---
source_file: tmpjkm9atcl.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: 19
parsed_at: '2026-07-12T10:23:43Z'
---
## Press release
* Paris, February 26th, 2026 (6:45am CET) p. 1
## Full Year 2025 Earnings
**AXA reports record results with underlying EPS growth at the top end of the target range**
#### Key FY25 highlights
* *Gross written premiums & other revenues* (footnote: • Change in gross written premiums & other revenues, new business value ("NBV") and present value of expected premiums ("PVEP") is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated.
• Terms, including contractual service margin ("CSM") and new business contractual service margin ("NB CSM"), are defined in the glossary section of this press release.) at EUR 116bn, +6% vs. FY24 p. 1
* *Underlying earnings* (footnote: • "Underlying earnings", "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, see the Glossary in AXA's 2025 Activity Report.
• AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) at EUR 8.4bn, +6% vs. FY24 p. 1
+ Excluding AXA IM (footnote: • AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025.
• All figures excluding AXA IM are at constant foreign exchange rates.), underlying earnings +9% p. 1
* *Underlying earnings per share* at EUR 3.86, +8% vs. FY24 p. 1
+ Includes -2% headwind from foreign exchange movements p. 1
+ Includes -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback (footnote: On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, for a maximum of Euro 3.8 billion to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025.) p. 1
* *Solvency II ratio* (footnote: • The Solvency II ratio is estimated primarily using AXA's internal model calibrated on an adverse 1/200 year shock.
• For information on AXA's internal model and Solvency II disclosures, see AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com).
• The Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.) at 224% as of December 31, 2025, +9 points vs. FY24 p. 1
+ Solvency II ratio at 215% on January 1, 2026, reflecting the end of the grandfathering period (footnote: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.) p. 1
#### Capital Management
* *Dividend* of EUR 2.32 per share, +8% vs. FY24 (footnote: Subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.) p. 1
* Launch of an *annual share buyback program* (footnote: As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.) of up to EUR 1.25bn p. 1
* Completion of *EUR 3.8bn additional share buyback* related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026 p. 1
#### Outlook
* *Underlying earnings per share growth* for 2026 expected to be at the upper end of the 6-8% plan target range (footnote: Expected underlying earnings per share ("UEPS") growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements.) p. 1
* Expected impact of *Solvency II revision* at +17 points (footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.) p. 1
* AXA to 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." 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." 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: gross written premiums and other revenues 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 (1) | 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. |
| — | FY24 | FY25 | Change on a reported basis | Change at constant Forex |
| --- | --- | --- | --- | --- |
| Underlying earnings (2) | 8,078 | 8,368 | +4% | +6% |
| Net income | 7,886 | 9,797 | +24% | +26% |
| — | FY24 | FY25 | Change on a reported basis |
| --- | --- | --- | --- |
| Solvency II ratio (%) (5) | 216% | 224% | +9 pts |
## Activity indicators
* *Total gross written premiums and other revenues* +6% p. 2
+ *Property & Casualty* +5% p. 2
- *Commercial lines* (footnote: "Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance.) +4%, driven by higher volumes at AXA XL Insurance and favorable price effects (footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies p. 2
- *Personal lines* +7%, driven by favorable price effects and strong growth in net new contracts in France, Europe, Asia & EME-LATAM p. 2
- *AXA XL Reinsurance* +8%, 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* (footnote: General account.) +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* +6% to EUR 8.4bn p. 2
+ Excluding AXA IM, underlying earnings +9% p. 2
+ *Property & Casualty* +9%, driven by higher volumes, underwriting margin expansion, and increased financial result from higher investment income p. 2
+ *Life & Health* +7%, driven by improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business p. 2
+ *Holdings* (footnote: Including banking activities.) underlying earnings 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* +8% to EUR 3.86 p. 2
+ Driven by increase in underlying earnings (+6%) and decrease in interest expense on undated and deeply-subordinated debt p. 2
+ Impact of share buybacks (+3%), including annual share buyback program and anti-dilutive share buyback from AXA IM sale p. 2
+ Partially offset by unfavorable impact of foreign exchange rate movements (-2%), notably the depreciation of the U.S. dollar against the Euro p. 2
* *Sale of AXA IM* resulted in a temporary dilution of underlying earnings per share (-1%) due to timing of associated share buyback p. 2
* *Net income* +26% to EUR 9.8bn, mainly reflecting increased underlying earnings and significantly positive exceptional items, including the gain from the sale of AXA IM 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 contribution from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) p. 3
+ Offset by FY24 dividend paid (EUR -4.6bn) p. 3
+ Offset by impact of share buybacks in 2025 (EUR -4.7bn), including EUR 3.5bn anti-dilutive share buyback for AXA IM sale p. 3
+ Offset by unfavorable foreign exchange impact (EUR -3.5bn), mainly 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) combined with underlying return on in-force (EUR +1.3bn) offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM p. 3
+ Market conditions had a favorable impact (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance p. 3
+ Offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from depreciation of Japanese yen and Hong Kong dollar p. 3
+ Offset by negative operating variance (EUR -0.3bn) as better margins and net flows were offset by reduced duration of Group Life business in Switzerland p. 3
* *Solvency II ratio* was 224% as of December 31, 2025, +9 points vs. December 31, 2024 p. 3
+ Strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points) p. 3
+ Positive impact from net subordinated debt issuance (+6 points) p. 3
+ Favorable impacts from financial markets (+4 points) p. 3
+ Partly offset by net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including associated 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
* Group estimates Solvency II revision, effective Q1 2027, would increase current Solvency II ratio by +17 points p. 3
* *Underlying return on equity* was 16.0% as of December 31, 2025, +0.8 point vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity p. 3
* *Debt gearing* was 22.3% as of December 31, 2025, +1.7 points vs. December 31, 2024 p. 3
+ Driven by lower shareholders' equity and CSM, and issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn) p. 3
+ Partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) p. 3
+ Debt gearing was in line with its 19-23% plan guidance for 2024-2026 p. 3
* *Cash at Holding* (footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024 p. 3
+ Reflecting organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024 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
+ 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 on February 25, 2026, the launch of an *annual share buyback program* for up to EUR 1.25bn p. 4
+ To be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization (footnote: To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.) p. 4
+ AXA intends to cancel all shares repurchased p. 4
+ Program expected to commence as soon as reasonably practicable, subject to market conditions, and 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
+ 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 earn-through of higher pricing and underwriting actions p. 4
* At *AXA XL*, pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed cost of capital p. 4
* Group guidance for *normalized natural catastrophe* (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at ca. 4.5 points of combined ratio for 2026 p. 4
* In *Life & Health*, earnings growth expected from short-term business reflecting disciplined pricing and claims management p. 4
+ Strategy to rejuvenate sales in long-term business, coupled with improved persistency, should generate positive net flows and drive CSM growth over time p. 4
* *Holdings results* in 2026 expected to remain similar to 2025 p. 4
* Management believes AXA is on track to deliver main financial targets of "Unlock the Future" plan, assuming current operating conditions persist p. 4
+ *Underlying earnings per share growth* at the upper end of 6-8% CAGR target range for 2023-2026E 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
* Group committed to its *capital management policy* (footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.), targeting a total payout ratio of 75% (footnote: Payout ratio is calculated based on underlying earnings per share.) p. 4
+ Comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks p. 4
+ Proposed dividend per share in a given year expected to be at least equal to prior year's dividend p. 4
## Property & Casualty
###### FY25 key highlights: underlying earnings and net income p. 2
| Key figures (in Euro billion, unless otherwise noted) — | FY24 | FY25 | Change on a comparable basis | FY25 Price effect (12) (in %) |
| --- | --- | --- | --- | --- |
| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |
| o/w Commercial lines (11) | 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) — | FY24 | FY25 | Change at constant Forex | — |
| --- | --- | --- | --- | --- |
| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt | — |
| Underlying earnings | 5,510 | 5,872 | +9% | — |
* *Gross written premiums & other revenues* +5% to EUR 58.0bn p. 5
+ *Commercial lines* +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 and higher volumes p. 5
+ *Personal lines* +7% to EUR 19.7bn p. 5
- *Europe* +5% from favorable price effects across geographies, except UK & Ireland Motor (softened pricing after 2024 repricing) 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 business and proprietary agent networks) and favorable price effects in Motor p. 5
+ *AXA XL Reinsurance* +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
* *All-year combined ratio* improved by 0.3 point to 90.6% p. 5
+ Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) p. 5
- Commercial lines (-0.5 point), driven by SME & mid-market business (-0.9 point) p. 5
- AXA XL Insurance margins stable at attractive levels (+0.1 point) p. 5
- 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%) p. 5
+ More than offset by lower prior years' reserve development (+0.7 point at -1.1%) p. 5
## P&C underlying earnings were up 9% to Euro 5.9 billion driven by:
* *Technical result* increased by EUR +0.5bn, reflecting strong volume growth and improved technical margin p. 6
* *Financial result* increased by 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) mainly due to higher pre-tax underlying earnings p. 6
## Life & Health
| 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 (1,21) | 50.9 | 49.4 | -2% |
| NB CSM (1,21) | 2.2 | 2.2 | +3% |
| NBV (post-tax) (1,21) | 2.3 | 2.2 | 0% |
| NBV margin (1,21) | 4.4% | 4.5% | +0.1 pt |
| Net flows (21) | +1.5 | +5.4 | — |
| Earnings (in Euro million) | — | — | — |
| --- | --- | --- | --- |
| — | 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 Euro 56.5 billion.
* *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 p. 6
+ Partly offset by non-repeat of elevated sales of a single premium whole-life product 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 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
+ *Life* +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums p. 7
+ *Health* -12%, mainly from 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 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 decreased 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* (footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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
+ Driven by *Health* (EUR +2.7bn), mainly in Germany, Japan, and France p. 7
+ Driven by *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 long-term business p. 7
+ *Short-term technical result* (EUR +0.1bn) driven by expansion of technical margin reflecting pricing, underwriting, and claims management actions, which more than offset impact of 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 that resulted in increased earnings of minority shareholders p. 7
## Holdings
* *Holdings underlying earnings* remained broadly stable at EUR -1.2bn p. 7
## Ratings
###### Property & casualty: gross written premiums and other revenues p. 5
| Insurer financial strength ratings
|
AXA's credit ratings (22)
|
| Agency | Date of last review | AXA SA | AXA's principal insurance subsidiaries | Outlook | Senior debt of the Company | 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 | — |
* AXA maintains up-to-date ratings information on its website at: p. 8
## 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% p. 8
* *Contractual service margin ('CSM'):* a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders p. 8
* *CSM release:* the 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 p. 8
* *Economic variance:* the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force p. 8
* *Financial result:* investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (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 p. 8
* *Gross written premiums and other revenues:* 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) p. 8
* *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 p. 8
* *New business value ('NBV'):* the value of newly issued contracts during the current year, consisting of the sum of (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts carried by Life entities (considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9, net of (iv) cost of reinsurance, (v) taxes and (vi) minority interests p. 8
* *New business value margin ('NBV Margin'):* the ratio of (i) NBV to (ii) PVEP p. 8
## RATINGS AND GLOSSARY
* *Operating variance:* the variation of the year-end CSM vs. the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions (mortality, longevity, lapses, expenses), and (iii) impact of model changes; net of reinsurance p. 9
* *Present value of expected premiums ("PVEP"):* the new business volume, equal to the present value at issue of total premiums expected over policy term, discounted at reference interest rate and Group share p. 9
* *Technical experience:* consists of impacts on underlying earnings of (i) difference between expected and incurred cash-flows, (ii) risk adjustment release, (iii) changes in onerous contracts, and (iv) other long-term elements (mainly non-attributable expenses) p. 9
* *Underlying return on in-force:* the release of time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance p. 9
## Scope
* *France:* includes insurance activities, banking activities and holding p. 10
* *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) (footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.) and AXA Life Europe (insurance activities) p. 10
* *AXA XL:* includes insurance and reinsurance activities and holding p. 10
* *Asia, Africa & EME-LATAM:* p. 10
+ *Asia:* Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses (consolidated under equity method, contributing only to NBV, PVEP, underlying earnings and net income) p. 10
+ *Africa:* Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) (fully consolidated) p. 10
+ *EME-LATAM:* Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) (fully consolidated); Russia (Reso) (insurance activities) (consolidated under equity method, contributing only to net income) p. 10
+ *AXA Mediterranean Holdings* p. 10
* *Transversal & Other:* includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity) and other Central Holdings p. 10
* *AXA Investment Managers* (footnote: Disposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas) and Capza (fully consolidated) and Asian joint ventures (consolidated under equity method) p. 10
## Exchange rates
###### Property & casualty: earnings p. 5
| For 1 Euro — | End of Period Exchange rate FY24 | End of Period Exchange rate FY25 | Average Exchange rate FY24 | Average Exchange rate 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
* Sensitivities impacting CSM are available in the Appendices of the FY25 earnings presentation at www.axa.com p. 11
* These sensitivities are based on management's current assessment for FY25 results and are qualified by cautionary statements regarding forward-looking statements; they have not been audited or subject to limited review p. 11
* *Restricted Tier 1* rated "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's p. 11
* *Tier 2* rated "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's 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 FY25 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure p. 11
## About the AXA group
* 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 and *IFRS17 underlying earnings* 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 – Bloomberg: CS FP – Reuters: AXAF.PA) 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
* It 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
## FOR MORE INFORMATION:
### Investor Relations:
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com p. 12
* Individual Shareholder Relations: +33.1.40.75.48.43 p. 12
**Media Relations:**
* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com p. 12
**Corporate Responsibility strategy:**
* axa.com/en/about-us/strategy-commitments p. 12
**SRI ratings:**
* 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 and subject to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially p. 12
* Forward-looking statements are identified by words like “expects”, “anticipates”, “may”, “plan” or conditional verbs p. 12
* Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking guidance for the last year of the current strategic plan p. 12
* These statements are based on Management’s current views and intentions and are subject to change p. 12
* Undue reliance should not be placed on forward-looking statements p. 12
* Refer to Part 5 “Risk Factors and Risk Management” of AXA’s 2024 Universal Registration Document for a description of important factors, risks, and uncertainties 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 (APMs) used by Management for analyzing operating trends, financial performance, and position p. 12
* These non-GAAP measures have no standardized meaning and may not be comparable to those used by other companies p. 12
* None of these non-GAAP measures should 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 as defined in ESMA’s guidelines and AMF’s position statement p. 12
* Reconciliation of APMs to financial statements is provided in AXA’s 2025 Activity Report p. 12
* Further information on non-GAAP financial measures is in the Glossary of AXA’s 2025 Activity Report p. 12
## APPENDIX 1: Gross written premiums et other revenues by geography and business line
| 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 (i) | 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 (i)** | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% |
* Includes *Banking revenues* amounting to EUR 99m in FY25 and EUR 118m in FY24 p. 13
| in Euro million | Underlying earnings FY24 | Underlying earnings FY25 | Underlying earnings Change at constant Forex | o/w Property & Casualty FY25 | o/w Property & Casualty Change at constant Forex | o/w Life & Health FY25 | o/w Life & Health Change at constant Forex | o/w Asset Management FY25 | o/w Asset Management 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 (i)** | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% |
* Includes underlying earnings of Holdings and Banking p. 14
## APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount rates
| in Euro million | Commercial lines Total Commercial | Commercial lines Change (i) | Personal lines Personal Motor | Personal lines Change (i) | Personal lines Personal Non-Motor | Personal lines Change (i) | AXA XL Reinsurance Total Personal | AXA XL Reinsurance Change (i) | AXA XL Reinsurance Total Reinsurance | AXA XL Reinsurance Change (i) | Total P&C FY25 | Total P&C Change (i) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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% |
* Changes are at comparable basis (constant forex, scope and methodology) p. 15
###### Interest Rates (5Y) For the Discounting of P&C Claims Reserves
| — | FY24 (i) | FY25 (ii) |
| --- | --- | --- |
| 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% |
* Calculated as monthly average from January 2024 to December 2024 p. 15
* Average of monthly opening discount rates of 2025 p. 15
## P&C: Price effects i by country and business line
###### P&C: Price effects (i) 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 (ii) | +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% | — |
* Price effect calculated as a percentage of total gross written premiums in the prior year p. 16
* Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums p. 16
## APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business line
| 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 (i) | FY25 | Change (i) | FY25 | Change (i) | FY25 | Change (i) | FY25 | Change (i) |
| 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 (ii) | 17,651 | +6% | 4,337 | +6% | — | — | — | — | 13,314 | +6% |
* Changes are at comparable basis (constant forex, scope and methodology) p. 17
* Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA') p. 17
* Short-term business margin is analyzed using the Combined Ratio p. 17
* Short-term business refers to Life Pure Protection and Health when measured using the PAA period p. 17
## APPENDIX 6: New business volume (PVEP), new business value (NBV), and NBV margin
###### Property & casualty: gross written premiums & other revenues by business line and discount rates p. 15
| Life New Business Metrics FY25 in Euro million | Life New Business Metrics FY25 PVEP | Life New Business Metrics FY25 Change (ii) | Life New Business Metrics FY25 NBV | Life New Business Metrics FY25 Change (ii) | Life New Business Metrics FY25 NBV margin | Life New Business Metrics FY25 Change (ii) | Health (i) New Business Metrics FY25 PVEP | Health (i) New Business Metrics FY25 Change (ii) | Health (i) New Business Metrics FY25 NBV | Health (i) New Business Metrics FY25 Change (ii) | Health (i) New Business Metrics FY25 NBV margin | Health (i) New Business Metrics FY25 Change (ii) | Total (ii) New Business Metrics FY25 PVEP | Total (ii) New Business Metrics FY25 Change (ii) | Total (ii) New Business Metrics FY25 NBV | Total (ii) New Business Metrics FY25 Change (ii) | Total (ii) New Business Metrics FY25 NBV margin | Total (ii) New Business Metrics FY25 Change (ii) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | — | — | — |
| --- | --- | --- | --- |
| in Euro million | Life | Health (i) | Total (i) |
| 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 |
* Includes Health business written predominantly in Life entities p. 18
* Changes are at comparable basis (constant forex, scope and methodology) p. 18
###### Life & health: gross written premiums & other revenues and growth by business line p. 15
| Net flows by business line in Euro billion | FY24 | FY25 |
| --- | --- | --- |
| Health (i) | +2.7 | +2.7 |
| Protection | +3.2 | +4.9 |
| G/A Savings | -3.6 | -3.7 |
| o/w capital light (ii) | +2.2 | +1.2 |
| o/w traditional G/A | -5.8 | -5.0 |
| Unit-Linked (iii) | -0.8 | +1.5 |
| Mutual Funds & Other | 0.0 | 0.0 |
| **Total Life & Health (i) net flows** | +1.5 | +5.4 |
* Includes Health business written predominantly in Life entities p. 19
* Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% p. 19
* Includes Investment contracts with no discretionary participation features ("DPF") p. 19
## Main transactions in 2025:
* Announced execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025) p. 20
* Announced completion of the acquisition of Nobis Group in Italy (April 1, 2025) p. 20
* Announced placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025) p. 20
* Announced execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025) p. 20
* Announced completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025) p. 20
* Announced execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025) p. 20
* Announced acquisition of Prima, the leading direct insurance player in Italy (August 1, 2025) p. 20
* Announced launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025) p. 20
* Announced placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025) p. 20
* Announced completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025) p. 20
## Next main investor events
* 2026 Shareholder's Annual General Meeting (April 30, 2026) p. 20
* First quarter 2026 Activity Indicators (May 5, 2026) p. 20
* HY26 Earnings Release (July 31, 2026) p. 20
* AXA Investor Day (September 21, 2026) p. 20