---
source_file: tmp3tuvwkn2.pdf
source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_ZzcFoBIGEg18w_AXA_FY_2025_Earnings_Video_ThB_Transcript.pdf
doc_type: report
title: AXA/2025/FY/Transcript
tables: 0
parsed_at: '2026-07-15T06:32:05Z'
---

* AXA delivered excellent results across the board in 2025 p. 1.
* *Topline* grew by 6% p. 1.
* *Underlying earnings* excluding AXA Investment Managers (sold July 1st) grew by 9% p. 1.
* *Underlying earnings per share* were +8%, at the top end of the target range p. 1.
* *Balance Sheet* is robust with a *Solvency II ratio* of 224% p. 1.
* AXA is confident in achieving its main financial targets in 2026 p. 1.
* AXA expects to deliver *Underlying earnings per share growth* at the upper end of its 6% to 8% target in 2026 p. 1.
* AXA is a diversified franchise, well positioned for growth opportunities in the industry p. 1.
* The solidity of AXA's model is based on four points p. 1:
  + A broad and strong *distribution footprint*, constantly expanding, for example, with the Prima acquisition in Italy p. 1.
  + Deep *technical expertise* allowing profitable risk underwriting p. 1.
  + *Scale* enabling competitive products for customers p. 1.
  + A *trusted brand* and long-term partner to customers p. 1.
* These strengths led to strong organic profitable growth in 2025 p. 1.
* In 2026, AXA will continue to deliver its '*Unlock The Future' strategic plan*, which is its final year p. 2.
* Foundations for the next plan are being laid and will be announced on September 21st p. 2.
* AXA will transform its activity to secure long-term success p. 2.
* *AI* is seen as a technology that can create tremendous advantages for the business p. 2.
* AI is expected to change how customers access insurance, product personalization, and customer experience p. 2.
* AXA is strongly positioned for this shift, with strong foundations, tangible use cases, and readiness to scale p. 2.
* AXA aims to increase business *agility* to adapt to a rapidly changing environment p. 2.
* AXA aims to build *resilience* for greater predictability and reliability in performance p. 2.
* This resilience involves strengthening diversification across customers and distribution, reinforcing the balance sheet, and enhancing the risk management framework p. 2.
* AXA's ambition is to be a winner in the industry, the preferred insurer for customers, an attractive place for talent, and to compound value for shareholders and employees p. 2.