Insurer Brain

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

Browse history interactively
← Older edit
Content deleted Content added
VisualWikitext
No edit summary
No edit summary
 
Line 1:
== 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 ===
 
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA FY25— Group key financial metrics (€mperformance unlessindicators, noted)FY24–FY25
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 10 ⟶ 30:
|-
| style="text-align:left" | GWP & other revenues
| €m€bn
| 110,316.3
| 115,524.5
| +6%
| style="text-align:left" |
* +5% on reported basis
* ↑ P&C (+5%): Commercial lines (+4% (volume + price):, higherPersonal volumes+7% (notablyprice AXA+ XLnet Insurancenew contracts), +XL favorableRe pricing+8% across(alt. allcapital geographiesgrowth)
* ↑ L&H (+8%): Life +9% (Protection +11%, Unit-Linked +13%, G/A +4%), Health +5% (price effects across geographies)
* ↑ P&C Personal lines (+7%): favorable pricing + strong net new contracts in France, Europe, Asia & EME-LATAM
* ↑ AXA XL Reinsurance (+8%): growth supported by alternative capital
* ↑ Life (+9%): Protection +11% (HK, CH, JP), Unit-Linked +13% (all geographies), G/A +4% (Italy, France)
* ↑ Health (+5%): price effects across all geographies
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Property & Casualty
| €m€bn
| 56,514.5
| 58,038.0
| +5%
| style="text-align:left" |
* +3% on reported basis
* Overall price effect +2.9%
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Life & Health
| €m€bn
| 51,98352.0
| 56,512.5
| +8%
| style="text-align:left" |
* +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
| €m€bn
| 1,701.7
| 8750.9
| n.m.
| style="text-align:left" |
* ↓AXA DisposalIM ofdisposed AXAto IMBNP Paribas completedon JulyJul 1, 2025; only H1 contribution included
|-
| style="text-align:left" | Underlying earnings
| €m€bn
| 8,078.1
| 8,368.4
| +6%
| style="text-align:left" |
* +4% on reported basis; +9% excludingexcl. AXA IM
* ↑ P&C (+9%): highervolume volumesgrowth, underwriting margin expansion, higher investment income
* ↑ Life L& HealthH (+7%): improvedbetter short-term technical results in Health & Protection;, higher long-term earnings from strategy to rejuvenate the business; Healthrejuvenation +17% after absorbing adverse Mexico VAT changestrategy
* ↔ Holdings broadly stable at €-1.2bn
* ↓ Asset Management:Mgmt down €0.2bn decreasedue fromto AXA IM disposal
|-
| style="text-align:left" | Underlying EPS
Line 64 ⟶ 83:
| +8%
| style="text-align:left" |
* Change shown on reported basis (no separate comparable basis disclosed)
* ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
* ↑ Share buyback accretion (+3 pts%): annual program + AXA IM anti-dilutive buyback
* ↓ FX headwindheadwinds (-2 pts%):, mainlynotably USD depreciation vs EUR
* ↓ Temporary AXA IM disposal dilution (-1 pt%) fromdue timingto ofbuyback AXA IM-related buybacktiming
|-
| style="text-align:left" | Net income
| €m€bn
| 7,886.9
| 9,797.8
| +26%
| style="text-align:left" |
* +24% on reported basis
* ↑ Higher underlying earnings + significantly positive exceptional items, includes one-offnotably gain from AXA IM disposalsale
|-
| 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)
* Change shown on reported basis (no comparable basis applicable)
* ↑ 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-periodgrandfathering: ratio falls to 215% on Jan 1, 2026, after(-10 grandfatheredpts debtfrom denon-recognitionqualifying (-10grandfathered ptsdebt)
* Solvency II revision (expected Q1 2027) estimated at +17 pts
|-
| style="text-align:left" | Shareholders' equity
Line 96 ⟶ 114:
| 50.0
| 47.2
| -€2.8bn (reported)
| style="text-align:left" |
* Change shown as absolute movement (no comparable basis disclosed)
* ↑ Net income (+€9.8bn) + net OCI (+€1.3bn)
* ↓ FY24 dividend paid (-€4.6bn)
* ↓ Share buybacks in 2025 (-€4.7bn), incl. €3.5bn AXA IM anti-dilutiverelated buyback
* ↓ Unfavorable FX (-€3.5bn), mainlynotably 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)
* Change shown as absolute movement; normalized growth +2%
* ↑ Favorable markets (+€0.6bn): tightening govt spreads + positive equity performance
* ↑ New business contribution (+€2.2bn) + underlying return on in-force (+€1.3bn)
* ↓ CSM release (-€3.0bn)
* ↑ Market conditions (+€0.6bn): tighter government spreads, positive equity markets
* ↓ FX (-€1.5bn): JPY and HKD depreciation
* ↓ OperatingNegative operating variance (-€0.3bn): better margins/net flows offset by shorter Group Life duration in SwitzerlandCH
|-
| style="text-align:left" | Underlying RoEROE
| %
| 15.2%
| 16.0%
| +0.8 ptspt (reported)
| style="text-align:left" |
* ↑ Higher underlying earnings + lower shareholders' equity base
Line 127 ⟶ 142:
| style="text-align:left" | Debt gearing
| %
| 20.6%
| 22.3%
| +1.7 pts (reported)
| style="text-align:left" |
* ↑ Lower shareholders' equity and CSM
* ↑ RT1 and+ Tier 2 subordinated debt issuance (€3.5bn), partly offset by redemption of grandfathered Tier 1T1 debt (-€1.9bn)
* Within 19–23% plan guidance offor 19-23%2024–2026
|-
| style="text-align:left" | Cash at Holdingholding
| €bn
| 4.0
| 5.6
| +€1.6bn (reported)
| style="text-align:left" |
* ↑ Organic cash remittance from subsidiaries of: €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" | Dividend per shareMetric
! style="background:#eaecf0; width:6em" | Unit
| €/share
! style="background:#eaecf0; width:6em" | FY24
| 2.15
! style="background:#eaecf0; width:6em" | FY25
| 2.32
! 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%
* Subject to approval at AGM on April 30, 2026
* ↑ Growth supported by alternative capital + favorable Casualty pricing
* ↓ Partly offset by softening in other lines
|-
| style="text-align:left" | AnnualAll-year sharecombined buybackratio
| %
| 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
| —
| 1.25Stable
| aa Superior
| —
| style="text-align:left" |
* Approved Feb 25, 2026; expected completion by year-end
* All repurchased shares to be cancelled
|}
</div>
 
=== Exchange rates ===
'''Shareholder returns'''
* Dividend ex-date May 11, 2026; payment date May 13, 2026.
* AXA IM-related anti-dilutive buyback of €3.8bn completed between July 2, 2025, and January 20, 2026.
* Capital management policy targets 75% total payout (60% dividend + 15% annual buyback); dividend per share in any year expected to be at least equal to the prior year.
 
<div style="overflow-x: auto;">
'''Forward-looking items'''
{| class="wikitable" style="width:100%; text-align:right"
* FY26 underlying EPS growth expected at the upper end of the 6-8% plan target range.
|+ 📈 AXA — Exchange rates for 1 euro, FY24–FY25
* Solvency II revision (effective Q1 2027) estimated to add +17 pts to the current ratio.
|-
* 2024-2026 plan targets: (i) underlying EPS CAGR at upper end of 6-8%, (ii) underlying RoE between 14% and 16%, (iii) cumulative organic cash upstream in excess of €21bn.
! style="background:#eaecf0; text-align:left" | Currency
* Normalized natural catastrophe load guidance remains at ca. 4.5 pts of combined ratio for 2026.
! style="background:#eaecf0; width:6em" | End of period FY24
* P&C pricing remains favorable; AXA XL to maintain disciplined cycle management. Life & Health earnings growth driven by disciplined pricing, claims management, and rejuvenation of long-term business driving CSM growth over time. Holdings expected at a similar level to 2025.
! style="background:#eaecf0; width:6em" | End of period FY25
* New strategic plan for 2027-2029 to be presented on September 21, 2026.
! style="background:#eaecf0; width:6em" | Average FY24
* Investments in automation and AI cited as driving efficiency gains.
! 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
| 875
| -49%
| +4%
| —
| —
| —
| —
| 875
| +4%
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 110,316
| style="background:#f8f9fa" | 115,524
| style="background:#f8f9fa" | +5%
| style="background:#f8f9fa" | +6%
| style="background:#f8f9fa" | 58,038
| 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="background:#eaecf0; text-align:left" | Geography
! style="background:#eaecf0; width:5em" | FY24
! style="background:#eaecf0; width:5em" | FY25
! style="background:#eaecf0; width:5em" | Change at CER
! style="background:#eaecf0; width:5em" | P&C FY25
! style="background:#eaecf0; width:5em" | P&C change at CER
! 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" | France
| 2,071
| 2,224
| +7%
| 1,237
| +7%
| 1,039
| +8%
| —
| —
|-
| style="text-align:left" | Europe
| 3,187
| 3,486
| +9%
| 2,216
| +9%
| 1,264
| +14%
| —
| —
|-
| style="text-align:left" | AXA XL
| 1,820
| 1,893
| +9%
| 1,913
| +9%
| 12
| -49%
| —
| —
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| 1,504
| 1,493
| +6%
| 355
| +24%
| 1,165
| 0%
| —
| —
|-
| style="text-align:left" | Transversal
| (907)
| (903)
| 0%
| 151
| -4%
| 22
| +16%
| —
| —
|-
| style="text-align:left" | AXA Investment Managers
| 402
| 175
| -57%
| —
| —
| —
| —
| 175
| -57%
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 8,078
| style="background:#f8f9fa" | 8,368
| style="background:#f8f9fa" | +6%
| style="background:#f8f9fa" | 5,872
| style="background:#f8f9fa" | +9%
| 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:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" | Total
| style="background:#f8f9fa" | 35,771
| style="background:#f8f9fa" | +4%
| style="background:#f8f9fa" | 12,443
| style="background:#f8f9fa" | +8%
| 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 ===
 
<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.
 
=== P&C price effects by country and business line ===
 
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — P&C price effects by country and business line, FY25, and 2026 market pricing trends
|-
! 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).
 
=== 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.
 
=== 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
'''Notable events'''
* May 5, 2026: Q1 2026 Activity Indicators
* AXA IM disposal completed July 1, 2025, generating a significant one-off gain booked in net income. The sale triggered a €3.8bn anti-dilutive share buyback and a temporary -1 pt dilution to underlying EPS due to buyback timing.
* July 31, 2026: H1 2026 Earnings Release
* Acquisitions of Nobis and Prima completed during FY25 (-5 pts Solvency II impact combined with AXA IM disposal effects).
* September 21, 2026: AXA Investor Day (new 2027–2029 strategic plan)
* Adverse VAT treatment change in Mexico absorbed within Health earnings growth of +17%.
Retrieved from "https://www.insurerbrain.com/wiki/Web:AXA/FY25/Earnings_press_release/summary"