--- title: AXA/2025/FY/Earnings presentation source_file: tmpvqp8rmmi.pdf source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf doc_type: slides pages: 49 tables: 9 pictures: 47 parsed_at: '2026-06-19T13:21:32Z' --- ### Full Year 2025 earnings presentation February 26, 2026 **Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures** Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as 'expects', 'anticipates', 'may', 'plan,' 'target' or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, 'would' and 'could' . In particular, the statements in this presentation regarding expected underlying earnings per share ('UEPS') growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan. These statements in this presentation are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control, and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2024 (the ' 2024 Universal Registration Document') for a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA's results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. 'Underlying earnings', UEPS ('underlying earnings per share'), 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES' . For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA's 2025 Activity Report. AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com). AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors. [Chart/image description:] The slide features a table of contents with three main sections: 1. FY25 Highlights, presented by Thomas Buberl, Group CEO, starting on page 04. 2. FY25 Business Performance, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on page 09. 3. FY25 Financial Performance, presented by Alban de Mailly Nesle, Group CFO, starting on page 13. ## FY25 Highlights ### 1 FY25 Highlights Thomas Buberl, Group CEO ### Full Year 2025 | Excellent performance Revenues vs. FY24 +6% 16% ROE FY25 Underlying EPS vs. FY24 +8% Solvency II ratio FY25 224% Delivering value for shareholders +8% DPS 1 growth and €1.25bn annual share buy back 2 Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 ### Executing the plan on growth, margin and efficiency Underlying earnings Caption: In Euro billion High organic growth Record profitability Scaling the business +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) Further margin expansion in P&C and L&H; improvement in efficiency Continued investments in growth and technology Consistent earnings growth while enhancing reserve prudence [Chart/image description:] The bar chart shows "Underlying earnings" in Euro billion. For FY24, the value is 8.1. For FY25, the value is 8.4, with a +9% increase excluding AXA IM. The overall change from FY24 to FY25 is +6%. ### Diversified franchise, well positioned in an attractive industry Secular trends fueling demand across businesses Our right to win [Chart/image description:] The slide features a donut chart titled "Secular trends fueling demand across businesses". The chart shows the FY25 gross written premium split excluding AXA IM and holdings. The segments are: - Life: 33% - Health: 17% - Large & Specialty: 17% - SME & Mid-market: 16% - Retail: 17% The chart is surrounded by text boxes indicating trends and the company's strengths: - "Protection gaps and emerging corporate risks" points to the SME & Mid-market and Large & Specialty segments. - "Demographics driving demand for private retirement and healthcare" points to the Life and Health segments. Below the chart, there are four icons with text describing "Our right to win": - A checkmark icon next to "Leading brand & high customer NPS". - A checkmark icon next to "Strong and diversified distribution". - A checkmark icon next to "Technical expertise to price & underwrite risks". - A checkmark icon next to "Scale offering cost advantage". ### Laying the foundation for the next plan Clear tech and AI roadmap Driving efficiency Enhancing capital allocation discipline Confidence in sustaining earnings growth [Chart/image description:] The slide contains four vertical columns, each with an icon and text: - Column 1: An icon of a head with gears and a lightbulb, labeled "Clear tech and AI roadmap". - Column 2: An icon of a gear, labeled "Driving efficiency". - Column 3: An icon of stacked coins, labeled "Enhancing capital allocation discipline". - Column 4: An icon of a shield, labeled "Building resilience". Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk, and Technology FY25 Business Performance ## Strong delivery across our businesses ### Strong delivery across our businesses [Chart/image description:] The table provided in the structured text is a complete and accurate representation of the visual information on the slide. | | Gross written premiums | Underlying earnings | | --- | --- | --- | | France (27% of totalGWP 1 ) | +6% to €31bn | +7% to €2.2bn | | Europe (38% of totalGWP 1 ) | +6% to €43bn | +9% to €3.5bn | | AXA XL (17% of totalGWP 1 ) | +4% to €19bn | +9% to €1.9bn | | Asia, Africa& EME-LATAM (18% of totalGWP 1 ) | +13% to €20bn | +6% to €1.5bn | ### P&C | Strong margins, confidence in sustaining growth Underlying earnings +9% 2 to €5.9bn GIE_AXA_Internal 1. Includes AXA XL Re premiums of €2.6bn. 2. Change FY25 vs. FY24 at constant FX. [Chart/image description:] The slide contains a donut chart titled "€58bn GWP". The chart is divided into three segments: - Retail: 34% - SME & Mid-market: 33% - AXA XL¹ (Large & Specialty): 33% The slide also contains a diagram with two main columns: "2025" and "Beyond 2025", and three rows representing different business segments and strategic initiatives. Under "2025": - Retail and SME & Mid-market: "Growing volumes while expanding margins" - AXA XL (Large & Specialty): "Profitable growth with stable margins" Under "Beyond 2025": - Retail and SME & Mid-market: "Investing to improve customer retention & expanding distribution footprint" - AXA XL (Large & Specialty): "Capitalizing on attractive growth opportunities and continued cycle management" Below these, there's a "+" symbol connecting to two additional strategic initiatives: - Continued progress on efficiency - Higher investment income - Data & AI to further enhance customer experience & technical excellence ### L&H | Good momentum, well positioned to capture growth opportunities [Chart/image description:] The slide contains a donut chart titled "€57bn GWP". The chart is divided into two segments: - Short-term: 28% - Long-term: 72% The slide also contains a diagram with two main columns: "2025" and "Beyond 2025", and two rows representing different business segments. Under "2025": - Long-term business: "Accelerating net flows in Savings at attractive margins" - Short-term business: "Growing technical results while absorbing Mexico VAT impact" Under "Beyond 2025": - Long-term business: "Capturing savings & retirement opportunity, sourcing best asset management products for our customers" - Short-term business: "Capitalizing on demand for health & protection while further improving our margins" Below these, there's a "+" symbol connecting to two additional strategic initiatives: - Focus on cost reduction - Increasing penetration of Protection riders in Savings offerings - Leveraging AI to reduce claims leakage & improve customer outcomes in Health ### P&C | Continued disciplined growth In Euro billion GWP & Other Revenues Continued pricing momentum and volume growth in Mid-market and SME Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance Growth supported by alternative capital Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) [Chart/image description:] The slide contains a stacked bar chart showing "GWP & Other Revenues" in Euro billion for FY24 and FY25, and a table showing the "Change", "o/w pricing¹", and "o/w volume²" for different lines. **Stacked Bar Chart Data:** - **FY24 Total:** 56.5 - Commercial lines: 35.8 - AXA XL Reinsurance: 2.6 - Retail lines: 18.1 (calculated as 56.5 - 35.8 - 2.6) - **FY25 Total:** 58.0 - Commercial lines: 35.8 - AXA XL Reinsurance: 2.6 - Retail lines: 19.7 **Table Data:** | Line | Change | o/w pricing¹ | o/w volume² | |---|---|---|---| | Commercial lines | +4% | +2% | +2% | | AXA XL Reinsurance | +8% | +0.3% | +7% | | Retail lines | +7% | +5% | +2% | **P&C | Delivering further margin expansion while enhancing reserve prudence** Combined ratio Better undiscounted current year loss ratio excluding Nat Cat from: o Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment o Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology Nat Cat charges below normalized load Lower reliance on prior year reserve development Taking advantage of a good year to enhance reserve prudence [Chart/image description:] The slide contains a stacked bar chart comparing the "Combined ratio" for FY24 and FY25. **Stacked Bar Chart Data:** - **FY24 Total Combined Ratio:** 91.0% - Undiscounted CY loss ratio (ex Nat Cat): 67.4% - Expense ratio: 25.0% - Nat Cat: 3.8% - Prior year reserve development: -1.6% - Discount: -3.6% - **FY25 Total Combined Ratio:** 90.6% - Undiscounted CY loss ratio (ex Nat Cat): 67.0% - Expense ratio: 24.8% - Nat Cat: 3.4% - Prior year reserve development: -1.1% - Discount: -3.5% ### P&C | Earnings growth from higher underwriting and financial result In Euro million Underlying Earnings Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets Higher unwind of discount of claims reserves, in line with guidance Unfavorable forex impact notably due to USD depreciation vs. EUR [Chart/image description:] The slide contains a waterfall chart titled "Underlying Earnings" showing a +9% change from FY24 to FY25. - FY24: 5,510 - Volume growth: +292 - Margin improvement: +189 - Investment income: +435 - Insurance finance expenses: -235 - Tax: -169 - Affiliates, FX & other: -150 - FY25: 5,872 ### Life & Health | Strong growth in premiums, positive net flows [Chart/image description:] The slide contains three bar charts. The first chart is titled "Life GWP & Other Revenues" with a +9% change from FY24 to FY25. - FY24 Total: 34.5 - Protection: 17.3 - Unit-linked: 9.3 - Capital light G/A: 6.0 - Traditional G/A: 1.9 - FY25 Total: 37.5 - Protection: 19.0 (+11%) - Unit-linked: 10.5 (+13%) - Capital light G/A: 6.1 (+7%) - Traditional G/A: 1.9 (-7%) The second chart is titled "Health GWP & Other Revenues" with a +5% change from FY24 to FY25. - FY24 Total: 17.5 - Individual: 10.5 - Group: 7.0 - FY25 Total: 19.0 - Individual: 11.1 (+6%) - Group: 7.9 (+4%) The third chart is titled "Net flows: €+5.4bn vs. €+1.5bn in FY24". - Protection: +4.9 - Health: +2.7 - Unit-Linked: +1.5 - Capital light G/A: +1.2 - Traditional G/A: -5.0 Below the charts, there is a callout "o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs. FY24)". **Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting** PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France [Chart/image description:] The slide contains three bar charts. The first chart is titled "PVEP" with a -2% change from FY24 to FY25. - FY24 Total: 50.9 - Protection & Health: 39.4 - Unit-Linked: 8.5 - Capital-light G/A: 2.0 - Traditional G/A: 1.0 - FY25 Total: 49.4 - Protection & Health: 31.4 (-4%) - Unit-Linked: 8.5 (+18%) - Capital-light G/A: 7.8 (-10%) - Traditional G/A: 1.7 (-10%) The second chart is titled "NB CSM (pre-tax)" with a +3% change from FY24 to FY25. - FY24: 2.2 - FY25: 2.2 The third chart is titled "NBV (post-tax)" with a "stable" change from FY24 to FY25. - FY24: 2.3 - FY25: 2.2 - NBV margin: FY24 4.4%, FY25 4.5% ### Life & Health | Growth in new business driving Normalized CSM growth In Euro billion Contractual Service Margin rollforward GIE_AXA_Internal Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates Economic variance reflecting government spreads tightening and positive equity market returns Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland FX impact mainly from JPY and HKD depreciation Change at constant scope and FX. [Chart/image description:] The slide contains a waterfall chart titled "Contractual Service Margin rollforward". - FY24: 33.6 - New business CSM: +2.2 - Underlying return on in-force: +1.3 - CSM release: -3.0 - Economic variance: +0.6 - Operating variance: -0.3 - Affiliates, FX & other: -1.4 - FY25: 33.0 Below the chart, there are two horizontal bars: - o/w Life: FY24 25.8, FY25 25.4 - o/w Health: FY24 7.7, FY25 7.6 **Life & Health | Strong momentum in both short-term and long-term business** In Euro million Underlying Earnings GIE_AXA_Internal Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€ -0.1bn) Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins [Chart/image description:] The slide contains a waterfall chart titled "Underlying Earnings" showing a +7% change from FY24 to FY25. - FY24: 3,323 - Short-term technical margin: +60 - Long-term result incl. CSM release: +156 - Financial result: -11 - Tax, FX and others: -27 - FY25: 3,501 - Short-term technical margin: 479 - Long-term result incl. CSM release: 2,804 - Financial result: 946 - Tax & others: -728 Below the chart, there are two horizontal bars: - o/w Life: FY24 2.6, FY25 2.7 (+4% vs. FY24) - o/w Health: FY24 0.7, FY25 0.8 (+17% vs. FY24) **Growth in net income reflecting higher earnings & the gain from the sale of AXA IM** **Growth in net income reflecting higher earnings & the gain from the sale of AXA IM** In Euro billion Underlying earnings Net Income Strong performance from insurance businesses Stable holding cost, expected to remain at current level in 2026 Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM Lower financial flows reflecting unfavorable forex impact Underlying earnings per share In Euro +6% from earnings growth +3% from capital management -2% from forex including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback [Chart/image description:] The slide contains two bar charts. The first bar chart, titled "Underlying earnings per share", shows values in Euro. - For FY24, the bar shows a value of 3.59. - For FY25, the bar shows a value of 3.86, with a percentage change of +8% indicated above it. The second bar chart, titled "Net Income", shows values in Euro billion. - For FY24, the bar shows a value of 7.9. - For FY25, the bar shows a value of 9.8, with a percentage change of +26% indicated above it.
| | FY24 | FY25 | Change | | --- | --- | --- | --- | | Property& Casualty | 5.5 | 5.9 | +9% | | Life & Health | 3.3 | 3.5 | +7% | | Asset Management | 0.4 | 0.2 | -57% | | Holdings & other | -1.2 | -1.2 | - | | Underlying earnings | 8.1 | 8.4 | +6% | | Non-financial flows | -0.5 | +2.1 | | | o/w capital gains from AXA IM disposal | - | +2.2 | | | Financial flows (incl. RCG) | +0.3 | -0.7 | | | Net income | 7.9 | 9.8 | +26% | Shareholders' Equity 1. Shareholders' equity Group share. [Chart/image description:] The slide contains a bar chart titled "Shareholders' equity¹" showing values in Euro billion. - For FY24: - SHE (excl. OCI) is 58.0. - Net OCI is -8.1. - SHE (excl. OCI & undated subordinated debt) is 53.2. - Debt gearing is 20.6%. - Underlying ROE is 15.2%. - For HY25: - SHE (excl. OCI) is 52.7. - Net OCI is -7.2. - SHE (excl. OCI & undated subordinated debt) is 47.0. - Debt gearing is 23.4%. - Underlying ROE is 17.5%. - For FY25: - SHE (excl. OCI) is 54.0. - Net OCI is -6.8. - SHE (excl. OCI & undated subordinated debt) is 49.4. - Debt gearing is 22.3%. - Underlying ROE is 16.0%.
| | FY24 to FY25 | HY25 to FY25 | | --- | --- | --- | | Opening Shareholders' equity | 49.9 | 45.5 | | Change in NetOCI | 1.3 | 0.4 | | Netincome for the period | 9.8 | 5.9 | | Dividend | -4.6 | - | | Annual share buyback | -1.2 | - | | Anti-dilutive share buyback following the sale ofAXA IM | -3.5 | -3.5 | | Undated subordinated debt (including interest charges) | -0.3 | -1.2 | | Forex | -3.5 | -0.1 | | Other | -0.6 | 0.3 | | Closing Shareholders' equity | 47.2 | 47.2 | ## Higher organic cash remittance and robust cash position at Holding ### Higher organic cash remittance and robust cash position at Holding In Euro billion Net Cash Remittance GIE_AXA_Internal 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25. 2. €0.6bn proceeds related to L&S reinsurance in -force treaties at AXA France and AXA Life Europe. [Chart/image description:] The slide contains a bar chart titled "Net Cash Remittance" showing values in Euro billion. - For FY24: - The total bar height is 7.7. - The lower part of the bar is 7.1. - The upper part of the bar, labeled "Proceeds related to in-force treaties²", is 0.6. - For FY25: - The bar height is 7.5. Below the bar chart, there is a circular diagram showing "Remittance ratio¹" as 82% for both FY24 and FY25.
| FY24 Cash position | 4.0 | | --- | --- | | Net cash remittance from subsidiaries | +7.5 | | Dividend | -4.6 | | Annual share buyback | -1.2 | | Anti-dilutive share buyback following the sale ofAXA IM | -3.5 | | Holding costs andinterest expenses | -1.3 | | Change in net debt | +1.6 | | M&Aandother | +3.1 | | FY25 Cash position | 5.6 | ## Solvency II at 224% ### Solvency II at 224% Key sensitivities GIE_AXA_Internal 1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures). 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches). [Chart/image description:] The slide contains two charts. The first chart is a waterfall chart showing "Eligible Own Funds (EOF)" and "Solvency Capital Requirement (SCR)" in Euro billion, and "Solvency II ratio" in percentage. - For Eligible Own Funds (EOF): - FY24: 55.9 - +0.2 - +8.8 - -0.4 - -2.1 - -6.0 (labeled "Foreseeable dividends: €4.8bn Provision for annual Share buyback for 2026: €-1.25bn") - -0.1 - FY25: 56.4 - For Solvency II ratio: - FY24: 216% - Regulatory & model changes: +0pts - Normalized capital generation: +28pts - Operating variance: -1pt - Economic & FX: +4pts - Dividend & annual share buyback: -24pts - Management actions, debt & other: +2pts - FY25: 224% - For Solvency Capital Requirement (SCR): - FY24: 25.9 - 0.0 - +0.6 - 0.0 - -1.2 - 0.0 - -0.2 - FY25: 25.2 The second chart is a bar chart titled "Key sensitivities" showing the impact on "Ratio as of December 31, 2025" which is 224%. - Interest rate +50bps: +2 pts - Interest rate -50bps: -1 pt - Corporate spreads +50bps: -1 pt - Euro Sovereign spreads +50bps¹: -7 pts - Credit migration²: -4 pts - Listed Equity (excl. PE & Infra) +25%: -1 pt - Listed Equity (excl. PE & Infra) -25%: +2 pts - PE & Infra +25%: +14 pts - PE & Infra -25%: -19 pts - Inflation swap curve +50bps: -5 pts **Solvency II -impact of the end of grandfathering period and Solvency II revision** GIE_AXA_Internal [Chart/image description:] The slide contains a visual representation of changes to the Solvency II ratio. - The "Ratio as of 31/12/2025" is shown as 224%. - "Impact of the end of grandfathering period on January 1, 2026" is shown as a decrease of -10pts, resulting in 215%. - "Impact of Solvency II revision to come into effect in 1Q27" is shown as an increase of +17pts.
| Ratio as of 31/12/2025 | 224% | | | --- | --- | --- | | Impact of the endof grandfathering periodon January 1, 2026 | -10pts to215% | ▶ Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026 | | Impact of Solvency II revisiontocome into effect in 1Q27 | +17pts 1 | ▶ Nochange expected in organic capital generation ▶ Additional capital flexibility | ## Thomas Buberl, Group CEO conclusion ### Thomas Buberl, Group CEO conclusion ## Conclusion ### Conclusion Record results, at the top end of the target range while enhancing reserve prudence All businesses in excellent shape, delivering strong growth and profitability Diversified franchise, well-positioned to capture future growth opportunities Laying foundations for the next plan and confident in delivering sustainable [Chart/image description:] The slide contains four bullet points, each preceded by a teal checkmark icon. ## Q&A Full Year 2025 earnings ### February 26, 2026 Q&A Full Year 2025 earnings ### AXA Investor Relations | Keep in touch Europe and US investor.relations@axa.com in [Chart/image description:] The slide includes a "Meet our management" section with an icon of two people and a handshake icon. The "Contact us" section has a phone icon, and the "Follow us" section has icons for a website, YouTube, Twitter, Facebook, LinkedIn, Instagram, and a leaf icon.
| March | Roadshows | Europe and | | --- | --- | --- | | May5 | 1Q25 Activity Indicators | Paris | | June2 | BNPParibas Exane CEOConference | Paris | | June2-4 | Goldman Sachs European Financials Conference | Zurich | | July 31 | HY26 Earnings Release | Paris | | September 21 | AXA Investor Day | London | ## Appendices ### Appendices [Chart/image description:] The slide features a table of contents with four items. The first item, "Debt and Invested Assets" on page 31, is highlighted in a darker blue, indicating it is the current section. The remaining items, "Additional P&C disclosures" on page 36, "Additional IFRS17 disclosures" on page 41, and "Sustainability" on page 44, are in a lighter blue, indicating they are not the current section. There are also two decorative teal brackets, one in the top right corner and one in the bottom left corner. ### Gross financial debt and maturity breakdown as of December 31st, 2025 In Euro billion gearing GIE_AXA_Confidential 1. Nominal debt. 2. In January 2026, AXA has called (i ) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 201 0 floating issued January 2005. 3. Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time. [Chart/image description:] The slide contains three bar charts and two tables, illustrating gross financial debt and maturity breakdown. **Gross financial debt** This section presents a stacked bar chart showing debt breakdown for three periods: FY24, FY25, and Jan 1st 2026 (End of the grandfathering period). - **FY24**: Total debt is 19.2. It is composed of Tier 1 (3.5), Tier 2 (10.8), and Senior debt (4.8). - **FY25**: Total debt is 22.3. It is composed of Tier 1 (3.5), Tier 2 (12.2), and Senior debt (4.6). - **Jan 1st 2026**: Total debt is 20.3. It is composed of Tier 1 (5.8), Tier 2 (11.3), and Senior debt (3.2). An annotation next to the Tier 1 bar indicates "o/w €0.4bn redeemed in Jan 2026". - A "Debt gearing" callout box shows 20.6% for FY24 and 22.3% for FY25. **Contractual maturity breakdown** This section includes a stacked bar chart and a table showing contractual maturity breakdown. - **Bar Chart**: - **2025**: Senior debt (0.5), Tier 2 (0.5), Tier 1 (0.5). - **2026**: Senior debt (0.9), Tier 2 (0.9), Tier 1 (0.5). - **2027**: Senior debt (0.5), Tier 2 (0.5), Tier 1 (0.5). - **2028**: Senior debt (0.9), Tier 2 (0.9), Tier 1 (0.5). - **2029**: Senior debt (0.9), Tier 2 (0.9), Tier 1 (0.5). - **2030**: Senior debt (0.9), Tier 2 (0.9), Tier 1 (0.5). - **2031-2039**: Senior debt (0.9), Tier 2 (0.9), Tier 1 (0.5). - **≥2040**: Senior debt (10.8), Tier 2 (0.2), Tier 1 (1.4). - **Undated**: Senior debt (4.6), Tier 2 (0.7), Tier 1 (0.5). - **Table: o/w Grandfathered debt**: - **2025**: Tier 1 (-), Tier 2 (-). - **2026**: Tier 1 (-), Tier 2 (-). - **2027**: Tier 1 (-), Tier 2 (-). - **2028**: Tier 1 (-), Tier 2 (-). - **2029**: Tier 1 (-), Tier 2 (-). - **2030**: Tier 1 (-), Tier 2 (-). - **2031-2039**: Tier 1 (0.7), Tier 2 (0.2). - **≥2040**: Tier 1 (0.2), Tier 2 (-). - **Undated**: Tier 1 (0.5), Tier 2 (-). **Economic maturity breakdown** This section includes a stacked bar chart and a table showing economic maturity breakdown. - **Bar Chart**: - **2025**: Senior debt (0.1), Tier 2 (0.1), Tier 1 (0.1). - **2026**: Senior debt (0.1), Tier 2 (0.1), Tier 1 (0.1). - **2027**: Senior debt (2.4), Tier 2 (0.1), Tier 1 (0.1). - **2028**: Senior debt (2.0), Tier 2 (0.1), Tier 1 (0.1). - **2029**: Senior debt (0.9), Tier 2 (0.1), Tier 1 (0.1). - **2030**: Senior debt (0.7), Tier 2 (0.1), Tier 1 (0.1). - **2031-2039**: Senior debt (6.4), Tier 2 (0.2), Tier 1 (1.5). - **≥2040**: Senior debt (0.5), Tier 2 (0.1), Tier 1 (0.7). - **Undated**: Senior debt (4.0), Tier 2 (0.1), Tier 1 (0.7). - **Table: o/w Grandfathered debt**: - **2025**: Tier 1 (-), Tier 2 (-). - **2026**: Tier 1 (-), Tier 2 (-). - **2027**: Tier 1 (-), Tier 2 (-). - **2028**: Tier 1 (-), Tier 2 (-). - **2029**: Tier 1 (-), Tier 2 (-). - **2030**: Tier 1 (-), Tier 2 (-). - **2031-2039**: Tier 1 (0.7), Tier 2 (0.2). - **≥2040**: Tier 1 (0.2), Tier 2 (-). - **Undated**: Tier 1 (0.8), Tier 2 (-). ### General Account invested assets 1. Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion). 2. Includes hedges. Listed equities excluding hedges at Euro 14 billion. 3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 4. Please refer to the financial supplement for more details. GIE_AXA_Confidential [Chart/image description:] The slide features a donut chart titled "FY25 Total General Account invested assets" with a total value of "Euro 450 billion". The chart is segmented by asset type, with corresponding colors and a legend: - **Fixed income**: Dark blue segment, representing 77% of the total. - **Real estate**: Medium blue segment, representing 9% of the total. - **Infrastructure equity**: Light blue segment, representing 2% of the total. - **Listed equities**: Teal segment, representing 2% of the total. - **Private equity and hedge funds**: Light gray segment, representing 5% of the total. - **Cash**: Medium gray segment, representing 4% of the total. - **Policy loans**: Dark gray segment, representing 0% of the total.
| 1. | Debt and Invested Assets | p.31 | | --- | --- | --- | | 2. | Additional P&C disclosures | p.36 | | 3. | Additional IFRS17 disclosures | p.41 | | 4. | Sustainability | p.44 | ### Structured and Private Credit assets 1. G/A: General Account
| Invested assets (100%) In Euro billion | FY25 | % | | --- | --- | --- | | Fixed income | 345 | 77% | | o/w Governmentbonds | 167 | 37% | | o/w Corporate bondsandloans | 121 | 27% | | o/w Other fixed income 1 | 56 | 13% | | Real estate | 41 | 9% | | Infrastructure equity | 10 | 2% | | Listed equities 2 | 10 | 2% | | Private equityandhedge funds 3 | 23 | 5% | | Cash | 19 | 4% | | Policy loans | 2 | 0% | | Total Insurance Invested Assets 4 | 450 | 100% | ### Investment portfolio | Fixed Income reinvestment FY25 Fixed Income Reinvestment Government bonds & related (32%) -Average rating: AA Investment grade credit (40%)- Average rating: A ABS/CLO/IG fund financing (21%) Below investment grade credit (7%) 1. Government and Corporate bonds and related. 2. Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid). GIE_AXA_Confidential FY25 Fixed Income Reinvestment Yield ▶ Euro 57 billion fixed income invested at 3.9% Average duration of 9 years Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY) Gradual shift from alternative total return assets to Private & Structured credit [Chart/image description:] The slide presents two charts related to FY25 Fixed Income Reinvestment. **FY25 Fixed Income Reinvestment** This is a donut chart showing the breakdown of reinvestment by asset type. The total reinvestment is "Euro 57 billion". - **Government bonds & related**: Dark blue segment, representing 32%. - **Investment grade credit**: Medium blue segment, representing 40%. - **ABS/CLO/IG fund financing**: Light blue segment, representing 21%. - **Below investment grade credit**: Teal segment, representing 7%. **FY25 Fixed Income Reinvestment Yield** This is a bar chart showing the yield for different types of fixed income. - **Public fixed income**: 3.5% - **Private & Structured fixed income**: 4.7% - **Total fixed income**: 3.9% [Chart/image description:] The slide shows a table of contents with four items. The second item, "Additional P&C disclosures" on page 36, is highlighted in a darker blue, indicating the current section. The other items are: 1. Debt and Invested Assets, p.31 3. Additional IFRS17 disclosures, p.41 4. Sustainability, p.44 There are also two L-shaped brackets, one in the top right corner and one in the bottom left corner, both in a dark teal color. ### AXA XL Insurance | Large Commercial & Specialty business Well diversified across lines of business and geographies Leading market positions across lines Top 3 globally Multinational Programs 2 Marine 3 Fine Art & Specie 4 Managing the cycle to deliver consistent profitability Profitability Ex-price growth (%) [Chart/image description:] The slide contains three main sections with visual information: 1. **Well diversified across lines of business and geographies**: - **Top Pie Chart (FY25 GWP by line of business)**: Total GWP is $19bn. - Casualty: 35% - Property: 29% - Specialty: 19% - Professional lines: 17% - **Bottom Pie Chart (FY25 GWP by geography)**: Total GWP is $19bn. - Americas: 46% - Europe & APAC: 35% - UK & Lloyds: 19% 2. **Leading market positions across lines**: - This section lists market positions but does not contain additional visual elements beyond the text already extracted. 3. **Managing the cycle to deliver consistent profitability**: - **Scatter Plot**: - X-axis: Ex-price growth (%) - Y-axis: Profitability - Data points (represented by circles, size not specified but visually distinct): - Property (top right) - Specialty (middle right) - Casualty (middle left) - Professional lines (bottom left) ### P&C | Focus on Reserves Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) Technical reserves ratio (Net undiscounted technical reserves 1 /Net earned premiums) [Chart/image description:] The slide contains two bar charts displaying ratios over time, comparing IFRS4 and IFRS17. **1. Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)** - **IFRS4 (light blue bars)**: - FY18: 179% - FY19: 185% - FY20: 193% - FY21: 188% - FY22: 189% - **IFRS17 (dark blue bars)**: - FY22: 198% - FY23: 195% - FY24: 180% - FY25: 175% **2. Technical reserves ratio (Net undiscounted technical reserves /Net earned premiums)** - **IFRS4 (light blue bars)**: - FY18: 213% - FY19: 227% - FY20: 233% - FY21: 226% - FY22: 227% - **IFRS17 (dark blue bars)**: - FY22: 234% - FY23: 232% - FY24: 216% - FY25: 210% ### P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1 In Euro 1.0bn Stable retention levels maintained in 2026 as in 2025 1. Excludes local reinsurance covers; 2. Varying retention between MX and NA (400m MX, 600m NA); 3. Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type. [Chart/image description:] The slide contains a bar chart illustrating the "Insurance segment (occurrence protection)" and a box for "Reinsurance segment (illustrative)". **Bar Chart: Insurance segment (occurrence protection)** - **Y-axis**: Capacity (top of bars) and Retention (bottom of bars) - **X-axis**: Peril types - **Data points**: - **EU Windstorm**: Capacity 4.0bn, Retention 600m - **Europe Flood**: Capacity 2.1bn, Retention 450m - **Europe Earthquake**: Capacity 2.1bn, Retention 400m - **NA Hurricane**: Capacity 1.2bn, Retention 600m - **NA Earthquake**: Capacity 1.2bn, Retention 600m - **Per other perils**: Capacity [unclear, visually around 0.8bn], Retention 400m **Reinsurance segment (illustrative)** - A light blue box labeled "Alternative Capital & Cat Bonds" is shown to the right of the bar chart, indicating the reinsurance segment. **P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026** Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax Caption: Average Expected Nat Cat charges net of reinsurance, pre-tax GIE_AXA_Secret 1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). [Chart/image description:] The slide presents two bar charts: **1. Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax** - This is a horizontal bar chart showing deviations from a median (50th percentile). - **Negative deviation in ca. 40% of cases (left side, dark blue bars)**: - 1/20y (95th percentile): -€1.2bn - 1/10y (90th percentile): -€0.8bn - 1/5y (80th percentile): -€0.4bn - The bars gradually increase from -€1.2bn towards the median. - **Median (50th percentile)**: €0.1bn - **Positive deviation in ca. 60% of cases (right side, dark blue bars)**: - 1/5y (20th percentile): €0.5bn - 1/10y (10th percentile): €0.7bn - 1/20y (5th percentile): €0.8bn - The bars gradually increase from the median towards €0.8bn. **2. Average Expected Nat Cat charges net of reinsurance, pre-tax** - This is a vertical bar chart. - **2025**: €2.6 billion, Estimated impact on GEP ca. 4.5% (light blue bar) - **2026**: €2.7 billion, Estimated impact on GEP ca. 4.5% (dark blue bar) GIE_AXA_Secret ### P&C | Margin analysis [Chart/image description:] The slide contains a process flow diagram with several interconnected tables. **Technical Result (In Euro million (pre-tax))** - **Current Accident Year Undiscounted Technical Margin** - FY25: 2,778 - Change: +707 - Gross Earned Premiums: 57,656, +6% - Current Accident Year Undiscounted Combined Ratio: 95.2%, -1.0pt - o/w Nat Cats: 3.4%, -0.4pt - **Current Accident Year Discounting** - FY25: 2,009 - Change: +115 - Discounting Ratio (in Combined Ratio points): -3.5%, +0.0pt - Current Accident Year Net Claims reserves: €19.0bn - Duration: 4.0 years - Current Accident Year Discount Rate: 2.8% - **Prior Years' Reserve Development (PYD)** - FY25: 622 - Change: -341 - PYD ratio: -1.1%, +0.7pt - **Sensitivity to Current Accident Year discount rate changes** - +25bps: €+0.2bn - -25bps: €-0.2bn **Financial Result (In Euro million (pre-tax))** - **Investment Income** - FY25: 3,988 - Change: +435 - FY25 Average Assets: €115bn - Asset book yield: 3.5% - FY25 Reinvestment yield¹: 4.3% - **Insurance Finance Expenses** - FY25: -1,358 - Change: -235 - FY24 Reserves at locked-in rate: €71bn - Liability book yield: 1.9% - **2025 Insurance Finance Expenses (pre-tax)** - ~€-1.4bn - **Sensitivity of 2025e Insurance Finance Expenses to changes in 2025 current AY Discount** - +25bps: ~€-50m - -25bps: ~€+50m **Underlying Earnings before tax** - FY25: 8,040 - Change: +681 - Tax: -2,060, -169 - Affiliates, Minority interests & Other: -108, -10 - **Underlying Earnings** - FY25: 5,872 - Change: +501 - Growth vs. FY24 (at constant FX): +9% **Connections:** - "Current Accident Year Undiscounted Technical Margin" connects to "Current Accident Year Discounting" with a plus sign. - "Current Accident Year Discounting" connects to "Prior Years' Reserve Development (PYD)" with a plus sign. - "Prior Years' Reserve Development (PYD)" connects to "Underlying Earnings before tax" with a plus sign. - "Investment Income" connects to "Insurance Finance Expenses" with a plus sign. - "Insurance Finance Expenses" connects to "Underlying Earnings before tax" with a plus sign. - "2025 Insurance Finance Expenses (pre-tax)" is derived from "Insurance Finance Expenses". - "Sensitivity to Current Accident Year discount rate changes" is related to "Current Accident Year Discounting". - "Sensitivity of 2025e Insurance Finance Expenses to changes in 2025 current AY Discount" is related to "2025 Insurance Finance Expenses (pre-tax)". ### L&H | Margin analysis Includes scope impact GIE_AXA_Confidential Changes versus FY24 at constant FX. 1. Reinvestment yield on fixed income assets. [Chart/image description:] The slide contains a process flow diagram with several interconnected tables. **Technical Result (In Euro million, pre-tax)** - **Short-term Technical Margin** - FY25: 479 - Change: +60 - Gross Earned Premiums: 17,416, +10% - All Year Combined Ratio: 97.2%, -0.1pts - **Long-term Technical Margin** - FY25: 2,804 - Change: +156 - CSM release: 2,954, +215 - Technical experience: -150, -58 - **Life & Health FY25 CSM Key Sensitivities (in Euro billion)** - Baseline: 33.3 - Interest rates +50bps: -0.8 - Interest rates -50bps: 0.6 - Sovereign spreads +50bps: -1.9 - Sovereign spreads -50bps: 1.9 - Corporate spread +50bps: -0.8 - Corporate spread -50bps: 0.8 - Equities +25%: 1.8 - Equities -25%: -2.2 **Financial Result (In Euro million, pre-tax)** - **Investment Income (non-VFA only)** - FY25: 2,484 - Change: -1 - FY25 Average Assets: €98bn - Asset book yield: 2.5% - FY25 Reinvestment yield¹: 3.8% - **Insurance Finance Expenses (non-VFA only)** - FY25: -1,538 - Change: -9 - FY24 Reserves at locked-in rate: €62bn - Liability book yield: 2.5% **Underlying Earnings before tax** - FY25: 4,229 - Change: +205 - Tax: -800, 65 - Affiliates, Minority interests & Other: 72, -51 - **Underlying Earnings** - FY25: 3,501 - Change: +219 - Growth vs. FY24 (at constant FX): +7% **Connections:** - "Short-term Technical Margin" connects to "Investment Income (non-VFA only)" with a plus sign, and an annotation "Incl. recapture of Laya". - "Long-term Technical Margin" connects to "Underlying Earnings before tax" with a plus sign. - "Investment Income (non-VFA only)" connects to "Insurance Finance Expenses (non-VFA only)" with a plus sign. - "Insurance Finance Expenses (non-VFA only)" connects to "Underlying Earnings before tax" with a plus sign.
| Invested assets (100%) In Euro billion | FY25 | %oftotal G/A portfolio | Comments | | --- | --- | --- | --- | | Residential Mortgages | 16 | 4% | - €6bn Dutch mortgages,NHGguaranteed - €10bn self originated mortgages in Switzerland(56%LTV) andGermany(45%LTV) | | CLO&ABS | 25 | 6% | - 91%senior CLOswith circa 40%subordination (100% rated AAA-A and92%ratedAAA-AA) | | Infrastructure debt | 8 | 2% | - Skewedtowardsresilient industries (Telecom, Utilities, Transport) | | CRE debt | 8 | 2% | - Strong sector diversification (mainly logistics, residential andretail), mostly in Europe, andcirca60%LTV | | Mid-Market lending | 10 | 2% | - Strong diversification with €8maverage ticket - Investments through SMAswith strict underwriting guidelines : senior secured, covenants, restrictionson asset sales andsector allocation | | Other | 2 | 0% | | | Total Structured and Private Credit Assets | 69 | 15% | o/w 54%participating | GIE_AXA_Confidential ### Expanding AXA's role in society: AXA for Progress Index 1 GIE_AXA_Confidential 7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030. 8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage). [Chart/image description:] The slide presents a three-column layout, each representing a role for AXA: "As a Global INVESTOR", "As a Global INSURER", and "As a COMPANY". Each role has a "Target" and "2025 Result" section. **As a Global INVESTOR** - **Target:** - €5bn² in climate transition financing per year - €500m² in community resilience financing per year - **2025 Result:** - €6.4bn - €1.4bn **As a Global INSURER** - **Target:** - €6bn³ in P&C GWP to support transition underwriting (cumulative 2024-2026) - >20,000⁴ climate adaptation solutions & services (cumulative 2024-2026) Target revised in 2025 - >20m⁵ inclusive insurance customers by 2026 - **2025 Result:** - €4.6bn - 19,698 Cumulative 2024-2025 - 20.6m **As a COMPANY** - **Target:** - >80,000⁶ AXA Group employees trained on climate adaptation by 2026 - Contribute to Net-Zero -50%⁷ by 2030 in absolute carbon emissions and offset of residual emissions⁸ - 50% Percentage of AXA Group employees engaged in volunteering activities by 2026 - **2025 Result:** - 46,420 - -64% Reduction against 2019 - 56% ### Sustainability Performance & Ratings S&P Global 2025 percentile: 97 th 1 in Dow Jones Best-in-Class Europe & World indices 2025 score: AAA 2025 ESG Risk Rating: 17.0 -Low risk 2025 score: 4.3/5 in FTSE4Good Index Series aCDP 2025 score: B GIE_AXA_Confidential 1. The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026. [Chart/image description:] The slide presents a visual layout of sustainability performance and ratings from different agencies. The structured text already captures all the data points for S&P Global, CDP, Morningstar Sustainalytics, and FTSE Russell. However, it misses the rating from MSCI. - **MSCI:** - 2025 score: AAA ### Scope France: includes insurance activities, banking activities and holding. Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities). AXAXL: includes insurance and reinsurance activities and holding. Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings. Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings. AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method. Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9 GIE_AXA_Confidential ### Glossary Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided NewBusiness Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance GIE_AXA_Confidential ### February 26, 2026 Thank you Full Year 2025 earnings