AXA/2025/FY/Earnings presentation: Difference between revisions

| document_typedocument_category = Analyst presentation

* ''AXA Full Year 2025'' earnings presentation delivered on February Earnings26, Presentation2026 ^{p. 1}

* Certain''Forward-looking statements'' are forward-looking, includinginclude predictions of future events, trends, plans, expectations, or objectives, andbased are identified by words likeon Management'expects',s 'anticipates',current 'may',views 'plan,'and 'target'subject orto conditional verbs such as 'would' and 'could'change ^{p. 2}.

* Statements regarding expected '''underlyingExpected earningsUEPS per sharegrowth''' ('UEPS') growth for 2026 areis forward-looking statementsprovided providingas one-off guidance forin the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* Refer''Financial to Part 5statements status'Risk Factors and Risk Management' of: AXA's Universalconsolidated Registrationfinancial Documentstatements for the year ended December 31, 20242025 (thewere '2024examined Universalby Registrationthe Document')Board forof aDirectors descriptionon ofFebruary important factors25, risks2026, and uncertaintiesare subject to completion of audit procedures ^{p. 2}.

* '''1. FY25 Highlights''': presented by Thomas Buberl, Group CEO, starting on page 04 ^{p. 3, 4}.

* '''2. FY25 Business Performance''': presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on page 09 ^{p. 3, 9}.

* '''3. FY25 Financial Performance''': presented by Alban de Mailly Nesle, Group CFO, starting on page 13 ^{p. 3, 13}.

*|+ '''ROE'''Key FY25:financial 16%highlights, FY25 ^{p. 5}

|+ Underlying earnings and top line growth, FY24 vs FY25 ^{p. 6}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | Change (constant FX)

|+ FY25 grossGross written premium split (FY25, excluding AXA IM and holdings) ^{p. 7}

** Protection''Secular trends'' fuel demand across businesses, driven by protection gaps and emerging corporate risks, (relevantas forwell SMEas &demographics Mid-marketdriving anddemand Largefor &private Specialtyretirement segments) ^{p.and 7}healthcare

* (icon)* '''DrivingClear efficiency'tech'' and AI roadmap ^{p. 8}

** (icon)''Driving efficiency'''Enhancing capitalacross allocation discipline'''operations ^{p. 8}

* (icon)* '''BuildingEnhancing resilience'capital'' allocation discipline ^{p. 8}

** Confidence''Building inresilience'' sustainingacross earningsthe growthbusiness ^{p. 8}

|+ Gross written premiums and underlying earnings by region, FY25 ^{p. 10}

! style="text-align:left" | Region (share of total GWP¹)

| style="text-align:left" | ''France'' (27% of total GWP¹)

| style="text-align:left" | ''Europe'' (38% of total GWP¹)

| style="text-align:left" | ''AXA XL'' (17% of total GWP¹)

| style="text-align:left" | ''Asia, Africa & EME-LATAM'' (18% of total GWP¹)

* Underlying''Gross earningswritten +9% to EUR 5.9bnpremiums'' (changeGWP) FY25reached vs.EUR FY24 at constant FX)58bn ^{p. 11}.

|* ''Underlying earnings'' +9% GWPat split,constant EURFX 58bnto totalEUR 5.9bn ^{p. 11}.

* Underlying''Gross earningswritten +7% to EUR 3.5bnpremiums'' (changeGWP) FY25reached vs.EUR FY24 at constant FX)57bn ^{p. 12}.

** '''Long-termSection business'3'': CapturingFY25 savingsFinancial &Performance retirementpresented opportunity,by sourcingAlban bestde assetMailly management products forNesle, ourGroup customersCFO ^{p. 1213}

|+ P&C GWP & other revenues by linesegment, FY24 vs FY25 ^{p. 14}

! style="text-align:left" | EUR billion unless otherwise mentioned

| style="text-align:right" | 35.8+4%

| style="text-align:right" | 2.6+8%

| style="text-align:right" | 18.1—

|+ Combined ratio breakdownbridge, FY24 vs FY25 ^{p. 15}

! style="text-align:left" | %Combined ratio

| style="text-align:right" | 67.4%

| style="text-align:right" | 67.0%

| style="text-align:right" | 25.0%

| style="text-align:right" | 24.8%

| style="text-align:right" | 3.8%

| style="text-align:right" | 3.4%

| style="text-align:right" | -1.6%

| style="text-align:right" | -1.1%

| style="text-align:right" | -3.6%

| style="text-align:right" | -3.5%

| style="text-align:left; font-weight:bold" | Total Combinedcombined Ratioratio

| style="text-align:right; font-weight:bold" | 91.0%

| style="text-align:right; font-weight:bold" | 90.6%

* BetterUndiscounted undiscounted current yearCY loss ratio excluding(ex Nat Cat) improved from: ^{p. 15}

** Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment ^{p. 15}

** Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}

* ImprovementExpense inratio expense ratioimproved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}

* Nat Cat charges below normalized load ^{p. 15}

* Lower reliance on priorPrior year reserve development ^{p.shows 15}lower reliance

* TakingReserve prudence enhanced by taking advantage of a good year to enhance reserve prudence ^{p. 15}

|+ Underlying earnings walkbridge, FY24 to FY25 ^{p. 16}

! class="col-s" style="text-align:right" | Underlying Earningsearnings

* Underlying Earningsearnings grew +9% (change at constant FX) ^{p.to 16}EUR 5,872m.

* Better underwritingUnderwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}

* IncreaseInvestment inincome investment incomeincreased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}

* HigherInsurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance ^{p. 16}

* Unfavorable forexForex impact was unfavorable, notably due to USD depreciation vs. EUR ^{p. 16}

|+ Life GWP &and other revenues by line, FY24 vs FY25 ^{p. 17}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:right" | 6.0—

| style="text-align:right" | 69.10

| style="text-align:right" | 1.9—

| style="text-align:left; font-weight:bold" | TotalHealth GWP

| style="text-align:right; font-weight:bold" | 3417.5

| style="text-align:right; font-weight:bold" | 3719.50

| style="text-align:right; font-weight:bold" | +95%

| style="text-align:right" | 7.0—

| style="text-align:right" | 78.95

| style="text-align:left; font-weight:bold" | TotalEmployee Benefits GWP

| style="text-align:right; font-weight:bold" | 17.5—

| style="text-align:right; font-weight:bold" | 1912.09

| style="text-align:right; font-weight:bold" | +54%

|+ Net flows by segment, FY24 vs FY25 ^{p. 17}

| style="text-align:right" | +4.9—

| style="text-align:right" | +2.7—

| style="text-align:right" | +1.5—

| style="text-align:right" | +1.2—

|+ PVEP trend by segment, FY24 vs FY25 ^{p. 18}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:right" | 39.4—

| style="text-align:right" | 8.5—

| style="text-align:right" | 2.0—

| style="text-align:right" | 1.0—

|+ NB CSM (pre-tax)and NBV, FY24 vs FY25 ^{p. 18}

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:left" | NBV (post-tax)

! class="col-s" style="text-align:right" | CSMValue

* Operating''Economic variance'' drivenreflecting bygovernment betterspreads marginstightening and netpositive flowsequity thatmarket were more than offset by a reduction in the duration of Group Life business in Switzerlandreturns ^{p. 19}

|+ Underlying Earningsearnings walkbridge, FY24 to FY25 ^{p. 20}

! class="col-s" style="text-align:right" | Underlying Earningsearnings

| style="text-align:left" | FY24 start

| style="text-align:left" | FY25 end

* ''Underlying Earningsearnings'' +7% (changeLFL atto constantEUR FX)3,501m ^{p. 20}

* Strong short''Short-term technical margin'': reflectingEUR underwriting415m andin claimsFY24 initiativesto thatEUR more than offset the impact of legislative change on the recoverability of value added tax479m in Mexico (EUR -0.1bn)FY25 ^{p. 20}

* Higher long''Long-term resultsresult'' from increase inincl. CSM release: (+8%)EUR reflecting growth2,680m in reserveFY24 base, including from favorable equityto marketEUR performance2,804m and betterin marginsFY25 ^{p. 20}

* Underlying''Financial Earningsresult'': o/wEUR Life:975m in FY24 EUR 2.6bn, FY25to EUR 2.7bn946m (+4%in vs. FY24)FY25 ^{p. 20}

* Underlying''Tax Earnings& o/w Healthothers'': FY24 EUR 0.7bn,-748m FY25in FY24 to EUR 0.8bn-728m (+17%in vs. FY24)FY25 ^{p. 20}

* '''Short-termLife technicalunderlying margin'earnings'' +4% to EUR 2.7bn (prior: EUR 479m2.6bn) ^{p. 20}

* ''Health underlying earnings''Long-term result+17% incl.to CSMEUR release'''0.8bn (prior: EUR 2,804m0.7bn) ^{p. 20}

|+ UnderlyingEarnings earningsand bynet segment,income breakdown FY24 vs FY25 ^{p. 21}

! style="text-align:left" | EUR billion unless otherwise mentioned

| style="text-align:right" | —5.5

| style="text-align:right" | —3.3

| style="text-align:right" | —0.4

| style="text-align:right" | stable-1.2

| style="text-align:left; font-weight:bold" | Total''Underlying earnings''

| style="text-align:right; font-weight:bold" | 8.1

| style="text-align:right; font-weight:bold" | 8.4

| style="text-align:right; font-weight:bold" | +6%

| style="text-align:right" | +2.1

| style="text-align:left; padding-left:1.5em" | Capitalo/w capital gains from AXA IM disposal

| style="text-align:right" | —-

| style="text-align:right" | +2.2

| style="text-align:right" | +0.3

|+ Underlying earnings per share bridge, FY24 vsto FY25 ^{p. 21}

! class="col-s" style="text-align:right" | FY24Underlying earnings per share

| style="text-align:left" | Underlying earnings per shareFY24

| style="text-align:left" | From earningsEarnings growth

| style="text-align:left" | From capitalCapital management

| style="text-align:left" | From forexForex

| style="text-align:left" | SHETemporary (excl.earnings OCI)dilution from AXA IM sale

| style="text-align:right" | 58.0bn-1%

| style="text-align:left" | Net OCIFY25

| style="text-align:right" | -83.1bn86

|+ Shareholders' equity walk, FY24 to FY25roll-forward ^{p. 22}

| style="text-align:left" | ''Opening Shareholders' equity''

| style="text-align:right" | —-

| style="text-align:right" | —-

| style="text-align:left" | ''Closing Shareholders' equity''

|+** Net''FY25'': CashEUR Remittance,7.5bn FY24 vs FY25total ^{p. 23}

|+ CashHolding cash position walk,bridge FY24 to FY25 in Euro billion ^{p. 23}

! class="col-s" style="text-align:right" | Cash position—

| style="text-align:left" | ''FY24 Cash position''

| style="text-align:left" | ''FY25 Cash position''

|+ EligibleSolvency Own Funds (EOF)II walk, FY24 to FY25 ^{p. 24}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | Eligible Own Funds (EOF)

| style="text-align:left" | Economic variance & FX

|+ Key sensitivities onof Solvency II Ratioratio as of December 31, 2025 (base 224%) ^{p. 24}

! class="col-s" style="text-align:right" | PtsImpact (pts)

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) +25%

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) -25%

**|+ EURSolvency 2.4bnII grandfatheredratio debt no longer eligible as capital from January 1, 2026impacts ^{p. 25}

* Conclusion''Section divider'' for the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

* '''Record results''', achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.

* ''All businesses'' in excellent shape, delivering strong growth and profitability ^{p. 27}.

* '''Diversified franchise''', well-positioned to capture future growth opportunities ^{p. 27}.

* ''Laying foundations'' for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

* ''Q&A session'' for the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

* '''MeetInvestor ourRelations management'contact'': +33 1 40 75 48 42; investor.relations@axa.com ^{p. 29}

** March''Follow us'': Roadshows in Europe and USwww.axa.com ^{p. 29}

**|+ JulyMeet 31:our HY26management Earningsevent Release in Parisschedule ^{p. 29}

===* Section divider for ''Appendices'' ^{p. ===30}

* '''Debt and Invested Assets''' ^{p. 31}

* ''Additional P&C disclosures'' ^{p. 36}

* ''Additional IFRS17 disclosures'' ^{p. 41}

* ''Sustainability'' ^{p. 44}

|+ Gross financial debt by type, FY24-Jan 2026 ^{p. 32}

! style="text-align:left" | EUR billion unless otherwise mentioned

| style="text-align:right" | 34.58

| style="text-align:right" | 34.56

| style="text-align:right" | 53.82

| style="text-align:right" | 43.85

| style="text-align:right" | 43.65

| style="text-align:right" | 35.28

|+ Contractual maturity breakdown of debt by type ^{p. 32}

| style="text-align:right" | 0.9—

| style="text-align:right" | 0.9—

| style="text-align:right" | 0.9—

| style="text-align:right" | 0.9—

| style="text-align:right" | 01.5

| style="text-align:right" | 0.25

| style="text-align:right" | 0.5—

| style="text-align:left" | 2031-2039Grandfathered debt (contractual)

| style="text-align:right" | 0.2—

| style="text-align:left" | Tier 2 ≥2040

|+ Economic maturity breakdown of debt by type ^{p. 32}

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.9—

| style="text-align:right" | 02.10

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.19

| style="text-align:left" | 2031-2039Grandfathered debt (economic)

| style="text-align:right" | 0.7—

| style="text-align:right" | 0.2—

| style="text-align:left" | ≥2040Tier 1 2026

| style="text-align:right" | 0.21

| style="text-align:left" | UndatedTier 1 2028

===* ''Total General Account'' invested assets ===at EUR 450bn ^{p. 33}.

|+ FY25 Total General Account investedInvested assets breakdown FY25 ^{p. 33}

! style="text-align:left" | AssetEUR classbillion unless otherwise mentioned

! class="col-s" style="text-align:right" | ShareFY25

! class="col-s" style="text-align:right" | EUR billion%

| style="text-align:left" | ''Fixed income''

| style="text-align:left" | Real''o/w estateGovernment bonds''

| style="text-align:right" | 9%167

| style="text-align:left" | ''Infrastructure equity''

| style="text-align:left" | ''Private equity and hedge funds''

| style="text-align:left" | ''Cash''

| style="text-align:left" | ''Policy loans''

| style="text-align:left" | '''Total Insurance Invested Assets'''

| style="text-align:right" | '''100%'''450

| style="text-align:right" | '''450'''100%

|+ FY25Structured Generaland Accountprivate investedcredit assets inbreakdown structured and private creditFY25 ^{p. 34}

! style="text-align:left" | AssetInvested classassets (100%) in EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | EUR billionFY25

! class="col-s" style="text-align:right" | % of total G/A¹ portfolio

| style="text-align:left" | '''Total Structured and Private Credit Assets'''

| style="text-align:right" | '''69'''

| style="text-align:right" | '''15%'''

=== Investment portfolio | Fixed Incomeincome reinvestment ===

|+ FY25 Fixed Income Reinvestment breakdownasset mix ^{p. 35}

! style="text-align:left" | CategoryAsset mix

! style="text-align:left" | CategoryFixed Income Type

* '''EuroFixed 57income billionreinvestment fixedtotaled incomeEUR invested57bn atin 3.9%'''FY25 ^{p. 35}

** Includes EUR 19.7bn of Private & Structured Credit investedreinvestment of EUR 19.7bn at 4.7% (yield, including CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY) ^{p. 35}

** GradualStrategic shift characterized by a gradual transition from alternative total return assets to Private & Structured credit ^{p. 35}

** 1.''Additional DebtP&C anddisclosures'' Investedon Assets,page p.3136 ^{p. 36}

** 2. ''Additional P&CIFRS17 disclosures,'' on page p.3641 ^{p. 36}

** 3.''Sustainability'' Additionalon IFRS17page disclosures, p.4144 ^{p. 36}

|+ FY25 GWP by line of business, USD 19bn total ^{p. 37}

| style="text-align:left" | Professional lines (including Cyber)

|+ FY25 GWP by geography, USD 19bn total ^{p. 37}

**|+ TopProfitability 3vs globallyEx-price growth (%) ^{p. 37}

|+ Claims reservesand ratio (Net undiscounted claimstechnical reserves/Net earned premiums)ratios ^{p. 38}

| style="text-align:left" | Claims reserves ratio (IFRS4 basis)

| style="text-align:left" | Claims reserves ratio (IFRS17 basis)

| style="text-align:left" | Technical reserves ratio (IFRS4 basis)

| style="text-align:left" | Technical reserves ratio (IFRS17 basis)

|+ Insurance segment (occurrence protection) capacity and retention ^{p. 39}

! style="text-align:left" | EUR billion

| style="text-align:right" | 4.0600m

| style="text-align:right" | 04.60bn

| style="text-align:right" | 2.1450m

| style="text-align:right" | 02.451bn

| style="text-align:right" | 2.1400m

| style="text-align:right" | 02.41bn

| style="text-align:right" | 1.2600m

| style="text-align:right" | 01.62bn

| style="text-align:right" | 1.2600m

| style="text-align:right" | 01.62bn

| style="text-align:right" | 0.8400m

| style="text-align:right" | 0.4Varies by peril type

* Stable retentionRetention levels maintainedremained stable in 2026 ascompared into 2025 ^{p. 39}.

* (diagram) '''Reinsurance segment'' (illustrative)''': Alternative Capital & Cat Bonds ^{p. 39}

* ExcludesCovered localvia reinsurance''Alternative coversCapital & Cat Bonds'' ^{p. 39}

! style="text-align:left" | PercentileReturn period / probability percentile

! class="col-s" style="text-align:right" | Deviation (EUR billion)

| style="text-align:left" | 95th (1/20y (95th percentile)

| style="text-align:left" | 90th (1/10y (90th percentile)

| style="text-align:left" | 80th (1/5y (80th percentile)

| style="text-align:left" | 50thMedian (Median50th percentile)

| style="text-align:right" | +0.1

| style="text-align:left" | 20th (1/5y (20th percentile)

| style="text-align:right" | +0.5

| style="text-align:left" | 10th (1/10y (10th percentile)

| style="text-align:right" | +0.7

| style="text-align:left" | 5th (1/20y (5th percentile)

| style="text-align:right" | +0.8

{| class="wikitable fintable"

|+ Average Expectedexpected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}

! style="text-align:left" | EUR billionYear

! class="col-s" style="text-align:right" | 2025EUR billion

! class="col-s" style="text-align:right" | 2026Estimated impact on GEP

| style="text-align:left" | Average Expected Nat Cat charges2025

| class="col-s" style="text-align:right" | 2.6

| class="col-s" style="text-align:right" | 2ca. 4.75%

* '''More severe years'' result in -a Negativenegative deviation in ca. 40% of cases''' ^{p. 40}.

* '''Less severe years'' result in -a Positivepositive deviation in ca. 60% of cases''' ^{p. 40}.

* 1. ''Debt and Invested Assets'' ^{p. 31}

* 2. ''Additional P&C disclosures'' ^{p. 36}

* 3. ''Additional IFRS17 disclosures'' ^{p. 41}

* 4. ''Sustainability'' ^{p. 44}

|+ Technical Result (P&C) margin analysis and underlying earnings FY25 ^{p. 42}

! class="col-s" style="text-align:right" | ValueFY25

| style="text-align:left" | ''Current Accident Year Undiscounted Technical Margin''

| style="text-align:left" | ''Current Accident Year Discounting''

| style="text-align:left" | ''Prior Years' Reserve Development (PYD)''

| style="text-align:left" | +25bps''Investment Income''

| style="text-align:left" | ''Insurance Finance Expenses''

| style="text-align:left" | +25bps''Underlying Earnings before tax''

| style="text-align:left" | ''Underlying Earnings''

* (flow) '''TechnicalUndiscounted Result'combined ratio'' 95.2% (in-1.0pt); EURof million,which preNat Cats was 3.4% (-tax0.4pt) ^{p. 42}

* (flow) '''FinancialDiscounting Result'ratio'' -3.5% (+0.0pt in EURCombined million,Ratio pre-taxpoints) ^{p. 42}

* Includes''L&H margin analysis'' includes scope impact ^{p. 43}.

|+ Technical Resultand (Lifefinancial &results Health)in Euro million, pre-tax ^{p. 43}

! style="text-align:left" | EURTechnical millionand Financial Results

! class="col-s" style="text-align:right" | ValueFY25

|+ Underlying Earningsearnings (Lifebridge &in Health)Euro million ^{p. 43}

! style="text-align:left" | EURUnderlying millionEarnings

! class="col-s" style="text-align:right" | ValueFY25

| style="text-align:right" | +65

* Growth''Underlying vs.earnings growth'' +7% versus FY24 (at constant FX): +7%^{p. 43}.

|+ InvestedLife assets& Health FY25 CSM key sensitivities in Euro billion ^{p. 43}

! style="text-align:left" | EUR billionSensitivity

! class="col-s" style="text-align:right" | ValueImpact

| style="text-align:left" | Residential MortgagesBaseline

| style="text-align:right" | 1633.3

| style="text-align:left" | CLOInterest &rates ABS+50bps

| style="text-align:right" | 25-0.8

| style="text-align:left" | InfrastructureInterest debtrates -50bps

| style="text-align:right" | 80.6

| style="text-align:left" | CRESovereign debtspreads +50bps

| style="text-align:right" | 8-1.9

| style="text-align:left" | Mid-MarketSovereign lendingspreads -50bps

| style="text-align:right" | 101.9

| style="text-align:left" | OtherCorporate spread +50bps

| style="text-align:right" | 2-0.8

| style="text-align:left; font-weight:bold" | TotalCorporate Structuredspread and Private Credit Assets-50bps

| style="text-align:right; font-weight:bold" | 690.7

|+ AXA Group 2025 ESG targets and resultsachievements ^{p. 45}

! class="col-m" style="text-align:right" | 2025Achieved Resultin 2025

| class="col-m" style="text-align:right" | 5EUR 5bn per year

| class="col-m" style="text-align:right" | EUR 6.44bn

| class="col-m" style="text-align:right" | 500>EUR 500m per year

| class="col-m" style="text-align:right" | EUR 1.44bn

| style="text-align:left" | '''AsTransition aunderwriting Global(cumulative INSURER'''2024-2026)

| class="col-m" style="text-align:right" | —EUR 6bn in P&C GWP

| class="col-m" style="text-align:right" | —EUR 4.6bn

| style="text-align:left" | P&CClimate GWPadaptation to support transition underwritingsolutions (cumulative 2024-2026)

| class="col-m" style="text-align:right" | 19,698 Cumulative(cumulative 2024-2025)

| style="text-align:left" | Inclusive insurance customers by 2026

| class="col-m" style="text-align:right" | >2020m by 2026

| class="col-m" style="text-align:right" | 20.66m

| style="text-align:left" | '''AsClimate aadaptation COMPANY'''training

| class="col-m" style="text-align:right" | —>80,000 employees by 2026

| style="text-align:left" | Net-Zero absolute carbonCarbon emissions by 2030reduction

| class="col-m" style="text-align:right" | -50% by 2030

| class="col-m" style="text-align:right" | -64% Reduction against 2019

| style="text-align:left" | Percentage of AXA Group employees engaged inEmployee volunteering activities by 2026

| class="col-m" style="text-align:right" | 50% of employees by 2026

|+ AXA Group ESG ratings and scores, 2025 ^{p. 46}

! class="col-ms" style="text-align:right" | 2025 Score / Rating

| style="text-align:left" | S&P Global percentile

| class="col-ms" style="text-align:right" | AAA97th

| class="col-ms" style="text-align:right" | AAA

| class="col-ms" style="text-align:right" | B

| class="col-ms" style="text-align:right" | 17.0 - Low risk

| class="col-ms" style="text-align:right" | 4.3/5 (FTSE4Good Index Series)

* The Corporate Sustainability Assessment (CSA) ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more preciselyspecifically AXA Restricted Shares), with results as of February 6th, 2026 ^{p. 46}.

* Results''Morningstar asSustainalytics rating'': 2025 ESG Risk Rating of February17.0 6th,– 2026Low risk ^{p. 46}.

* '''France''': scope includes insurance activities, banking activities, and holding ^{p. 47}.

* '''Europe''': scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) ^{p. 47}.

* '''AXA XL''': scope includes insurance and reinsurance activities and holding ^{p. 47}.

* '''Asia, Africa & EME-LATAM''': ^{p.scope 47}includes:

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated; China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.

** China''Africa'': L&S,Morocco Thailand(insurance activities L&Sand holding), theNigeria Philippines(insurance L&Sactivities and P&Cholding), Indonesia L&S and IndiaEgypt (Lifeinsurance activities disposed on March 11, 2024 and holding) businesses which are fully consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income ^{p. 47}.

** '''Africa'EME-LATAM'': MoroccoMexico (insurance activities), andColombia holding)(insurance andactivities), NigeriaBrazil (insurance activities and holding), Egyptand Türkiye (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to net income ^{p. 47}.

** Russia''Transversal (Reso)& (insuranceOther'' activities)scope whichincludes consolidatedAXA underAssistance, theAXA equityLiabilities methodManagers, AXA, and contributes only to theother netCentral incomeHoldings ^{p. 47}.

* '''Capital-light G/A products''': encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ^{p. 48}.

* '''Contractual Service Margin (CSM)''': a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}.

* '''CSM release''': a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ^{p. 48}.

* '''Economic variance''': corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}.

* '''Financial result''': consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ^{p. 48}.

* '''Gross Written Premiums and Other Revenues (GWP & Other Revenues)''': represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}.

* '''New Business ValueContractual Service Margin (NBVNB CSM)''': a component of the valuecarrying amount of the asset or liability for newly issued insurance contracts during the currentperiod, yearrepresenting the unearned profit to be recognized as insurance contract services are provided ^{p. 48}.

* '''NewPresent Businessvalue Valueof marginexpected (NBVpremiums margin(PVEP)''': ratiothe ofnew (i)business NBVvolume, representingequal to the present value ofat newlythe issuedtime contractsof duringissue of the currenttotal year,premiums expected to (ii)be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}.

* '''OperatingTechnical variance'experience'': the variationconsists of the year-endimpacts CSM versuson the expectedunderlying atearnings opening due toof (i) the differencesdifference between realizedthe expected and expectedincurred cash-flows of the operationaldefined assumptionsperiod, (ii) changesthe inrisk assumptionsadjustment suchrelease, as(iii) mortality,the longevity,changes lapsesin andonerous expensescontracts, and (iiiiv) impactthe other long-term elements which are mainly composed of modelnon-attributable changesexpenses ^{p. 48}.

* '''AA''': Senior Securedbond rating

* '''AAA''': Senior Securedbond rating

* '''ABS''': Asset-Backed Securities

* '''AEP''': Aggregate Exceedance Probability

* '''AI''': Artificial Intelligence

* '''AMF''': Autorité des Marchésmarchés Financiersfinanciers

* '''APAC''': Asia-Pacific

* '''AXA IM''': AXA Investment Managers

* '''BBA'AY'': Bearer BondAccident AccountYear

* '''CLO'BBA'': Collateralized LoanBenefit-Bearing ObligationAccount

* '''CRE'CDP'': CommercialCarbon RealDisclosure EstateProject

* '''CSM'CLO'': ContractualCollateralized ServiceLoan MarginObligation

* '''CY'CRE'': CalendarCommercial Real YearEstate

* '''DPS'CSA'': DividendCorporate PerSustainability ShareAssessment

* '''EME'CSM'': Europe,Contractual MiddleService EastMargin

* '''EOF'CY'': Eligible OwnCalendar FundsYear

* '''EPS'DPS'': EarningsDividend Per Share

* '''EU'EPS'': EuropeanEarnings Per UnionShare

* '''GEP'EU'': Gross EarnedEuropean PremiumsUnion

* '''GF EUR''': Green Finance Euro

* '''HKD'GBP'': HongGreat KongBritish DollarPound

* '''HY'GEP'': HighGross Earned YieldPremium

* '''IFE'GWP'': InsuranceGross FinanceWritten ExpensesPremiums

* '''IG'HY'': InvestmentHigh GradeYield

* '''JPY'IFE'': JapaneseInsurance Finance YenExpenses

* '''LTV'IG'': Loan-To-ValueInvestment Grade

* '''MX'LATAM'': MexicoLatin America

* '''NA'LFL'': North AmericaLike-for-Like

* '''NHG'NA'': Nationale HypotheekNorth GarantieAmerica

* '''OCI'NBV'': OtherNew ComprehensiveBusiness IncomeValue

* '''PAA'NHG'': PremiumNationale AllocationHypotheek ApproachGarantie

* '''PE'NPS'': PrivateNet Promoter EquityScore

* '''PYD'PAA'': Prior Years'Participating ReserveAccount DevelopmentAgreement

* '''RCG'PE'': Reinsurance Cost ofPrivate GuaranteesEquity

* '''ROE'PVEP'': ReturnPresent Value of OnExpected EquityProfits

* '''SCR'PYD'': SolvencyPrior Years' CapitalReserve RequirementDevelopment

* '''SHE'RCG'': Shareholders'Reinsurance Capital EquityGeneration

* '''SME'ROE'': Small andReturn Medium-sizedon EnterprisesEquity

* '''UEPS'SHE'': Underlying Earnings PerShareholders' ShareEquity

* '''VAT'UEPS'': ValueUnderlying Earnings AddedPer TaxShare

* '''VFA'UK'': Variable FeeUnited ApproachKingdom