--- title: AXA/2025/FY/Earnings presentation source_file: tmpdb4oupuy.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: '2026-06-22T08:44:02Z' --- ### Full Year 2025 earnings presentation February 26, 2026 [Chart/image description:] - **Visual Design**: The slide features a dark blue background on the left and right, with a diagonal gradient transition to red in the center-left. A prominent red diagonal slash is positioned to the left of the main text. - **Logo**: The AXA logo (white text inside a square with a red diagonal line) is located in the top-left corner. **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:] - **Visual Design**: The table of contents is framed by two teal, L-shaped corner brackets: one in the top-right corner (pointing down and left) and one in the bottom-left corner (pointing up and right). - **Page Numbers**: - Section 1: `p.04` - Section 2: `p.09` - Section 3: `p.13` ### 1 FY25 Highlights Thomas Buberl, Group CEO [Chart/image description:] - **Visual Design**: Same background design as Slide 1 (dark blue with a diagonal red gradient and a red diagonal slash). A large white number "1" is positioned above the section title. ### 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 [Chart/image description:] - **Visual Design**: - The key metrics (`+6% Revenues`, `+8% Underlying EPS`, `16% ROE`, `224% Solvency II ratio`) are arranged in a 2x2 grid on the left. - The shareholder value statement (`Delivering value for shareholders...`) is highlighted inside a light blue rounded rectangular card on the right. - The confidence statement (`Confident to deliver underlying EPS growth...`) is highlighted inside a wide, light blue rounded rectangular banner spanning the bottom of the slide. ### 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:] * **Underlying Earnings Chart**: - **Type**: Vertical bar chart - **Y-Axis Unit**: In Euro billion - **Data Points**: - **FY24**: 8.1 - **FY25**: 8.4 - **Visual Annotations**: - An arrow connects FY24 to FY25 showing a **+6%** change. - A dashed callout box next to the FY25 bar states: **"+9% excluding AXA IM"**. ### Diversified franchise, well positioned in an attractive industry Secular trends fueling demand across businesses Our right to win [Chart/image description:] * **Business Mix Pie Chart**: - **Type**: Donut chart representing FY25 gross written premium split (excluding AXA IM and holdings), with the AXA logo in the center. - **Data Points**: - **Life**: 33% - **Health**: 17% - **Large & Specialty**: 17% - **SME & Mid-market**: 16% - **Retail**: 17% - **Visual Annotations**: - Left side text: "Protection gaps and emerging corporate risks" (pointing to the SME & Mid-market and Large & Specialty segments). - Right side text: "Demographics driving demand for private retirement and healthcare" (pointing to the Life and Health segments). - **Our Right to Win Icons**: - Four blue circular checkmark icons correspond to each of the four strategic pillars listed at the bottom of the slide. ### 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:] * **Visual Icons**: - **Clear tech and AI roadmap**: Illustrated with a human head profile containing a circuit board icon. - **Driving efficiency**: Illustrated with a gear icon. - **Enhancing capital allocation discipline**: Illustrated with a stack of coins icon. - **Building resilience**: Illustrated with a shield icon. ### Divider Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk, and Technology FY25 Business Performance [Chart/image description:] * **Visual Design**: Section divider slide with a dark blue and red diagonal gradient background, featuring a large white number "2" next to a red diagonal stripe. ### Strong delivery across our businesses [Chart/image description:] * **Visual Elements**: - Each of the four business rows (France, Europe, AXA XL, Asia, Africa & EME-LATAM) is accompanied by a blue circular checkmark icon on the far right. | | 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:] * **GWP Donut Chart:** - **Total GWP:** €58bn - **Segments:** - **Retail** (medium blue) - **SME & Mid-market** (light blue) - **AXA XL (Large & Specialty)** (dark blue) - **Strategic Matrix:** - **Retail and SME & Mid-market:** - **2025:** Growing volumes while expanding margins - **Beyond 2025:** Investing to improve customer retention & expanding distribution footprint - **AXA XL (Large & Specialty):** - **2025:** Profitable growth with stable margins - **Beyond 2025:** Capitalizing on attractive growth opportunities and continued cycle management - **Enablers (Bottom Row):** - Continued progress on efficiency - Higher investment income (indicated with a "+" sign) - Data & AI to further enhance customer experience & technical excellence ### L&H | Good momentum, well positioned to capture growth opportunities [Chart/image description:] * **GWP Donut Chart:** - **Total GWP:** €57bn - **Segments:** - **Long-term** (light blue) - **Short-term** (dark blue) - **Underlying Earnings:** - +7% to €3.5bn (at constant FX) - **Strategic Matrix:** - **Long-term business:** - **2025:** Accelerating net flows in Savings at attractive margins - **Beyond 2025:** Capturing savings & retirement opportunity, sourcing best asset management products for our customers - **Short-term business:** - **2025:** Growing technical results while absorbing Mexico VAT impact - **Beyond 2025:** Capitalizing on demand for health & protection while further improving our margins - **Enablers (Bottom Row):** - Focus on cost reduction - Increasing penetration of Protection riders in Savings offerings (indicated with a "+" sign) - Leveraging AI to reduce claims leakage & improve customer outcomes in Health ### Divider [Chart/image description:] * **Section Divider Slide:** - **Section Number:** 3 - **Title:** FY25 Financial Performance - **Presenter:** Alban de Mailly Nesle, Group CFO ### 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) Change at constant scope and FX. 1. Price effect. 2. Includes exposure adjustments and mix & other effects. Full Year 2025 Earnings [Chart/image description:] * **GWP & Other Revenues Stacked Bar Chart (in EUR billion):** - **Total FY24:** 56.5 - **Total FY25:** 58.0 (representing a **+5%** overall change) - **Segment Breakdown & Growth Metrics:** - **Commercial lines** (light blue): 35.8 in FY25 - **Change:** +4% - **o/w pricing:** +2% - **o/w volume:** +2% - **AXA XL Reinsurance** (grey): 2.6 in FY25 - **Change:** +8% - **o/w pricing:** +0.3% - **o/w volume:** +7% - **Retail lines** (dark blue): 19.7 in FY25 - **Change:** +7% - **o/w pricing:** +5% - **o/w volume:** +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:] * **Combined Ratio Stacked Bar Chart:** - **Total FY24:** 91.0% - **Total FY25:** 90.6% - **Component Breakdown:** - **Undiscounted CY loss ratio (ex Nat Cat):** 67.4% (FY24) vs. 67.0% (FY25) - **Expense ratio:** 25.0% (FY24) vs. 24.8% (FY25) - **Nat Cat:** 3.8% (FY24) vs. 3.4% (FY25) - **Prior year reserve development:** -1.6% (FY24) vs. -1.1% (FY25) - **Discount:** -3.6% (FY24) vs. -3.5% (FY25) ### P&C | Earnings growth from higher underwriting and financial result In Euro million Underlying Earnings GIE_AXA_Internal 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 Change at constant FX. 1. Underwriting result includes expenses. [Chart/image description:] - **Underlying Earnings Waterfall Chart (in Euro million):** - **FY24:** 5,510 - **Underwriting result components:** - Volume growth: +292 - Margin improvement: +189 - **Financial result components:** - Investment income: +435 - Insurance finance expenses: -235 - **Tax:** -169 - **Affiliates, FX & other:** -150 - **FY25:** 5,872 - **Overall Change:** +9% (at constant FX) ### Life & Health | Strong growth in premiums, positive net flows In Euro billion GIE_AXA_Internal Change at constant scope and FX. 1. Including both short-term and long-term Employee Benefits GWP and other revenues. [Chart/image description:] - **Life GWP & Other Revenues Stacked Bar Chart (in Euro billion):** - **FY24 Total:** 34.5 - **FY25 Total:** 37.5 (+9% change) - **Segments (FY24 vs. FY25):** - Protection: FY25 is 17.3 (+11% change) - Unit-linked: FY25 is 9.3 (+13% change) - Capital light G/A: FY25 is 9.0 (+7% change) - Traditional G/A: FY25 is 1.9 (-7% change) - **Sub-note:** o/w FY25 Employee Benefits: Euro 12.9 billion (+4% vs. FY24) - **Health GWP & Other Revenues Stacked Bar Chart (in Euro billion):** - **FY24 Total:** 17.5 - **FY25 Total:** 19.0 (+5% change) - **Segments (FY24 vs. FY25):** - Individual: FY25 is 10.5 (+6% change) - Group: FY25 is 8.5 (+4% change) - **Net Flows Bar Chart (in Euro billion):** - **Total Net Flows:** €+5.4bn (vs. €+1.5bn in FY24) - **By Segment:** - Protection: +4.9 - Health: +2.7 - Unit-Linked: +1.5 - Capital light G/A: +1.2 - Traditional G/A: -5.0 **Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting** In Euro billion 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:] - **PVEP Stacked Bar Chart (in Euro billion):** - **FY24 Total:** 50.9 - **FY25 Total:** 49.4 (-2% change) - **Segments (FY24 vs. FY25):** - Protection & Health: FY25 is 31.4 (-4% change) - Unit-Linked: FY25 is 8.5 (+18% change) - Capital-light G/A: FY25 is 7.8 (-10% change) - Traditional G/A: FY25 is 1.7 (-10% change) - **NB CSM (pre-tax) Bar Chart (in Euro billion):** - **FY24:** 2.2 - **FY25:** 2.2 (+3% change) - **NBV (post-tax) Bar Chart (in Euro billion):** - **FY24:** 2.3 - **FY25:** 2.2 (stable) - **NBV Margin:** FY24 is 4.4%, FY25 is 4.5% ### Life & Health | Growth in new business driving Normalized CSM growth In Euro billion Contractual Service Margin rollforward 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 [Chart/image description:] - **Contractual Service Margin Rollforward Waterfall Chart (in Euro billion):** - **FY24:** 33.6 (o/w Life: 25.8, o/w Health: 7.7) - **Normalized CSM growth (+2%):** - 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 (o/w Life: 25.4, o/w Health: 7.6) **Life & Health | Strong momentum in both short-term and long-term business** In Euro million Underlying Earnings 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:] - **Underlying Earnings Waterfall Chart (in Euro million):** - **FY24 Total:** 3,323 - Short-term technical margin: 415 - Long-term result incl. CSM release: 2,680 - Financial result: 975 - Tax & others: -748 - **Waterfall Drivers:** - Short-term technical margin: +60 - Long-term result incl. CSM release: +156 - Financial result: -11 - Tax, FX and others: -27 - **FY25 Total:** 3,501 (+7% change) - Short-term technical margin: 479 - Long-term result incl. CSM release: 2,804 - Financial result: 946 - Tax & others: -728 - **Segment Breakdown (in billions):** - **o/w Life:** FY24 is 2.6, FY25 is 2.7 (+4% vs. FY24) - **o/w Health:** FY24 is 0.7, FY25 is 0.8 (+17% vs. FY24) **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 In Euro billion HY25 to GIE_AXA_Internal [Chart/image description:] * **Underlying earnings per share Chart**: - Type: Vertical bar chart - Y-axis: In Euro - Data points: - **FY24**: 3.59 (light blue bar) - **FY25**: 3.86 (dark blue bar) - Percentage change indicator: **+8%** (from 3.59 to 3.86)
| | 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 Shareholders' Equity [Chart/image description:] * **Shareholders' equity Chart**: - Type: Stacked vertical bar chart showing total Shareholders' Equity (SHE) split into SHE (excl. OCI) and Net OCI. - Data points: - **FY24**: Total **49.9** (comprising SHE excl. OCI of **58.0** and Net OCI of **-8.1**) - **HY25**: Total **45.5** (comprising SHE excl. OCI of **52.7** and Net OCI of **-7.2**) - **FY25**: Total **47.2** (comprising SHE excl. OCI of **54.0** and Net OCI of **-6.8**) - Additional metrics shown below the chart: - **SHE (excl. OCI & undated subordinated debt)**: - FY24: **53.2** (light blue oval) - HY25: **47.0** (light blue oval) - FY25: **49.4** (dark blue oval) - **Debt gearing**: - FY24: **20.6%** (light blue oval) - HY25: **23.4%** (light blue oval) - FY25: **22.3%** (dark blue oval) - **Underlying ROE**: - FY24: **15.2%** (light blue oval) - HY25: **17.5%** (light blue oval) - FY25: **16.0%** (dark blue oval)
| | 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 In Euro billion Net Cash Remittance 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:] * **Net Cash Remittance Chart**: - Type: Stacked vertical bar chart - Data points: - **FY24**: Total **7.7** (comprising **7.1** ordinary cash remittance and **0.6** patterned bar representing "Proceeds related to in-force treaties²") - **FY25**: Total **7.5** (dark blue bar) - **Remittance ratio¹**: - FY24: **82%** (grey oval) - FY25: **82%** (dark blue oval)
| 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% 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:] * **Solvency II Waterfall Chart**: - **Eligible Own Funds (EOF)** (top row, in Euro billion): - FY24: **55.9** - Regulatory & model changes: **+0.2** - Normalized capital generation: **+8.8** - Operating variance: **-0.4** - Economic variance & FX: **-2.1** - Dividend & annual share buyback: **-6.0** (annotated with: *Foreseeable dividends: €-4.8bn, Provision for annual share buyback for 2026: €-1.25bn*) - Management actions, debt & other: **-0.1** - FY25: **56.4** - **Solvency II ratio** (middle row): - FY24: **216%** - Regulatory & model changes: **+0pt** - Normalized capital generation: **+28pts** - Operating variance: **-1pt** - Economic variance & FX: **+4pts** - Dividend & annual share buyback: **-24pts** - Management actions, debt & other: **+2pts** - FY25: **224%** - **Solvency Capital Requirement (SCR)** (bottom row, in Euro billion): - FY24: **25.9** - Regulatory & model changes: **0.0** - Normalized capital generation: **+0.6** - Operating variance: **0.0** - Economic variance & FX: **-1.2** - Dividend & annual share buyback: **0.0** - Management actions, debt & other: **-0.2** - FY25: **25.2** - **Key Sensitivities Chart** (right side): - Type: Horizontal bar chart showing impact on Solvency II ratio as of December 31, 2025 (Base: **224%**) - Data points: - 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** [Chart/image description:] * **Visual Layout**: - The slide presents the data in three horizontal blocks: - **Ratio as of 31/12/2025**: **224%** (represented by a dark blue bar segment) - **Impact of the end of grandfathering period on January 1, 2026**: **-10pts to 215%** (represented by a light blue bar segment) - **Impact of Solvency II revision to come into effect in 1Q27**: **+17pts¹** (represented by a light blue bar segment)
| 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 [Chart/image description:] * **Background & Layout:** Dark blue background with diagonal red-to-purple gradient bands. - **Graphics:** - AXA logo in the top-left corner. - A prominent red diagonal slash graphic element in the center, to the left of the text. ### 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 earnings growth [Chart/image description:] * **Visual Elements:** - Each of the four bulleted conclusion points is preceded by a teal circular checkmark icon. - AXA logo and "Full Year 2025 Earnings" text in the bottom-right corner. ### February 26, 2026 Q&A Full Year 2025 earnings [Chart/image description:] * **Background & Layout:** Dark blue background with diagonal red-to-purple gradient bands. - **Graphics:** - AXA logo in the top-left corner. - A prominent red diagonal slash graphic element in the center, to the left of the text. ### AXA Investor Relations | Keep in touch Europe and US investor.relations@axa.com in [Chart/image description:] * **Layout & Icons:** - **Meet our management** section (left) features two blue line icons: a person wearing a headset and two hands shaking. - **Contact us** section (right) features a blue telephone receiver icon. - **Follow us** section (right) features a blue share node icon and the URL `www.axa.com`. - **Social Media & Web Icons:** Below "Follow us", there are six blue line icons representing YouTube, Facebook, Instagram, Twitter, LinkedIn, and a hand holding a leaf. - AXA logo in the bottom-right corner.
| 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 [Chart/image description:] * **Background & Layout:** Dark blue background with diagonal red-to-purple gradient bands. - **Graphics:** - AXA logo in the top-left corner. - A prominent red diagonal slash graphic element in the center, to the left of the text. [Chart/image description:] ### Visual Content - **Table of Contents Highlight**: The first item, "1. Debt and Invested Assets p.31", is highlighted in dark blue text and framed by two teal corner brackets (bottom-left and top-right). The other three items (2, 3, and 4) are greyed out. ### Gross financial debt and maturity breakdown as of December 31st, 2025 In Euro billion Debt 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:] ### Visual Content #### Gross financial debt (Bar Chart) - **Y-Axis**: Values in Euro billion (0 to 25 scale implied, values labeled on bars) - **X-Axis Categories**: FY24, FY25, Jan 1st 2026 (End of the grandfathering period) - **Debt Gearing (indicated above bars)**: - FY24: 20.6% - FY25: 22.3% - **Data Points (Stacked Bars)**: - **FY24**: Total 19.2 (Tier 1: 4.8, Tier 2: 10.8, Senior debt: 3.5) - **FY25**: Total 20.3 (Tier 1: 4.6, Tier 2: 12.2, Senior debt: 3.5) - **Jan 1st 2026**: Total 20.3 (Tier 1: 3.2, Tier 2: 11.3, Senior debt: 5.8) - *Annotation*: A dashed callout points to the Senior debt portion (5.8) stating: "o/w €0.4bn redeemed in Jan 2026" #### Contractual maturity breakdown (Bar Chart) - **Y-Axis**: Euro billion - **X-Axis Categories**: 2025, 2026, 2027, 2028, 2029, 2030, 2031-2039, ≥2040, Undated - **Data Points**: - 2025: No bars shown - 2026: No bars shown - 2027: No bars shown - 2028: 0.5 (Senior debt) - 2029: No bars shown - 2030: 0.9 total (0.7 Tier 2, 0.2 Senior debt) - 2031-2039: 1.5 (Senior debt) - ≥2040: 11.3 total (10.8 Tier 2, 0.5 Senior debt) - Undated: 5.3 total (4.6 Tier 1, 0.7 Tier 2) - **o/w Grandfathered debt (Contractual)**: - Tier 1: Undated = 1.4 (all other years are "-") - Tier 2: 2030 = 0.7, ≥2040 = 0.2 (all other years are "-") #### Economic maturity breakdown (Bar Chart) - **Y-Axis**: Euro billion - **X-Axis Categories**: 2025, 2026, 2027, 2028, 2029, 2030, 2031-2039, ≥2040, Undated - **Data Points**: - 2025: No bars shown - 2026: 0.1 (Tier 1) - 2027: 2.4 (Tier 2) - 2028: 0.6 total (0.1 Tier 1, 0.5 Senior debt) - 2029: 2.0 (Tier 2) - 2030: 0.9 total (0.7 Tier 2, 0.2 Senior debt) - 2031-2039: 1.9 total (0.4 Tier 1, 1.5 Senior debt) - ≥2040: 0.5 (Senior debt) - Undated: 4.7 total (4.0 Tier 1, 0.7 Tier 2) - **o/w Grandfathered debt (Economic)**: - Tier 1: 2026 = 0.1, 2028 = 0.1, 2031-2039 = 0.4, Undated = 0.8 (all other years are "-") - Tier 2: 2030 = 0.7, ≥2040 = 0.2 (all other years are "-") ### 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 Full Year 2025 Earnings [Chart/image description:] ### Visual Content - **Donut Chart**: "FY25 Total General Account invested assets" - **Center Label**: Euro 450 billion - **Sub-header**: Duration gap at -0.4 year - **Visual Segments (matching the table values)**: - Fixed income (Dark Blue): 77% - Real estate (Dark Grey): 9% - Infrastructure equity (Teal): 2% - Listed equities (Medium Blue): 2% - Private equity and hedge funds (Light Blue): 5% - Cash (Light Grey): 4% - Policy loans (Grey): 0%
| 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 GIE_AXA_Confidential [Chart/image description:] ### Visual Content - **Structured and Private Credit Assets Table**: - *Note: The structured text for Slide 34 incorrectly repeated the table from Slide 33. The actual table on Slide 34 is as follows:* | Invested assets (100%) In Euro billion | FY25 | % of total G/A¹ portfolio | Comments | | :--- | :---: | :---: | :--- | | **Residential Mortgages** | 16 | 4% | - €6bn Dutch mortgages, NHG guaranteed
- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) | | **CLO & ABS** | 25 | 6% | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) | | **Infrastructure debt** | 8 | 2% | - Skewed towards resilient industries (Telecom, Utilities, Transport) | | **CRE debt** | 8 | 2% | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV | | **Mid-Market lending** | 10 | 2% | - Strong diversification with €8m average ticket
- Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation | | **Other** | 2 | 0% | | | **Total Structured and Private Credit Assets** | **69** | **15%** | o/w 54% participating |
| 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%) 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 Full Year 2025 Earnings [Chart/image description:] ### Visual Content #### FY25 Fixed Income Reinvestment (Donut Chart) - **Center Label**: Euro 57 billion - **Visual Segments**: - Government bonds & related (Dark Blue): 32% - Investment grade credit (Dark Grey): 40% - ABS/CLO/IG fund financing (Medium Blue): 21% - Below investment grade credit (Light Blue): 7% #### FY25 Fixed Income Reinvestment Yield (Bar Chart) - **Y-Axis**: Yield (%) - **Data Points**: - **Public fixed income¹**: 3.5% (Light Blue bar) - **Private & Structured fixed income²**: 4.7% (Medium Blue bar) - **Total fixed income**: 3.9% (Dark Blue bar) [Chart/image description:] * **Table of Contents Visuals:** - Item **2. Additional P&C disclosures (p.36)** is highlighted in dark blue. - Other items are greyed out: - 1. Debt and Invested Assets (p.31) - 3. Additional IFRS17 disclosures (p.41) - 4. Sustainability (p.44) ### 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 (%) 1. Including Cyber; 2. Source: McKinsey; 3. Source: Aon, Guy Carpenter, and Global Market Insights; 4. Source: Industry Research Biz (January 2026). Full Year 2025 Earnings [Chart/image description:] * **Donut Charts (Well diversified across lines of business and geographies):** - **FY25 GWP by line of business ($19bn total):** - Casualty: 35% - Property: 29% - Specialty: 19% - Professional lines¹: 17% - **FY25 GWP by geography ($19bn total):** - Americas: 46% - Europe & APAC: 35% - UK & Lloyds: 19% - **Bubble Chart (Managing the cycle to deliver consistent profitability):** - **Y-axis:** Profitability (qualitative scale) - **X-axis:** Ex-price growth (%) (qualitative scale) - **Plotted Positions (from lowest to highest on both axes):** - **Professional lines:** Lowest profitability, lowest ex-price growth - **Casualty:** Medium-low profitability, medium-low ex-price growth - **Specialty:** Medium profitability, medium ex-price growth - **Property:** Highest profitability, highest ex-price growth ### 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:] * **Claims reserves ratio Bar Chart:** - **IFRS4 (Light Blue):** - FY18: 179% - FY19: 185% - FY20: 193% - FY21: 188% - FY22: 189% - **IFRS17 (Dark Blue):** - FY22: 198% - FY23: 195% - FY24: 180% - FY25: 175% - **Technical reserves ratio Bar Chart:** - **IFRS4 (Light Blue):** - FY18: 213% - FY19: 227% - FY20: 233% - FY21: 226% - FY22: 227% - **IFRS17 (Dark Blue):** - 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:] * **Insurance segment (occurrence protection) Bar Chart:** - **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 = 600m² - **NA Earthquake:** Capacity = 1.2bn, Retention = 600m² - **Per other perils³:** Capacity = [unlabeled bar, lower than 1.2bn], Retention = 400m - **Reinsurance segment (illustrative):** - A block on the right represents "Alternative Capital & Cat Bonds". **P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026** In Euro billion (net of reinsurance) 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:] * **Left Chart (Group underlying earnings deviation to average Nat Cat charges in 2026):** - **More severe years (Negative deviation in ca. 40% of cases):** - 1/20y (95th percentile): €-1.2bn - 1/10y (90th percentile): €-0.8bn - 1/5y (80th percentile): €-0.4bn - **Median (50th percentile):** €+0.1bn - **Less severe years (Positive deviation in ca. 60% of cases):** - 1/5y (20th percentile): €+0.5bn - 1/10y (10th percentile): €+0.7bn - 1/20y (5th percentile): €+0.8bn - **Right Chart (Average Expected Nat Cat charges net of reinsurance, pre-tax):** - **2025:** 2.6 (Estimated impact on GEP: ca. 4.5%) - **2026:** 2.7 (Estimated impact on GEP: ca. 4.5%) [Chart/image description:] ### Visual Content - **Table of Contents Navigation**: - **1. Debt and Invested Assets** (p.31) - *Greyed out* - **2. Additional P&C disclosures** (p.36) - *Greyed out* - **3. Additional IFRS17 disclosures** (p.41) - *Highlighted in dark blue* - **4. Sustainability** (p.44) - *Greyed out* ### P&C | Margin analysis [Chart/image description:] ### Visual Content - **P&C Margin Analysis Flowchart**: - **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) - **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% - **Flow Connections**: - (Current Accident Year Undiscounted Technical Margin) + (Investment Income) $\rightarrow$ **[+]** - (Current Accident Year Discounting) + (Insurance Finance Expenses) $\rightarrow$ **[+]** - (Prior Years' Reserve Development (PYD)) $\rightarrow$ **[+]** - All three summed lead to **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%) - **Callout Boxes**: - **FY25 sensitivity to Current Accident Year discount rate changes²**: - +25bps: **+€0.2bn** - -25bps: **-€0.2bn** - *(Linked via dotted line to Current Accident Year Discounting)* - **2026e Insurance Finance Expenses (pre-tax)**: - **~ €-1.4bn** - Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: - +25bps: **~ -€50m** - -25bps: **~ +€50m** - *(Linked via dotted line to Insurance Finance Expenses)* ### 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:] *Note: The structured text extracted for Slide 43 belongs to a different slide (Structured and Private Credit Assets table). Below is the correct visual content of Slide 43.* ### Visual Content - **L&H Margin Analysis Flowchart**: - **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% (-0.1pt) - *Note: Includes recapture of Laya* - **Long-term Technical Margin**: FY25: **2,804** | Change: **+156** - CSM release: 2,954 (+215) - Technical experience: -150 (-58) - **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% - **Flow Connections**: - (Short-term Technical Margin) + (Investment Income) $\rightarrow$ **[+]** - (Long-term Technical Margin) $\rightarrow$ **[+]** - (Insurance Finance Expenses) $\rightarrow$ **[+]** - All summed lead to **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%) - **Callout Box**: - **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: **0.7** - Equities +25%: **1.8** - Equities -25%: **-2.2**
| 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 [Chart/image description:] ### Visual Content - **Table of Contents Navigation**: - **1. Debt and Invested Assets** (p.31) - *Greyed out* - **2. Additional P&C disclosures** (p.36) - *Greyed out* - **3. Additional IFRS17 disclosures** (p.41) - *Greyed out* - **4. Sustainability** (p.44) - *Highlighted in dark blue* ### Expanding AXA's role in society: AXA for Progress Index 1 Full Year 2025 Earnings 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:] ### Visual Content - **AXA for Progress Index Dashboard**: - **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. Full Year 2025 Earnings [Chart/image description:] * **Logo Associations:** The structured text omits several brand logos associated with the ratings: - **MSCI** logo is positioned directly above "2025 score: AAA". - **Morningstar Sustainalytics** logo is positioned directly above "2025 ESG Risk Rating: 17.0 – Low risk". - **FTSE Russell (An LSEG Business)** logo is positioned directly above "2025 score: 4.3/5 in FTSE4Good Index Series". ### 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 Full Year 2025 Earnings ### 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 Full Year 2025 Earnings ### February 26, 2026 Thank you Full Year 2025 earnings [Chart/image description:] * **Visual Design:** Closing slide featuring the AXA logo in the top-left corner. The background consists of diagonal gradient stripes in blue and red, with a prominent red slash graphic in the center.