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Created page with "== AXA Group — Activity report summary == === December 31, 2025 === === Operating highlights === ==== Governance ==== * Board of Directors proposed the renewal of Thomas Buberl's mandate as director (4-year term) at the 2026 AGM, with intention to reappoint him as CEO. * April 24, 2025 AGM approved renewal of Guillaume Faury and Ramon Fernandez mandates (4 years each) and ratified co-optation of Ewout Steenbergen. Ramon de Oliveira's term ended. * Effective December..."
 
No edit summary
Line 17:
==== Significant transactions ====
 
* '''Nobis Group acquisition (completed April 1, 2025):''' Upfront consideration €423m with potential [[Definition:Earn-out | earn-out]] of up to €55m. [[Definition:Solvency II | Solvency II]] ratio impact: -1 point in Q2 2025.
* '''Sale of AXA Investment Managers to BNP Paribas (completed July 1, 2025):''' Cash proceeds of €5.1bn for AXA IM + €0.3bn for Select = €5.4bn total. One-off net income gain of ca. €2.2bn. Expected annualized reduction in [[Definition:Underlying earnings | Underlying Earnings]] of ca. €0.4bn. Long-term partnership established for investment management services. AXA retains full authority over product design, asset allocation and [[Definition:Asset-liability management | asset-liability management]] decisions. Solvency II ratio impact: ca. +2 points (including associated [[Definition:Share buy-back | share buy-back]]) in Q3 2025.
* '''Prima acquisition (completed November 28, 2025):''' Acquired 51% of the leading Italian direct insurance [[Definition:Managing general agent (MGA) | MGA]] for €0.5bn. Call/put options for remaining stake expected to be exercised in 2029 or 2030. Prima had €1.2bn premiums, ca. 10% Italian retail motor market share, and 90% [[Definition:Combined ratio | combined ratio]] in 2024. Expected to strengthen AXA's position in [[Definition:Direct distribution | direct distribution]], which generated €3.5bn in premiums for the Group in 2024. Solvency II ratio impact: -3 points at closing + expected -2 points over time from premium recapture.
 
==== Capital and debt operations ====
 
* '''€1.2bn share buy-back (Feb–May 2025):''' Aligned with capital management policy. Completed May 19, 2025. All shares cancelled.
* '''€3.8bn share buy-back (Jul 2025–Jan 2026):''' Offset earnings dilution from AXA IM sale. Completed January 19, 2026. Shares being progressively cancelled.
* '''Shareplan buy-back (Jun–Jun 2025):''' Up to €724.6m to eliminate dilution from Shareplan 2025 and cover stock-based compensation delivery.
* '''Shareplan 2025 (Dec 2025):''' [[Definition:Capital increase | Capital increase]] of ca. €411m; ca. 13m new shares issued; ca. 42,000 employees in 40 countries (36%+ participation). Post-Shareplan total shares: 2,136,232,264. Employee ownership: 4.82% of capital, 6.61% of voting rights.
* '''June 2025 debt issuance:''' €1bn RT1[[Definition:Restricted Tier 1 | Restricted Tier 1]] notes (5.750% fixed until Dec 2030; rated BBB+/Baa1(hyb)) + €1bn T2[[Definition:Tier 2 | Tier 2]] notes due 2055 (4.375% fixed until Jul 2035; rated A-/A2(hyb)). Both include [[Definition:Loss absorption | loss absorption]] mechanisms under Solvency II.
* '''October 2025 debt issuance:''' €750m RT1Restricted Tier 1 notes (5.125% fixed until Mar 2032; rated BBB+/A3(hyb)) + €750m T2Tier 2 notes due 2056 (4.125% fixed until Jul 2036; rated A-/A1(hyb)).
 
=== Events subsequent to December 31, 2025 ===
 
* '''€1.25bn share buy-back approved by Board (Feb 25, 2026):''' Expected to commence as soon as practicable and complete by year-end. All shares to be cancelled.
 
=== Market environment ===
Line 40:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Stock index performance, FY2025 vs. FY2024 (points)'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Index
Line 95:
* US: S&P 500 +16%; tariff-induced volatility peaked in April, then sentiment recovered on resilient growth and easing expectations.
* Europe: Eurostoxx 50 +18% on improved growth outlook; CAC 40 +10% (trailing peers due to fiscal uncertainty); FTSE 100 +22% on attractive valuations.
* Asia: Nikkei +26% driven by global AI boom, weaker yen enhancing export competitiveness, and a U.S.-Japan trade deal; MSCI Emerging +31%.
 
==== Bond markets ====
Line 101:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Government bond yields and changes, Dec 2023 to Dec 2025'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Bond
Line 156:
* Europe: ECB cut deposit rate four times to 2% by year-end. German Bunds rose +49bps (expectations of higher public spending). French OATs +37bps (fiscal discussions). Italian BTPs broadly stable. UK gilts -9bps.
* Japan: Sharp +97bps rise to 2.07% as economy exited deflation; BoJ implemented two rate hikes and signaled gradual normalization.
* [[Definition:Credit spread | Credit spreads]] tightened: US spreads at tightest since 1998; European spreads compressed across both [[Definition:Investment grade | investment grade]] and [[Definition:High yield | high yield]].
 
==== Exchange rates ====
Line 162:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Exchange rates vs. EUR, FY2025'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Currency
Line 201:
==== Insurance market conditions ====
 
* '''France:''' Savings insurance market +10% (premiums €192bn); UL[[Definition:Unit-linked | Unit-linked]] +13%, GA[[Definition:General account | General Account]] +8%; UL share 39%. Total outstanding Life insurance assets reached record €2,107bn (+6%). PER (French retirement support plan) +16% to €20bn. [[Definition:Protection/ (insurance) | Protection]] and complementary Health market absorbed medical inflation and regulatory changes via ca. 6% average tariff increase. Nat[[Definition:Natural catastrophe | Natural catcatastrophe]] costs to insurers exceeded €10bn in 2025 (vs. €5bn in 2024).
* '''Europe:''' Benign P&C nat cat losses. Profitability favorable post-repricing in recent years. Strong demand for UL savings. Health: aging population, rising claims costs, price increases being implemented. Private health insurers focusing on differentiation through services, vertical integration, and digital transformation.
* '''Japan:''' Life GWP[[Definition:Gross written premiums | gross written premiums]] -2.4% (lower foreign-currency single-premium products); UL segment growing with new entrants. P&C +4% driven by Motor and Fire price increases.
* '''Hong Kong:''' Life GWP +37%; new business +56% (GA +55%, UL +76%). P&C GWP +9.3%.
* '''United States (Commercial):''' Transition toward more competitive environment; moderating pricing in short-tail lines; persistent pressure in casualty from [[Definition:Social inflation | social inflation]]; overall profitability remained robust.
* Industry trends: Insurers investing in AI and data foundations to enhance efficiency and improve pricing and [[Definition:Underwriting | underwriting]] accuracy. Climate change, casualty trends, AI adoption, and demographic shifts generating new insurable assets, risk concentrations, and product requirements.
* '''Emerging markets:''' Asia P&C benefited from Motor (China, Philippines) and Property (Thailand, Philippines). Mexico insurance market +12%; significant legislative change on VAT recoverability in October 2025 impacting Health and P&C profitability. Colombia +8%. Türkiye P&C +43% (30% inflation, volume growth in Motor and Health).
* '''[[Definition:Reinsurance | Reinsurance]]:''' Additional softening projected for 2026 but profitability expected to remain strong (ROE exceeding cost of capital).
* Emerging markets:
** Asia P&C benefited from Motor (China, Philippines) and Property (Thailand, Philippines). Thailand Life new business +5% driven by [[Definition:Endowment (insurance) | Endowment]] products. Philippines +15% (Endowment and Corporate Solutions). Indonesia: low [[Definition:Persistency | persistency]] in UL, partly offset by new Endowment and Protection launches.
** Mexico insurance market +12%; significant legislative change on VAT recoverability in October 2025 impacting Health and P&C profitability. Colombia +8%. Türkiye P&C +43% (30% inflation, volume growth in Motor and Health).
 
==== Rankings and market share ====
 
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 Market rankings and share by country and business line (%)
|-
! style="background:#eaecf0; text-align:left; width:12em" | Country
! style="background:#eaecf0; width:6em" | P&C ranking
! style="background:#eaecf0; width:6em" | P&C market share (%)
! style="background:#eaecf0; width:6em" | Life ranking
! style="background:#eaecf0; width:6em" | Life market share (%)
! style="background:#eaecf0" | Comments
|-
| style="text-align:left" | France
| 2
| 13.2
| 6
| 7.4
| style="text-align:left" |
* France Assureurs as of Dec 31, 2025
|-
| style="text-align:left" | Switzerland
| 1
| 13.3
| 3
| 10.0
| style="text-align:left" |
* SIA (Swiss Insurance Association) estimates as of Feb 5, 2026
|-
| style="text-align:left" | Germany
| 4
| 5.2
| 7
| 3.4
| style="text-align:left" |
* GDV as of Dec 31, 2024
|-
| style="text-align:left" | Belgium
| 2
| 16.7
| 5
| 6.8
| style="text-align:left" |
* Assuralia based on GWP as of Dec 31, 2024, extrapolated to Dec 31, 2025 using Q3 growth
|-
| style="text-align:left" | United Kingdom
| 6
| 6.0
| —
| —
| style="text-align:left" |
* Association of British Insurers (retail) and GlobalData (commercial)
|-
| style="text-align:left" | Ireland
| 1
| 17.2
| —
| —
| style="text-align:left" |
* Insuranceireland.eu FactFile 2024
|-
| style="text-align:left" | Spain
| 6
| 5.7
| 8
| 3.0
| style="text-align:left" |
* ICEA as of Dec 31, 2025
|-
| style="text-align:left" | Italy
| 4
| 7.2
| 10
| 3.1
| style="text-align:left" |
* ANIA as of Dec 31, 2024
|-
| style="text-align:left" | Japan
| 14
| 0.5
| 10
| 4.1
| style="text-align:left" |
* Disclosed financial reports (excl. KampoLife) for 12 months ended Sep 30, 2025
|-
| style="text-align:left" | Hong Kong
| 2
| 9.2
| 9
| 5.0
| style="text-align:left" |
* Insurance Authority: Life GWP as of Sep 30, 2025; P&C GWP as of Dec 31, 2024
|-
| style="text-align:left" | XL Insurance (US)
| 16
| 1.5
| —
| —
| style="text-align:left" |
* AMBest 2024 (Bestlink US Commercial Group Ranking) as of Dec 31, 2024
|-
| style="text-align:left" | Thailand
| 13
| 2.2
| 5
| 7.2
| style="text-align:left" |
* TGIA and TLAA as of Oct 31, 2025
|-
| style="text-align:left" | Indonesia
| —
| —
| 5
| 7.0
| style="text-align:left" |
* AAJI (Weighted New Business Premiums) as of Sep 30, 2025
|-
| style="text-align:left" | Philippines
| 8
| 3.0
| 6
| 20.0 (TPI) / 27.3 (NBAPE)
| style="text-align:left" |
* Life Insurance Commission: Life TPI and P&C GWP both as of Sep 30, 2025
|-
| style="text-align:left" | China
| —
| 0.3
| —
| —
| style="text-align:left" |
* NFRA as of Dec 31, 2025. P&C ranking and Life ranking/share not disclosed by NFRA
|-
| style="text-align:left" | Mexico
| 4
| 7.9
| 11
| 1.6
| style="text-align:left" |
* AMIS as of Sep 30, 2025
|-
| style="text-align:left" | Brazil
| 11
| 2.7
| —
| —
| style="text-align:left" |
* SUSEP as of Oct 31, 2025
|-
| style="text-align:left" | Colombia
| 3
| 9.4
| 12
| 1.0
| style="text-align:left" |
* Fasecolda as of Nov 30, 2025
|-
| style="text-align:left" | Türkiye
| 4
| 8.3
| —
| —
| style="text-align:left" |
* Insurers association as of Nov 30, 2025
|}
</div>
 
=== Activity and earnings indicators ===
Line 215 ⟶ 385:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''GWP and other revenues by segment, FY2025 vs. FY2024'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 229 ⟶ 399:
| style="background:#f8f9fa" | '''110,316'''
| style="background:#f8f9fa" | '''+6.5%'''
| style="text-align:left; background:#f8f9fa" | '''Reported: +4.7%. Comparable-basis restatement of €+2.0bn (+1.8pts) from scope (Nobis, Laya, AXA IM sale) and FX (EUR appreciation vs. USD, TRY, MXN, HKD; partly offset by CHF)'''
* '''Reported: +4.7%'''
* '''Comparable-basis restatement of €+2.0bn (+1.8pts) from scope (Nobis, Laya, AXA IM sale) and FX (EUR appreciation vs. USD, TRY, MXN, HKD; partly offset by CHF)'''
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;Property & Casualty
Line 237 ⟶ 409:
| +5.2%
| style="text-align:left" |
* ↑ Commercial lines +4%: AXA XL Insurance +3% (Property, Casualty price/volume; Financial lines lower); Asia/Africa/EME-LATAM +13% (Türkiye higher avg. premiums, Mexico price/volume); France +6% (price + volume)
* ↑ Personal lines +7%: Europe +5% (price across geographies, except UK&I Motor softening post-2024 repricing); Asia/Africa/EME-LATAM +14% (Türkiye); France +9% (volume +growth in all lines, Motor price)
* ↑ AXA XL Reinsurance +8%: [[Definition:Alternative capital | alternative capital]] growth + Casualty price, offset by softening in other lines
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;Life & Health
Line 247 ⟶ 419:
| +8.0%
| style="text-align:left" |
* ↑ Life +9%: UL +13% (successful sales across all geographies); GA +4% (France + Italy capital-light product, partly offset by non-repeat of Japan [[Definition:Whole life insurance | whole-life]] product and lower HK sales); Protection +11% (HK campaign, Japan and Switzerland)
* ↑ Health +5%: favorable price effects in Group and Individual businesses across most geographies; partly offset by lower volumes
|-
Line 269 ⟶ 441:
| 1,701
| n.a.
| style="text-align:left" | FY25 contribution only until July 1, 2025 (sale to BNP Paribas)
* FY25 contribution only until July 1, 2025 (sale to BNP Paribas)
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;Banking
Line 276 ⟶ 449:
| 118
| -16.2%
| style="text-align:left" | ↓ Market slowdown + higher funding costs
* ↓ Market slowdown + higher funding costs
|-
| style="text-align:left" | [[Definition:Net flows | Net flows]]
| €m
| 5,397
Line 293 ⟶ 467:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''GWP and other revenues by geography, FY2025 vs. FY2024'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Geography
Line 307 ⟶ 481:
| style="background:#f8f9fa" | '''110,316'''
| style="background:#f8f9fa" | '''+6.5%'''
| style="text-align:left; background:#f8f9fa" | '''Reported: +4.7%'''
* '''Reported: +4.7%'''
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;France
Line 342 ⟶ 517:
| 1,701
| n.m.
| style="text-align:left" | Consolidated until July 1, 2025
* Consolidated until July 1, 2025
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;Transversal & Other
Line 357 ⟶ 533:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''New business metrics, FY2025 vs. FY2024'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 366 ⟶ 542:
! style="background:#eaecf0" | Comments
|-
| style="text-align:left" | [[Definition:Present value of expected premiums (PVEP) | PVEP]]
| €m
| 49,357
Line 376 ⟶ 552:
* Reported: -3%
|-
| style="text-align:left" | [[Definition:New business contractual service margin | NB CSM]]
| €m
| 2,199
Line 400 ⟶ 576:
| 4.4%
| +0.1 pt
| style="text-align:left" | +0.1pt on both reported and comparable basis
* +0.1pt on both reported and comparable basis
|}
</div>
Line 410 ⟶ 587:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Underlying earnings by business segment, FY2025 vs. FY2024 (€m)'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 424 ⟶ 601:
| 72,104
| +4%
| style="text-align:left" | P&C: 57,656 (vs. 55,898); L&H: 17,416 (vs. 16,207)
* P&C: 57,656 (vs. 55,898); L&H: 17,416 (vs. 16,207)
|-
| style="text-align:left" | Short-term [[Definition:Technical margin | technical margin]]
| €m
| 5,888
| 5,421
| +9%
| style="text-align:left" | P&C: 5,409 (vs. 5,006); L&H: 479 (vs. 415)
* P&C: 5,409 (vs. 5,006); L&H: 479 (vs. 415)
|-
| style="text-align:left" | P&C combined ratio
Line 439 ⟶ 618:
| -0.3 pt
| style="text-align:left" |
* ↓ Current-year loss ratio excl. nat cat -0.3pt: (Commercial lines -0.5pt, esp. (SME/mid-market -0.9pt in favorable pricing); Personal lines -0.4pt; AXA XL Insurance stable (+0.1pt)
* ↓ [[Definition:Expense ratio | Expense ratio]] -0.3pt (non-commission efficiency gains)
* ↓ Nat cat charges -0.4pt to 3.4%
* ↑ Lower [[Definition:Prior-year reserve development | prior-year reserve]] releases +0.7pt (to -1.1%)
|-
| style="text-align:left" | L&H short-term combined ratio
Line 449 ⟶ 628:
| 97.4%
| -0.2 pt
| style="text-align:left" | Life: 95.4% (vs. 95.5%); Health: 97.9% (vs. 98.1%)
* Life: 95.4% (vs. 95.5%); Health: 97.9% (vs. 98.1%)
|-
| style="text-align:left" | [[Definition:Contractual service margin (CSM) | CSM]] release
| €m
| 2,954
| 2,775
| +6%
| style="text-align:left" | ↑ Business growth in reserves + better margins in long-term business
* ↑ Business growth in reserves + better margins in long-term business
|-
| style="text-align:left" | Technical experience
Line 470 ⟶ 651:
| 3,971
| +1%
| style="text-align:left" | P&C: 2,631 (vs. 2,559); L&H: 946 (vs. 975); AM: 14 (vs. 35); Holdings: 422 (vs. 402)
* P&C: 2,631 (vs. 2,559); L&H: 946 (vs. 975); AM: 14 (vs. 35); Holdings: 422 (vs. 402)
|-
| style="text-align:left" | UE before tax
Line 477 ⟶ 659:
| 10,700
| +3%
| style="text-align:left" | P&C: 8,040 (vs. 7,565); L&H: 4,229 (vs. 4,070); AM: 239 (vs. 546); Holdings: (1,464) vs. (1,482)
* P&C: 8,040 (vs. 7,565); L&H: 4,229 (vs. 4,070); AM: 239 (vs. 546); Holdings: (1,464) vs. (1,482)
|-
| style="text-align:left" | Income tax
Line 491 ⟶ 674:
| style="background:#f8f9fa" | '''8,078'''
| style="background:#f8f9fa" | '''+4%'''
| style="text-align:left; background:#f8f9fa" | '''Constant FX: +6% (€+469m). P&C +9% (€+501m); L&H +7% (€+219m); AM €-228m; Holdings €-24m'''
* '''Constant FX: +6% (€+469m)'''
* '''P&C +9% (€+501m); L&H +7% (€+219m); AM €-228m; Holdings €-24m'''
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w P&C
Line 501 ⟶ 686:
* Constant FX: +9% (€+501m)
* ↑ Technical result €+482m (volume growth + margin improvement)
* ↑ Financial results €+200m (higher volumes + reinvestment yields on fixed income, partly offset by higher discount unwind on [[Definition:Claims reserves | claims reserves]])
* ↓ Higher income taxes €-169m
|-
Line 512 ⟶ 697:
* Constant FX: +7% (€+219m)
* ↑ Long-term technical result €+156m (CSM release growth)
* ↑ Short-term technical result €+60m (pricing, underwriting, [[Definition:Claims management | claims management]] actions; net of Mexico VAT legislative change impact €-114m)
* ↑ Lower income taxes €+65m (favorable tax effects in Germany, France, Mexico)
* ↓ Lower affiliate contributions (notably ICBC-AXA), higher minority interests (improved AXA MPS results)
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Asset Management
Line 521 ⟶ 706:
| 402
| -56%
| style="text-align:left" | FY25 includes only H1 2025 contribution (disposal July 1, 2025)
* FY25 includes only H1 2025 contribution (disposal July 1, 2025)
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Holdings
Line 528 ⟶ 714:
| (1,157)
| -2%
| style="text-align:left" | Broadly stable on reported and constant FX basis
* Broadly stable on reported and constant FX basis
|-
| style="text-align:left" | CSM stock
Line 535 ⟶ 722:
| 33,853
| -2%
| style="text-align:left" | P&C: 261 (vs. 282); L&H: 32,991 (vs. 33,571)
* P&C: 261 (vs. 282); L&H: 32,991 (vs. 33,571)
|}
</div>
Line 543 ⟶ 731:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Underlying earnings Group share by geography, FY2025 vs. FY2024 (€m)'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Geography
Line 557 ⟶ 745:
| style="background:#f8f9fa" | '''8,078'''
| style="background:#f8f9fa" | '''+4%'''
| style="text-align:left; background:#f8f9fa" | '''Constant FX: +6%'''
* '''Constant FX: +6%'''
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;France
Line 592 ⟶ 781:
| 402
| -56%
| style="text-align:left" | H1 2025 only
* H1 2025 only
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;Transversal & Other
Line 607 ⟶ 797:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''P&C combined ratio by geography, FY2025 vs. FY2024'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Geography
Line 621 ⟶ 811:
| style="background:#f8f9fa" | '''91.0%'''
| style="background:#f8f9fa" | '''-0.3 pt'''
| style="text-align:left; background:#f8f9fa" | '''On constant FX basis'''
* '''On constant FX basis'''
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;France
Line 671 ⟶ 862:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''P&C combined ratio by line of business, FY2025 vs. FY2024'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Line of business
Line 692 ⟶ 883:
| 91.1%
| -0.4 pt
| style="text-align:left" | Revenues: 39,090 (vs. 38,019)
* Revenues: €39,090m (vs. €38,019m)
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;Personal lines
Line 699 ⟶ 891:
| 93.9%
| -1.1 pt
| style="text-align:left" | Revenues: 19,276 (vs. 18,705)
* Revenues: €19,276m (vs. €18,705m)
|-
| style="text-align:left" | &nbsp;&nbsp;&nbsp;AXA XL Reinsurance
Line 706 ⟶ 899:
| 79.7%
| +1.7 pt
| style="text-align:left" | Revenues: 2,493 (vs. 2,394)
* Revenues: €2,493m (vs. €2,394m)
|}
</div>
Line 714 ⟶ 908:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Life & Health underlying earnings, FY2025 vs. FY2024 (€m)'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 728 ⟶ 922:
| 16,207
| +7%
| style="text-align:left" | Life: 4,444 (vs. 4,247); Health: 12,972 (vs. 11,960)
* Life: 4,444 (vs. 4,247); Health: 12,972 (vs. 11,960)
|-
| style="text-align:left" | Short-term combined ratio
Line 735 ⟶ 930:
| 97.4%
| -0.2 pt
| style="text-align:left" | Life: 95.4% (vs. 95.5%); Health: 97.9% (vs. 98.1%)
* Life: 95.4% (vs. 95.5%); Health: 97.9% (vs. 98.1%)
|-
| style="text-align:left" | Short-term technical margin
Line 742 ⟶ 938:
| 415
| +15%
| style="text-align:left" | Life: 206 (vs. 191); Health: 273 (vs. 224)
* Life: 206 (vs. 191); Health: 273 (vs. 224)
|-
| style="text-align:left" | CSM release
Line 749 ⟶ 946:
| 2,775
| +6%
| style="text-align:left" | Life: 2,415 (vs. 2,253); Health: 539 (vs. 522)
* Life: 2,415 (vs. 2,253); Health: 539 (vs. 522)
|-
| style="text-align:left" | Technical experience
Line 756 ⟶ 954:
| (95)
| -58%
| style="text-align:left" | Life: (139) vs. (98); Health: (11) vs. 3
* Life: (139) vs. (98); Health: (11) vs. 3
|-
| style="text-align:left" | Financial result
Line 763 ⟶ 962:
| 975
| -3%
| style="text-align:left" | Life: 738 (vs. 799); Health: 209 (vs. 176)
* Life: 738 (vs. 799); Health: 209 (vs. 176)
|-
| style="text-align:left" | UE before tax
Line 770 ⟶ 970:
| 4,070
| +4%
| style="text-align:left" | Life: 3,219 (vs. 3,145); Health: 1,010 (vs. 925)
* Life: 3,219 (vs. 3,145); Health: 1,010 (vs. 925)
|-
| style="text-align:left" | Income tax
Line 777 ⟶ 978:
| (874)
| +8%
| style="text-align:left" | Favorable tax effects in Germany, France, Mexico
* Favorable tax effects in Germany, France, Mexico
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''UE Group share'''
Line 784 ⟶ 986:
| style="background:#f8f9fa" | '''3,323'''
| style="background:#f8f9fa" | '''+5%'''
| style="text-align:left; background:#f8f9fa" | '''Life: 2,715 (vs. 2,636); Health: 787 (vs. 687). Constant FX: +7% (€+219m)'''
* '''Life: 2,715 (vs. 2,636); Health: 787 (vs. 687)'''
* '''Constant FX: +7% (€+219m)'''
|-
| style="text-align:left" | CSM stock
Line 791 ⟶ 995:
| 33,571
| -2%
| style="text-align:left" | Life: 25,442 (vs. 25,826); Health: 7,550 (vs. 7,744)
* Life: 25,442 (vs. 25,826); Health: 7,550 (vs. 7,744)
|}
</div>
Line 799 ⟶ 1,004:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Net income Group share bridge, FY2025 vs. FY2024 (€m)'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 813 ⟶ 1,018:
| 8,078
| +4%
| style="text-align:left" | Constant FX: +6% (€+469m)
* Constant FX: +6% (€+469m)
|-
| style="text-align:left" | Net realized capital gains & losses
Line 820 ⟶ 1,026:
| 195
| -29%
| style="text-align:left" | ↓ €-59m, primarily lower gains on investment properties (France)
* ↓ €-59m, primarily lower gains on investment properties (France)
|-
| style="text-align:left" | Fair value of funds & derivatives
Line 838 ⟶ 1,045:
| (131)
| +34%
| style="text-align:left" | ↑ €+40m improvement; mainly AXA XL and Switzerland
* ↑ €+40m improvement; mainly AXA XL and Switzerland
|-
| style="text-align:left" | Integration & restructuring costs
Line 855 ⟶ 1,063:
| (99)
| n.m.
| style="text-align:left" | ↑ €+2,483m; mainly one-off gain from AXA IM disposal of €2,227m in H2 2025
* ↑ €+2,483m; includes one-off gain from AXA IM disposal of €2,227m in H2 2025
|-
| style="text-align:left; border-top:1px solid #a2a9b1; background:#f8f9fa" | '''Net income Group share'''
Line 862 ⟶ 1,071:
| style="background:#f8f9fa" | '''7,886'''
| style="background:#f8f9fa" | '''+24%'''
| style="text-align:left; background:#f8f9fa" | '''Constant FX: +26% (€+2,069m)'''
* '''Constant FX: +26% (€+2,069m)'''
|}
</div>
Line 870 ⟶ 1,080:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Shareholders' equity Group share movement, FY2024 to FY2025 (€m)'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Item
Line 895 ⟶ 1,105:
| €m
| (4,863)
| style="text-align:left" | Includes share buy-backs
* Includes share buy-backs
|-
| style="text-align:left" | Impact of currency fluctuations
| €m
| (3,549)
| style="text-align:left" | Mainly USD, JPY depreciation against EUR
* Mainly USD, JPY depreciation against EUR
|-
| style="text-align:left" | Fair value recorded in shareholders' equity
Line 932 ⟶ 1,144:
| style="text-align:left" | —
|-
| style="text-align:left" | [[Definition:Subordinated debt | Undated subordinated debt]] (incl. interest)
| €m
| (300)
Line 945 ⟶ 1,157:
| style="background:#f8f9fa" | '''€m'''
| style="background:#f8f9fa" | '''47,171'''
| style="text-align:left; background:#f8f9fa" | '''Net decrease of €2,772m driven by share buy-backs (€4,863m paid-in capital) and FX (€-3,549m), partly offset by net income (€+9,797m)'''
* '''Net decrease of €2,772m driven by share buy-backs (€4,863m paid-in capital) and FX (€-3,549m), partly offset by net income (€+9,797m)'''
|}
</div>
Line 953 ⟶ 1,166:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Solvency II metrics, FY2025 vs. FY2024'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 962 ⟶ 1,175:
! style="background:#eaecf0" | Comments
|-
| style="text-align:left" | [[Definition:Eligible own funds | Eligible Own Funds]]
| €bn
| 56.4
Line 977 ⟶ 1,190:
* ↑ AXA IM sale and associated buy-back: ca. +2pts in Q3 2025
* ↓ Nobis acquisition: -1pt in Q2 2025
* ↓ Prima acquisition: -3pts at closing; additional -2pts expected over time from premium recapture
|}
</div>
Line 985 ⟶ 1,198:
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''Earnings per share and return on equity, FY2025 vs. FY2024'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
Line 999 ⟶ 1,212:
| 2,197
| -3%
| style="text-align:left" | ↓ Share buy-backs, partly offset by Shareplan 2025 issuance
* ↓ Share buy-backs, partly offset by Shareplan 2025 issuance
|-
| style="text-align:left" | Underlying EPS (fully diluted)
Line 1,006 ⟶ 1,220:
| 3.59
| +8%
| style="text-align:left" | Basic: €3.87 (vs. €3.60)
* Basic: €3.87 (vs. €3.60)
|-
| style="text-align:left" | Net income EPS (fully diluted)
Line 1,013 ⟶ 1,228:
| 3.50
| +30%
| style="text-align:left" | Basic: €4.54 (vs. €3.51); driven by AXA IM disposal gain
* Basic: €4.54 (vs. €3.51)
* Driven by AXA IM disposal gain (one-off)
|-
| style="text-align:left" | Underlying ROE
Line 1,020 ⟶ 1,237:
| 15.2%
| +0.8 pts
| style="text-align:left" | UE (adj.) €8.2bn / avg. adj. shareholders' equity €51.3bn
* UE (adj.) €8.2bn / avg. adj. shareholders' equity €51.3bn
|-
| style="text-align:left" | Net income ROE
Line 1,027 ⟶ 1,245:
| 14.8%
| +3.9 pts
| style="text-align:left" | NI (adj.) €9.6bn / avg. adj. shareholders' equity €51.3bn; includes one-off AXA IM disposal gain
* NI (adj.) €9.6bn / avg. adj. shareholders' equity €51.3bn
* Includes one-off AXA IM disposal gain
|-
| style="text-align:left" | Avg. adj. shareholders' equity
Line 1,034 ⟶ 1,254:
| 51.8
| -1%
| style="text-align:left" | Excludes fair value reserves on assets/derivatives, insurance contracts, undated sub debt
* Excludes fair value reserves on assets/derivatives, insurance contracts, undated sub debt
|-
| style="text-align:left" | [[Definition:Debt gearing | Debt gearing]]
| —
| —
| —
| —
| style="text-align:left" |
* Not disclosed in this report; refer to 2024 URD for definition
|}
</div>
Line 1,040 ⟶ 1,269:
=== Outlook ===
 
* '''Strategic plan context:''' Final year of 2024-2026 "Unlock the Future" plan. Management confident in achieving main financial targets, underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.
* '''P&C:''' Pricing remains favorable in Retail and SME/Mid-market; expect continued earn-through of higher pricing and underwriting actions. AXA XL: disciplined cycle management and capital allocation, growing where returns exceed cost of capital. Normalized nat cat load guidance: ca. 4.5 points of combined ratio for 2026.
* '''Life & Health:''' Earnings growth expected from short-term business (disciplined pricing and claims management). Long-term business strategy focused on rejuvenating sales, improving [[Definition:Persistency | persistency]], and driving positive [[Definition:Net flows | net flows]] to grow CSM over time.
* '''Holdings:''' 2026 results expected at a similar level to 2025.
* '''Financial targets:'''
** Underlying EPS growth at the upper end of 6-8% CAGR range for both the 2023-2026E plan period and for 2026.
** Underlying ROE between 14-16% over 2024-2026E.
** Cumulative organic cash upstream in excess of €21bn for 2024-2026.
* '''Capital management policy:''' 75% total payout ratio (60% dividend payout + 15% annual share buy-backs). Proposed DPS in a given year expected to be at least equal to prior year's DPS.
 
=== Market rankings and share ===
 
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 '''AXA market rankings and share by country and business line (%)'''
|-
! style="background:#eaecf0; text-align:left; width:12em" | Country
! style="background:#eaecf0; width:6em" | P&C ranking
! style="background:#eaecf0; width:6em" | P&C market share (%)
! style="background:#eaecf0; width:6em" | Life ranking
! style="background:#eaecf0; width:6em" | Life market share (%)
|-
| style="text-align:left" | France
| 2
| 13.2
| 6
| 7.4
|-
| style="text-align:left" | Switzerland
| 1
| 13.3
| 3
| 10.0
|-
| style="text-align:left" | Germany
| 4
| 5.2
| 7
| 3.4
|-
| style="text-align:left" | Belgium
| 2
| 16.7
| 5
| 6.8
|-
| style="text-align:left" | United Kingdom
| 6
| 6.0
| —
| —
|-
| style="text-align:left" | Ireland
| 1
| 17.2
| —
| —
|-
| style="text-align:left" | Spain
| 6
| 5.7
| 8
| 3.0
|-
| style="text-align:left" | Italy
| 4
| 7.2
| 10
| 3.1
|-
| style="text-align:left" | Japan
| 14
| 0.5
| 10
| 4.1
|-
| style="text-align:left" | Hong Kong
| 2
| 9.2
| 9
| 5.0
|-
| style="text-align:left" | XL Insurance (US)
| 16
| 1.5
| —
| —
|-
| style="text-align:left" | Thailand
| 13
| 2.2
| 5
| 7.2
|-
| style="text-align:left" | Indonesia
| —
| —
| 5
| 7.0
|-
| style="text-align:left" | Philippines
| 8
| 3.0
| 6
| 20.0 / 27.3
|-
| style="text-align:left" | China
| —
| 0.3
| —
| —
|-
| style="text-align:left" | Mexico
| 4
| 7.9
| 11
| 1.6
|-
| style="text-align:left" | Brazil
| 11
| 2.7
| —
| —
|-
| style="text-align:left" | Colombia
| 3
| 9.4
| 12
| 1.0
|-
| style="text-align:left" | Türkiye
| 4
| 8.3
| —
| —
|}
</div>
Retrieved from "https://www.insurerbrain.com/wiki/Web:AXA/FY25/Activity_report/summary"