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''Source: [https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf Original URL]. Original PDF: [[Media:AXA_-_2025_-_Full-Year_2025_Earnings_Presentation.pdf|AXA_-_2025_-_Full-Year_2025_Earnings_Presentation.pdf]]. Published: 2026-02-26. 49 pages.''

== AXA — Full Year 2025 Earnings Presentation (Facts) ==

'''Source.''' Full Year 2025 Earnings Presentation, AXA. Published 2026-02-26, 49 pages. Period covered: 12 months ended December 31, 2025. Comparison period: 12 months ended December 31, 2024. All figures in EUR millions unless noted. "Underlying earnings" is a non‑GAAP alternative performance measure; reconciliations are provided in AXA’s 2025 Activity Report. Constant‑FX growth rates are used for segment earnings unless otherwise stated.

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=== Group results (FY2025 vs FY2024) ===

==== Headline metrics ====

* Revenues: '''+6%''' p. 5
* Underlying earnings: '''EUR 8,372m''' vs EUR 8,104m (+6%) p. 6; excluding AXA IM, +9% p. 6
* Underlying earnings per share (UEPS): '''EUR 3.86''' vs EUR 3.59 (+8%) p. 21
* Return on Equity (ROE): '''16.0%''' (FY24: 15.2%) p. 22
* Solvency II ratio: '''224%''' (FY24: 216%) p. 24
* Net income: '''EUR 9,815m''' vs EUR 7,904m (+26%) p. 21
* Dividend per Share (DPS) growth: '''+8%''' (proposed by Board on 2026-02-25, subject to AGM approval) p. 5
* Annual share buyback: '''EUR 1.25bn''' (approved by Board on 2026-02-25, expected to commence as soon as practicable) p. 5
* 2026 underlying EPS target: confident to deliver at the upper end of '''6%–8%''' range p. 5

==== Organic growth by line ====

* P&C: '''+5%''' p. 6
* Life: '''+9%''' p. 6
* Health: '''+5%''' p. 6

==== Net income components ====

* Underlying earnings: '''EUR 8,372m''' (+6%) p. 21
** Property & Casualty: '''EUR 5,872m''' (+9%) p. 21
** Life & Health: '''EUR 3,501m''' (+7%) p. 21
** Asset Management: '''EUR 185m''' (-57%) p. 21
** Holdings & other: '''–EUR 1,186m''' (unchanged) p. 21
* Non‑financial flows: '''+EUR 2,060m''' (FY24: –EUR 516m), incl. +EUR 2,226m capital gain from AXA IM disposal p. 21
* Financial flows (incl. RCG): '''–EUR 689m''' (FY24: +EUR 335m) p. 21

==== Underlying EPS bridge ====

* Earnings growth contribution: '''+6%''' p. 21
* Capital management contribution: '''+3%''' p. 21
* Forex impact: '''–2%''' (incl. –1% from temporary dilution from AXA IM sale) p. 21

==== Gross written premium and other revenues by region (FY25) ====

* '''France''' (27% of total GWP): '''EUR 31bn''' (+6%); underlying earnings '''EUR 2.2bn''' (+7%) p. 10
* '''Europe''' (38% of total GWP): '''EUR 43bn''' (+6%); underlying earnings '''EUR 3.5bn''' (+9%) p. 10
* '''AXA XL''' (17% of total GWP): '''EUR 19bn''' (+4%); underlying earnings '''EUR 1.9bn''' (+9%) p. 10
* '''Asia, Africa & EME‑LATAM''' (18% of total GWP): '''EUR 20bn''' (+13%); underlying earnings '''EUR 1.5bn''' (+6%) p. 10

==== GWP split (excl. AXA IM and holdings) ====

* Life: '''33%''' p. 7
* Health: '''17%''' p. 7
* Large & Specialty: '''17%''' p. 7
* SME & Mid‑market: '''16%''' p. 7
* Retail: '''17%''' p. 7

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=== Capital position ===

==== Shareholders’ equity ====

* FY25 closing Shareholders’ equity: '''EUR 47.2bn''' (FY24: EUR 49.9bn; HY25: EUR 45.5bn) p. 22
* Shareholders’ equity excl. OCI: '''EUR 54.0bn''' (FY24: EUR 55.9bn) p. 22
* Net OCI: '''–EUR 6.8bn''' (FY24: –EUR 8.1bn) p. 22
* Shareholders’ equity excl. OCI & undated subordinated debt: '''EUR 49.4bn''' (FY24: EUR 53.2bn) p. 22
* Movement from FY24 to FY25:
** Opening: EUR 49.9bn p. 22
** Net OCI change: +EUR 1.3bn (FY24→FY25) p. 22
** Net income: +EUR 9.8bn p. 22
** Dividend: –EUR 4.6bn p. 22
** Annual share buyback: –EUR 1.2bn p. 22
** Anti‑dilutive share buyback (AXA IM sale): –EUR 3.5bn p. 22
** Undated subordinated debt (incl. interest): –EUR 0.3bn p. 22
** Forex: –EUR 3.5bn p. 22
** Other: –EUR 0.6bn p. 22

==== Debt ====

* Gross financial debt FY25: '''EUR 20.3bn''' (FY24: EUR 19.2bn) p. 32
** Tier 1: EUR 3.5bn (FY24: EUR 3.5bn) p. 32
** Tier 2: EUR 12.2bn (FY24: EUR 10.8bn) p. 32
** Senior debt: EUR 4.6bn (FY24: EUR 4.8bn) p. 32
* Post‑grandfathering (1 Jan 2026): total EUR 20.3bn
** Tier 1: EUR 5.8bn; Tier 2: EUR 11.3bn; Senior: EUR 3.2bn (of which EUR 0.4bn redeemed in Jan 2026) p. 32
* Debt gearing: '''22.3%''' (FY24: 20.6%) p. 32
* Contractual maturity breakdown (EUR bn): 2025 Sen 0.5; 2026 Sen 0.9; 2027 Sen 0.5; 2028 Sen 0.9; 2029 Sen 0.7; 2030‑39 Sen 1.5, T2 0.7; ≥2040 Sen 10.8, T2 1.4, T1 0.2; Undated Sen 4.6, T2 0.7 p. 32
* Economic maturity (taking first call/step‑up date): 2025 Sen 0.1; 2026 Sen 0.1; 2027 Sen 2.4; 2028 Sen 2.0; 2029 Sen 0.9; 2030‑39 Sen 1.5, T2 0.7; ≥2040 Sen 6.4, T2 0.4; Undated Sen 4.0, T2 0.8 p. 32

==== Solvency II ====

* FY25 Solvency II ratio: '''224%''' (FY24: 216%) p. 24
* Eligible Own Funds (EOF): '''EUR 56.4bn''' (FY24: EUR 55.9bn) p. 24
* Solvency Capital Requirement (SCR): '''EUR 25.2bn''' (FY24: EUR 25.9bn) p. 24
* Ratio bridge FY24→FY25:
** FY24: 216% p. 24
** Regulatory & model changes: +0pts p. 24
** Normalized capital generation: +28pts p. 24
** Operating variance: –1pt p. 24
** Economic & FX: +4pts p. 24
** Dividend & annual share buyback: –24pts p. 24
** Management actions, debt & other: +2pts p. 24
** FY25: 224% p. 24
* Sensitivities (at 224%):
** Interest rate +50bps: +2pts p. 24
** Interest rate –50bps: –1pt p. 24
** Corporate spreads +50bps: –1pt p. 24
** Euro Sovereign spreads +50bps (sovereign & quasi‑sovereign vs. Euro swap): –7pts p. 24
** Credit migration (20% of corporate bonds downgraded 1 full letter / 3 notches): –4pts p. 24
** Listed Equity (excl. PE & Infra) –25%: –1pt; +25%: +2pts p. 24
** PE & Infra +25%: +14pts; –25%: –19pts p. 24
** Inflation swap curve +50bps: –5pts p. 24
* End of grandfathering period (1 Jan 2026): impact –10pts → pro‑forma '''215%'''; EUR 2.4bn grandfathered debt no longer eligible as capital p. 25
* Solvency II revision (expected 1Q27): impact '''+17pts'''; no change in organic capital generation expected p. 25

==== Cash and remittance ====

* Cash position at Holding FY25: '''EUR 5.6bn''' (FY24: EUR 4.0bn) p. 23
* Net cash remittance from subsidiaries: '''EUR 7.5bn''' (FY24: EUR 7.7bn) p. 23
** Ordinary cash remittance: EUR 7.1bn (FY24: EUR 7.1bn) p. 23
** Proceeds from in‑force treaties: EUR 0.4bn (FY24: EUR 0.6bn) p. 23
* Remittance ratio (ordinary cash remittance / underlying earnings): '''82%''' (FY24: 82%) p. 23
* Uses: Dividend –EUR 4.6bn; annual share buyback –EUR 1.2bn; anti‑dilutive buyback (AXA IM) –EUR 3.5bn; Holding costs & interest –EUR 1.3bn; change in net debt +EUR 1.6bn; M&A & other +EUR 3.1bn p. 23

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=== Investments ===

==== General Account invested assets ====

* Total Insurance Invested Assets FY25: '''EUR 450bn''' p. 33
* Duration gap: '''–0.4 year''' p. 33
* Composition (100% basis):
** Fixed income: '''EUR 345bn (77%)''' p. 33
*** Government bonds: EUR 167bn (37%) p. 33
*** Corporate bonds and loans: EUR 121bn (27%) p. 33
*** Other fixed income: EUR 56bn (13%) — incl. ABS EUR 25bn, Residential loans EUR 16bn, Commercial & agricultural loans EUR 7bn, Agency pools EUR 8bn p. 33
** Real estate: EUR 41bn (9%) p. 33
** Infrastructure equity: EUR 10bn (2%) p. 33
** Listed equities: EUR 10bn (2%); excl. hedges EUR 14bn p. 33
** Private equity and hedge funds: EUR 23bn (5%) — PE EUR 17bn, Hedge Funds EUR 5bn, Non‑listed equities EUR 1bn p. 33
** Cash: EUR 19bn (4%) p. 33
** Policy loans: EUR 2bn (0%) p. 33

==== Structured and Private Credit assets (within General Account) ====

* Total: '''EUR 69bn (15%''' of total G/A portfolio), of which 54% participating p. 34
** Residential Mortgages: EUR 16bn (4%) — EUR 6bn Dutch NHG, EUR 10bn self‑originated: Switzerland 56% LTV, Germany 45% LTV p. 34
** CLO & ABS: EUR 25bn (6%) — 93% senior CLOs with ~40% subordination; 100% rated AAA‑A, 92% AAA‑AA p. 34
** Infrastructure debt: EUR 8bn (2%) — Telecom, Utilities, Transport p. 34
** CRE debt: EUR 8bn (2%) — mainly logistics, residential, retail; mostly Europe; ~60% LTV p. 34
** Mid‑Market lending: EUR 10bn (2%) — EUR 8m average ticket; SMAs, senior secured, covenants p. 34
** Other: EUR 2bn (0%) p. 34

==== Fixed income reinvestment (FY25) ====

* Total reinvested: '''EUR 57bn''' at '''3.9%''' average yield; average duration '''9 years''' p. 35
** Public fixed income (Govt & Corp bonds and related): '''3.5%''' yield p. 35
** Private & Structured fixed income: '''4.7%''' yield, volume EUR 19.7bn (CLOs, ABS, Infra & CRE debt, Fund financing, Private HY) p. 35
* Composition of reinvested assets:
** Government bonds & related: 32%, avg rating AA p. 35
** Investment grade credit: 40%, avg rating A p. 35
** ABS/CLO/IG fund financing: 21% p. 35
** Below investment grade credit: 7% p. 35

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=== Property & Casualty (P&C) ===

==== Headline metrics ====

* Underlying earnings: '''EUR 5,872m''' (FY24: EUR 5,510m), +9% at constant FX p. 11, 16
* GWP & Other Revenues: '''EUR 58.0bn''' (FY24: EUR 56.5bn), +5% p. 14
* Combined ratio: '''90.6%''' (FY24: 91.0%) p. 15
** Undiscounted current year loss ratio (ex‑Nat Cat): 67.0% (FY24: 67.4%) p. 15
** Expense ratio: 24.8% (FY24: 25.0%) p. 15
** Nat Cat: 3.4% (FY24: 3.8%); below normalized load p. 15
** Prior year reserve development: –1.1% (FY24: –1.6%); lower reliance p. 15
** Discount: –3.5% (FY24: –3.6%) p. 15
* Enhanced reserve prudence noted p. 15

==== Sub‑segment GWP and other revenues ====

* '''Commercial lines''' (SME & Mid‑market, Large): '''EUR 35.8bn''' (+4%) p. 14
** Pricing +2%, Volume +2% p. 14
* '''AXA XL Reinsurance''': '''EUR 2.6bn''' (+8%) p. 14
** Pricing +0.3%, Volume +7% p. 14
* '''Retail lines''': '''EUR 19.7bn''' (+7%) p. 14
** Pricing +5%, Volume +2% p. 14
** Net new contracts: '''+1.7m''' in FY25 p. 14

==== P&C by sub‑segment (FY25 GWP split) ====

* Retail: '''34%''' of P&C GWP p. 11
* SME & Mid‑market: '''30%''' p. 11
* AXA XL (Large & Specialty): '''36%''' (includes EUR 2.6bn AXA XL life premiums) p. 11

==== AXA XL Insurance — Large Commercial & Specialty ====

* FY25 GWP: '''USD 19bn''' p. 37
* By line of business: Casualty 35%, Property 29%, Specialty 19%, Professional lines 17% p. 37
* By geography: Americas 46%, Europe & APAC 35%, UK & Lloyds 19% p. 37
* Top‑3 global positions: Multinational Programs, Marine, Fine Art & Specie p. 37

==== P&C earnings bridge (EUR m, pretax) ====

* FY24 Underlying earnings before tax: EUR 7,359m p. 42 (implied)
* Volume growth: +292 p. 16
* Margin improvement: +189 p. 16
* Investment income: +435 p. 16
* Insurance finance expenses: –235 p. 16
* Tax: –169 p. 16
* Affiliates, FX & other: –150 p. 16
* FY25 Underlying earnings before tax: EUR 8,040m (+EUR 681m) p. 42

==== P&C Margin Analysis (pre‑tax) ====

* '''Technical result (FY25 vs change at constant FX):''' p. 42
** Current Accident Year Undiscounted Technical Margin: '''EUR 2,778m''' (+EUR 707m) p. 42
** Gross Earned Premiums: EUR 57,656m (+6%) p. 42
** Current AY Undiscounted Combined Ratio: '''95.2%''' (–1.0pt); Nat Cats: 3.4% (–0.4pt) p. 42
** Current AY Discounting: EUR 2,009m (+EUR 115m); discounting ratio –3.5% (unchanged) p. 42
** Current AY Net Claims reserves: EUR 19.0bn; duration 4.0 years; discount rate 2.8% p. 42
** Prior Years’ Reserve Development (PYD): EUR 622m (–EUR 341m); PYD ratio –1.1% (+0.7pt) p. 42
* '''Financial result:''' p. 42
** Investment Income: EUR 3,988m (+EUR 435m); avg assets EUR 115bn; book yield 3.5%; reinvestment yield 4.3% p. 42
** Insurance Finance Expenses: –EUR 1,358m (–EUR 235m); reserves at locked‑in rate EUR 71bn; liability book yield 1.9% p. 42
* '''Underlying earnings before tax:''' EUR 8,040m (+EUR 681m); tax –EUR 2,060m; affiliates/minorities/other –EUR 108m → Underlying earnings EUR 5,872m (+9% at constant FX) p. 42
* '''2026 Insurance Finance Expenses (pre‑tax):''' ~EUR –1.4bn p. 42
* '''Sensitivity of FY25 to discount rate:''' +25bps → –EUR 0.2bn; –25bps → –EUR 0.2bn p. 42
* '''Sensitivity of 2026 IFE to 2025 AY discount rate:''' +25bps → ~ –EUR 50m; –25bps → ~ +EUR 50m p. 42

==== Natural catastrophe — 2026 reinsurance program and exposures ====

* 2026 Group Nat Cat Reinsurance Program maintains stable retentions as in 2025 p. 39
** EU Windstorm: capacity EUR 4.0bn, retention EUR 600m p. 39
** Europe Flood: capacity EUR 2.1bn, retention EUR 450m p. 39
** Europe Earthquake: capacity EUR 2.1bn, retention EUR 400m p. 39
** NA Hurricane: capacity EUR 1.2bn, retention EUR 600m p. 39
** NA Earthquake: capacity EUR 1.2bn, retention EUR 600m p. 39
** Per other perils: capacity EUR 1.0bn, retention EUR 400m p. 39
* Average Expected Nat Cat charges net of reinsurance, pre‑tax:
** 2025: EUR 2.6bn (~4.5% of GEP) p. 40
** 2026: EUR 2.7bn (~4.5% of GEP) p. 40
* Deviation from average (post‑tax, net of RI):
** 1/20y severe (95th percentile): ~–EUR 1.2bn p. 40
** 1/20y mild (5th percentile): ~+EUR 0.8bn p. 40
** Median (50th percentile): ~+/– EUR 0.1bn p. 40

==== P&C reserve ratios ====

* Net undiscounted claims reserves / Net earned premiums (IFRS17):
** FY22: 198%, FY23: 195%, FY24: 180%, FY25: '''175%''' p. 38
* Net undiscounted technical reserves / Net earned premiums (IFRS17):
** FY22: 234%, FY23: 232%, FY24: 216%, FY25: '''210%''' p. 38
* Historical IFRS4 comparatives provided for 2018‑2022 p. 38

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=== Life & Health (L&H) ===

==== Headline metrics ====

* Underlying earnings: '''EUR 3,501m''' (FY24: EUR 3,323m), +7% at constant FX p. 20
** Life: EUR 2,677m, +4% vs FY24 p. 20
** Health: EUR 824m, +17% vs FY24 p. 20
* Short‑term technical margin: EUR 479m (+EUR 60m) p. 20
* Long‑term result incl. CSM release: EUR 2,804m (+EUR 156m) p. 20
* Financial result: EUR 946m (–EUR 11m) p. 20
* Tax, FX & others: –EUR 728m (–EUR 27m) p. 20

==== GWP & Other Revenues ====

* '''Life''': '''EUR 37.5bn''' (+9%) p. 17
** Protection: EUR 17.3bn (+11%) p. 17
** Unit‑linked: EUR 9.3bn (+13%) p. 17
** Capital‑light G/A: EUR 9.0bn (+7%) p. 17
** Traditional G/A: EUR 1.9bn (–7%) p. 17
* '''Health''': '''EUR 19.0bn''' (+5%) p. 17
** Individual: EUR 10.5bn (+6%) p. 17
** Group: EUR 8.5bn (+4%) p. 17
* '''Employee Benefits''' GWP and other revenues: '''EUR 12.9bn''' (+4% vs FY24) p. 17

==== Net flows ====

* Total net flows: '''+EUR 5.4bn''' (FY24: +EUR 1.5bn) p. 17
** Protection: +EUR 4.9bn p. 17
** Health: +EUR 2.7bn p. 17
** Unit‑Linked: +EUR 1.5bn p. 17
** Capital‑light G/A: +EUR 1.2bn p. 17
** Traditional G/A: –EUR 5.0bn p. 17

==== New business metrics ====

* PVEP (Present Value of Expected Premiums): '''EUR 49.4bn''' (FY24: EUR 50.9bn, –2%) p. 18
** Protection & Health: EUR 31.4bn (–4%); Unit‑Linked: EUR 8.5bn (+18%); Capital‑light G/A: EUR 7.8bn (–10%); Traditional G/A: EUR 1.7bn (–10%) p. 18
* NB CSM (pre‑tax): '''EUR 2.2bn''' (FY24: EUR 2.2bn, +3%) p. 18
* NBV (post‑tax): '''EUR 2.2bn''' (FY24: EUR 2.3bn, broadly stable) p. 18
* NBV margin: '''4.5%''' (FY24: 4.4%) p. 18

==== Contractual Service Margin (CSM) ====

* Closing CSM: '''EUR 33.0bn''' (FY24: EUR 33.6bn) p. 19
** Life: EUR 25.4bn (FY24: EUR 25.8bn) p. 19
** Health: EUR 7.6bn (FY24: EUR 7.7bn) p. 19
* Rollforward (EUR bn): Opening 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 = Closing 33.0 p. 19
* Normalized CSM up '''+2%'''; CSM release growth +8% reflecting better margins p. 19
* Economic variance from government spreads tightening and positive equity markets p. 19
* Operating variance: better margins and net flows more than offset by reduction in duration of Group Life business in Switzerland p. 19
* FX impact mainly from JPY and HKD depreciation p. 19

==== L&H Margin Analysis (pre‑tax) ====

* '''Technical result (FY25 vs change at constant FX):''' p. 43
** Short‑term Technical Margin: EUR 479m (+EUR 60m); Gross Earned Premiums EUR 17,416m (+10%); All Year Combined Ratio 97.2% (–0.1pts, incl. recapture of Laya) p. 43
** Long‑term Technical Margin: EUR 2,804m (+EUR 156m); CSM release EUR 2,954m (+EUR 215m); Technical experience –EUR 150m (–EUR 58m) p. 43
* '''Financial result (non‑VFA only):''' p. 43
** Investment Income: EUR 2,484m (–EUR 1m); avg assets EUR 98bn; book yield 2.5%; reinvestment yield 3.8% p. 43
** Insurance Finance Expenses: –EUR 1,538m (–EUR 9m); reserves at locked‑in rate EUR 62bn; liability book yield 2.5% p. 43
* '''Underlying earnings before tax:''' EUR 4,229m (+EUR 205m); tax –EUR 800m; affiliates/minorities/other EUR 72m → Underlying earnings EUR 3,501m (+7% at constant FX) p. 43
* '''CSM sensitivities (EUR bn, baseline 33.3):''' p. 43
** Interest rates +50bps: –0.8; –50bps: +0.6 p. 43
** Sovereign spreads +50bps: –1.9; –50bps: +1.9 p. 43
** Corporate spreads +50bps: –0.8; –50bps: +0.7 p. 43
** Equities +25%: +1.8; –25%: –2.2 p. 43

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=== Asset Management ===

* Underlying earnings: '''EUR 185m''' (FY24: EUR 429m), –57% YoY p. 21
* AXA IM was disposed; the sale closed and contributed a non‑financial capital gain of '''EUR 2,226m''' in FY25 p. 21
* Anti‑dilutive share buyback of '''EUR 3.5bn''' executed following the sale p. 22

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=== Sustainability ===

==== AXA for Progress Index — 2025 results vs. targets ====

* '''Global Investor:'''
** Climate transition financing: target EUR 5bn p.a.; 2025 result '''EUR 6.4bn''' p. 45
** Community resilience financing: target EUR 500m p.a.; 2025 result '''EUR 1.4bn''' p. 45
* '''Global Insurer:'''
** P&C GWP to support transition underwriting (cumulative 2024‑2026): target EUR 6bn; 2025 cumulative '''EUR 4.6bn''' p. 45
** Climate adaptation solutions & services (cumulative 2024‑2026): target >20,000 (revised up from >9,000); 2024‑2025 cumulative '''19,698''' p. 45
** Inclusive insurance customers: target >20m by 2026; 2025 result '''20.6m''' p. 45
* '''As a Company:'''
** Employees trained on climate adaptation (cumulative 2024‑2026): target >80,000; 2025 cumulative '''46,420''' p. 45
** Operational carbon emissions vs. 2019 (Scopes 1, 2, car fleet, business travel): target –50% by 2030; 2025 result '''–64%''' vs 2019 p. 45
** Employee volunteering participation: target 50% by 2026; 2025 result '''56%''' p. 45

==== ESG ratings (2025) ====

* S&P Global CSA: '''97th percentile''' (Dow Jones Best‑in‑Class Europe & World indices) p. 46
* MSCI: '''AAA''' p. 46
* CDP: '''B''' p. 46
* Morningstar Sustainalytics ESG Risk Rating: '''17.0''' (Low risk) p. 46
* FTSE Russell: '''4.3/5''' (FTSE4Good Index Series) p. 46

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=== Corporate calendar and contacts ===

* '''March 2026''': Roadshows in Europe and US p. 29
* '''May 5, 2026''': 1Q25 Activity Indicators, Paris p. 29
* '''June 2, 2026''': BNP Paribas Exane CEO Conference, Paris p. 29
* '''June 2–4, 2026''': Goldman Sachs European Financials Conference, Zurich p. 29
* '''July 31, 2026''': HY26 Earnings Release, Paris p. 29
* '''September 21, 2026''': AXA Investor Day, London p. 29
* Investor Relations: '''+33 1 40 75 48 42''' | '''investor.relations@axa.com''' p. 29
* Company website: '''www.axa.com''' p. 29

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=== Forward-looking statement disclaimer p. 2 ===

This presentation contains forward-looking statements (identified by words such as ‘expects’, ‘anticipates’, ‘may’, ‘plan’, ‘target’, ‘would’, ‘could’) including the one‑off guidance for UEPS growth in 2026. These are based on Management’s current views and are subject to known and unknown risks and uncertainties, many outside AXA’s control. Factors that may affect actual results are described in Part 5 “Risk Factors and Risk Management” of AXA’s 2024 Universal Registration Document. AXA disclaims any obligation to update or revise forward-looking statements except as required by applicable law. The presentation also uses non‑GAAP financial measures (APMs) which have no standardized meaning and should not be considered in isolation. Reconciliations are provided in AXA’s 2025 Activity Report under “USE OF NON‑GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. AXA’s consolidated financial statements for FY2025 were examined by the Board on 2026-02-25 and are subject to completion of audit procedures.

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=== Notes ===

* '''ABS''': Asset-Backed Securities
* '''APM''': Alternative Performance Measure (non‑GAAP)
* '''AXA XL''': AXA’s large commercial and specialty insurance and reinsurance segment
* '''Capital‑light G/A''': Products with no guarantees, guarantees at maturity only, or guarantees ≤0% p. 48
* '''CLO''': Collateralized Loan Obligation
* '''CRE''': Commercial Real Estate
* '''CSM (Contractual Service Margin)''': Unearned profit recognized as services are provided p. 48
* '''CSM release''': Portion of CSM stock flowing through P&L, representing profit earned for insurance services during the period p. 48
* '''DPS''': Dividend Per Share
* '''Economic variance''': Year‑end CSM variance from changes in market conditions, net of underlying return on in‑force p. 48
* '''EOF''': Eligible Own Funds (Solvency II)
* '''Financial result''': Investment income on assets backing BBA/PAA contracts and shareholder equity, net of insurance finance expenses p. 48
* '''G/A''': General Account
* '''GEP''': Gross Earned Premiums
* '''GWP & Other Revenues''': Insurance premiums collected plus fees/revenues from non‑insurance activities p. 48
* '''IFE''': Insurance Finance Expenses
* '''L&H''': Life & Health
* '''LTV''': Loan‑to‑Value
* '''NB CSM (New Business Contractual Service Margin)''': Unearned profit for newly issued insurance contracts p. 48
* '''NBV (New Business Value)''': Post‑tax value of new business, comprising NB CSM, PV of future short‑term profits, PV of IFRS 9 pure investment contracts, net of reinsurance, tax, minority interests p. 48
* '''NBV margin''': NBV divided by PVEP p. 48
* '''OCI''': Other Comprehensive Income
* '''Operating variance''': Year‑end CSM variation vs. expected from operational assumptions, experience, and model changes p. 48
* '''P&C''': Property & Casualty
* '''PVEP (Present Value of Expected Premiums)''': New business volume, discounted at reference rate, Group share p. 48
* '''PYD''': Prior Year Development (reserves)
* '''RCG''': Realized Capital Gains
* '''SCR''': Solvency Capital Requirement (Solvency II)
* '''SMA''': Separately Managed Account
* '''Technical experience''': Impact on underlying earnings from differences between expected and incurred cash‑flows, risk adjustment release, onerous contracts changes, and non‑attributable expenses p. 48
* '''UEPS''': Underlying Earnings Per Share (non‑GAAP)
* '''Underlying return on in‑force''': Release of Time Value of Options & Guarantees, unwind of CSM at reference rate, and underlying financial over‑performance p. 48
* '''Underlying ROE''': Underlying earnings divided by average shareholders’ equity excluding OCI (and related items), as reported in the financial supplement
* '''VFA''': Variable Fee Approach (IFRS 17 measurement model)
* '''Geographic scope''' (as defined on p.47): France (insurance, banking, holding); Europe (Switzerland, Germany, Belgium, Luxembourg, UK, Ireland, Spain, Italy, Prima, AXA Life Europe); AXA XL (insurance, reinsurance, holding); Asia, Africa & EME‑LATAM includes fully consolidated operations in Japan, Hong Kong, Thailand P&C, China P&C, South Korea, Asia Holdings; equity‑method operations in China L&S, Thailand L&S, Philippines, Indonesia, India; fully consolidated Morocco, Nigeria, Egypt, Mexico, Colombia, Brazil, Türkiye; equity‑method Russia (Reso). Transversal & Other includes AXA Assistance, AXA Liabilities Managers, central holdings. AXA IM is consolidated until July 1, 2025.
* '''Accounting standards''': All comparative figures from 2023 are under IFRS17/IFRS9; prior periods remain under IFRS4 unless noted otherwise p. 47
* '''Rounding''': Minor differences may arise from rounding of underlying data; growth rates and percentages are based on unrounded figures as presented in the source
* '''Constant FX''': Segment underlying earnings growth rates are stated on a constant‑currency basis unless marked otherwise; reported growth is shown for group revenues and headline earnings
* '''Adverse variances''' shown in parentheses; positive variances preceded by “+”

AXA/2025/Full-Year 2025 Earnings Presentation - Revision history

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