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== AXA — FY25 Full-Year Results Summary ==
== AXA — Full year 2025 earnings summary ==


Paris, February 26, 2026
=== Enriched Key Financial Metrics ===


=== Key highlights ===

* Gross written premiums & other revenues at €116bn, up +6% on a comparable basis
* Underlying earnings at €8.4bn, up +6% (+9% excluding AXA IM disposal)
* Underlying EPS at €3.86, up +8%, including -2% FX headwind and -1% temporary dilution from AXA IM sale timing
* Solvency II ratio at 224% (Dec 31, 2025), up +9pts; 215% on Jan 1, 2026 after grandfathering period ends
* Dividend of €2.32/share proposed (+8%), subject to AGM approval on April 30, 2026
* Annual share buyback of up to €1.25bn launched; €3.8bn AXA IM-related buyback completed (Jul 2, 2025 – Jan 20, 2026)
* 2026 outlook: underlying EPS growth expected at upper end of 6–8% plan target range
* AXA to present new 2027–2029 strategic plan on September 21, 2026

CEO Thomas Buberl: AXA delivered +9% earnings growth in core businesses excl. AXA IM; P&C posted stellar results with best-in-class margins; L&H earnings up +7% with Health +17%; investments in automation and AI driving efficiency gains.

=== Activity indicators and earnings ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
{| class="wikitable" style="width:100%; text-align:right"
|+ 📊 AXA — Key Financial Metrics (EUR mm), FY24–FY25 — Enriched
|+ 📈 AXA — Group key performance indicators, FY24–FY25
|-
|-
! style="background:#eaecf0; text-align:left" | Metric
! style="background:#eaecf0; text-align:left; width:12em" | Metric
! style="background:#eaecf0; width:5.5em" | FY24
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:5.5em" | FY25
! style="background:#eaecf0; width:6em" | FY24
! style="background:#eaecf0; width:5em" | Reported Δ
! style="background:#eaecf0; width:6em" | FY25
! style="background:#eaecf0; width:5em" | Comparable Δ
! style="background:#eaecf0; width:6em" | Change (comparable)
! style="background:#eaecf0; text-align:left" | Comments
! style="background:#eaecf0; text-align:left" | Comments
|-
|-
| style="background:#f8f9fa; text-align:left" | '''GWP & other revenues'''
| style="text-align:left" | GWP & other revenues
| €bn
| style="background:#f8f9fa" | '''110,316'''
| 110.3
| style="background:#f8f9fa" | '''115,524'''
| 115.5
| style="background:#f8f9fa" | '''+5%'''
| +6%
| style="background:#f8f9fa" | '''+6%'''
| style="background:#f8f9fa; text-align:left" | ↑ Broad-based growth across P&C (+5%) and L&H (+8%). See sub-lines below.
| style="text-align:left" |
* +5% on reported basis
* ↑ P&C (+5%): Commercial +4% (volume + price), Personal +7% (price + net new contracts), XL Re +8% (alt. capital growth)
* ↑ L&H (+8%): Life +9% (Protection +11%, Unit-Linked +13%, G/A +4%), Health +5% (price effects across geographies)
|-
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Property & Casualty
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Property & Casualty
| 56,514
| €bn
| 58,038
| 56.5
| +3%
| 58.0
| +5%
| +5%
| style="text-align:left" |
| style="text-align:left" | ↑ Commercial lines (+4%): higher volumes at AXA XL Insurance + favorable pricing across all geographies. Personal lines (+7%): price effects + strong net new contracts in France, Europe, Asia & EME-LATAM. AXA XL Reinsurance (+8%): growth supported by alternative capital.
* +3% on reported basis
* Overall price effect +2.9%
|-
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Life & Health
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Life & Health
| 51,983
| €bn
| 56,512
| 52.0
| +9%
| 56.5
| +8%
| +8%
| style="text-align:left" |
| style="text-align:left" | ↑ Life premiums +9%: Protection +11% (strong sales in HK, CH, JP), Unit-Linked +13% (all geographies), G/A +4% (Italy, France momentum). Health premiums +5%: price effects in all geographies.
* +9% on reported basis
* Protection strong in HK, CH, JP; Unit-Linked volumes up across all geographies
|-
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Asset Management
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Asset Management
| €bn
| 1.7
| 0.9
| n.m.
| style="text-align:left" |
* AXA IM disposed to BNP Paribas on Jul 1, 2025; only H1 contribution included
|-
| style="text-align:left" | Underlying earnings
| €bn
| 8.1
| 8.4
| +6%
| style="text-align:left" |
* +4% on reported basis; +9% excl. AXA IM
* ↑ P&C (+9%): volume growth, underwriting margin expansion, higher investment income
* ↑ L&H (+7%): better short-term technical results in Health & Protection, higher long-term earnings from business rejuvenation strategy
* Holdings stable at €-1.2bn
* Asset Mgmt down €0.2bn due to AXA IM disposal
|-
| style="text-align:left" | Underlying EPS
| €/share
| 3.57
| 3.86
| +8%
| style="text-align:left" |
* ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
* ↑ Share buyback accretion (+3%): annual program + AXA IM anti-dilutive buyback
* ↓ FX headwinds (-2%), notably USD depreciation vs EUR
* ↓ Temporary AXA IM disposal dilution (-1%) due to buyback timing
|-
| style="text-align:left" | Net income
| €bn
| 7.9
| 9.8
| +26%
| style="text-align:left" |
* +24% on reported basis
* ↑ Higher underlying earnings + significantly positive exceptional items, notably gain from AXA IM sale
|-
| style="text-align:left" | Solvency II ratio
| %
| 216%
| 224%
| +9 pts (reported)
| style="text-align:left" |
* ↑ Strong operating return (+28 pts) net of dividend + annual buyback provision (-24 pts)
* ↑ Net subordinated debt issuance (+6 pts)
* ↑ Favorable financial markets (+4 pts)
* ↓ Net impact of Nobis/Prima acquisitions and AXA IM disposal incl. €3.8bn buyback (-5 pts)
* Post-grandfathering: 215% on Jan 1, 2026 (-10 pts from non-qualifying grandfathered debt)
* Solvency II revision (expected Q1 2027) estimated at +17 pts
|-
| style="text-align:left" | Shareholders' equity
| €bn
| 50.0
| 47.2
| -€2.8bn (reported)
| style="text-align:left" |
* ↑ Net income (+€9.8bn) + net OCI (+€1.3bn)
* ↓ FY24 dividend paid (-€4.6bn)
* ↓ Share buybacks in 2025 (-€4.7bn), incl. €3.5bn AXA IM-related buyback
* ↓ Unfavorable FX (-€3.5bn), notably USD depreciation
|-
| style="text-align:left" | CSM (incl. P&C)
| €bn
| 33.9
| 33.3
| -€0.6bn (reported)
| style="text-align:left" |
* +2% normalized growth: NB contribution (+€2.2bn) + underlying return on in-force (+€1.3bn) offset CSM release (-€3.0bn)
* ↑ Favorable markets (+€0.6bn): tightening govt spreads + positive equity performance
* ↓ FX (-€1.5bn): JPY and HKD depreciation
* ↓ Negative operating variance (-€0.3bn): better margins/net flows offset by shorter Group Life duration in CH
|-
| style="text-align:left" | Underlying ROE
| %
| 15.2%
| 16.0%
| +0.8 pt (reported)
| style="text-align:left" |
* ↑ Higher underlying earnings + lower shareholders' equity base
|-
| style="text-align:left" | Debt gearing
| %
| 20.6%
| 22.3%
| +1.7 pts (reported)
| style="text-align:left" |
* ↑ Lower shareholders' equity and CSM
* ↑ RT1 + Tier 2 issuance (€3.5bn), partly offset by redemption of grandfathered T1 debt (-€1.9bn)
* Within 19–23% plan guidance for 2024–2026
|-
| style="text-align:left" | Cash at holding
| €bn
| 4.0
| 5.6
| +€1.6bn (reported)
| style="text-align:left" |
* Organic cash remittance from subsidiaries: €7.5bn, up €0.4bn vs FY24
|}
</div>

'''Shareholder returns'''
* Dividend of €2.32/share proposed; ex-dividend date May 11, 2026; payment date May 13, 2026
* Annual share buyback of up to €1.25bn approved by Board on Feb 25, 2026; expected to commence as soon as reasonably practicable and complete by year-end; all repurchased shares to be cancelled
* AXA IM-related buyback of €3.8bn completed Jan 20, 2026; resulted in temporary -1% EPS dilution as of Dec 31, 2025
* Capital management policy: 75% total payout ratio (60% dividend + 15% annual buyback); dividend per share in a given year expected to be at least equal to prior year

'''Forward-looking items'''
* 2026 underlying EPS growth expected at upper end of 6–8% CAGR target range (both for 2023–2026E plan period and for 2026 standalone)
* Underlying ROE target: 14–16% for 2024–2026E
* Cumulative organic cash upstream target: in excess of €21bn for 2024–2026E
* Normalized nat cat load guidance: ca. 4.5 pts of combined ratio for 2026
* Solvency II revision expected Q1 2027, estimated +17 pts impact on current ratio
* New 2027–2029 strategic plan to be presented at Investor Day on September 21, 2026
* P&C outlook: favorable retail/SME pricing with earn-through benefits; AXA XL pricing varies by line with disciplined cycle management
* L&H outlook: short-term earnings from disciplined pricing/claims management; long-term driven by rejuvenated sales and improved persistency, expected to drive CSM growth over time
* Holdings 2026 expected at similar level to 2025

=== Property & Casualty ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Property & Casualty key metrics, FY24–FY25
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:6em" | FY24
! style="background:#eaecf0; width:6em" | FY25
! style="background:#eaecf0; width:6em" | Change (comparable)
! style="background:#eaecf0; text-align:left" | Comments
|-
| style="text-align:left" | GWP & other revenues
| €bn
| 56.5
| 58.0
| +5%
| style="text-align:left" |
* Overall price effect: +2.9%
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Commercial lines
| €bn
| 34.9
| 35.8
| +4%
| style="text-align:left" |
* Price effect: +1.9%
* ↑ AXA XL Insurance (+3%): growth in Property and Casualty (price + volume), partly offset by lower Financial lines
* ↑ Asia, Africa & EME-LATAM (+13%): Türkiye higher avg premiums, Mexico volume + price
* ↑ France (+6%): price effects all lines + higher volumes
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Personal lines
| €bn
| 19.1
| 19.7
| +7%
| style="text-align:left" |
* Price effect: +5.2%
* ↑ Europe (+5%): favorable prices across geographies except UK&I Motor (softened after strong 2024 repricing)
* ↑ Asia, Africa & EME-LATAM (+14%): Türkiye higher avg premiums + volumes
* ↑ France (+9%): strong volume growth all lines (direct + agent networks) + Motor price effects
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w AXA XL Reinsurance
| €bn
| 2.5
| 2.6
| +8%
| style="text-align:left" |
* Price effect: +0.3%
* ↑ Growth supported by alternative capital + favorable Casualty pricing
* ↓ Partly offset by softening in other lines
|-
| style="text-align:left" | All-year combined ratio
| %
| 91.0%
| 90.6%
| -0.3 pt
| style="text-align:left" |
* ↓ Current-year loss ratio excl. nat cat (-0.3 pt): Commercial -0.5 pt (SME/mid-market -0.9 pt; XL Insurance stable at +0.1 pt), Personal -0.4 pt
* ↓ Expense ratio (-0.3 pt): lower non-commission expenses from efficiency gains
* ↓ Nat cat charges (-0.4 pt to 3.4%)
* ↑ Lower prior-year reserve development (+0.7 pt to -1.1%), partly offsetting improvements
|-
| style="text-align:left" | Underlying earnings
| €m
| 5,510
| 5,872
| +9%
| style="text-align:left" |
* ↑ Technical result (+€0.5bn): strong volume growth + improved technical margin
* ↑ Financial result (+€0.2bn): higher volumes and reinvestment yields on fixed income, more than offsetting higher discount unwind on claims reserves
* ↓ Higher income taxes (-€0.2bn) from higher pre-tax earnings
|}
</div>

=== Life & Health ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Life & Health key metrics, FY24–FY25
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:6em" | FY24
! style="background:#eaecf0; width:6em" | FY25
! style="background:#eaecf0; width:6em" | Change (comparable)
! style="background:#eaecf0; text-align:left" | Comments
|-
| style="text-align:left" | GWP & other revenues
| €bn
| 52.0
| 56.5
| +8%
| style="text-align:left" |
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Life
| €bn
| 34.5
| 37.5
| +9%
| style="text-align:left" |
* ↑ Unit-Linked (+13%): successful sales initiatives across all geographies
* ↑ Protection (+11%): HK commercial campaign (Protection with G/A), continued strong JP and CH sales (Protection with UL)
* ↑ G/A (+4%): continued momentum in FR (+4%) and capital-light product in IT; partly offset by non-repeat of JP single premium whole-life and lower HK sales
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Health
| €bn
| 17.5
| 19.0
| +5%
| style="text-align:left" |
* ↑ Favorable price effects in both Group and Individual businesses across most geographies
* ↓ Partly offset by lower volumes
|-
| style="text-align:left" | PVEP
| €bn
| 50.9
| 49.4
| -2%
| style="text-align:left" |
* Life (+1%): higher volumes in HK, FR, CH; partly offset by higher interest rates on discounting
* Health (-12%): higher interest rate discounting impact + lower volumes in FR from underwriting/pruning actions
|-
| style="text-align:left" | NB CSM
| €bn
| 2.1
| 2.2
| +3%
| style="text-align:left" |
* ↑ Strong Savings and Protection sales
* ↓ Partly offset by higher interest rate discounting of future profits
|-
| style="text-align:left" | NBV (post-tax)
| €bn
| 2.3
| 2.2
| 0%
| style="text-align:left" |
* NB CSM growth offset by lower contribution from short-term multinational business in FR
|-
| style="text-align:left" | NBV margin (post-tax)
| %
| 4.4%
| 4.5%
| +0.1 pt
| style="text-align:left" |
|-
| style="text-align:left" | Net flows
| €bn
| +1.5
| +5.4
| n.a.
| style="text-align:left" |
* ↑ Protection (+€4.9bn): mainly HK, JP, FR
* ↑ Health (+€2.7bn): mainly DE, JP, FR
* ↑ Unit-Linked (+€1.5bn): primarily FR
* ↓ G/A Savings (-€3.7bn): capital-light inflows (+€1.2bn) more than offset by traditional G/A outflows (-€5.0bn)
|-
| style="text-align:left" | Underlying earnings
| €m
| 3,323
| 3,501
| +7%
| style="text-align:left" |
* ↑ Long-term technical result (+€0.2bn): higher CSM release from reserve growth + better margins
* ↑ Short-term technical result (+€0.1bn): pricing, underwriting and claims management actions; more than offset adverse VAT change in Mexico (-€0.1bn)
* ↑ Lower income taxes (+€0.1bn): favorable tax effects in DE, FR, MX
* ↓ Lower affiliate contribution (notably ICBC-AXA) + higher minority interest from improved AXA MPS results
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Life
| €m
| 2,636
| 2,715
| +4%
| style="text-align:left" |
* Early benefits from business rejuvenation strategy
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Health
| €m
| 687
| 787
| +17%
| style="text-align:left" |
* Strong growth even after absorbing adverse Mexico VAT change
|}
</div>

=== Holdings ===

* Holdings underlying earnings broadly stable at €-1.2bn (including banking activities)

=== Ratings ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%"
|+ 📈 AXA — Credit ratings, as of October 2025
|-
! style="background:#eaecf0; text-align:left" | Agency
! style="background:#eaecf0; width:9em" | Date of last review
! style="background:#eaecf0; width:6em" | AXA SA
! style="background:#eaecf0; width:6em" | Principal insurance subsidiaries
! style="background:#eaecf0; width:6em" | Outlook
! style="background:#eaecf0; width:6em" | Senior debt
! style="background:#eaecf0; width:6em" | Short-term debt
|-
| S&P Global Ratings
| October 3, 2025
| A+
| AA-
| Positive
| A+
| A-1+
|-
| Moody's Investor Service
| October 8, 2025
| Aa2
| Aa2
| Stable
| Aa3
| P-1
|-
| AM Best
| October 9, 2025
| A+ Superior
| —
| Stable
| aa Superior
| —
|}
</div>

=== Exchange rates ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Exchange rates for 1 euro, FY24–FY25
|-
! style="background:#eaecf0; text-align:left" | Currency
! style="background:#eaecf0; width:6em" | End of period FY24
! style="background:#eaecf0; width:6em" | End of period FY25
! style="background:#eaecf0; width:6em" | Average FY24
! style="background:#eaecf0; width:6em" | Average FY25
|-
| style="text-align:left" | USD
| 1.04
| 1.17
| 1.08
| 1.13
|-
| style="text-align:left" | CHF
| 0.94
| 0.93
| 0.95
| 0.94
|-
| style="text-align:left" | GBP
| 0.83
| 0.87
| 0.85
| 0.86
|-
| style="text-align:left" | JPY
| 163
| 184
| 164
| 169
|-
| style="text-align:left" | HKD
| 8.04
| 9.14
| 8.44
| 8.82
|}
</div>

== Appendices ==

=== GWP and other revenues by segment ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — GWP and other revenues by segment and business line (€m), FY24–FY25
|-
! style="background:#eaecf0; text-align:left" | Segment
! style="background:#eaecf0; width:5em" | FY24
! style="background:#eaecf0; width:5em" | FY25
! style="background:#eaecf0; width:5em" | Change (reported)
! style="background:#eaecf0; width:5em" | Change (comparable)
! style="background:#eaecf0; width:5em" | P&C FY25
! style="background:#eaecf0; width:5em" | P&C change (comparable)
! style="background:#eaecf0; width:5em" | L&H FY25
! style="background:#eaecf0; width:5em" | L&H change (comparable)
! style="background:#eaecf0; width:5em" | Asset Mgmt FY25
! style="background:#eaecf0; width:5em" | Asset Mgmt change (comparable)
|-
| style="text-align:left" | France
| 28,996
| 30,598
| +6%
| +6%
| 9,648
| +7%
| 20,852
| +5%
| —
| —
|-
| style="text-align:left" | Europe
| 39,298
| 43,005
| +9%
| +6%
| 21,257
| +4%
| 21,748
| +8%
| —
| —
|-
| style="text-align:left" | AXA XL
| 19,383
| 19,277
| -1%
| +4%
| 19,159
| +4%
| 118
| -8%
| —
| —
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| 19,083
| 19,925
| +4%
| +13%
| 6,257
| +13%
| 13,668
| +13%
| —
| —
|-
| style="text-align:left" | Transversal
| 1,856
| 1,844
| -1%
| -1%
| 1,718
| -1%
| 126
| -8%
| —
| —
|-
| style="text-align:left" | AXA Investment Managers
| 1,701
| 1,701
| 875
| 875
| n.m.
| -49%
| n.m.
| +4%
| —
| style="text-align:left" | ↓ AXA IM disposed on July 1, 2025; only H1 contribution included. One-off impact.
| —
| —
| —
| 875
| +4%
|-
|-
| style="text-align:left" | '''Underlying earnings'''
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 110,316
| '''8,078'''
| style="background:#f8f9fa" | 115,524
| '''8,368'''
| style="background:#f8f9fa" | +5%
| '''+4%'''
| style="background:#f8f9fa" | +6%
| '''+6%'''
| style="background:#f8f9fa" | 58,038
| style="text-align:left" | ↑ +9% excl. AXA IM. P&C earnings +9% (volume growth, margin expansion, higher investment income). L&H +7% (improved short-term technical results in Health & Protection; early benefits of Life rejuvenation strategy). Holdings stable at ca. Euro −1.2 bn. Asset Mgmt. earnings ↓ Euro 0.2 bn due to AXA IM disposal (one-off).
| style="background:#f8f9fa" | +5%
| style="background:#f8f9fa" | 56,512
| style="background:#f8f9fa" | +8%
| style="background:#f8f9fa" | 875
| style="background:#f8f9fa" | +4%
|}
</div>

Includes banking revenues of €99m in FY25 and €118m in FY24.

=== Underlying earnings by geography ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Underlying earnings by geography and business line (€m), FY24–FY25
|-
|-
| style="text-align:left" | '''Net income'''
! style="background:#eaecf0; text-align:left" | Geography
! style="background:#eaecf0; width:5em" | FY24
| '''7,886'''
! style="background:#eaecf0; width:5em" | FY25
| '''9,797'''
! style="background:#eaecf0; width:5em" | Change at CER
| '''+24%'''
! style="background:#eaecf0; width:5em" | P&C FY25
| '''+26%'''
! style="background:#eaecf0; width:5em" | P&C change at CER
| style="text-align:left" | ↑ Higher underlying earnings + significantly positive exceptional items, notably the one-off gain from sale of AXA IM.
! style="background:#eaecf0; width:5em" | L&H FY25
! style="background:#eaecf0; width:5em" | L&H change at CER
! style="background:#eaecf0; width:5em" | Asset Mgmt FY25
! style="background:#eaecf0; width:5em" | Asset Mgmt change at CER
|-
|-
| style="text-align:left" | '''Solvency II ratio (%)'''
| style="text-align:left" | France
| 2,071
| '''216%'''
| '''224%'''
| 2,224
| '''+9 pts'''
| +7%
| 1,237
| +7%
| 1,039
| +8%
| —
| —
| —
| style="text-align:left" | ↑ Operating return +28 pts, net sub-debt issuance +6 pts, financial markets +4 pts. Partly offset by dividend & annual buyback provision −24 pts, Nobis/Prima acquisitions & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Post-grandfathering: 215% on Jan 1, 2026 (−10 pts).
|-
|-
| style="text-align:left" | Europe
! colspan="6" style="background:#dfe3e8; text-align:left; font-style:italic" | [From narrative — additional metrics not in original table]
| 3,187
| 3,486
| +9%
| 2,216
| +9%
| 1,264
| +14%
| —
| —
|-
|-
| style="background:#f5f5dc; text-align:left" | Underlying EPS (Euro)
| style="text-align:left" | AXA XL
| 1,820
| style="background:#f5f5dc" | 3.57*
| 1,893
| style="background:#f5f5dc" | 3.86
| +9%
| style="background:#f5f5dc" | +8%
| 1,913
| style="background:#f5f5dc" | —
| +9%
| style="background:#f5f5dc; text-align:left" | ↑ Underlying earnings growth (+6%) + lower interest expense on sub-debt + share buyback accretion (+3%). Offset by FX headwind (−2%, mainly USD depreciation) and temporary AXA IM timing dilution (−1%).
| 12
| -49%
| —
| —
|-
|-
| style="background:#f5f5dc; text-align:left" | Underlying RoE (%)
| style="text-align:left" | Asia, Africa & EME-LATAM
| 1,504
| style="background:#f5f5dc" | 15.2%*
| 1,493
| style="background:#f5f5dc" | 16.0%
| +6%
| style="background:#f5f5dc" | +0.8 pt
| 355
| style="background:#f5f5dc" | —
| +24%
| style="background:#f5f5dc; text-align:left" | ↑ Higher underlying earnings + lower shareholders' equity base. Within 14–16% plan target range.
| 1,165
| 0%
| —
| —
|-
|-
| style="background:#f5f5dc; text-align:left" | Shareholders' equity
| style="text-align:left" | Transversal
| (907)
| style="background:#f5f5dc" | 50,000*
| (903)
| style="background:#f5f5dc" | 47,200
| 0%
| style="background:#f5f5dc" | −Euro 2.8 bn
| 151
| style="background:#f5f5dc" | —
| -4%
| style="background:#f5f5dc; text-align:left" | ↓ Net income +9.8 bn and OCI +1.3 bn more than offset by FY24 dividend −4.6 bn, share buybacks −4.7 bn (incl. Euro 3.5 bn AXA IM anti-dilutive buyback), FX impact −3.5 bn (USD depreciation).
| 22
| +16%
| —
| —
|-
|-
| style="background:#f5f5dc; text-align:left" | CSM
| style="text-align:left" | AXA Investment Managers
| 402
| style="background:#f5f5dc" | 33,900*
| 175
| style="background:#f5f5dc" | 33,300
| -57%
| style="background:#f5f5dc" | −Euro 0.6 bn
| —
| style="background:#f5f5dc" | —
| —
| style="background:#f5f5dc; text-align:left" | Normalized growth +2%. New business +2.2 bn + return on in-force +1.3 bn offset CSM release −3.0 bn. Favorable markets +0.6 bn (spread tightening, equities). Offset by FX −1.5 bn (JPY, HKD depreciation) and operating variance −0.3 bn (shorter Group Life duration in CH).
| —
| —
| 175
| -57%
|-
|-
| style="background:#f5f5dc; text-align:left" | Debt gearing (%)
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f5f5dc" | 20.6%*
| style="background:#f8f9fa" | 8,078
| style="background:#f5f5dc" | 22.3%
| style="background:#f8f9fa" | 8,368
| style="background:#f5f5dc" | +1.7 pts
| style="background:#f8f9fa" | +6%
| style="background:#f5f5dc" | —
| style="background:#f8f9fa" | 5,872
| style="background:#f8f9fa" | +9%
| style="background:#f5f5dc; text-align:left" | ↑ Lower equity and CSM base + RT1/T2 sub-debt issuance Euro 3.5 bn, partly offset by grandfathered T1 redemption Euro −1.9 bn. In line with 19–23% plan guidance.
| style="background:#f8f9fa" | 3,501
| style="background:#f8f9fa" | +7%
| style="background:#f8f9fa" | 175
| style="background:#f8f9fa" | -57%
|}
</div>

Includes underlying earnings of Holdings and Banking. Changes at constant exchange rates.

=== P&C premiums by segment and geography ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — P&C premiums by segment and geography (€m), FY25, changes on comparable basis
|-
! style="background:#eaecf0; text-align:left" | Geography
! style="background:#eaecf0; width:5em" | Commercial total
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Personal Motor
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Personal Non-Motor
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Personal total
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Reinsurance
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Total P&C
! style="background:#eaecf0; width:4em" | Change
|-
| style="text-align:left" | France
| 5,077
| +6%
| 2,693
| +9%
| 1,877
| +10%
| 4,570
| +9%
| —
| —
| 9,648
| +7%
|-
| style="text-align:left" | Europe
| 9,179
| +1%
| 7,434
| +6%
| 4,644
| +5%
| 12,078
| +5%
| —
| —
| 21,257
| +4%
|-
| style="text-align:left" | AXA XL
| 16,604
| +3%
| —
| —
| —
| —
| —
| —
| 2,555
| +8%
| 19,159
| +4%
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| 3,193
| +13%
| 2,315
| +14%
| 749
| +12%
| 3,064
| +14%
| —
| —
| 6,257
| +13%
|-
| style="text-align:left" | Transversal
| 1,718
| -1%
| —
| —
| —
| —
| —
| —
| —
| —
| 1,718
| -1%
|-
|-
| style="background:#f5f5dc; text-align:left" | Cash at Holding
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f5f5dc" | 4,000*
| style="background:#f8f9fa" | 35,771
| style="background:#f5f5dc" | 5,600
| style="background:#f8f9fa" | +4%
| style="background:#f5f5dc" | +Euro 1.6 bn
| style="background:#f8f9fa" | 12,443
| style="background:#f5f5dc" | —
| style="background:#f8f9fa" | +8%
| style="background:#f5f5dc; text-align:left" | ↑ Organic cash remittance from subsidiaries Euro 7.5 bn (+0.4 bn vs. FY24).
| style="background:#f8f9fa" | 7,269
| style="background:#f8f9fa" | +7%
| style="background:#f8f9fa" | 19,712
| style="background:#f8f9fa" | +7%
| style="background:#f8f9fa" | 2,555
| style="background:#f8f9fa" | +8%
| style="background:#f8f9fa" | 58,038
| style="background:#f8f9fa" | +5%
|}
|}
</div>


=== P&C claims reserves discount rates ===
''* FY24 figures for narrative-sourced rows are implied from reported deltas; exact prior-year values not disclosed for all metrics.''


<div style="overflow-x: auto;">
----
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — 5-year interest rates for P&C claims reserves discounting by currency, FY24–FY25
|-
! style="background:#eaecf0; text-align:left" | Currency
! style="background:#eaecf0; width:6em" | FY24
! style="background:#eaecf0; width:6em" | FY25
|-
| style="text-align:left" | EUR
| 2.8%
| 2.6%
|-
| style="text-align:left" | USD
| 4.4%
| 4.2%
|-
| style="text-align:left" | JPY
| 0.4%
| 1.0%
|-
| style="text-align:left" | GBP
| 4.3%
| 4.3%
|-
| style="text-align:left" | CHF
| 0.8%
| 0.2%
|-
| style="text-align:left" | HKD
| 3.7%
| 3.2%
|}
</div>


FY24: monthly average Jan–Dec 2024. FY25: average of monthly opening discount rates of 2025.
=== Structured Bullet Points — Remaining Information ===


=== P&C price effects by country and business line ===
==== Capital & Solvency ====


<div style="overflow-x: auto;">
* '''Solvency II ratio bridge (FY24 → FY25):''' Operating return +28 pts; dividend & annual buyback provision −24 pts; net sub-debt issuance +6 pts; financial market impacts +4 pts; acquisitions (Nobis, Prima) & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Net movement: +9 pts to 224%.
{| class="wikitable" style="width:100%; text-align:right"
* '''Grandfathering impact:''' As of Jan 1, 2026, grandfathered capital instruments/sub-debt no longer qualify as eligible own funds → −10 pts, bringing ratio to 215%.
|+ 📈 AXA — P&C price effects by country and business line, FY25, and 2026 market pricing trends
* '''Solvency II revision (Q1 2027):''' Group estimates +17 pts uplift to the current ratio once the revised framework takes effect.
|-
! style="background:#eaecf0; text-align:left" | Country/Region
! style="background:#eaecf0; width:6em" | Commercial lines FY25
! style="background:#eaecf0; width:6em" | Personal lines FY25
! style="background:#eaecf0; width:6em" | AXA XL Re FY25
! style="background:#eaecf0; text-align:left; width:18em" | 2026 market pricing trends
|-
| style="text-align:left" | France
| +4.0%
| +3.3%
| —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | Europe
| +3.1%
| +5.4%
| —
| style="text-align:left" | —
|-
| style="text-align:left" | Switzerland
| +3.0%
| +5.0%
| —
| style="text-align:left" | Continued price increases in both Personal and Commercial lines
|-
| style="text-align:left" | Germany
| +3.1%
| +10.3%
| —
| style="text-align:left" | Moderation, notably in Personal lines following two years of high repricing
|-
| style="text-align:left" | Belgium & Luxembourg
| +2.5%
| +4.4%
| —
| style="text-align:left" | Broadly in line with 2025
|-
| style="text-align:left" | UK & Ireland
| +1.4%
| -2.6%
| —
| style="text-align:left" | UK Personal: current trend continues; Commercial: continued moderation
|-
| style="text-align:left" | Spain
| +8.8%
| +8.6%
| —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | Italy
| +5.2%
| +5.3%
| —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | AXA XL
| +0.2%
| —
| +0.3%
| style="text-align:left" | Softening prices with conditions varying by line
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| +3.8%
| +7.1%
| —
| style="text-align:left" | Moderation of price increase
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | +1.9%
| style="background:#f8f9fa" | +5.2%
| style="background:#f8f9fa" | +0.3%
| style="background:#f8f9fa; text-align:left" | —
|}
</div>


Price effect calculated as % of total GWP in prior year. AXA XL: price increase on renewals at +0.3% Insurance and +0.2% Reinsurance (as % of renewed premiums).
==== Shareholder Returns ====

=== Life & Health GWP by product line ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Life & Health GWP by segment and product line (€m), FY25, changes on comparable basis
|-
! style="background:#eaecf0; text-align:left" | Segment
! style="background:#eaecf0; width:5em" | Total FY25
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Protection
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | G/A Savings
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Unit-Linked
! style="background:#eaecf0; width:4em" | Change
! style="background:#eaecf0; width:5em" | Health
! style="background:#eaecf0; width:4em" | Change
|-
| style="text-align:left" | France
| 20,852
| +5%
| 4,650
| +6%
| 5,483
| +4%
| 5,109
| +10%
| 5,611
| +2%
|-
| style="text-align:left" | Europe
| 21,748
| +8%
| 5,090
| +4%
| 4,444
| +18%
| 3,419
| +10%
| 8,795
| +4%
|-
| style="text-align:left" | AXA XL
| 118
| -8%
| 59
| -6%
| 59
| -10%
| —
| —
| —
| —
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| 13,668
| +13%
| 7,454
| +19%
| 971
| -31%
| 761
| +63%
| 4,483
| +11%
|-
| style="text-align:left" | Transversal
| 126
| -8%
| —
| —
| —
| —
| —
| —
| 126
| -8%
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 56,512
| style="background:#f8f9fa" | +8%
| style="background:#f8f9fa" | 17,253
| style="background:#f8f9fa" | +11%
| style="background:#f8f9fa" | 10,957
| style="background:#f8f9fa" | +4%
| style="background:#f8f9fa" | 9,289
| style="background:#f8f9fa" | +13%
| style="background:#f8f9fa" | 19,014
| style="background:#f8f9fa" | +5%
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w short-term
| 17,651
| +6%
| 4,337
| +6%
| —
| —
| —
| —
| 13,314
| +6%
|}
</div>

Includes Health business written predominantly in Life entities.

=== NB CSM to NBV bridge ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — NB CSM to NBV bridge by business line (€m), FY25
|-
! style="background:#eaecf0; text-align:left" | Metric
! style="background:#eaecf0; width:6em" | Life
! style="background:#eaecf0; width:6em" | Health
! style="background:#eaecf0; width:6em" | Total
|-
| style="text-align:left" | NB CSM (pre-tax)
| 1,822
| 377
| 2,199
|-
| style="text-align:left" | Other NBV (pre-tax)
| 491
| 266
| 757
|-
| style="text-align:left" | Tax & other
| (567)
| (157)
| (724)
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | NBV
| style="background:#f8f9fa" | 1,747
| style="background:#f8f9fa" | 486
| style="background:#f8f9fa" | 2,233
|}
</div>

=== New business metrics by region ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Life new business metrics by region (€m), FY25, changes on comparable basis
|-
! style="background:#eaecf0; text-align:left" | Region
! style="background:#eaecf0; width:6em" | PVEP
! style="background:#eaecf0; width:5em" | Change
! style="background:#eaecf0; width:6em" | NBV
! style="background:#eaecf0; width:5em" | Change
! style="background:#eaecf0; width:6em" | NBV margin
! style="background:#eaecf0; width:5em" | Change
|-
| style="text-align:left" | France
| 14,971
| -4%
| 519
| 0%
| 3.5%
| +0.1 pt
|-
| style="text-align:left" | Europe
| 10,102
| +3%
| 474
| -11%
| 4.7%
| -0.7 pt
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| 12,029
| +7%
| 754
| +5%
| 6.3%
| -0.1 pt
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 37,103
| style="background:#f8f9fa" | +1%
| style="background:#f8f9fa" | 1,747
| style="background:#f8f9fa" | -1%
| style="background:#f8f9fa" | 4.7%
| style="background:#f8f9fa" | -0.1 pt
|}
</div>

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Health new business metrics by region (€m), FY25, changes on comparable basis
|-
! style="background:#eaecf0; text-align:left" | Region
! style="background:#eaecf0; width:6em" | PVEP
! style="background:#eaecf0; width:5em" | Change
! style="background:#eaecf0; width:6em" | NBV
! style="background:#eaecf0; width:5em" | Change
! style="background:#eaecf0; width:6em" | NBV margin
! style="background:#eaecf0; width:5em" | Change
|-
| style="text-align:left" | France
| 7,887
| -20%
| 177
| +13%
| 2.2%
| +0.7 pt
|-
| style="text-align:left" | Europe
| 2,549
| +16%
| 104
| +36%
| 4.1%
| +0.6 pt
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| 1,817
| -6%
| 205
| -12%
| 11.3%
| -0.8 pt
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 12,254
| style="background:#f8f9fa" | -12%
| style="background:#f8f9fa" | 486
| style="background:#f8f9fa" | +4%
| style="background:#f8f9fa" | 4.0%
| style="background:#f8f9fa" | +0.6 pt
|}
</div>

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Total new business metrics by region (€m), FY25, changes on comparable basis
|-
! style="background:#eaecf0; text-align:left" | Region
! style="background:#eaecf0; width:6em" | PVEP
! style="background:#eaecf0; width:5em" | Change
! style="background:#eaecf0; width:6em" | NBV
! style="background:#eaecf0; width:5em" | Change
! style="background:#eaecf0; width:6em" | NBV margin
! style="background:#eaecf0; width:5em" | Change
|-
| style="text-align:left" | France
| 22,858
| -10%
| 695
| +3%
| 3.0%
| +0.4 pts
|-
| style="text-align:left" | Europe
| 12,651
| +5%
| 578
| -5%
| 4.6%
| -0.5 pts
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| 13,847
| +5%
| 959
| +1%
| 6.9%
| -0.3 pts
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 49,357
| style="background:#f8f9fa" | -2%
| style="background:#f8f9fa" | 2,233
| style="background:#f8f9fa" | 0%
| style="background:#f8f9fa" | 4.5%
| style="background:#f8f9fa" | +0.1 pt
|}
</div>

=== Net flows by business line ===

<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Life & Health net flows by business line (€bn), FY24–FY25
|-
! style="background:#eaecf0; text-align:left" | Business line
! style="background:#eaecf0; width:6em" | FY24
! style="background:#eaecf0; width:6em" | FY25
|-
| style="text-align:left" | Health
| +2.7
| +2.7
|-
| style="text-align:left" | Protection
| +3.2
| +4.9
|-
| style="text-align:left" | G/A Savings
| -3.6
| -3.7
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w capital light
| +2.2
| +1.2
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w traditional G/A
| -5.8
| -5.0
|-
| style="text-align:left" | Unit-Linked
| -0.8
| +1.5
|-
| style="text-align:left" | Mutual funds & other
| 0.0
| 0.0
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total L&H net flows
| style="background:#f8f9fa" | +1.5
| style="background:#f8f9fa" | +5.4
|}
</div>


Capital-light G/A: products with no guarantees, guarantees at maturity only, or guarantees ≤0%. Including investment contracts with no DPF.
* '''Dividend:''' Euro 2.32/share proposed (+8% vs. FY24). AGM vote on April 30, 2026; ex-date May 11, 2026; payment May 13, 2026.
* '''Annual share buyback:''' Up to Euro 1.25 bn approved by the Board on Feb 25, 2026. All repurchased shares to be cancelled. Expected to commence as soon as practicable and complete by year-end 2026.
* '''AXA IM-related buyback:''' Euro 3.8 bn anti-dilutive buyback completed (Jul 2, 2025 – Jan 20, 2026).
* '''Capital management policy:''' Total payout ratio target of 75% (60% dividend payout + 15% annual buybacks). DPS floor: at least equal to prior year.


=== Main transactions in 2025 ===
==== Forward-looking Items ====


* Feb 28: Share repurchase agreement for annual buyback of up to €1.2bn
* '''2026 EPS guidance:''' Underlying EPS growth expected at the upper end of the 6–8% CAGR target range for both the plan period (2023–2026E) and for 2026 specifically.
* Apr 1: Completion of Nobis Group acquisition in Italy
* '''Plan targets ("Unlock the Future" 2024–2026):''' (i) EPS CAGR 6–8% (upper end expected), (ii) underlying RoE 14–16%, (iii) cumulative organic cash upstream >Euro 21 bn.
* May 28: Placement of €1bn RT1 Notes and €1bn Tier 2 Notes
* '''P&C outlook:''' Favorable pricing in Retail and SME/Mid-market with continued earn-through benefits. AXA XL: pricing varies by line; disciplined cycle management and capital allocation. Nat-cat load guidance: ca. 4.5 pts of combined ratio for 2026.
* Jun 2: Share repurchase agreement for Shareplan and stock-based compensation
* '''L&H outlook:''' Short-term earnings growth from disciplined pricing and claims management. Long-term business rejuvenation and improved persistency expected to drive positive net flows and CSM growth.
* Jul 1: Completion of AXA IM sale to BNP Paribas
* '''Holdings:''' 2026 results expected at a similar level to 2025.
* Jul 1: Execution of up to €3.8bn share repurchase agreement following AXA IM sale
* '''New strategic plan:''' AXA to present its 2027–2029 plan on September 21, 2026.
* Aug 1: Announced acquisition of Prima (leading direct insurer in Italy)
* Sep 10 / Dec 3: Launch and completion of Shareplan 2025 employee share offering
* Oct 14: Placement of €750m RT1 Notes and €750m Tier 2 Notes
* Nov 28: Completion of majority stake acquisition in Prima (Italy)


==== Notable Events ====
=== Next main investor events ===


* April 30, 2026: Annual General Meeting
* '''Disposal of AXA IM:''' Completed July 1, 2025. Generated a significant one-off gain recognized in net income. Led to temporary EPS dilution of −1% due to timing lag between disposal and completion of anti-dilutive buyback.
* May 5, 2026: Q1 2026 Activity Indicators
* '''Acquisitions:''' Nobis and Prima acquired during the period; net impact on Solvency II ratio was −5 pts (combined with AXA IM disposal effects).
* July 31, 2026: H1 2026 Earnings Release
* '''AI & automation:''' Management highlighted that investments in automation and AI are delivering efficiency gains, contributing to lower expense ratios.
* September 21, 2026: AXA Investor Day (new 2027–2029 strategic plan)

Latest revision as of 14:01, 21 March 2026

AXA — Full year 2025 earnings summary

Paris, February 26, 2026

Key highlights

  • Gross written premiums & other revenues at €116bn, up +6% on a comparable basis
  • Underlying earnings at €8.4bn, up +6% (+9% excluding AXA IM disposal)
  • Underlying EPS at €3.86, up +8%, including -2% FX headwind and -1% temporary dilution from AXA IM sale timing
  • Solvency II ratio at 224% (Dec 31, 2025), up +9pts; 215% on Jan 1, 2026 after grandfathering period ends
  • Dividend of €2.32/share proposed (+8%), subject to AGM approval on April 30, 2026
  • Annual share buyback of up to €1.25bn launched; €3.8bn AXA IM-related buyback completed (Jul 2, 2025 – Jan 20, 2026)
  • 2026 outlook: underlying EPS growth expected at upper end of 6–8% plan target range
  • AXA to present new 2027–2029 strategic plan on September 21, 2026

CEO Thomas Buberl: AXA delivered +9% earnings growth in core businesses excl. AXA IM; P&C posted stellar results with best-in-class margins; L&H earnings up +7% with Health +17%; investments in automation and AI driving efficiency gains.

Activity indicators and earnings

📈 AXA — Group key performance indicators, FY24–FY25
Metric Unit FY24 FY25 Change (comparable) Comments
GWP & other revenues €bn 110.3 115.5 +6%
  • +5% on reported basis
  • ↑ P&C (+5%): Commercial +4% (volume + price), Personal +7% (price + net new contracts), XL Re +8% (alt. capital growth)
  • ↑ L&H (+8%): Life +9% (Protection +11%, Unit-Linked +13%, G/A +4%), Health +5% (price effects across geographies)
   o/w Property & Casualty €bn 56.5 58.0 +5%
  • +3% on reported basis
  • Overall price effect +2.9%
   o/w Life & Health €bn 52.0 56.5 +8%
  • +9% on reported basis
  • Protection strong in HK, CH, JP; Unit-Linked volumes up across all geographies
   o/w Asset Management €bn 1.7 0.9 n.m.
  • AXA IM disposed to BNP Paribas on Jul 1, 2025; only H1 contribution included
Underlying earnings €bn 8.1 8.4 +6%
  • +4% on reported basis; +9% excl. AXA IM
  • ↑ P&C (+9%): volume growth, underwriting margin expansion, higher investment income
  • ↑ L&H (+7%): better short-term technical results in Health & Protection, higher long-term earnings from business rejuvenation strategy
  • Holdings stable at €-1.2bn
  • Asset Mgmt down €0.2bn due to AXA IM disposal
Underlying EPS €/share 3.57 3.86 +8%
  • ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
  • ↑ Share buyback accretion (+3%): annual program + AXA IM anti-dilutive buyback
  • ↓ FX headwinds (-2%), notably USD depreciation vs EUR
  • ↓ Temporary AXA IM disposal dilution (-1%) due to buyback timing
Net income €bn 7.9 9.8 +26%
  • +24% on reported basis
  • ↑ Higher underlying earnings + significantly positive exceptional items, notably gain from AXA IM sale
Solvency II ratio % 216% 224% +9 pts (reported)
  • ↑ Strong operating return (+28 pts) net of dividend + annual buyback provision (-24 pts)
  • ↑ Net subordinated debt issuance (+6 pts)
  • ↑ Favorable financial markets (+4 pts)
  • ↓ Net impact of Nobis/Prima acquisitions and AXA IM disposal incl. €3.8bn buyback (-5 pts)
  • Post-grandfathering: 215% on Jan 1, 2026 (-10 pts from non-qualifying grandfathered debt)
  • Solvency II revision (expected Q1 2027) estimated at +17 pts
Shareholders' equity €bn 50.0 47.2 -€2.8bn (reported)
  • ↑ Net income (+€9.8bn) + net OCI (+€1.3bn)
  • ↓ FY24 dividend paid (-€4.6bn)
  • ↓ Share buybacks in 2025 (-€4.7bn), incl. €3.5bn AXA IM-related buyback
  • ↓ Unfavorable FX (-€3.5bn), notably USD depreciation
CSM (incl. P&C) €bn 33.9 33.3 -€0.6bn (reported)
  • +2% normalized growth: NB contribution (+€2.2bn) + underlying return on in-force (+€1.3bn) offset CSM release (-€3.0bn)
  • ↑ Favorable markets (+€0.6bn): tightening govt spreads + positive equity performance
  • ↓ FX (-€1.5bn): JPY and HKD depreciation
  • ↓ Negative operating variance (-€0.3bn): better margins/net flows offset by shorter Group Life duration in CH
Underlying ROE % 15.2% 16.0% +0.8 pt (reported)
  • ↑ Higher underlying earnings + lower shareholders' equity base
Debt gearing % 20.6% 22.3% +1.7 pts (reported)
  • ↑ Lower shareholders' equity and CSM
  • ↑ RT1 + Tier 2 issuance (€3.5bn), partly offset by redemption of grandfathered T1 debt (-€1.9bn)
  • Within 19–23% plan guidance for 2024–2026
Cash at holding €bn 4.0 5.6 +€1.6bn (reported)
  • Organic cash remittance from subsidiaries: €7.5bn, up €0.4bn vs FY24

Shareholder returns

  • Dividend of €2.32/share proposed; ex-dividend date May 11, 2026; payment date May 13, 2026
  • Annual share buyback of up to €1.25bn approved by Board on Feb 25, 2026; expected to commence as soon as reasonably practicable and complete by year-end; all repurchased shares to be cancelled
  • AXA IM-related buyback of €3.8bn completed Jan 20, 2026; resulted in temporary -1% EPS dilution as of Dec 31, 2025
  • Capital management policy: 75% total payout ratio (60% dividend + 15% annual buyback); dividend per share in a given year expected to be at least equal to prior year

Forward-looking items

  • 2026 underlying EPS growth expected at upper end of 6–8% CAGR target range (both for 2023–2026E plan period and for 2026 standalone)
  • Underlying ROE target: 14–16% for 2024–2026E
  • Cumulative organic cash upstream target: in excess of €21bn for 2024–2026E
  • Normalized nat cat load guidance: ca. 4.5 pts of combined ratio for 2026
  • Solvency II revision expected Q1 2027, estimated +17 pts impact on current ratio
  • New 2027–2029 strategic plan to be presented at Investor Day on September 21, 2026
  • P&C outlook: favorable retail/SME pricing with earn-through benefits; AXA XL pricing varies by line with disciplined cycle management
  • L&H outlook: short-term earnings from disciplined pricing/claims management; long-term driven by rejuvenated sales and improved persistency, expected to drive CSM growth over time
  • Holdings 2026 expected at similar level to 2025

Property & Casualty

📈 AXA — Property & Casualty key metrics, FY24–FY25
Metric Unit FY24 FY25 Change (comparable) Comments
GWP & other revenues €bn 56.5 58.0 +5%
  • Overall price effect: +2.9%
   o/w Commercial lines €bn 34.9 35.8 +4%
  • Price effect: +1.9%
  • ↑ AXA XL Insurance (+3%): growth in Property and Casualty (price + volume), partly offset by lower Financial lines
  • ↑ Asia, Africa & EME-LATAM (+13%): Türkiye higher avg premiums, Mexico volume + price
  • ↑ France (+6%): price effects all lines + higher volumes
   o/w Personal lines €bn 19.1 19.7 +7%
  • Price effect: +5.2%
  • ↑ Europe (+5%): favorable prices across geographies except UK&I Motor (softened after strong 2024 repricing)
  • ↑ Asia, Africa & EME-LATAM (+14%): Türkiye higher avg premiums + volumes
  • ↑ France (+9%): strong volume growth all lines (direct + agent networks) + Motor price effects
   o/w AXA XL Reinsurance €bn 2.5 2.6 +8%
  • Price effect: +0.3%
  • ↑ Growth supported by alternative capital + favorable Casualty pricing
  • ↓ Partly offset by softening in other lines
All-year combined ratio % 91.0% 90.6% -0.3 pt
  • ↓ Current-year loss ratio excl. nat cat (-0.3 pt): Commercial -0.5 pt (SME/mid-market -0.9 pt; XL Insurance stable at +0.1 pt), Personal -0.4 pt
  • ↓ Expense ratio (-0.3 pt): lower non-commission expenses from efficiency gains
  • ↓ Nat cat charges (-0.4 pt to 3.4%)
  • ↑ Lower prior-year reserve development (+0.7 pt to -1.1%), partly offsetting improvements
Underlying earnings €m 5,510 5,872 +9%
  • ↑ Technical result (+€0.5bn): strong volume growth + improved technical margin
  • ↑ Financial result (+€0.2bn): higher volumes and reinvestment yields on fixed income, more than offsetting higher discount unwind on claims reserves
  • ↓ Higher income taxes (-€0.2bn) from higher pre-tax earnings

Life & Health

📈 AXA — Life & Health key metrics, FY24–FY25
Metric Unit FY24 FY25 Change (comparable) Comments
GWP & other revenues €bn 52.0 56.5 +8%
   o/w Life €bn 34.5 37.5 +9%
  • ↑ Unit-Linked (+13%): successful sales initiatives across all geographies
  • ↑ Protection (+11%): HK commercial campaign (Protection with G/A), continued strong JP and CH sales (Protection with UL)
  • ↑ G/A (+4%): continued momentum in FR (+4%) and capital-light product in IT; partly offset by non-repeat of JP single premium whole-life and lower HK sales
   o/w Health €bn 17.5 19.0 +5%
  • ↑ Favorable price effects in both Group and Individual businesses across most geographies
  • ↓ Partly offset by lower volumes
PVEP €bn 50.9 49.4 -2%
  • Life (+1%): higher volumes in HK, FR, CH; partly offset by higher interest rates on discounting
  • Health (-12%): higher interest rate discounting impact + lower volumes in FR from underwriting/pruning actions
NB CSM €bn 2.1 2.2 +3%
  • ↑ Strong Savings and Protection sales
  • ↓ Partly offset by higher interest rate discounting of future profits
NBV (post-tax) €bn 2.3 2.2 0%
  • NB CSM growth offset by lower contribution from short-term multinational business in FR
NBV margin (post-tax) % 4.4% 4.5% +0.1 pt
Net flows €bn +1.5 +5.4 n.a.
  • ↑ Protection (+€4.9bn): mainly HK, JP, FR
  • ↑ Health (+€2.7bn): mainly DE, JP, FR
  • ↑ Unit-Linked (+€1.5bn): primarily FR
  • ↓ G/A Savings (-€3.7bn): capital-light inflows (+€1.2bn) more than offset by traditional G/A outflows (-€5.0bn)
Underlying earnings €m 3,323 3,501 +7%
  • ↑ Long-term technical result (+€0.2bn): higher CSM release from reserve growth + better margins
  • ↑ Short-term technical result (+€0.1bn): pricing, underwriting and claims management actions; more than offset adverse VAT change in Mexico (-€0.1bn)
  • ↑ Lower income taxes (+€0.1bn): favorable tax effects in DE, FR, MX
  • ↓ Lower affiliate contribution (notably ICBC-AXA) + higher minority interest from improved AXA MPS results
   o/w Life €m 2,636 2,715 +4%
  • Early benefits from business rejuvenation strategy
   o/w Health €m 687 787 +17%
  • Strong growth even after absorbing adverse Mexico VAT change

Holdings

  • Holdings underlying earnings broadly stable at €-1.2bn (including banking activities)

Ratings

📈 AXA — Credit ratings, as of October 2025
Agency Date of last review AXA SA Principal insurance subsidiaries Outlook Senior debt Short-term debt
S&P Global Ratings October 3, 2025 A+ AA- Positive A+ A-1+
Moody's Investor Service October 8, 2025 Aa2 Aa2 Stable Aa3 P-1
AM Best October 9, 2025 A+ Superior — Stable aa Superior —

Exchange rates

📈 AXA — Exchange rates for 1 euro, FY24–FY25
Currency End of period FY24 End of period FY25 Average FY24 Average FY25
USD 1.04 1.17 1.08 1.13
CHF 0.94 0.93 0.95 0.94
GBP 0.83 0.87 0.85 0.86
JPY 163 184 164 169
HKD 8.04 9.14 8.44 8.82

Appendices

GWP and other revenues by segment

📈 AXA — GWP and other revenues by segment and business line (€m), FY24–FY25
Segment FY24 FY25 Change (reported) Change (comparable) P&C FY25 P&C change (comparable) L&H FY25 L&H change (comparable) Asset Mgmt FY25 Asset Mgmt change (comparable)
France 28,996 30,598 +6% +6% 9,648 +7% 20,852 +5% — —
Europe 39,298 43,005 +9% +6% 21,257 +4% 21,748 +8% — —
AXA XL 19,383 19,277 -1% +4% 19,159 +4% 118 -8% — —
Asia, Africa & EME-LATAM 19,083 19,925 +4% +13% 6,257 +13% 13,668 +13% — —
Transversal 1,856 1,844 -1% -1% 1,718 -1% 126 -8% — —
AXA Investment Managers 1,701 875 -49% +4% — — — — 875 +4%
Total 110,316 115,524 +5% +6% 58,038 +5% 56,512 +8% 875 +4%

Includes banking revenues of €99m in FY25 and €118m in FY24.

Underlying earnings by geography

📈 AXA — Underlying earnings by geography and business line (€m), FY24–FY25
Geography FY24 FY25 Change at CER P&C FY25 P&C change at CER L&H FY25 L&H change at CER Asset Mgmt FY25 Asset Mgmt change at CER
France 2,071 2,224 +7% 1,237 +7% 1,039 +8% — —
Europe 3,187 3,486 +9% 2,216 +9% 1,264 +14% — —
AXA XL 1,820 1,893 +9% 1,913 +9% 12 -49% — —
Asia, Africa & EME-LATAM 1,504 1,493 +6% 355 +24% 1,165 0% — —
Transversal (907) (903) 0% 151 -4% 22 +16% — —
AXA Investment Managers 402 175 -57% — — — — 175 -57%
Total 8,078 8,368 +6% 5,872 +9% 3,501 +7% 175 -57%

Includes underlying earnings of Holdings and Banking. Changes at constant exchange rates.

P&C premiums by segment and geography

📈 AXA — P&C premiums by segment and geography (€m), FY25, changes on comparable basis
Geography Commercial total Change Personal Motor Change Personal Non-Motor Change Personal total Change Reinsurance Change Total P&C Change
France 5,077 +6% 2,693 +9% 1,877 +10% 4,570 +9% — — 9,648 +7%
Europe 9,179 +1% 7,434 +6% 4,644 +5% 12,078 +5% — — 21,257 +4%
AXA XL 16,604 +3% — — — — — — 2,555 +8% 19,159 +4%
Asia, Africa & EME-LATAM 3,193 +13% 2,315 +14% 749 +12% 3,064 +14% — — 6,257 +13%
Transversal 1,718 -1% — — — — — — — — 1,718 -1%
Total 35,771 +4% 12,443 +8% 7,269 +7% 19,712 +7% 2,555 +8% 58,038 +5%

P&C claims reserves discount rates

📈 AXA — 5-year interest rates for P&C claims reserves discounting by currency, FY24–FY25
Currency FY24 FY25
EUR 2.8% 2.6%
USD 4.4% 4.2%
JPY 0.4% 1.0%
GBP 4.3% 4.3%
CHF 0.8% 0.2%
HKD 3.7% 3.2%

FY24: monthly average Jan–Dec 2024. FY25: average of monthly opening discount rates of 2025.

P&C price effects by country and business line

📈 AXA — P&C price effects by country and business line, FY25, and 2026 market pricing trends
Country/Region Commercial lines FY25 Personal lines FY25 AXA XL Re FY25 2026 market pricing trends
France +4.0% +3.3% — Moderation of price increase
Europe +3.1% +5.4% — —
Switzerland +3.0% +5.0% — Continued price increases in both Personal and Commercial lines
Germany +3.1% +10.3% — Moderation, notably in Personal lines following two years of high repricing
Belgium & Luxembourg +2.5% +4.4% — Broadly in line with 2025
UK & Ireland +1.4% -2.6% — UK Personal: current trend continues; Commercial: continued moderation
Spain +8.8% +8.6% — Moderation of price increase
Italy +5.2% +5.3% — Moderation of price increase
AXA XL +0.2% — +0.3% Softening prices with conditions varying by line
Asia, Africa & EME-LATAM +3.8% +7.1% — Moderation of price increase
Total +1.9% +5.2% +0.3% —

Price effect calculated as % of total GWP in prior year. AXA XL: price increase on renewals at +0.3% Insurance and +0.2% Reinsurance (as % of renewed premiums).

Life & Health GWP by product line

📈 AXA — Life & Health GWP by segment and product line (€m), FY25, changes on comparable basis
Segment Total FY25 Change Protection Change G/A Savings Change Unit-Linked Change Health Change
France 20,852 +5% 4,650 +6% 5,483 +4% 5,109 +10% 5,611 +2%
Europe 21,748 +8% 5,090 +4% 4,444 +18% 3,419 +10% 8,795 +4%
AXA XL 118 -8% 59 -6% 59 -10% — — — —
Asia, Africa & EME-LATAM 13,668 +13% 7,454 +19% 971 -31% 761 +63% 4,483 +11%
Transversal 126 -8% — — — — — — 126 -8%
Total 56,512 +8% 17,253 +11% 10,957 +4% 9,289 +13% 19,014 +5%
   o/w short-term 17,651 +6% 4,337 +6% — — — — 13,314 +6%

Includes Health business written predominantly in Life entities.

NB CSM to NBV bridge

📈 AXA — NB CSM to NBV bridge by business line (€m), FY25
Metric Life Health Total
NB CSM (pre-tax) 1,822 377 2,199
Other NBV (pre-tax) 491 266 757
Tax & other (567) (157) (724)
NBV 1,747 486 2,233

New business metrics by region

📈 AXA — Life new business metrics by region (€m), FY25, changes on comparable basis
Region PVEP Change NBV Change NBV margin Change
France 14,971 -4% 519 0% 3.5% +0.1 pt
Europe 10,102 +3% 474 -11% 4.7% -0.7 pt
Asia, Africa & EME-LATAM 12,029 +7% 754 +5% 6.3% -0.1 pt
Total 37,103 +1% 1,747 -1% 4.7% -0.1 pt
📈 AXA — Health new business metrics by region (€m), FY25, changes on comparable basis
Region PVEP Change NBV Change NBV margin Change
France 7,887 -20% 177 +13% 2.2% +0.7 pt
Europe 2,549 +16% 104 +36% 4.1% +0.6 pt
Asia, Africa & EME-LATAM 1,817 -6% 205 -12% 11.3% -0.8 pt
Total 12,254 -12% 486 +4% 4.0% +0.6 pt
📈 AXA — Total new business metrics by region (€m), FY25, changes on comparable basis
Region PVEP Change NBV Change NBV margin Change
France 22,858 -10% 695 +3% 3.0% +0.4 pts
Europe 12,651 +5% 578 -5% 4.6% -0.5 pts
Asia, Africa & EME-LATAM 13,847 +5% 959 +1% 6.9% -0.3 pts
Total 49,357 -2% 2,233 0% 4.5% +0.1 pt

Net flows by business line

📈 AXA — Life & Health net flows by business line (€bn), FY24–FY25
Business line FY24 FY25
Health +2.7 +2.7
Protection +3.2 +4.9
G/A Savings -3.6 -3.7
   o/w capital light +2.2 +1.2
   o/w traditional G/A -5.8 -5.0
Unit-Linked -0.8 +1.5
Mutual funds & other 0.0 0.0
Total L&H net flows +1.5 +5.4

Capital-light G/A: products with no guarantees, guarantees at maturity only, or guarantees ≤0%. Including investment contracts with no DPF.

Main transactions in 2025

  • Feb 28: Share repurchase agreement for annual buyback of up to €1.2bn
  • Apr 1: Completion of Nobis Group acquisition in Italy
  • May 28: Placement of €1bn RT1 Notes and €1bn Tier 2 Notes
  • Jun 2: Share repurchase agreement for Shareplan and stock-based compensation
  • Jul 1: Completion of AXA IM sale to BNP Paribas
  • Jul 1: Execution of up to €3.8bn share repurchase agreement following AXA IM sale
  • Aug 1: Announced acquisition of Prima (leading direct insurer in Italy)
  • Sep 10 / Dec 3: Launch and completion of Shareplan 2025 employee share offering
  • Oct 14: Placement of €750m RT1 Notes and €750m Tier 2 Notes
  • Nov 28: Completion of majority stake acquisition in Prima (Italy)

Next main investor events

  • April 30, 2026: Annual General Meeting
  • May 5, 2026: Q1 2026 Activity Indicators
  • July 31, 2026: H1 2026 Earnings Release
  • September 21, 2026: AXA Investor Day (new 2027–2029 strategic plan)
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