--- title: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_ZzcFoBIGEg18w_AXA_FY_2025_Earnings_Video_ThB_Transcript.pdf 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 pages: 2 tables: 0 converter: anchor_injection/1 tier: economic parsed_at: '2026-07-15T06:31:54Z' scanned_pages: [] --- Hi. In 2025, AXA delivered excellent results across the board. We grew our topline by 6% while expanding margins: underlying earnings excluding AXA Investment Managers which we sold on July 1st, grew by 9%. Underlying earnings per share were +8%, at the top end of our target range. Our Balance Sheet is robust with a 224% Solvency II ratio. We are confident that we will achieve our main financial targets in 2026, and deliver Underlying earnings per share growth at the upper end of our 6% to 8% target. I would like to thank our employees, our agents, and certainly our clients for this achievement. It's the result of their commitment. AXA is a diversified franchise, well positioned to capture the growth opportunities of an attractive industry. I retain four points of the solidity of our model: We have a broad and strong distribution footprint, which we are constantly expanding with for example the Prima acquisition in Italy. We have a deep technical expertise that allows us to underwrite risks profitably. Our scale enables us to offer competitive products to our customers. We are a trusted brand and a long-term partner to our customers. Thanks to these strengths, we delivered strong organic profitable growth in 2025. Looking at 2026, we will continue to deliver our 'Unlock The Future' strategic plan. 2026 will be the last year of this plan. Laying the foundations for the next plan is important, which we will announce on September 21st. We will also transform our activity. It is instrumental to secure our long-term success. Firstly, I see AI as a technology that can create tremendous advantages for our business. It will change how customers access insurance, the personalization of products and the experience they expect. We are strongly positioned for this shift. We also have strong foundations with tangible use cases. And we are now ready to scale. Second, we want to increase the agility of the business so that we can adapt to a rapidly changing environment. Finally, we aim to build resilience to drive greater predictability and reliability in our performance. This means strengthening diversification, including across customers and distribution while reinforcing our balance sheet and our risk management framework. To conclude, our ambition is to be a winner in our industry: the preferred insurer for our customers, a place that can attract the best talent, while compounding value for our shareholders and certainly for our employees.