--- title: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf source_file: tmpw5tyslxf.pdf source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf doc_type: slides pages: 49 tables: 47 converter: anchor_injection/1 tier: slides parsed_at: '2026-07-23T13:57:01Z' scanned_pages: [] residue: - Table of contents --- ### Full Year 2025 Earnings Presentation - February 26, 2026 ### IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES **Forward-looking statements** - 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 in this presentation are based on Management’s current views and intentions and are subject to change. - Undue reliance should not be placed on forward-looking 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. - Each forward-looking statement speaks only at the date of this presentation. - 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. **Non-GAAP financial measures** - In addition, this presentation 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 presentation, see the Glossary in AXA’s 2025 Activity Report. **Additional information** - AXA’s Activity Report as of December 31, 2025 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. ### Contents - 1. FY25 Highlights - Thomas Buberl, Group CEO - p.04 - 2. FY25 Business Performance - Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology - p.09 - 3. FY25 Financial Performance - Alban de Mailly Nesle, Group CFO - p.13 ## FY25 Highlights **Thomas Buberl, Group CEO** ### Full Year 2025 – Excellent performance **Full Year 2025 Key Performance Indicators** - +6% Revenues vs. FY24 - +8% Underlying EPS vs. FY24 - 16% ROE FY25 - 224% Solvency II ratio FY25 **Delivering value for shareholders** - +8% DPS growth and €1.25bn annual share buy back **Outlook** - Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 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. Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions. ### Executing the plan on growth, margin and efficiency
Underlying earnings
In Euro billionUnderlying earnings
FY248.1
FY258.4
Change+6%
Change excluding AXA IM+9%
**High organic growth** - +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) **Record profitability** - Further margin expansion in P&C and L&H; improvement in efficiency **Scaling the business** - Continued investments in growth and technology **Consistent earnings growth while enhancing reserve prudence** ### Diversified franchise, well positioned in an attractive industry **Secular trends fueling demand across businesses** - Protection gaps and emerging corporate risks - Demographics driving demand for private retirement and healthcare
Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
Business SegmentShare (%)
Life33%
Health17%
Large & Specialty17%
SME & Mid-market16%
Retail17%
**Our right to win** - Leading brand & high customer NPS - Strong and diversified distribution - Technical expertise to price & underwrite risks - Scale offering cost advantage Pie chart represents FY25 gross written premium split excluding AXA IM and holdings. ### Laying the foundation for the next plan - Clear tech and AI roadmap - Driving efficiency - Enhancing capital allocation discipline - Building resilience **Confidence in sustaining earnings growth** ## FY25 Business Performance - Guillaume Borie - Global Head of Finance, Strategy, Underwriting, Risk, and Technology ### Strong delivery across our businesses
Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
Gross written premiumsUnderlying earnings
France
(27% of total GWP)		+6%
to €31bn		+7%
to €2.2bn
Europe
(38% of total GWP)		+6%
to €43bn		+9%
to €3.5bn
AXA XL
(17% of total GWP)		+4%
to €19bn		+9%
to €1.9bn
Asia, Africa & EME-LATAM
(18% of total GWP)		+13%
to €20bn		+6%
to €1.5bn
FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers. ### P&C – Strong margins, confidence in sustaining growth - €58bn GWP - GWP mix: Retail, SME & Mid-market, AXA XL (Large & Specialty) — shares not printed - Underlying earnings +9% to €5.9bn **Retail and SME & Mid-market** - 2025: Growing volumes while expanding margins - Beyond 2025: Investing to improve customer retention & expanding distribution footprint **AXA XL (Large & Specialty)** - 2025: Profitable growth with stable margins - Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management **Key drivers** - Continued progress on efficiency - Higher investment income - Data & AI to further enhance customer experience & technical excellence Includes AXA XL Re premiums of €2.6bn. Change FY25 vs. FY24 at constant FX. ### L&H – Good momentum, well positioned to capture growth opportunities - €57bn GWP - Short-term - Long-term - Underlying earnings +7% to €3.5bn
Strategic Priorities
2025Beyond 2025
Long-term businessAccelerating net flows in Savings at attractive marginsCapturing savings & retirement opportunity, sourcing best asset management products for our customers
Short-term businessGrowing technical results while absorbing Mexico VAT impactCapitalizing on demand for health & protection while further improving our margins
- Focus on cost reduction - Increasing penetration of Protection riders in Savings offerings - Leveraging AI to reduce claims leakage & improve customer outcomes in Health Change FY25 vs. FY24 at constant FX. ## FY25 Financial Performance - Alban de Mailly Nesle - Group CFO ### P&C – Continued disciplined growth
GWP & Other Revenues (In Euro billion)
In Euro billionFY24FY25Changeo/w pricingo/w volume
Commercial lines—35.8+4%+2%+2%
AXA XL Reinsurance—2.6+8%+0.3%+7%
Retail lines—19.7+7%+5%+2%
Total56.558.0+5%——
**Commercial lines** - Continued pricing momentum and volume growth in Mid-market and SME - Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance **AXA XL Reinsurance** - Growth supported by alternative capital **Retail lines** - Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) Price effect. Includes exposure adjustments and mix & other effects. ### P&C – Delivering further margin expansion while enhancing reserve prudence
Combined ratio
FY24FY25
Undiscounted CY loss ratio (ex Nat Cat)67.4%67.0%
Expense ratio25.0%24.8%
Nat Cat3.8%3.4%
Prior year reserve development-1.6%-1.1%
Discount-3.6%-3.5%
Combined ratio91.0%90.6%
- Better undiscounted current year loss ratio excluding Nat Cat from: - Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment - Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management - Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology - Nat Cat charges below normalized load - Lower reliance on prior year reserve development - Taking advantage of a good year to enhance reserve prudence ### P&C – Earnings growth from higher underwriting and financial result **Underlying Earnings** - Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence - Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets - Higher unwind of discount of claims reserves, in line with guidance - Unfavorable forex impact notably due to USD depreciation vs. EUR
Underlying Earnings
In Euro millionValue
FY245,510
Volume growth+292
Margin improvement+189
Investment income+435
Insurance finance expenses-235
Tax-169
Affiliates, FX & other-150
FY255,872
Change at constant FX+9%
**Underwriting result** - Volume growth - Margin improvement **Financial result** - Investment income - Insurance finance expenses Change at constant FX. Underwriting result includes expenses. ### Life & Health – Strong growth in premiums, positive net flows In Euro billion
Life GWP & Other Revenues
In Euro billionFY24FY25Change
Protection—17.3+11%
Unit-linked—9.3+13%
Capital light G/A—9.0+7%
Traditional G/A—1.9-7%
Total34.537.5+9%
Health GWP & Other Revenues
In Euro billionFY24FY25Change
Individual—10.5+6%
Group—8.5+4%
Total17.519.0+5%
- o/w FY25 Employee Benefits - Euro 12.9 billion (+4% vs. FY24)
Net flows: €+5.4bn vs. €+1.5bn in FY24
In Euro billionFY25
Protection+4.9
Health+2.7
Unit-Linked+1.5
Capital light G/A+1.2
Traditional G/A-5.0
Including both short-term and long-term Employee Benefits GWP and other revenues. ### Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting **In Euro billion** - PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes - NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits - NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
PVEP
In Euro billionFY24FY25Change
Protection & Health—31.4-4%
Unit-Linked—8.5+18%
Capital-light G/A—7.8-10%
Traditional G/A—1.7-10%
Total50.949.4-2%
NB CSM (pre-tax)
In Euro billionFY24FY25Change
NB CSM (pre-tax)2.22.2+3%
NBV (post-tax)
In Euro billionFY24FY25Change
NBV (post-tax)2.32.2stable
NBV margin4.4%4.5%—
Change at constant scope and FX. ### Life & Health – Growth in new business driving Normalized CSM growth
Contractual Service Margin rollforward
In Euro billionValue
FY2433.6
New business CSM+2.2
Underlying return on in-force+1.3
CSM release-3.0
Economic variance+0.6
Operating variance-0.3
Affiliates, FX & other-1.4
FY2533.0
**Normalized CSM growth +2%** - Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates - Economic variance reflecting government spreads tightening and positive equity market returns - Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland - FX impact mainly from JPY and HKD depreciation **CSM breakdown** - FY24 o/w Life: 25.8 - FY24 o/w Health: 7.7 - FY25 o/w Life: 25.4 - FY25 o/w Health: 7.6 Change at constant scope and FX. ### Life & Health – Strong momentum in both short-term and long-term business
Underlying Earnings +7%
In Euro millionFY24Short-term technical marginLong-term result incl. CSM releaseFinancial resultTax, FX and othersFY25
—3,323+60+156-11-273,501
Short-term technical margin415————479
Long-term result incl. CSM release2,680————2,804
Financial result975————946
Tax & others-748————-728
*in billions* - o/w Life: 2.6 → 2.7, +4% vs. FY24 - o/w Health: 0.7 → 0.8, +17% vs. FY24 Change at constant FX. - 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%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ### Growth in net income reflecting higher earnings & the gain from the sale of AXA IM
In Euro billion
FY24FY25Change
Property & Casualty5.55.9+9%
Life & Health3.33.5+7%
Asset Management0.40.2-57%
Holdings & other-1.2-1.2-
Underlying earnings8.18.4+6%
Non-financial flows-0.5+2.1—
o/w capital gains from AXA IM disposal—+2.2—
Financial flows (incl. RCG)+0.3-0.7—
Net income7.99.8+26%
**Underlying earnings** - Strong performance from insurance businesses - Stable holding cost, expected to remain at current level in 2026 **Net Income** - Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM - Lower financial flows reflecting unfavorable forex impact
Underlying earnings per share
In EuroFY24FY25
Underlying earnings per share3.593.86
Change—+8%
- +6% from earnings growth - including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback - +3% from capital management - -2% from forex Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share. ### Shareholders’ Equity **In Euro billion**
Shareholders’ equity
In Euro billionFY24HY25FY25
SHE (excl. OCI)58.052.754.0
Net OCI-8.1-7.2-6.8
Shareholders' equity49.945.547.2
SHE (excl. OCI & undated subordinated debt)53.247.049.4
Debt gearing20.6%23.4%22.3%
Underlying ROE15.2%17.5%16.0%
FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
In Euro billionFY24 to FY25HY25 to FY25
Opening Shareholders' equity49.945.5
Change in Net OCI1.30.4
Net income for the period9.85.9
Dividend-4.6—
Annual share buyback-1.2—
Anti-dilutive share buyback following the sale of AXA IM-3.5-3.5
Undated subordinated debt (including interest charges)-0.3-1.2
Forex-3.5-0.1
Other-0.60.3
Closing Shareholders' equity47.247.2
Shareholders’ equity Group share. ### Higher organic cash remittance and robust cash position at Holding
Net Cash Remittance (In Euro billion)
In Euro billionFY24FY25
Proceeds related to in-force treaties0.6—
Ordinary cash remittance7.17.5
Total Net Cash Remittance7.77.5
Remittance ratio82%82%
FY24 to FY25 Cash Position (In Euro billion)
FY24 Cash position4.0
Net cash remittance from subsidiaries+7.5
Dividend-4.6
Annual share buyback-1.2
Anti-dilutive share buyback following the sale of AXA IM-3.5
Holding costs and interest expenses-1.3
Change in net debt+1.6
M&A and other+3.1
FY25 Cash position5.6
1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25. 2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe. ### Solvency II at 224%
Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges
In Euro billionFY24Regulatory & model changesNormalized capital generationOperating varianceEconomic variance & FXDividend & annual share buybackManagement actions, debt & otherFY25
Eligible Own Funds (EOF)55.9+0.2+8.8-0.4-2.1-6.0-0.156.4
Solvency II ratio216%+0pt+28pts-1pt+4pts-24pts+2pts224%
Solvency Capital Requirement (SCR)25.90.0+0.60.0-1.20.0-0.225.2
- Dividend & annual share buyback details - Foreseeable dividends: €-4.8bn - Provision for annual share buyback for 2026: €-1.25bn
Key sensitivities
Ratio as of December 31, 2025224%
Interest rate +50bps+2 pts
Interest rate -50bps-1 pt
Corporate spreads +50bps-1 pt
Euro Sovereign spreads +50bps-7 pts
Credit migration-4 pts
Listed Equity (excl. PE & Infra) +25%-1 pt
Listed Equity (excl. PE & Infra) -25%+2 pts
PE & Infra +25%+14 pts
PE & Infra -25%-19 pts
Inflation swap curve +50bps-5 pts
1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures). 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches). ### Solvency II – impact of the end of grandfathering period and Solvency II revision - Ratio as of 31/12/2025: 224% - Impact of the end of grandfathering period on January 1, 2026: -10pts to 215% - Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026 - Impact of Solvency II revision to come into effect in 1Q27: +17pts - No change expected in organic capital generation - Additional capital flexibility 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. ## Conclusion **Thomas Buberl, Group CEO** ### Conclusion - Record results, at the top end of the target range while enhancing reserve prudence - All businesses in excellent shape, delivering strong growth and profitability - Diversified franchise, well-positioned to capture future growth opportunities - Laying foundations for the next plan and confident in delivering sustainable earnings growth ## Q&A Full Year 2025 Earnings February 26, 2026 ### AXA Investor Relations – Keep in touch **Meet our management** - March: Roadshows — Europe and US - May 5: 1Q25 Activity Indicators — Paris - June 2: BNP Paribas Exane CEO Conference — Paris - June 2-4: Goldman Sachs European Financials Conference — Zurich - July 31: HY26 Earnings Release — Paris - September 21: AXA Investor Day — London **Contact us** - Investor Relations - +33 1 40 75 48 42 - investor.relations@axa.com **Follow us** - www.axa.com ## Appendices ### Contents - 1. Debt and Invested Assets p.31 - 2. Additional P&C disclosures p.36 - 3. Additional IFRS17 disclosures p.41 - 4. Sustainability p.44 ### Gross financial debt and maturity breakdown as of December 31st, 2025 In Euro billion
Gross financial debt
In Euro billionFY24FY25Jan 1st 2026 End of the grandfathering period
Debt gearing20.6%22.3%—
Tier 14.84.63.2
Tier 210.812.211.3
Senior debt3.53.55.8
Total19.220.320.3
- Jan 1st 2026: o/w €0.4bn redeemed in Jan 2026
Contractual maturity breakdown
In Euro billion2025202620272028202920302031-2039≥2040Undated
Senior debt———0.5———0.5—
Tier 2—————0.7—10.80.7
Tier 1—————0.91.5—4.6
o/w Grandfathered debt—————————
Tier 1————————1.4
Tier 2—————0.7—0.2—
Economic maturity breakdown
In Euro billion2025202620272028202920302031-2039≥2040Undated
Senior debt———0.5———0.5—
Tier 2——2.4—2.00.76.4—0.7
Tier 1—0.1—0.1—0.91.5—4.0
o/w Grandfathered debt—————————
Tier 1—0.1—0.1——0.4—0.8
Tier 2—————0.70.2——
Nominal debt. In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005. Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time. ### General Account Invested Assets **FY25 Total General Account invested assets** - Duration gap at -0.4 year - Euro 450 billion
Invested assets (100%)
In Euro billionFY25%
Fixed income34577%
o/w Government bonds16737%
o/w Corporate bonds and loans12127%
o/w Other fixed income 5613%
Real estate419%
Infrastructure equity102%
Listed equities 102%
Private equity and hedge funds 235%
Cash194%
Policy loans20%
Total Insurance Invested Assets 450100%
Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion). Includes hedges. Listed equities excluding hedges at Euro 14 billion. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). Please refer to the financial supplement for more details. ### Structured and Private Credit assets
Structured and Private Credit assets
Invested assets (100%) In Euro billionFY25% of total G/A portfolioComments
Residential Mortgages164%- €6bn Dutch mortgages, NHG guaranteed
- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
CLO & ABS256%- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
Infrastructure debt82%- Skewed towards resilient industries (Telecom, Utilities, Transport)
CRE debt82%- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
Mid-Market lending102%- Strong diversification with €8m average ticket
- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
Other20%—
Total Structured and Private Credit Assets6915%o/w 54% participating
G/A: General Account ### Investment portfolio – Fixed Income reinvestment
FY25 Fixed Income Reinvestment
Asset ClassShare (%)
Government bonds & related (Average rating: AA)32%
Investment grade credit (Average rating: A)40%
ABS/CLO/IG fund financing21%
Below investment grade credit7%
TotalEuro 57 billion
FY25 Fixed Income Reinvestment Yield
CategoryYield
Public fixed income3.5%
Private & Structured fixed income4.7%
Total fixed income3.9%
**Euro 57 billion fixed income invested at 3.9%** - Average duration of 9 years - Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY) - Gradual shift from alternative total return assets to Private & Structured credit Government and Corporate bonds and related. Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid). ### Contents - 1. Debt and Invested Assets p.31 - 2. Additional P&C disclosures p.36 - 3. Additional IFRS17 disclosures p.41 - 4. Sustainability p.44 ### AXA XL Insurance – Large Commercial & Specialty business **Well diversified across lines of business and geographies**
$19bn FY25 GWP by line of business
Line of businessShare (%)
Casualty35%
Property29%
Specialty19%
Professional lines17%
$19bn FY25 GWP by geography
GeographyShare (%)
Americas46%
Europe & APAC35%
UK & Lloyds19%
**Leading market positions across lines** - Top 3 globally - Multinational Programs - Marine - Fine Art & Specie **Managing the cycle to deliver consistent profitability** - Qualitative chart: Profitability vs Ex-price growth (%) - Property: High profitability, high ex-price growth - Specialty: Medium-high profitability, medium-high ex-price growth - Casualty: Medium profitability, medium ex-price growth - Professional lines: Low-medium profitability, low-medium ex-price growth Including Cyber Source: McKinsey Source: Aon, Guy Carpenter, and Global Market Insights Source: Industry Research Biz (January 2026) ### P&C – Focus on Reserves
Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
FY18FY19FY20FY21FY22FY22FY23FY24FY25
Accounting BasisIFRS4IFRS17
Ratio179%185%193%188%189%198%195%180%175%
Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums)
FY18FY19FY20FY21FY22FY22FY23FY24FY25
Accounting BasisIFRS4IFRS17
Ratio213%227%233%226%227%234%232%216%210%
Includes net undiscounted claims reserves and unearned premium reserves. ### P&C – 2026 Simplified Group Nat Cat Reinsurance Program **Insurance segment (occurrence protection)**
In Euro
PerilEU WindstormEurope FloodEurope EarthquakeNA HurricaneNA EarthquakePer other perils
Capacity4.0bn2.1bn2.1bn1.2bn1.2bn—
Retention600m450m400m600m600m400m
**Reinsurance segment (illustrative)** - Alternative Capital & Cat Bonds **Key Takeaway** - Stable retention levels maintained in 2026 as in 2025 Excludes local reinsurance covers; Varying retention between MX and NA (400m MX, 600m NA); Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type. ### P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 **In Euro billion (net of reinsurance)**
Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)
ProbabilityPercentileDeviation
1/20y(95th)€-1.2bn
1/10y(90th)€-0.8bn
1/5y(80th)€-0.4bn
Median(50th)€+0.1bn
1/5y(20th)€+0.5bn
1/10y(10th)€+0.7bn
1/20y(5th)€+0.8bn
- More severe years - Negative deviation in ca. 40% of cases - Less severe years - Positive deviation in ca. 60% of cases
Average Expected Nat Cat charges (net of reinsurance, pre-tax)
In Euro billion20252026
Average Expected Nat Cat charges2.62.7
Estimated impact on GEPca. 4.5%ca. 4.5%
Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). ### Contents - 1. Debt and Invested Assets p.31 - 2. Additional P&C disclosures p.36 - 3. Additional IFRS17 disclosures p.41 - 4. Sustainability p.44 ### P&C – Margin Analysis
Technical Result In Euro million (pre-tax)
In Euro million (pre-tax)FY25Change
Current Accident Year Undiscounted Technical Margin2,778+707
Gross Earned Premiums57,656+6%
Current Accident Year Undiscounted Combined Ratio95.2%-1.0pt
o/w Nat Cats3.4%-0.4pt
———
Current Accident Year Discounting2,009+115
Discounting Ratio (in Combined Ratio points)-3.5%+0.0pt
Current Accident Year Net Claims reserves€19.0bn—
Duration4.0 years—
Current Accident Year Discount rate2.8%—
———
Prior Years' Reserve Development (PYD)622-341
PYD ratio-1.1%+0.7pt
Financial Result In Euro million (pre-tax)
In Euro million (pre-tax)FY25Change
Investment Income3,988+435
FY25 Average Assets€115bn—
Asset book yield3.5%—
FY25 Reinvestment yield4.3%—
———
Insurance Finance Expenses-1,358-235
FY24 Reserves at locked-in rate€71bn—
Liability book yield1.9%—
**FY25 sensitivity to Current Accident Year discount rate changes** - +25bps: €+0.2bn - -25bps: €-0.2bn
Underlying Earnings
In Euro million (pre-tax)FY25Change
Underlying Earnings before tax8,040+681
Tax-2,060-169
Affiliates, Minority interests & Other-108-10
Underlying Earnings5,872+501
Growth vs. FY24 (at constant FX)—+9%
**2026e Insurance Finance Expenses (pre-tax)** - ~ €-1.4bn **Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount** - +25bps: ~ €-50m - -25bps: ~ €+50m Changes versus FY24 at constant FX. Reinvestment yield on fixed income assets. Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve. ### L&H – Margin Analysis **Includes scope impact**
Technical Result (In Euro million, pre-tax)
In Euro million, pre-taxFY25Change
Short-term Technical Margin479+60
Gross Earned Premiums17,416+10%
All Year Combined Ratio97.2%-0.1pts
Long-term Technical Margin2,804+156
CSM release2,954+215
Technical experience-150-58
- Incl. recapture of Laya
Financial Result (In Euro million, pre-tax)
In Euro million, pre-taxFY25Change
Investment Income (non-VFA only)2,484-1
FY25 Average Assets€98bn—
Asset book yield2.5%—
FY25 Reinvestment yield3.8%—
Insurance Finance Expenses (non-VFA only)-1,538-9
FY24 Reserves at locked-in rate€62bn—
Liability book yield2.5%—
Life & Health FY25 CSM Key Sensitivities
(in Euro billion)
Baseline33.3
Interest rates +50bps-0.8
Interest rates -50bps0.6
Sovereign spreads +50bps-1.9
Sovereign spreads -50bps1.9
Corporate spread +50bps-0.8
Corporate spread -50bps0.7
Equities +25%1.8
Equities -25%-2.2
In Euro million, pre-taxFY25Change
Underlying Earnings before tax4,229+205
Tax-80065
Affiliates, Minority interests & Other72-51
Underlying Earnings3,501+219
Growth vs. FY24 (at constant FX)—+7%
Reinvestment yield on fixed income assets. ### Contents - 1. Debt and Invested Assets p.31 - 2. Additional P&C disclosures p.36 - 3. Additional IFRS17 disclosures p.41 - 4. Sustainability p.44 ### Expanding AXA’s role in society: AXA for Progress Index
As a GLOBAL INVESTOR
MetricTarget2025 Result
€5bn in climate transition financing per year€5bn€6.4bn
>€500m in community resilience financing per year>€500m€1.4bn
As a GLOBAL INSURER
MetricTarget2025 Result
€6bn in P&C GWP to support transition underwriting (cumulative 2024-2026)€6bn€4.6bn
>20,000 climate adaptation solutions & services (cumulative 2024-2026) Target revised in 2025>20,00019,698
Cumulative 2024-2025
>20m inclusive insurance customers by 2026>20m20.6m
As a COMPANY
MetricTarget2025 Result
>80,000 AXA Group employees trained on climate adaptation by 2026>80,00046,420
Contribute to Net-Zero -50% by 2030 in absolute carbon emissions and offset of residual emissions-50%-64%
Reduction against 2019
50% Percentage of AXA Group employees engaged in volunteering activities by 202650%56%
AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030. 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. Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000. Low-income to mass market segments in emerging markets and modest income segments in mature markets. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage). ### Sustainability Performance & Ratings **S&P Global** - 2025 percentile: 97th in Dow Jones Best-in-Class Europe & World indices **MSCI** - 2025 score: AAA **CDP** - 2025 score: B **MORNINGSTAR SUSTAINALYTICS** - 2025 ESG Risk Rating: 17.0 – Low risk **FTSE RUSSELL An LSEG Business** - 2025 score: 4.3/5 in FTSE4Good Index Series 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. ### 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 holdings), 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, 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 : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (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 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 and other Central Holdings. - AXA Investment Managers (until July 1, 2025): 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. **Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9** ### Glossary - 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 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 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 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 - 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 ### Thank you - Full Year 2025 Earnings - February 26, 2026