment is dark blue. GWP is €31bn (+6%). Underlying Earnings are €2.2bn (+7%). Subtext: (27% of total GWP) - Europe: Pie chart segment is medium blue. GWP is €43bn (+6%). Underlying Earnings are €3.5bn (+9%). Subtext: (38% of total GWP) - AXA XL: Pie chart segment is red. GWP is €19bn (+4%). Underlying Earnings are €1.9bn (+9%). Subtext: (17% of total GWP) - Asia, Africa & EME-LATAM: Pie chart segment is maroon. GWP is €20bn (+13%). Underlying Earnings are €1.5bn (+6%). Subtext: (18% of total GWP) The chart uses a light blue background. The column headers are "GWP" and "UNDERLYING EARNINGS". ### P&C I Strong margins , confidence in sustaining growth ### P&C | Strong margins, confidence in sustaining growth +9% to €5.9bn 2025 Growing volumes while expanding margins Profitable growth with stable margins BEYOND 2025 Investing to improve customer retention & expanding distribution footprint Capitalizing on attractive growth opportunities and continued cycle management Retail and SME & Mid-market AXA XL (Large & Specialty) [Chart/image description:] A donut chart titled "GWP" with a central value of "€58bn". The chart is divided into three segments: "Retail" (dark blue), "SME & Mid-market" (medium blue), and "AXA XL² (Large & Specialty)" (dark navy). Below the chart, the text "UNDERLYING EARNINGS +9%¹ to €5.9bn" is displayed. To the right, a two-column table with headers "2025" and "BEYOND 2025" lists strategies for "Retail and SME & Mid-market" and "AXA XL (Large & Specialty)". See glossary for terminologies and footnotes on page 36 & 37 of this document. ### Pioneer in our industry in artificial intelligence #### Artificial intelligence - A better customer experience with an holistic approach for simple inquiries EXAMPLE: AXA Agents Assist supports 1 million calls per year in Swiss call center. SmartInAXA, conversational AI agent used daily by more than 2,000 agencies in France - Acceleration of scaling thanks to agentic AI EXAMPLE: Augmented Sales force, Empower Underwriters Decisions, Document Processing and Extraction, Claims Handler Support, Prevention and Advisory… - An attractive brand retaining talents and upskilling teams EXAMPLE: AXA mobilizes over 2,000 experts (product, engineering, UX, research…) and hired more than 900 data scientists and data engineers #### Financial Performance 3 Alban de Mailly Nesle Group CFO ## P&C I Continued disciplined growth ### P&C | Continued disciplined growth [Chart/image description:] The image displays a stacked bar chart titled "GWP & OTHER REVENUES" with the unit note "In Euro billion". The chart compares two fiscal years: FY24 and FY25. - FY24 total revenue: 56.5 billion Euro, composed of: - Commercial lines: 35.8 billion Euro (blue segment) - AXA XL Reinsurance: 2.6 billion Euro (grey segment) - Retail lines: 19.7 billion Euro (red segment) - FY25 total revenue: 58.0 billion Euro, composed of: - Commercial lines: 35.8 billion Euro (blue segment) - AXA XL Reinsurance: 2.6 billion Euro (grey segment) - Retail lines: 19.7 billion Euro (red segment) Growth rates are indicated: - Overall growth from FY24 to FY25: +5% - Commercial lines growth: +4% - AXA XL Reinsurance growth: +8% - Retail lines growth: +7% A note on the right side of the chart lists four bullet points: - Mid-market and SME: continued pricing momentum and volume growth - AXA XL Insurance: growing in lines of business with attractive margins while remaining focused on retention - Growth supported by alternative capital - Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) ### P&C I Strong earnings growth P&C | Strong earnings growth ### Delivering further margin expansion while enhancing reserve prudence [Chart/image description:] A bar chart titled "UNDERLYING EARNINGS" with the unit "In Euro million". It compares two fiscal years: FY24 and FY25. The FY24 bar shows a value of 5,510. The FY25 bar shows a value of 5,872, with a +9% growth arrow pointing from FY24 to FY25. To the right of the chart, two bullet points explain the growth: "Better underwriting result from: - volume growth - better margins" and "Increase in investment income reflecting: - higher volumes - better reinvestment yields on fixed income assets". [Chart/image description:] A data card titled "COMBINED RATIO". The main value displayed is 90.6%, with a comparison "vs 91.0% FY24" shown below it. Three bullet points explain the ratio: "Better undiscounted current year loss ratio excluding Nat Cat", "Nat Cat charges below normalized load", and "Taking advantage of a good year to enhance reserve prudence". [Chart/image description:] The image displays a financial performance summary for the "Life & Health" segment, titled "Strong growth in premiums, positive net flows". The data is presented in Euro billion. Left Chart: "LIFE GWP & OTHER REVENUES" and "HEALTH GWP & OTHER REVENUES" - LIFE GWP & OTHER REVENUES: - FY24 Total: 34.5 - Protection: 17.3 (+11%) - Unit-Linked: 9.3 (+13%) - Capital light G/A: 9.0 (+7%) - Traditional G/A: 1.9 (-7%) - FY25 Total: 37.5 (+9%) - Protection: 17.3 - Unit-Linked: 9.3 - Capital light G/A: 9.0 - Traditional G/A: 1.9 - HEALTH GWP & OTHER REVENUES: - FY24 Total: 17.5 - Individual: 10.5 (+6%) - Group: 8.5 (+4%) - FY25 Total: 19.0 (+5%) - Individual: 10.5 - Group: 8.5 - Note below the charts: "o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs FY24)" Right Chart: "NET FLOWS" - Total Net Flows: €+5.4bn (vs €+1.5bn in FY24) - Breakdown: - Protection: +4.9 - Health: +2.7 - Unit-Linked: +1.5 - Capital light G/A: +1.2 - Traditional G/A: -5.0 ### Life & Health I Strong growth in premiums, positive net flows ### Life & Health | Strong growth in premiums, positive net flows In Euro billion [Chart/image description:] The image displays a financial performance summary for the "Life & Health" segment, titled "Strong growth in premiums, positive net flows". The data is presented in Euro billion. Left Chart: "LIFE GWP & OTHER REVENUES" and "HEALTH GWP & OTHER REVENUES" - LIFE GWP & OTHER REVENUES: - FY24 Total: 34.5 - Protection: 17.3 (+11%) - Unit-Linked: 9.3 (+13%) - Capital light G/A: 9.0 (+7%) - Traditional G/A: 1.9 (-7%) - FY25 Total: 37.5 (+9%) - Protection: 17.3 - Unit-Linked: 9.3 - Capital light G/A: 9.0 - Traditional G/A: 1.9 - HEALTH GWP & OTHER REVENUES: - FY24 Total: 17.5 - Individual: 10.5 (+6%) - Group: 8.5 (+4%) - FY25 Total: 19.0 (+5%) - Individual: 10.5 - Group: 8.5 - Note below the charts: "o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs FY24)" Right Chart: "NET FLOWS" - Total Net Flows: €+5.4bn (vs €+1.5bn in FY24) - Breakdown: - Protection: +4.9 - Health: +2.7 - Unit-Linked: +1.5 - Capital light G/A: +1.2 - Traditional G/A: -5.0 [Chart/image description:] The image displays a financial performance summary for the "Life & Health" segment, titled "Strong growth in premiums, positive net flows". The data is presented in Euro billion. Left Chart: "LIFE GWP & OTHER REVENUES" and "HEALTH GWP & OTHER REVENUES" - LIFE GWP & OTHER REVENUES: - FY24 Total: 34.5 - Protection: 17.3 (+11%) - Unit-Linked: 9.3 (+13%) - Capital light G/A: 9.0 (+7%) - Traditional G/A: 1.9 (-7%) - FY25 Total: 37.5 (+9%) - Protection: 17.3 - Unit-Linked: 9.3 - Capital light G/A: 9.0 - Traditional G/A: 1.9 - HEALTH GWP & OTHER REVENUES: - FY24 Total: 17.5 - Individual: 10.5 (+6%) - Group: 8.5 (+4%) - FY25 Total: 19.0 (+5%) - Individual: 10.5 - Group: 8.5 - Note below the charts: "o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs FY24)" Right Chart: "NET FLOWS" - Total Net Flows: €+5.4bn (vs €+1.5bn in FY24) - Breakdown: - Protection: +4.9 - Health: +2.7 - Unit-Linked: +1.5 - Capital light G/A: +1.2 - Traditional G/A: -5.0 [Chart/image description:] The image displays a financial performance summary for the "Life & Health" segment, titled "Strong growth in premiums, positive net flows". The data is presented in Euro billion. Left Chart: "LIFE GWP & OTHER REVENUES" and "HEALTH GWP & OTHER REVENUES" - LIFE GWP & OTHER REVENUES: - FY24 Total: 34.5 - Protection: 17.3 (+11%) - Unit-Linked: 9.3 (+13%) - Capital light G/A: 9.0 (+7%) - Traditional G/A: 1.9 (-7%) - FY25 Total: 37.5 (+9%) - Protection: 17.3 - Unit-Linked: 9.3 - Capital light G/A: 9.0 - Traditional G/A: 1.9 - HEALTH GWP & OTHER REVENUES: - FY24 Total: 17.5 - Individual: 10.5 (+6%) - Group: 8.5 (+4%) - FY25 Total: 19.0 (+5%) - Individual: 10.5 - Group: 8.5 - Note below the charts: "o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs FY24)" Right Chart: "NET FLOWS" - Total Net Flows: €+5.4bn (vs €+1.5bn in FY24) - Breakdown: - Protection: +4.9 - Health: +2.7 - Unit-Linked: +1.5 - Capital light G/A: +1.2 - Traditional G/A: -5.0 o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs FY24) [Chart/image description:] The image displays a bar chart titled "UNDERLYING EARNINGS" with values in Euro million. Two stacked bars represent FY24 and FY25. FY24 total is 3,323 (composed of 415 Short-term technical margin, 2,680 Long-term result incl. CSM release, 975 Financial result, and -748 Tax & others). FY25 total is 3,501 (composed of 479 Short-term technical margin, 2,804 Long-term result incl. CSM release, 946 Financial result, and -728 Tax & others). An arrow above the bars indicates +7% growth from FY24 to FY25. Below the chart, in Euro billion, o/w Life is 2.6 for FY24 and 2.7 for FY25 (+4% vs FY24); o/w Health is 0.7 for FY24 and 0.8 for FY25 (+17% vs FY24). ### Life & Health I Strong momentum ### Life & Health | Strong momentum - Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn) - Higher long-term results from increase in CSM release (+8%) ## France 4 Mathieu Godart AXA France CEO ### AXA France I A leader with distinctive strengths AXA France | A leader with distinctive strengths #### SOLID AND DIVERSIFIED FRANCHISE 1 SOLID AND DIVERSIFIED FRANCHISE (FY25 Revenues including international activities) [Chart/image description:] The image contains a donut chart titled "SOLID AND DIVERSIFIED FRANCHISE¹ (FY25 Revenues including international activities)". The chart is divided into three segments: - Health & Protection: 34%, colored red, labeled on the left. - Savings & Pensions: 35%, colored dark brown, labeled on the right. - Property & Casualty: 31%, colored blue, labeled at the bottom. At the center of the donut, the total revenue is displayed as "€31bn". The chart also lists market rankings: - #1 Health & Protection - #2 Property & Casualty - #7 Savings & Pensions KEY FIGURES [Chart/image description:] The image displays a set of key figures in a grid layout with large blue numbers and smaller black explanatory text: - Top-left: ">8m" with "Retail clients" - Top-middle: "1 out of 5" with "households insured by AXA in France" - Top-right: "2.5" with "contracts per client on average" #### 1 out of 3 SMEs - Middle-left: " 1 out of 3 SMEs" with "insured by AXA in France" - Middle-middle: ">6m" with " Employee Benefits beneficiaries" - Middle-right: "1 / minute" with "commercial claims covered" - Bottom-left: "33,000" with " people working for AXA in France" - Bottom-middle: ">€10bn" with "invested in the economy" - Bottom-right: "€37m" with " claims paid per day on average" #### 33,000 #### € 37m ### AXA France I Dynamic, organic and profitable growth … ### AXA France | Dynamic, organic and profitable growth... [Chart/image description:] The image contains three main sections: "REVENUES", "KEY TAKEAWAYS", and "UNDERLYING EARNINGS". REVENUES section: - Total revenues: €31bn, +6% vs. FY24 - P&C (Property & Casualty): +7% growth, icon shows buildings - Health & Protection: +4% growth, icon shows hands with heart - Savings & Pensions: +7% growth, icon shows hands with coin KEY TAKEAWAYS section: - Additional new distributors: +430 nouveaux distributeurs - Additional contracts¹: +550k net - Additional clients¹: +250k net - Growth of individuals savings assets: €+3.3bn UNDERLYING EARNINGS section: - Title: "In Euro billion" - Bar chart comparing FY24 and FY25: - FY24: 2.1 - FY25: 2.2 - Growth arrow labeled "+7%" Footnote markers: Superscript "1" appears after "contracts" and "clients" in the KEY TAKEAWAYS section. Page footer: "26 Full Year 2025 Earnings | February 26, 2026" on the left; "See glossary for terminologies and footnotes on page 36 & 37 of this document." on the right, next to the AXA logo. ### AXA France I … and an acceleration of our commitments AXA France | ... and an acceleration of our commitments - New insurance product to address domestic violence - 90% customer satisfaction rate - More than 90% of retail client journeys in the app. - 1.8 million modest income clients, more than 20% of whom are covered by dedicated offers ## CLIMATE AND PREVENTION - 22% of auto repairs using reused parts - 300 Municipal Safeguard Plans initiated with AXA Prevention - More than 1,500 risks visits per year, by experts to support our Commercial clients - Partial reimbursement of genomic tests for breast cancer See glossary for terminologies and footnotes on page 36 & 37 of this document. ## Conclusion 5 Thomas Buberl Group CEO ### Full Year 2025 earnings | Well on track to deliver our plan ### MAIN FINANCIAL TARGETS
TARGET 2024-2026EACHIEVEMENTS IN 2025
UNDERLYING EARNINGS PER SHARE6% - 8%
CAGR 2023-2026E		+8%
vs FY24
UNDERLYING RETURN ON EQUITY14% - 16%16%
CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND 2026>€21bn€14.6bn
### ACHIEVEMENTS IN 2025 - Record results, at the top end of the target range while enhancing reserve prudence - Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 - Laying foundations for the next plan and confident in delivering sustainable earnings growth Cumulative cash remittance between 2024 and 2026 ## Q&A session ## Thank you ## AXA is a recognized sustainability leader ### S&P Global 2025 percentile: 97 in Dow Jones Best-in-Class Europe & World indices MSCI 2025 score: AAA ### QCDP CDP 2025 score: B Morningstar Sustainalytics 2025 ESG Risk Rating: 17.0 – Low risk FTSE Russell 2025 score: 4.3/5 in FTSE4Good Index Series The "th1" marker is a superscript footnote reference printed after "97" in the source. The footnote definition is not provided on this page. ### Scope France: includes insurance activities, banking activities and holding. Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holding. Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings. Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity) and other Central Holdings. AXA Investment Managers : includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method. ## Glossary (1/2) Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%. Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders. CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period. Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow. Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities). New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided. New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests. New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP. Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance. Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share. ## Glossary (2/2) Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses. Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance. ## Notes (1/2) ### Page 5 1. Based on the dividend proposed by AXA's Board of Directors on February 25, 2026 and subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026. ### Page 7 1. Pie chart represents FY25 gross written premium split excluding AXA IM and holdings. ### Page 9 1. Estimate of the final 2025 figures made in February 2026. 2. Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026. 3. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030. ### Page 12 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers. ### Page 13 1. Change FY25 vs. FY24 at constant fx. 2. Includes AXA XL Re premiums of €2.6bn. ### Page 14 1. Change FY25 vs FY24 at constant fx. ### Page 19 1. Including both short-term and long-term Employee Benefits GWP and other revenues. ## Notes (2/2) Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. ### Page 21 1. Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share. ### Page 22 1. Shareholders' equity Group share. ### Page 23 1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date. ### Page 25 1. Sources: France Assureurs & Argus de l'assurance, 2024 data. 2. All the data concern AXA France. 3. Including professionals and Direct Assurance. ### Page 26 1. Including Direct Assurance. ### Page 27 1. Scope: AXA France Retail clients. ### Page 29 1. Organic cash remittance only. ### Page 32 1. The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.