Web:AXA/FY25/Earnings press release: Difference between revisions

Paris, February 26 th 26th, 2026 (6:45am CET)

=== Full Year 2025 Earnings ===

Gross written premiums & other revenues ¹ at Euro 116 billion, up +6% vs. FY24

Underlying earnings ² at Euro 8.4 billion, up 6% vs. FY24, up 9% excluding AXA IM ³

Underlying earnings per share ² at Euro 3.86, up +8% vs. FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback ⁴

Solvency II ratio ⁵ at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period ⁶

Dividend of Euro 2.32 per share, up +8% vs. FY24 ⁷

Launch of an annual share buyback program ⁸ of up to Euro 1.25 billion

Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal ⁴, executed between July 2, 2025, and January 20, 2026

Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range ⁹

Expected impact of Solvency II revision at +17 points ¹⁰

AXA to present its new strategic plan for 2027 -2029 on September 21, 2026

' In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence .'

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

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

==== FY25 key highlights ====

|+ 📊 AXA — Key Financial Metrics, FY24-FY25(EUR mm), EUR millionFY24–FY25

| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | '''GWP & other revenues'''

| style="background:#f8f9fa" | '''110,316'''

| style="background:#f8f9fa" | '''115,524'''

Total gross written premiums and other revenues ¹ were up 6%, driven by:

Property & Casualty (+5%), with growth in (i) Commercial lines ¹¹ (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects ¹² across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and

Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A ¹³ (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies.

==== Earnings ====

Underlying earnings ² increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM ³, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings ¹⁴ underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion.

Underlying earnings per share ² increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).

Net income increased by 26% to Euro 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.

==== Balance sheet ====

Shareholders' equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar.

CSM ^1,15 was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024. New business contribution (Euro +2.2 billion), combined with underlying return on in-force (Euro +1.3 billion), more than offset CSM release (Euro -3.0 billion), resulting in +2% normalized growth in CSM. Market conditions had a favorable impact, mainly driven by the tightening of government spreads and positive equity market performance (Euro +0.6 billion). This was more than offset by unfavorable foreign exchange impacts (Euro -1.5 billion), mainly from the depreciation of Japanese yen and the Hong Kong dollar, as well as a negative operating variance (Euro -0.3 billion) as better margins and net flows were more than offset by a reduction in the duration of Group Life business in Switzerland.

Solvency II ratio ⁵ was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) favorable impacts from financial markets (+4 points), which were partly offset by (iv) the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated Euro 3.8 billion share buyback (-5 points).

As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures (' grandfathered debt') no longer qualified as eligible own funds. The impact of this change results in a -10 point decrease in our Solvency II ratio to 215% on January 1, 2026. In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio ¹⁰.

Underlying return on equity ² was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders ' equity.

Debt gearing ² was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower shareholder sshareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1 debt (Euro -1.9 billion). The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.

Cash at Holding ¹⁶ amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024.

==== Capital management and outlook ====

A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 ⁷. The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.

AXA's Board of Directors approved , on February 25, 2026, the launch of an annual share buyback program for up to Euro 1.25 billion, to be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorizatio n authorization¹⁷. AXA intends to cancel all shares repurchased pursuant to this share buyback program.

The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and it is expected to be completed by year-end. Further details will be communicated regarding the execution of the share buyback program.

In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to continue benefiting from the earnthroughearn-through of higher pricing and underwriting actions. At AXA XL, pricing conditions vary by line; the Group will continue to ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. The Group guidance for normalized natural catastrophe ¹⁸ load remains at ca. 4.5 points of combined ratio for 2026.

In Life & Health, earnings growth is expected to be driven by the short-term business reflecting disciplined pricing and claims management initiatives. The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows that are expected to drive CSM growth over time.

Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's 'Unlock the Future' plan: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the plan period 2023-2026E and for 2026 ⁹, (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. The Group is committed to its capital management policy ¹⁹, targeting a total payout ratio of 75% ²⁰, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.

==== Property & Casualty ====

|+ 📊 AXA — Key Financial MetricsGWP and Earnings by Segment, FY24-FY25FY24–FY25

! style="background:#eaecf0; width:6em" | Change on comparable basis

! style="background:#eaecf0; width:6em" | FY25 Price Effecteffect (%)

AXA XL Reinsurance grew by 8% to Euro 2.6 billion, driven by growth supported by alternative capital and favorable price effects in Casualty partly offset by a softening in other lines.

Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from further margin expansion in (i) Commercial lines (-0.5 point), driven by the SME & mid-market business (-0.9 point) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 point), as well as in (ii) Personal lines (-0.4 point) in a conducive pricing environment;

Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower p riorprior years' reserve development (+0.7 point at -1.1%).

==== Life & Health ====

|+ 📊 AXA — Key FiguresFinancial by SegmentMetrics, FY24–FY25, EUR bn/mm

o G/A ¹³ (+4%) notably in France (+4%) as well as from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong; and

o Protection (+11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland.

Present value of expected premiums (PVEP) ^1,21 decreased by 2% to Euro 49.4 billion driven by:

NB CSM ^1,21 increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.

NBV (post-tax) ^1,21 was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shorttermshort-term multinational business in France.

NBV margin (post -tax) ^1,21 increased by 0.1 point to 4.5%.

Net flows ²¹ were Euro +5.4 billion compared to Euro +1.5 billion in 2024. Net flows in 2025 were driven by:

Short-term technical result (Euro +0.1 billion) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (Euro -0.1 billion);

==== Holdings ====

²² AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.

|+ 📊 AXA — CreditRating andAgency Insurance Financial Strength Ratings by AgencyReviews, October 2025

! style="background:#eaecf0; width:9em" | Date of Lastlast Reviewreview

! style="background:#eaecf0; width:6em" | Principal Insuranceinsurance Subsidiariessubsidiaries

! style="background:#eaecf0; width:9em" | Senior Debtdebt

! style="background:#eaecf0; width:6em" | Short-term Debtdebt

==== Glossary ====

Contractual service m arginmargin ('CSM') : a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.

CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period.

Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.

Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities).

New business contractual service m arginmargin ('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.

New business value m arginmargin ('NBV Margin'): the 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 vs 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 p remiumspremiums ('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 of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in 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.

==== Scope ====

Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities) ²³ and AXA Life Europe (insurance activities). AXA XL: 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, Indonesia L&S (excl. the bancassurance entity), 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: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (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 is 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 SA (incl. Group's internal reinsurance activity ) and other Central Holdings.

AXA Investment Managers ²⁴: 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.

==== Exchange rates ====

==== Notes ====

2 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea serelease, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).

9 Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel easerelease regarding forward-looking statements.

10 Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.

15 Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward -looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.

17 To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 424, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.

19 Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cantsignificant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.

22 Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's.

==== ABOUTAbout THEthe AXA GROUPGroup ====

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 -— Bloomberg: CS FP -— Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Grou pGroup website (axa.com).

=== IMPORTANTImportant LEGALlegal INFORMATIONinformation ANDand CAUTIONARYcautionary STATEMENTSstatements CONCERNINGconcerning FORWARDforward-LOOKINGlooking STATEMENTSstatements ANDand THEthe USEuse OFof NONnon-GAAP FINANCIALfinancial MEASURESmeasures ===

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' or any variations or similar terminology of these words and expressions, or c onditionalconditional verbs such as, without limitations, 'would' and 'could'. In particular, the statements in this press release 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 and the others contained in the 'Outlook' section of this press release 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 b yby 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 press release. Please refer to Part 5 'Risk Factors and Risk Management' of AXA's Univ ersal Universal Registration Document for the year ended December 31, 2024 (the '2024 Universal Registration Document') for a description of certain impor tantimportant factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifica llyspecifically 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 press release refers to certain nonGAAPnon-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 a dditionaladditional 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 prepare dprepared 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 nonGAAPnon-GAAP financial measures used in this press release, see the Glossary in AXA's 2025 Activity Report.

==== ABOUTFor THEmore AXA GROUPinformation ====

==== '''Media Relations: ===='''

==== '''Corporate Responsibility strategy: ===='''

==== '''SRI ratings: ===='''

|+ 📊 AXA — GWP and Other Revenues by Segment and Business Line (EUR mm), FY24-FY25FY24–FY25

! style="background:#eaecf0; width:6em" | GWP FY24

! style="background:#eaecf0; width:6em" | GWP FY25

! style="background:#eaecf0; width:6em" | Change (reported)

! style="background:#eaecf0; width:6em" | Change CC(comparable)

! style="background:#eaecf0; width:6em" | PProperty &C Casualty FY25

! style="background:#eaecf0; width:6em" | PProperty &C Casualty Change CC(comparable)

! style="background:#eaecf0; width:6em" | LLife &H Health FY25

! style="background:#eaecf0; width:6em" | LLife &H Health Change CC(comparable)

! style="background:#eaecf0; width:6em" | Asset MgmtManagement FY25

! style="background:#eaecf0; width:6em" | Asset MgmtManagement Change CC(comparable)

|+ 📊 AXA — Underlying Earnings by SegmentGeography and Business Line, FY24-FY25 (EUR mm), FY24–FY25

! style="background:#eaecf0; text-align:left" | SegmentGeography

|+ 📊 AXA — P&C PremiumPremiums by RegionSegment and Line of BusinessGeography, FY25 (EUR mm)

! style="background:#eaecf0; text-align:left" | RegionGeography

! style="background:#eaecf0; width:6em" | Commercial LinesTotal

! style="background:#eaecf0; width:6em" | Commercial Change

! style="background:#eaecf0; width:6em" | Personal Change

! style="background:#eaecf0; width:6em" | Personal Change

! style="background:#eaecf0; width:6em" | Total Personal Total

! style="background:#eaecf0; width:6em" | Personal Change

! style="background:#eaecf0; width:6em" | Reinsurance Change

! style="background:#eaecf0; width:6em" | Total Change

=== '''P&C: Price effects ⁱ by country and business line ==='''

|+ 📊 AXA — P&C Price Effects by Country and Business Line, FY25 and 2026 Market Pricing Trends (%)

! style="background:#eaecf0; width:6em" | Commercial Lines FY25

! style="background:#eaecf0; width:6em" | Personal Lines FY25

! style="background:#eaecf0; width:6em" | AXA XL Reinsurance FY25

| style="text-align:left" | AXA XL ii

|+ 📊 AXA — GWP by RegionSegment and Product Line, FY25 (EUR mm)

! style="background:#eaecf0; text-align:left" | RegionSegment

| style="text-align:left" |    o/w short-term (Health subset)

ii. ShorttermShort-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short -term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.

|+ 📊 AXA — Life New Business Metrics by SegmentRegion, FY25 (EUR mm)

! style="background:#eaecf0; width:6em" | Life PVEP

! style="background:#eaecf0; width:6em" | Life Change

! style="background:#eaecf0; width:6em" | Life NBV

! style="background:#eaecf0; width:6em" | Life NBV Change

! style="background:#eaecf0; width:6em" | Life NBV Marginmargin

! style="background:#eaecf0; width:6em" | Life NBV Margin Change

| style="text-align:left" | Asia, Africa & EME-LATAM

ii. Capital -light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%

==== Main transactions in 2025: ====

Announced the execution of a share repurchase agreement in relation to AXA's Shareplan and certain stock -based compensation (June 2, 2025)