---
source_file: tmptgn6rtmc.pdf
source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
doc_type: report
title: AXA/2025/FY/Earnings release
tables: 0
parsed_at: '2026-07-12T01:53:27Z'
---

* [Chart/image description:] AXA Logo is in the top left corner p. 1.

## Press release

* The report was released in Paris on February 26th, 2026, at 6:45 am CET p. 1.

## Full Year 2025 Earnings

**AXA reports record results with underlying EPS growth at the top end of the target range**

* *Gross written premiums & other revenues* were EUR 116bn, +6% vs. FY24 p. 1.
* *Underlying earnings* were EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM p. 1.
* *Underlying earnings per share* were EUR 3.86, +8% vs. FY24 p. 1.
  + This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback following the sale of AXA IM p. 1.
* *Solvency II ratio* was 224% at December 31, 2025, +9 points vs. FY24 p. 1.
  + The ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period p. 1.
* *Dividend* of EUR 2.32 per share, +8% vs. FY24 p. 1.
* An *annual share buyback program* of up to EUR 1.25bn was launched p. 1.
* *Completion of EUR 3.8bn additional share buyback* related to the AXA IM disposal, executed between July 2, 2025, and January 20, 2026 p. 1.
* *Underlying earnings per share growth* for 2026 is expected to be at the upper end of the 6-8% plan target range p. 1.
* *Expected impact of Solvency II revision* is +17 points p. 1.
* AXA will present its *new strategic plan for 2027–2029* on September 21, 2026 p. 1.

> "In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." (Thomas Buberl, Chief Executive Officer of AXA p. 1)

> "Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level." (Thomas Buberl, Chief Executive Officer of AXA p. 1)

> "These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," (Thomas Buberl, Chief Executive Officer of AXA p. 1)

## FY25 key highlights

###### FY25 key highlights p. 2

| Key figures (in Euro million, unless otherwise noted) | FY24 | FY25 | Change on a reported basis | Change at comparable basis |
| --- | --- | --- | --- | --- |
| Gross written premiums & other revenues | 110,316 | 115,524 | +5% | +6% |
| o/w Property & Casualty | 56,514 | 58,038 | +3% | +5% |
| o/w Life & Health | 51,983 | 56,512 | +9% | +8% |
| o/w Asset Management | 1,701 | 875 | n.m. | n.m. |
| Underlying earnings | 8,078 | 8,368 | +4% | +6% |
| Net income | 7,886 | 9,797 | +24% | +26% |
| — | FY24 | FY25 | Change on a reported basis | — |
| Solvency II ratio (%) | 216% | 224% | +9 pts | — |

## Activity indicators

* *Total gross written premiums and other revenues* were up 6% p. 2.
  + *Property & Casualty* +5% p. 2.
    - *Commercial lines* +4% from higher volumes at AXA XL Insurance and favorable price effects across all geographies p. 2.
    - *Personal lines* +7% driven by favorable price effects and strong growth in net new contracts in France, Europe, and Asia & EME-LATAM p. 2.
    - *AXA XL Reinsurance* +8%, with growth supported by alternative capital p. 2.
  + *Life & Health* +8% p. 2.
    - *Life premiums* +9% p. 2.
      * *Protection* +11% from strong sales in Hong Kong, Switzerland, and Japan p. 2.
      * *Unit-Linked* +13% from higher volumes across all geographies p. 2.
      * *G/A* +4% from continued momentum in Italy and France p. 2.
    - *Health premiums* +5% driven by price effects in all geographies p. 2.

## Earnings

* *Underlying earnings* increased by 6% to EUR 8.4bn, or +9% excluding AXA IM p. 2.
  + *Property & Casualty* +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income p. 2.
  + *Life & Health* +7% from improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits of business rejuvenation strategy p. 2.
  + *Holdings* underlying earnings remained broadly stable at EUR -1.2bn p. 2.
  + *Asset Management* underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025 p. 2.
* *Underlying earnings per share* increased by 8% to EUR 3.86 p. 2.
  + This was mainly driven by the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt p. 2.
  + Also impacted by share buybacks (+3%), including the annual program and the anti-dilutive buyback from the AXA IM sale p. 2.
  + Partially offset by unfavorable foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%) p. 2.
* The sale of AXA IM resulted in a *temporary dilution of underlying earnings per share* (-1%) due to the timing of the associated share buyback p. 2.
* *Net income* increased by 26% to EUR 9.8bn, reflecting increased underlying earnings and significantly positive exceptional items, particularly the gain from the sale of AXA IM p. 2.
* [Chart/image description:] AXA logo in the top-left corner p. 2.

## Balance sheet

* *Shareholders' equity* was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024 p. 3.
  + Positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) were more than offset by the FY24 dividend paid (EUR -4.6bn), share buybacks in 2025 (EUR -4.7bn, including EUR 3.5bn anti-dilutive buyback for AXA IM sale), and an unfavorable foreign exchange impact (EUR -3.5bn) due to U.S. dollar depreciation p. 3.
* *CSM* was EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs. December 31, 2024 p. 3.
  + New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM p. 3.
  + Favorable market conditions (EUR +0.6bn) from tightening government spreads and positive equity market performance were more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from Japanese yen and Hong Kong dollar depreciation, and a negative operating variance (EUR -0.3bn) p. 3.
* *Solvency II ratio* was 224% as of December 31, 2025, up +9 points vs. December 31, 2024 p. 3.
  + This was driven by a strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets (+4 points) p. 3.
  + Partly offset by the net impact of acquisitions (Nobis and Prima) and the disposal of AXA IM including the EUR 3.8bn share buyback (-5 points) p. 3.
* As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a *-10 point decrease in Solvency II ratio* to 215% p. 3.
* The Group estimates the *Solvency II revision* (effective Q1 2027) would result in a +17 point increase to the current Solvency II ratio p. 3.
* *Underlying return on equity* was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity p. 3.
* *Debt gearing* was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024 p. 3.
  + This was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) p. 3.
  + The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026 p. 3.
* *Cash at Holding* amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024 p. 3.
  + This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024 p. 3.
* [Chart/image description:] AXA logo in the top-left corner p. 3.

## Capital management and outlook

**Capital management**

* A *dividend of EUR 2.32 per share* (+8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 p. 4.
  + The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026 p. 4.
* AXA's Board of Directors approved an *annual share buyback program for up to EUR 1.25bn* on February 25, 2026 p. 4.
  + AXA intends to cancel all shares repurchased under this program p. 4.
  + The program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end p. 4.

**Outlook**

* AXA is confident in achieving its main financial targets for its 2024-2026 'Unlock the Future' plan p. 4.
  + This confidence is underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management p. 4.
* In *P&C Retail and SME & Mid-market*, pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions p. 4.
* At *AXA XL*, pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital p. 4.
* The Group guidance for *normalized natural catastrophe load* remains at approximately 4.5 points of combined ratio for 2026 p. 4.
* In *Life & Health*, earnings growth is expected to be driven by the short-term business, reflecting disciplined pricing and claims management initiatives p. 4.
* The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows, driving CSM growth over time p. 4.
* *Holdings results* in 2026 are expected to remain at a similar level as in 2025 p. 4.
* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist p. 4.
  + *Underlying earnings per share growth* at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026 p. 4.
  + *Underlying return on equity* between 14% and 16% between 2024 and 2026E p. 4.
  + *Cumulative organic cash upstream* in excess of EUR 21bn for 2024-2026E p. 4.
* The Group is committed to its *capital management policy*, targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks p. 4.
* The proposed *dividend per share* in a given year is expected to be at least equal to the dividend per share paid in the prior year p. 4.

## Property & Casualty

###### Property & Casualty key figures p. 5

**Key figures (in Euro billion, unless otherwise noted)**

| — | FY24 | FY25 | Change on a comparable basis | FY25 Price effect (in %) |
| --- | --- | --- | --- | --- |
| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |
| o/w Commercial lines | 34.9 | 35.8 | +4% | +1.9% |
| o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% |
| o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |
| Earnings (in Euro million, unless otherwise noted) | Earnings (in Euro million, unless otherwise noted) | Earnings (in Euro million, unless otherwise noted) | Earnings (in Euro million, unless otherwise noted) | Earnings (in Euro million, unless otherwise noted) |
| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt | — |
| Underlying earnings | 5,510 | 5,872 | +9% | — |

* *Gross written premiums & other revenues* were up 5% to EUR 58.0bn p. 5.
  + *Commercial lines* grew by 4% to EUR 35.8bn p. 5.
    - *AXA XL Insurance* +3% from growth in attractive margin lines (Property, Casualty), partly offset by lower pricing and volumes in Financial lines p. 5.
    - *Asia, Africa & EME-LATAM* +13%, mainly driven by Türkiye (higher average premiums) and Mexico (favorable volume and price effects) p. 5.
    - *France* +6% from favorable price effects in all lines and higher volumes p. 5.
  + *Personal lines* grew by 7% to EUR 19.7bn p. 5.
    - *Europe* +5% from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024 p. 5.
    - *Asia, Africa & EME-LATAM* +14% driven by Türkiye (higher average premiums and volumes) p. 5.
    - *France* +9% with strong volume growth in all lines (direct and agent networks) and favorable price effects in Motor p. 5.
  + *AXA XL Reinsurance* grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines p. 5.
* The *all-year combined ratio* improved by 0.3 point to 90.6% p. 5.
  + Mainly driven by a lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) p. 5.
    - This includes further margin expansion in Commercial lines (-0.5 point), driven by SME & mid-market business (-0.9 point), with stable margins at AXA XL Insurance (+0.1 point) p. 5.
    - Also includes margin expansion in Personal lines (-0.4 point) p. 5.
  + Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains p. 5.
  + Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%) p. 5.
* [Chart/image description:] AXA logo top left. "LINES OF BUSINESS / Press release" top right p. 5.
* *P&C underlying earnings* were up 9% to EUR 5.9bn p. 6.
  + Driven by an increase in technical result (EUR +0.5bn) reflecting strong volume growth and improved technical margin p. 6.
  + Higher financial result (EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves p. 6.
  + Partly offset by higher income taxes (EUR -0.2bn) due to higher pre-tax underlying earnings p. 6.

## Life & Health

###### Life & Health key figures p. 6

| Key figures (in Euro billion, unless otherwise noted) | Key figures (in Euro billion, unless otherwise noted) | Key figures (in Euro billion, unless otherwise noted) | Key figures (in Euro billion, unless otherwise noted) |
| --- | --- | --- | --- |
| — | FY24 | FY25 | Change on a comparable basis |
| Gross written premiums & other revenues | 52.0 | 56.5 | +8% |
| o/w Life | 34.5 | 37.5 | +9% |
| o/w Health | 17.5 | 19.0 | +5% |
| PVEP | 50.9 | 49.4 | -2% |
| NB CSM | 2.2 | 2.2 | +3% |
| NBV (post-tax) | 2.3 | 2.2 | 0% |
| NBV margin | 4.4% | 4.5% | +0.1 pt |
| Net flows | +1.5 | +5.4 | — |
| — | FY24 | FY25 | Change at constant forex |
| Underlying earnings | 3,323 | 3,501 | +7% |
| o/w Life | 2,636 | 2,715 | +4% |
| o/w Health | 687 | 787 | +17% |

* *Gross written premiums & other revenues* were up 8% to EUR 56.5bn p. 6.
  + *Life* grew by 9% to EUR 37.5bn p. 6.
    - *Unit-Linked* +13% driven by successful sales initiatives across all geographies p. 6.
    - *G/A* +4%, notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of single premium whole-life product sales in Japan and lower sales in Hong Kong p. 6.
    - *Protection* +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland p. 6.
  + *Health* grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes p. 6.
* *Present value of expected premiums (PVEP)* decreased by 2% to EUR 49.4bn p. 6, 7.
  + *Life* +1% from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums p. 7.
  + *Health* -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions p. 7.
* *NB CSM* increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits p. 7.
* *NBV (post-tax)* was stable at EUR 2.2bn, as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France p. 7.
* *NBV margin (post tax)* increased by 0.1 point to 4.5% p. 7.
* *Net flows* were EUR +5.4bn compared to EUR +1.5bn in 2024 p. 7.
  + Driven by Protection (EUR +4.9bn), mainly in Hong Kong, Japan, and France p. 7.
  + Health (EUR +2.7bn), mainly in Germany, Japan, and France p. 7.
  + Unit-Linked (EUR +1.5bn), primarily in France p. 7.
  + Partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn) p. 7.
* *Life & Health underlying earnings* increased by 7% to EUR 3.5bn p. 7.
  + *Long-term technical result* (EUR +0.2bn) driven by increased CSM release, following growth in reserves and better margins in the long-term business p. 7.
  + *Short-term technical result* (EUR +0.1bn) driven by technical margin expansion reflecting pricing, underwriting, and claims management actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn) p. 7.
  + *Lower income taxes* (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France, and Mexico p. 7.
  + *Lower contribution from affiliates*, notably ICBC-AXA, and improved results at AXA MPS, resulting in increased earnings of minority shareholders p. 7.

## Holdings

* *Holdings underlying earnings* remained broadly stable at EUR -1.2bn p. 7.

## Ratings

###### Insurer financial strength and AXA's credit ratings p. 8

| Agency | Date of last review | Insurer financial strength ratings AXA SA | Insurer financial strength ratings AXA's principal insurance subsidiaries | Insurer financial strength ratings Outlook | AXA's credit ratings Senior debt of the Company | AXA's credit ratings Short-term debt of the Company |
| --- | --- | --- | --- | --- | --- | --- |
| S&P Global Ratings | October 3, 2025 | A+ | AA- | Positive | A+ | A-1+ |
| Moody's Investor Service | October 8, 2025 | Aa2 | Aa2 | Stable | Aa3 | P-1 |
| AM Best | October 9, 2025 | A+ Superior | — | Stable | aa Superior | — |

## Glossary

* *Capital-light G/A products* encompass products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% p. 8.
* *Contractual service margin ("CSM")* is a component of the carrying amount for a group of insurance contracts, representing unearned profit to be recognized as services are provided p. 8.
* *CSM release* is the portion of CSM stock net of reinsurance at the end of a defined period flowing through profit and loss, representing estimated profit earned for providing insurance services p. 8.
* *Economic variance* is the year-end CSM variance from changes in market conditions, net of the underlying return on in-force p. 8.
* *Financial result* is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, and shareholder's equity, net of insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow p. 8.
* *Gross written premiums and other revenues* are insurance premiums collected (including risk premiums, pure investment contracts with no discretionary participating features, fees, and revenues, net of commissions on assumed reinsurance) and premiums/fees from non-insurance activities (banking, services, asset management) p. 8.
* *New business contractual service margin ("NB CSM")* is a component of the carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided p. 8.
* *New business value ("NBV")* is the value of newly issued contracts during the current year p. 8.
  + It consists of NB CSM, present value of future profits of newly issued Short-Term Business contracts (considering expected renewals), and present value of future profits of pure investment contracts accounted for under IFRS 9 p. 8.
  + Net of reinsurance cost, taxes, and minority interests p. 8.
* *New business value margin ("NBV Margin")* is the ratio of NBV to PVEP p. 8.
* [Chart/image description:] AXA logo p. 8.
* *Operating variance* is the year-end CSM variation vs. expected at opening due to differences between realized and expected operational assumptions, changes in assumptions (mortality, longevity, lapses, expenses), and model changes, net of reinsurance p. 9.
* *Present value of expected premiums ("PVEP")* is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate, and is Group share p. 9.
* *Technical experience* consists of impacts on underlying earnings from differences between expected and incurred cash-flows, risk adjustment release, changes in onerous contracts, and other long-term elements (mainly non-attributable expenses) p. 9.
* *Underlying return on in-force* is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance p. 9.
* [Chart/image description:] AXA logo in the top left corner. Scope and exchange rates Press release p. 9.

## Scope

* *France* includes insurance activities, banking activities, and holding p. 10.
* *Europe* includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), United Kingdom and Ireland (insurance and holding), Spain (insurance and holding), Italy (insurance), Prima (insurance), and AXA Life Europe (insurance) p. 10.
* *AXA XL* includes insurance and reinsurance activities and holding p. 10.
* *Asia, Africa & EME-LATAM* includes: p. 10.
  + *Asia*: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, Indonesia L&S (excl. bancassurance), China P&C, South Korea, and Asia Holdings (fully consolidated) p. 10.
  + China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024, and holding) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income p. 10.
  + *Africa*: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) are fully consolidated p. 10.
  + *EME-LATAM*: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) are fully consolidated p. 10.
  + Russia (Reso) (insurance) is consolidated under the equity method and contributes only to net income p. 10.
  + AXA Mediterranean Holdings p. 10.
* *Transversal & Other* includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings p. 10.
* *AXA Investment Managers* includes AXA Investment Managers, Select (formerly Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method) p. 10.

## Exchange rates

###### End of period and average exchange rates for 1 euro p. 10

| For 1 Euro | End of Period Exchange rate | End of Period Exchange rate | Average Exchange rate | Average Exchange rate |
| --- | --- | --- | --- | --- |
| — | FY24 | FY25 | FY24 | FY25 |
| USD | 1.04 | 1.17 | 1.08 | 1.13 |
| CHF | 0.94 | 0.93 | 0.95 | 0.94 |
| GBP | 0.83 | 0.87 | 0.85 | 0.86 |
| JPY | 163 | 184 | 164 | 169 |
| HKD | 8.04 | 9.14 | 8.44 | 8.82 |

## Notes

* *Gross written premiums & other revenues*, new business value ('NBV'), and present value of expected premiums ('PVEP') changes are on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated p. 11.
* Terms like contractual service margin ('CSM') and new business contractual service margin ('NB CSM') are defined in the glossary section of this press release p. 11.
* *Underlying earnings*, underlying earnings per share, underlying return on equity, combined ratio, and debt gearing are Alternative Performance Measures (APMs) as defined by ESMA's guidelines and AMF's 2015 position statement p. 11.
* AXA provides reconciliation of APMs to financial statements in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report') p. 11.
* AXA's 2025 Activity Report is available on AXA's website (www.axa.com) p. 11.
* AXA completed the *disposal of AXA IM* to BNP Paribas on July 1, 2025 p. 11.
* All figures excluding AXA IM are given at constant foreign exchange rates p. 11.
* On July 1, 2025, AXA executed a *share repurchase agreement* for up to EUR 3.8bn to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas p. 11.
* The share buyback commenced on July 2, 2025, and ended on January 20, 2026, causing temporary earnings dilution as of December 31, 2025 p. 11.
* The *Solvency II ratio* is estimated using AXA's internal model, calibrated based on an adverse 1/200 years shock p. 11.
* For Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on AXA's website p. 11.
* The Solvency II ratio as of December 31, 2025, is adjusted for the full up to EUR 1.25bn annual share buyback program and the proposed EUR 2.32 per share dividend p. 11.
* *Capital instruments and subordinated debt* subject to Solvency II transitional measures ceased to qualify as capital under Solvency II on January 1, 2026 p. 11.
* The proposed dividend is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 p. 11.
* The share buyback program was approved by AXA's Board of Directors on February 25, 2026, and is expected to commence soon, subject to market conditions p. 11.
* *Expected underlying earnings per share ('UEPS') growth for 2026* is a forward-looking statement providing one-off guidance for the last year of the current strategic plan p. 11.
* The Solvency II ratio as of January 1, 2026, is estimated based on the Solvency Capital Requirement (SCR) and capital amount, assuming the Solvency II revision was in force then p. 11.
* *Commercial lines* refers to P&C Commercial lines excluding AXA XL Reinsurance p. 11.
* *Price effects* are calculated as a percentage of total gross written premiums of the prior year p. 11.
* Footnote 13 refers to a *General account* p. 11.
* Footnote 14 indicates *banking activities* are included p. 11.
* Footnote 15 indicates *P&C* is included p. 11.
* Sensitivities impacting CSM are available in the Appendices of the FY25 earnings presentation on www.axa.com p. 11.
* These sensitivities are based on management's current assessment for FY25 results and are not audited or subject to limited review by AXA's statutory auditors p. 11.
* Footnote 16 includes *cash and liquid invested assets* at AXA SA Holding and other central holdings p. 11.
* Share buybacks are to be executed according to the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or expected on April 30, 2026 p. 11.
* *Natural catastrophe charges* include losses regardless of event size p. 11.
* Share buybacks and dividends are subject to annual Board and Shareholders' Annual General Meeting approvals p. 11.
* Share buybacks are contingent on no significant earnings event (deviation in underlying earnings) p. 11.
* Dividends are contingent on no significant capital event (deterioration in Group solvency) p. 11.
* Board discretion considers AXA's earnings, financial condition, capital/solvency requirements, market conditions, and economic environment p. 11.
* *Payout ratio* is calculated based on underlying earnings per share p. 11.
* *Life & Health net flows*, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities p. 11.
* *Restricted Tier 1* is rated 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's p. 11.
* *Tier 2* is rated 'A-/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's p. 11.
* AXA completed its *acquisition of a majority stake in Prima in Italy* on November 28, 2025 p. 11.
* The *disposal to BNP Paribas* was completed on July 1, 2025 p. 11.
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) p. 11.
* *Actuarial and financial assumptions* for NBV and PVEP calculation are updated semi-annually p. 11.
* 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 audit p. 11.
* The *AXA Group* is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries p. 12.
* In 2025, *IFRS17 revenues* amounted to EUR 115.5bn p. 12.
* In 2025, *IFRS17 underlying earnings* amounted to EUR 8.4bn p. 12.
* The *AXA ordinary share* is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628) p. 12.
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY p. 12.
* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 12.
* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment p. 12.
* This press release and regulated information are available on the AXA Group website (axa.com) p. 12.
* *Investor Relations* can be reached at investor.relations@axa.com or +33.1.40.75.48.42 p. 12.
* *Individual Shareholder Relations* can be reached at +33.1.40.75.48.43 p. 12.
* *Media Relations* can be reached at ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com, or +33.1.40.75.46.74 p. 12.
* *Corporate Responsibility strategy* information is available at axa.com/en/about-us/strategy-commitments p. 12.
* *SRI ratings* information is available at axa.com/en/investor/sri-ratings-ethical-indexes p. 12.

## Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures

* Certain statements in this press release are *forward-looking statements*, including predictions of future events, trends, plans, expectations, or objectives p. 12.
* Forward-looking statements are identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like ‘would’ and ‘could’ p. 12.
* Statements regarding *expected underlying earnings per share (‘UEPS’) growth for 2026* are forward-looking statements providing one-off guidance for the last year of the Group’s current strategic plan p. 12.
* These statements are based on Management’s current views and intentions and are subject to change p. 12.
* Reliance on forward-looking statements should be limited due to known and unknown risks and uncertainties outside AXA’s control p. 12.
* These risks can cause actual results to differ materially from forward-looking statements p. 12.
* Each forward-looking statement is valid only at the date of this press release p. 12.
* Refer to Part 5 ‘Risk Factors and Risk Management’ of AXA’s Universal Registration Document for the year ended December 31, 2024, for a description of factors affecting AXA’s business and results p. 12.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law p. 12.
* This press release refers to *non-GAAP financial measures* or alternative performance measures (‘APMs’) used by Management p. 12.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies p. 12.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS p. 12.
* *Underlying earnings*, UEPS, underlying return on equity, combined ratio, and debt gearing are APMs defined by ESMA’s guidelines and the AMF’s 2015 position statement p. 12.
* AXA provides reconciliation of APMs in its Activity Report as of December 31, 2025 (‘AXA’s 2025 Activity Report’) p. 12.
* Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report p. 12.

## APPENDIX 1: Gross written premiums et other revenues by geography and business line

###### Gross written premiums and other revenues by geography and business line p. 13

| in Euro million | Gross Written Premiums and Other Revenues FY24 | Gross Written Premiums and Other Revenues FY25 | Gross Written Premiums and Other Revenues Change on a reported basis | Gross Written Premiums and Other Revenues Change on a comparable basis | o/w Property & Casualty FY25 | o/w Property & Casualty Change on a comparable basis | o/w Life & Health FY25 | o/w Life & Health Change on a comparable basis | o/w Asset Management FY25 | o/w Asset Management Change on a comparable basis |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| France | 28,996 | 30,598 | +6% | +6% | 9,648 | +7% | 20,852 | +5% | — | — |
| Europe | 39,298 | 43,005 | +9% | +6% | 21,257 | +4% | 21,748 | +8% | — | — |
| AXA XL | 19,383 | 19,277 | -1% | +4% | 19,159 | +4% | 118 | -8% | — | — |
| Asia, Africa & EME-LATAM | 19,083 | 19,925 | +4% | +13% | 6,257 | +13% | 13,668 | +13% | — | — |
| Transversal | 1,856 | 1,844 | -1% | -1% | 1,718 | -1% | 126 | -8% | — | — |
| AXA Investment Managers | 1,701 | 875 | -49% | +4% | — | — | — | — | 875 | +4% |
| **Total** | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% |

* This section is *APPENDIX 2: Underlying earnings by geography and by business LINE* p. 14.

###### Underlying earnings by geography and by business line p. 14

| — | Underlying earnings | Underlying earnings | Underlying earnings | o/w Property & Casualty | o/w Property & Casualty | o/w Life & Health | o/w Life & Health | o/w Asset Management | o/w Asset Management |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in Euro million | FY24 | FY25 | Change at constant Forex | FY25 | Change at constant Forex | FY25 | Change at constant Forex | FY25 | Change at constant Forex |
| France | 2,071 | 2,224 | +7% | 1,237 | +7% | 1,039 | +8% | — | — |
| Europe | 3,187 | 3,486 | +9% | 2,216 | +9% | 1,264 | +14% | — | — |
| AXA XL | 1,820 | 1,893 | +9% | 1,913 | +9% | 12 | -49% | — | — |
| Asia, Africa & EME-LATAM | 1,504 | 1,493 | +6% | 355 | +24% | 1,165 | 0% | — | — |
| Transversal | -907 | -903 | 0% | 151 | -4% | 22 | +16% | — | — |
| AXA Investment Managers | 402 | 175 | -57% | — | — | — | — | 175 | -57% |
| **Total** | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% |

* This section is *APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount RATES* p. 15.

###### Property & Casualty gross written premiums & other revenues by business line and discount rates p. 15

| in Euro million | Commercial lines Total Commercial | Commercial lines Change | Personal lines Personal Motor | Personal lines Change | Personal lines Personal Non-Motor | Personal lines Change | Personal lines Total Personal | Personal lines Change | AXA XL Reinsurance Total Reinsurance | AXA XL Reinsurance Change | Total P&C FY25 | Total P&C Change |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| France | 5,077 | +6% | 2,693 | +9% | 1,877 | +10% | 4,570 | +9% | - | - | 9,648 | +7% |
| Europe | 9,179 | +1% | 7,434 | +6% | 4,644 | +5% | 12,078 | +5% | - | - | 21,257 | +4% |
| AXA XL | 16,604 | +3% | - | - | - | - | - | - | 2,555 | +8% | 19,159 | +4% |
| Asia, Africa & EME-LATAM | 3,193 | +13% | 2,315 | +14% | 749 | +12% | 3,064 | +14% | - | - | 6,257 | +13% |
| Transversal | 1,718 | -1% | - | - | - | - | - | - | - | - | 1,718 | -1% |
| **Total** | 35,771 | +4% | 12,443 | +8% | 7,269 | +7% | 19,712 | +7% | 2,555 | +8% | 58,038 | +5% |

###### Interest Rates (5Y) For the Discounting of P&C Claims Reserves

| — | FY24 | FY25 |
| --- | --- | --- |
| EUR | 2.8% | 2.6% |
| USD | 4.4% | 4.2% |
| JPY | 0.4% | 1.0% |
| GBP | 4.3% | 4.3% |
| CHF | 0.8% | 0.2% |
| HKD | 3.7% | 3.2% |

* This section is *APPENDIX 4: PROPERTY & CASUALTY – COMBINED RATIO* p. 16.

###### P&C: Price effects by country and business line

| FY25 (in %) | Commercial lines | Personal lines | AXA XL Reinsurance | 2026 Market pricing trends |
| --- | --- | --- | --- | --- |
| France | +4.0% | +3.3% | — | Moderation of price increase |
| Europe | +3.1% | +5.4% | — | — |
| Switzerland | +3.0% | +5.0% | — | Continued price increases both in Personal and Commercial lines |
| Germany | +3.1% | +10.3% | — | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation |
| Belgium & Luxembourg | +2.5% | +4.4% | — | Price increase broadly in line with 2025 |
| UK & Ireland | +1.4% | -2.6% | — | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines |
| Spain | +8.8% | +8.6% | — | Moderation of price increase |
| Italy | +5.2% | +5.3% | — | Moderation of price increase |
| AXA XL | +0.2% | — | +0.3% | Softening prices with conditions varying by lines |
| Asia, Africa & EME-LATAM | +3.8% | +7.1% | — | Moderation of price increase |
| **Total** | +1.9% | +5.2% | +0.3% | — |

* This section is *APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business LINE* p. 17.

###### Life & Health gross written premiums & other revenues and growth by business line p. 17

| Gross written premiums & other revenues | Total | Total | o/w Protection | o/w Protection | o/w G/A Savings | o/w G/A Savings | o/w Unit-Linked | o/w Unit-Linked | o/w Health | o/w Health |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in Euro million | FY25 | Change | FY25 | Change | FY25 | Change | FY25 | Change | FY25 | Change |
| France | 20,852 | +5% | 4,650 | +6% | 5,483 | +4% | 5,109 | +10% | 5,611 | +2% |
| Europe | 21,748 | +8% | 5,090 | +4% | 4,444 | +18% | 3,419 | +10% | 8,795 | +4% |
| AXA XL | 118 | -8% | 59 | -6% | 59 | -10% | - | - | - | - |
| Asia, Africa & EME-LATAM | 13,668 | +13% | 7,454 | +19% | 971 | -31% | 761 | +63% | 4,483 | +11% |
| Transversal | 126 | -8% | - | - | - | - | - | - | 126 | -8% |
| **Total** | 56,512 | +8% | 17,253 | +11% | 10,957 | +4% | 9,289 | +13% | 19,014 | +5% |
| o/w short-term | 17,651 | +6% | 4,337 | +6% | — | — | — | — | 13,314 | +6% |

* This section is *APPENDIX 6: LIFE & HEALTH – New business value (NBV) and contractual service margin (CSM)* p. 18.

## APPENDIX 6: New business volume (PVEP), new business value (NBV), and NBV margin

###### Life and Health new business metrics FY25 p. 18

| Life New Business Metrics FY25 in Euro million | Life New Business Metrics FY25 PVEP | Life New Business Metrics FY25 Change | Life New Business Metrics FY25 NBV | Life New Business Metrics FY25 Change | Life New Business Metrics FY25 NBV margin | Life New Business Metrics FY25 Change | Health New Business Metrics FY25 PVEP | Health New Business Metrics FY25 Change | Health New Business Metrics FY25 NBV | Health New Business Metrics FY25 Change | Health New Business Metrics FY25 NBV margin | Health New Business Metrics FY25 Change | Total New Business Metrics FY25 PVEP | Total New Business Metrics FY25 Change | Total New Business Metrics FY25 NBV | Total New Business Metrics FY25 Change | Total New Business Metrics FY25 NBV margin | Total New Business Metrics FY25 Change |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| France | 14,971 | -4% | 519 | 0% | 3.5% | +0.1 pt | 7,887 | -20% | 177 | +13% | 2.2% | +0.7pt | 22,858 | -10% | 695 | +3% | 3.0% | +0.4pts |
| Europe | 10,102 | +3% | 474 | -11% | 4.7% | -0.7pt | 2,549 | +16% | 104 | +36% | 4.1% | +0.6pt | 12,651 | +5% | 578 | -5% | 4.6% | -0.5pts |
| Asia, Africa & EME-LATAM | 12,029 | +7% | 754 | +5% | 6.3% | -0.1pt | 1,817 | -6% | 205 | -12% | 11.3% | -0.8pt | 13,847 | +5% | 959 | +1% | 6.9% | -0.3pts |
| **Total** | 37,103 | +1% | 1,747 | -1% | 4.7% | -0.1pt | 12,254 | -12% | 486 | +4% | 4.0% | +0.6pt | 49,357 | -2% | 2,233 | 0% | 4.5% | +0.1pt |

###### NB CSM to NBV p. 18

| NB CSM to NBV | NB CSM to NBV | NB CSM to NBV | NB CSM to NBV |
| --- | --- | --- | --- |
| in Euro million | Life | Health | Total |
| NB CSM (pre-tax) | 1,822 | 377 | 2,199 |
| Other NBV (pre-tax) | 491 | 266 | 757 |
| Tax & Other | -567 | -157 | -724 |
| NBV | 1,747 | 486 | 2,233 |

* This section is *APPENDIX 7: LIFE & HEALTH – NET FLOWS* p. 19.

###### Life & Health net flows by business line p. 19

**Net flows by business line**

| in Euro billion | FY24 | FY25 |
| --- | --- | --- |
| Health | +2.7 | +2.7 |
| Protection | +3.2 | +4.9 |
| G/A Savings | -3.6 | -3.7 |
| o/w capital light | +2.2 | +1.2 |
| o/w traditional G/A | -5.8 | -5.0 |
| Unit-Linked | -0.8 | +1.5 |
| Mutual Funds & Other | 0.0 | 0.0 |
| **Total Life & Health net flows** | +1.5 | +5.4 |

* AXA announced the execution of a *share repurchase agreement* for up to EUR 1.2bn on February 28, 2025 p. 20.
* AXA announced the completion of the *acquisition of Nobis Group in Italy* on April 1, 2025 p. 20.
* AXA announced the *placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes* on May 28, 2025 p. 20.
* AXA announced the execution of a *share repurchase agreement* for its Shareplan and stock-based compensation on June 2, 2025 p. 20.
* AXA announced the completion of the *sale of AXA Investment Managers to BNP Paribas* on July 1, 2025 p. 20.
* AXA announced the execution of a *share repurchase agreement of up to EUR 3.8bn* following the sale of AXA IM on July 1, 2025 p. 20.
* AXA announced the *acquisition of Prima*, a direct insurance player in Italy, on August 1, 2025 p. 20.
* AXA announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the *2025 employee share offering program (Shareplan 2025)* p. 20.
* AXA announced the *placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes* on October 14, 2025 p. 20.
* AXA announced the completion of the *acquisition of a majority stake in Prima in Italy* on November 28, 2025 p. 20.
* The *2026 Shareholder's Annual General Meeting* is scheduled for April 30, 2026 p. 20.
* *First quarter 2026 Activity Indicators* are expected on May 5, 2026 p. 20.
* *HY26 Earnings Release* is expected on July 31, 2026 p. 20.
* *AXA Investor Day* is scheduled for September 21, 2026 p. 20.

## Abbreviations

* *AMF*: Autorité des marchés financiers
* *APMs*: Alternative Performance Measures
* *BBA*: Building Block Approach
* *CAGR*: Compound Annual Growth Rate
* *CSM*: Contractual Service Margin
* *DJSI*: Dow Jones Sustainability Index
* *EME*: Europe, Middle East
* *EPS*: Earnings Per Share
* *ESMA*: European Securities and Markets Authority
* *FY*: Fiscal Year
* *GAAP*: Generally Accepted Accounting Principles
* *IFRS*: International Financial Reporting Standards
* *NB CSM*: New Business Contractual Service Margin
* *NBV*: New Business Value
* *OCI*: Other Comprehensive Income
* *OTC QX*: Over The Counter QX
* *P&C*: Property & Casualty
* *PAA*: Premium Allocation Approach
* *PVEP*: Present Value of Expected Premiums
* *SCR*: Solvency Capital Requirement
* *SFCR*: Solvency and Financial Condition Report
* *SME*: Small and Medium-sized Enterprises
* *SRI*: Socially Responsible Investing
* *UEPS*: Underlying Earnings Per Share
* *UNEP FI*: United Nations Environment Programme’s Finance Initiative
* *VAT*: Value Added Tax