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

| document_typedocument_category = Analyst presentation

* '''PresentationAXA date'Full Year 2025'' earnings presentation delivered on February 26, 2026 ^{p. 1}

* '''Forward-looking statements''' include predictions of future events, trends, plans, expectations, or objectives based on Management's current views and subject to change ^{p. 2}.

* '''UnderlyingExpected EPS''' (UEPS) growth guidance'' for 2026 is provided as one-off guidance in the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* '''Risk factors'' and uncertainties that may affect AXA's business are described in Part 5 "Risk Factors and Risk Management" of AXA's 2024 Universal Registration Document for the year ended December 31, 2024 ^{p. 2}.

* '''Alternative performance measures''' (APMs) used by management include "underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.

* '''FY25 Highlights''' presented by Thomas Buberl, Group CEO ^{p. 3, 4}

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

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

* Section divider slide for '''SessionFY25 presenter'Highlights'', presented by Thomas Buberl, Group CEO ^{p. 4}.

{| class="wikitable fintable"

| style="text-align:left" | Revenues growth vs. FY24

| class="col-m" style="text-align:right" | +6% vs. FY24

| style="text-align:left" | Underlying EPS growth vs. FY24

| class="col-m" style="text-align:right" | +8% vs. FY24

| style="text-align:left" | Return on equity (ROE)

| class="col-m" style="text-align:right" | 16%

| class="col-m" style="text-align:right" | 224%

| style="text-align:left" | ShareholderDPS valuegrowth

| class="col-m" style="text-align:right" | +8% DPS growth and EUR 1.25bn annual share buyback

| style="text-align:left" | EarningsUnderlying guidanceEPS outlook for 2026

| class="col-m" style="text-align:right" | Confident to deliver underlying EPS growth at the upperUpper end of 6%-8% target range for 2026

* Dividend proposedproposal bybased AXA'son Board of Directors' recommendation on February 25, 2026, subject to approval by the Shareholders' Annual General Meeting approval on April 30, 2026.

* Share buyback approved by AXA'sthe Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable., subject to market conditions

|+ Underlying earnings (constant FX), FY24 vs FY25 ^{p. 6}

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

* TopHigh lineorganic growth: +6% LFLtop line growth, well balanced across lines: (P&C: +5%, Life: +9%, Health: +5%.)

* Record profitability: driven by furtherFurther margin expansion in P&C and L&H, alongside; improvement in efficiency.

* Scaling the business: through continuedContinued investments in growth and technology.

* EarningsConsistent earnings growth delivered consistently while enhancing reserve prudence.

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

* '''Secular trends''' fuelingfuel demand across businesses:, driven by protection gaps and emerging corporate risks, as well as demographics driving demand for private retirement and healthcare

* '''Strategic pillars''' established to lay the foundation for the next plan:

** ''Clear tech'' and AI roadmap ^{p. 8}

** ''Driving efficiency'' across operations ^{p. 8}

** ''Enhancing capital'' allocation discipline ^{p. 8}

** ''Building resilience'' across the business ^{p. 8}

* '''Earnings growth''' sustainabilityoutlook supported by strong foundations, providing confidence in sustaining earnings growth ^{p. 8}

=== SectionBusiness dividerPerformance ===

{| class="wikitable fintable"

! class="col-s" style="text-align:rightleft" | %Region (share of total GWP¹)

! class="col-sm" style="text-align:right" | GWPGross written premiums

! class="col-sm" style="text-align:right" | GWPUnderlying change LFLearnings

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

| class="col-m" style="text-align:right" | 27+6% to EUR 31bn

| class="col-m" style="text-align:right" | 31+7% to EUR 2.2bn

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

| class="col-m" style="text-align:right" | 38+6% to EUR 43bn

| class="col-m" style="text-align:right" | 43+9% to EUR 3.5bn

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

| class="col-m" style="text-align:right" | 17+4% to EUR 19bn

| class="col-m" style="text-align:right" | 19+9% to EUR 1.9bn

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

| class="col-m" style="text-align:right" | 18+13% to EUR 20bn

| class="col-m" style="text-align:right" | 20+6% to EUR 1.5bn

|+** AXA XL GWP mixincludes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

|* ''Underlying earnings'' +7% GWPLFL mixto byEUR Long-term3.5bn and(change Short-termFY25 vs. FY24 at constant FX) ^{p. 12}.

=== FY25 Financialfinancial Performanceperformance ===

* ''Section divider3'': slideFY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

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

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

* Continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}

* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}

* Growth supported by alternative capital ^{p. 14}

* Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) ^{p. 14}

|+ Combined ratio bridge, 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%

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

* '''Investment income''' increased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}.

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

* '''Forex 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" | EmployeeHealth benefitsGWP

| style="text-align:right" | —17.5

| style="text-align:right" | 1219.90

| style="text-align:right" | +45%

| 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:left; font-weight:bold" | Protection flowsTotal

| style="text-align:right" | +4.9

| style="text-align:left" | Health flows

| style="text-align:right" | +2.7

| style="text-align:left" | Unit-linked flowsLinked

| style="text-align:right" | +1.5

| style="text-align:left" | Capital light flowsG/A

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

| style="text-align:left" | Traditional G/A flows

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

| style="text-align:left" | Unit-linkedLinked

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

* '''PVEP''' was impacted by higher interest rates on discounting despite strong growth in Life volumes ^{p. 18}.

* '''NB CSM''' was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits ^{p. 18}.

* '''NBV''' was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France ^{p. 18}.

* '''NBV margin''' improved to: 4.54% (prior:in FY24 → 4.45%) in FY25 ^{p. 18}.

|+ CSMContractual Service Margin rollforward, FY24 to FY25 ^{p. 19}

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

| style="text-align:left" | newNew business CSM

| style="text-align:left" | underlyingUnderlying return on in-force

| style="text-align:left" | economicEconomic variance

| style="text-align:left" | operatingOperating variance

| style="text-align:left" | affiliatesAffiliates, FX & other

* '''Normalized CSM''' up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}.

* '''Economic variance''' reflectedreflecting government spreads tightening and positive equity market returns ^{p. 19}.

* '''Operating variance''' was driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland ^{p. 19}.

* '''FX impact''' was mainly driven byfrom JPY and HKD depreciation ^{p. 19}.

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

| style="text-align:left" | shortShort-term technical margin

| style="text-align:left" | longLong-term result incl. CSM release

| style="text-align:left" | financialFinancial result

| style="text-align:left" | taxTax, FX and others

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

* '''LongShort-term results'technical margin'': wereEUR higher from an increase415m in CSMFY24 releaseto (+8%)EUR reflecting growth479m in reserve base, including from favorable equity market performance, and better marginsFY25 ^{p. 20}.

* FY25''Long-term (+7%result'' LFL)incl. CSM release: EUR 2,680m in FY24 to EUR 2,804m in FY25 ^{p. 20}.

* '''FY24Financial earnings mix'result'': short-term technical margin EUR 415m,975m long-termin result incl. CSMFY24 releaseto EUR 2,680m,946m financialin result EUR 975m, tax & others -EUR 748mFY25 ^{p. 20}.

* '''FY25Tax earnings& mix'others'': short-term technical margin EUR 479m, long-term748m resultin incl. CSMFY24 releaseto EUR 2,804m,-728m financialin result EUR 946m, tax & others -EUR 728mFY25 ^{p. 20}.

* '''Life underlying earnings''': FY24+4% to EUR 2.6bn7bn → FY25(prior: EUR 2.7bn (+4% LFL6bn) ^{p. 20}.

* '''Health underlying earnings''': FY24+17% to EUR 0.7bn8bn → FY25(prior: EUR 0.8bn (+17% LFL7bn) ^{p. 20}.

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

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

| style="text-align:left; font-weight:bold" | Total underlying''Net earningsincome''

| style="text-align:right; font-weight:bold" | 87.19

| style="text-align:right; font-weight:bold" | 9.8.4

| style="text-align:right; font-weight:bold" | +626%

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

! style="text-align:left" | —EUR

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

| style="text-align:left" | Underlying EPS (reported basis)FY24

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

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

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

| style="text-align:left" | from temporaryTemporary earnings dilution from AXA IM sale

** '''NetStable income''':holding EURcost, 9.8bnexpected into FY25remain vsat EURcurrent 7.9bnlevel in FY24 (+26% at constant FX)2026 ^{p. 21}.

** '''HoldingHigher costs''':net Stableincome holdingmainly cost,reflecting expectedhigher tounderlying remainearnings atand currentthe levelgain infrom 2026the sale of AXA IM ^{p. 21}.

** '''Net income drivers''': Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM; lowerLower financial flows reflecting unfavorable forex impact ^{p. 21}.

* IncludesChange <code>-1%</code>is at constant fromFX temporaryfor underlying earnings dilutionand fromnet AXAincome; IMchange saleis dueon toa thereported timingbasis offor anti-dilutiveunderlying earnings per share buyback ^{p. 21}.

===* (stacked bar) ''Shareholders' Equityequity'' Group ===share:

|+ Shareholders' equity and related metricsroll-forward ^{p. 22}

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

! class="col-s" style="text-align:right" | FY24 to FY25

! class="col-s" style="text-align:right" | HY25 to FY25

| style="text-align:left" | ''Opening Shareholders' equity (Group share)''

| style="text-align:right" | +1.3

| style="text-align:left" | Net income for the period

| style="text-align:right" | +9.8

| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM

| style="text-align:left" | Undated subordinated debt (including interest charges)

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

|+** Net''FY25'': cashEUR remittance7.5bn total ^{p. 23}

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

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

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

| style="text-align:left" | Net cash remittance from subsidiaries

| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM

| style="text-align:left" | Holding costs and interest expenses

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

! class="col-s" style="text-align:right" | Solvency II ratio (%pts)

| style="text-align:left" | Dividend & annual share buyback

| style="text-align:left" | Management actions, debt & other

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

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

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

* Euro Sovereignsovereign spreads +50bpssensitivity assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve, applied on sovereign and quasi-sovereign exposures.

* Credit rating migration sensitivity assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter / (3 notches).

* '''Section divider''' featuringfor 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}.

* '''SectionQ&A divider'session'' for Q&Athe sessionFull Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

** 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'' for appendices ^{p. 30}

|+ AdditionalGross disclosuresfinancial by topic and pagedebt ^{p. 3132}

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

! class="col-s" style="text-align:right" | PageFY24

| style="text-align:left" | DebtTier and Invested Assets1

| style="text-align:right" | 314.8

| style="text-align:left" | AdditionalTier P&C disclosures2

| style="text-align:right" | 3610.8

| style="text-align:left" | AdditionalSenior IFRS17 disclosuresdebt

| style="text-align:right" | 413.5

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

| style="text-align:right; font-weight:bold" | 4419.2

|+ FY25Invested Totalassets Generalbreakdown Account invested assetsFY25 ^{p. 33}

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

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

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

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

| style="text-align:left" | ''o/w Corporate bonds and loans''

| style="text-align:left" | ''o/w Other fixed income''

| style="text-align:left" | ''Real estate''

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

| style="text-align:left" | ''Listed equities''

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

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

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

| style="text-align:left; font-weight:bold" | ''Total Insurance Invested Assets''

| style="text-align:right; font-weight:bold" | 450

| style="text-align:right; font-weight:bold" | 100%

|+ Structured and Privateprivate Creditcredit Assetsassets breakdown FY25 ^{p. 34}

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

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

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

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

| style="text-align:right; font-weight:bold" | ''69''

| style="text-align:right; font-weight:bold" | ''15%''

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

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

! style="text-align:left" | EURAsset billion unless otherwise mentionedmix

** EURReinvestment 57bnyield fixed income investedachieved at 3.9% on EUR 57bn fixed income ^{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}

|+ FY25 GWP breakdownby line of business ^{p. 37}

! style="text-align:left" | USDLine billionof unless otherwise mentionedbusiness

! class="col-s" style="text-align:right" | GWP by lineShare

=== P&C | Focus on Reservesreserves ===

|+ Claims and technical reserves ratios by IFRS basis ^{p. 38}

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

| style="text-align:right" | 179%

| style="text-align:right" | 185%

| style="text-align:right" | 193%

| style="text-align:right" | 188%

| style="text-align:right" | 189%

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

| style="text-align:right" | 198%

| style="text-align:right" | 195%

| style="text-align:right" | 180%

| style="text-align:right" | 175%

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

| style="text-align:right" | 213%

| style="text-align:right" | 227%

| style="text-align:right" | 233%

| style="text-align:right" | 226%

| style="text-align:right" | 227%

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

| style="text-align:right" | 234%

| style="text-align:right" | 232%

| style="text-align:right" | 216%

| style="text-align:right" | 210%

=== P&C | 2026 Simplified Group Nat Cat Reinsurancereinsurance Programprogram 1 ===

|+ ReinsuranceInsurance capacitysegment andoccurrence retention by perilprotection ^{p. 39}

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

| style="text-align:left" | OtherPer other perils

* (bar) '''Earnings deviation''':|+ Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}.

**|+ 2.Average expected Nat Cat charges net Additionalof P&Creinsurance, disclosurespre-tax ^{p. 3640}

|+ P&C margin analysis, FY25and vsunderlying FY24earnings at constant FXFY25 ^{p. 42}

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

! class="col-s" style="text-align:right" | Change vs FY24

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

| style="text-align:left" | Gross''Current EarnedAccident PremiumsYear Discounting''

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

| style="text-align:left" | PYD''Investment ratioIncome''

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

| style="text-align:left" | FY24''Underlying ReservesEarnings atbefore locked-in ratetax''

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

|+* FY25''Discounting sensitivityratio'' to-3.5% Current Accident(+0.0pt Yearin discountCombined rateRatio changespoints) ^{p. 42}

===* ''L&H | Marginmargin analysis'' includes scope impact ^{p. ===43}.

|+ L&HTechnical marginand analysis,financial FY25results vsin FY24Euro at constantmillion, FXpre-tax ^{p. 43}

! style="text-align:left" | EURTechnical millionand unlessFinancial otherwise mentionedResults

! class="col-s" style="text-align:right" | Change vs FY24

|<div style="textoverflow-alignx:rightauto" | 62bn>

|! class="col-s" style="text-align:leftright" | Liability book yieldFY25

|! class="col-s" style="text-align:right" | 2.5%Change

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

|+ Life & Health FY25 CSM Keykey Sensitivitiessensitivities in Euro billion ^{p. 43}

! style="text-align:left" | ScenarioSensitivity

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

| style="text-align:right" | +0.6

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

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

| style="text-align:right" | +1.8

*=== '''Table of contents''' ^{p. 44}:===

** 2.''Debt Additionaland P&CInvested disclosuresAssets'' ^{p. 3631}

** 3. ''Additional IFRS17P&C disclosures'' ^{p. 4136}

** 4. '''Sustainability'Additional IFRS17 disclosures'' ^{p. 4441}

|+ SustainabilityESG targets and 2025 resultsachievements ^{p. 45}

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

| style="text-align:left" | P&C GWP to support transitionTransition underwriting (cumulative 2024-2026)

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

| style="text-align:left" | Climate adaptation solutions & services (cumulative 2024-2026)

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

| style="text-align:left" | AXAClimate Groupadaptation employees trained on climate adaptationtraining

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

| style="text-align:left" | Absolute carbonCarbon emissions reduction

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

| style="text-align:left" | Employee volunteering engagement

| class="col-m" style="text-align:right" | 50% of AXA Group employees engaged in volunteering activities by 2026

|+ ESG ratings and scores ^{p. 46}

! style="text-align:left" | ProviderRating Agency

! 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" | 97th percentile¹ in Dow Jones Best-in-Class Europe & World indices

| 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 in FTSE4Good Index Series

* '''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''': scope includes: ^{p. 47}

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

** '''Africa''': Morocco (insurance activities and holding) and, Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) which are fully consolidated ^{p. 47}.

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

** '''AXA Mediterranean Holdings''' ^{p. 47}.

* '''Transversal & Other''': scope includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.

* '''AXA Investment Managers''' (until July 1, 2025): scope includes AXA Investment Managers, Select (previously referred to as Architas), and Capza which are fully consolidated, and Asian joint ventures which are consolidated under the equity method ^{p. 47}.

* '''Accounting standards''': Unless otherwise specified herein, all comparative figures going back to 2023 are under the IFRS17/9 accounting standards that became (effective on January 1, 2023); figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4 ^{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 Value''' (NBV)'': the value of newly issued contracts during the current year,. It consistingconsists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 48}

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

* '''New Business Value margin''' (NBV margin)'': ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 48}

* '''Operating variance''': the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes;. operatingOperating variance is net of reinsurance ^{p. 48}

* '''Present value of expected premiums''' (PVEP)'': the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term;. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}

* '''Technical experience''': consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses ^{p. 48}

* '''Underlying return on in-force''': represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance ^{p. 48}

* '''PresentationClosing conclusion'slide'': for the AXA Full Year 2025 Earnings presentation, concluded ondated February 26, 2026 ^{p. 49}.

* '''AA''': Senior bond rating (Standard & Poor's)

* '''AAA''': Senior bond rating (Standard & Poor's)

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

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

* '''AI''': Artificial Intelligence

* '''AXA IM'APAC'': AXA Investment ManagersAsia-Pacific

* '''CDP'BBA'': Carbon DisclosureBenefit-Bearing ProjectAccount

* '''CLO'CDP'': CollateralizedCarbon LoanDisclosure ObligationProject

* '''CRE'CLO'': CommercialCollateralized RealLoan EstateObligation

* '''CSA'CRE'': CorporateCommercial SustainabilityReal AssessmentEstate

* '''CY'CSM'': CalendarContractual Service YearMargin

* '''DPS'CY'': Dividend PerCalendar ShareYear

* '''EME'DPS'': EmergingDividend Per MarketsShare

* '''EOF'EME'': Eligible OwnEmerging FundsMarkets

* '''EPS'EOF'': EarningsEligible PerOwn ShareFunds

* '''FX'EU'': ForeignEuropean ExchangeUnion

* '''GEP'FX'': Gross EarnedForeign PremiumsExchange

* '''GF GBP''': Grandfathered Great British Pound

* '''GWP'GEP'': Gross WrittenEarned PremiumsPremium

* '''HKD'GWP'': HongGross KongWritten DollarPremiums

* '''HY'HKD'': HighHong Kong YieldDollar

* '''IFE'HY'': Insurance FinanceHigh ExpensesYield

* '''JPY'IG'': JapaneseInvestment YenGrade

* '''LATAM'JPY'': LatinJapanese AmericaYen

* '''LFL'LATAM'': Like-for-LikeLatin America

* '''LTV'LFL'': LoanLike-tofor-ValueLike

* '''NA''': North America

* '''NB CSM''': New Business Contractual Service Margin

* '''NBV''': New Business Value

* '''NHG''': Nationale Hypotheek Garantie (National Mortgage Guarantee)

* '''NPS''': Net Promoter Score

* '''OCI''': Other Comprehensive Income

* '''PAA''': PremiumParticipating AllocationAccount ApproachAgreement

* '''PE''': Private Equity

* '''PVEP''': Present Value of Expected Profits

* '''PYD''': Prior Years' Reserve Development

* '''ROE'RCG'': ReturnReinsurance OnCapital EquityGeneration

* '''SCR'ROE'': SolvencyReturn Capitalon RequirementEquity

* '''SHE'SCR'': Shareholders'Solvency Capital EquityRequirement

* '''UEPS'TVOG'': UnderlyingTime Value of EarningsOptions Perand ShareGuarantees

* '''UK'UEPS'': UnitedUnderlying Earnings Per KingdomShare

* '''US'UK'': United StatesKingdom

* '''USD'US'': United States Dollar

* '''VAT''': Value Added Tax

* '''VFA''': Variable Fee Approach