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

| document_typedocument_category = Analyst presentation

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

* '''Disclaimer'Forward-looking statements'' regardinginclude forward-lookingpredictions, statementstrends, whichplans, areexpectations, subjector toobjectives knownbased andon unknownManagement's riskscurrent views and uncertaintiessubject to change ^{p. 2}.

* '''Expected UEPS growth''' 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}.

* '''Non-GAAPAlternative performance measures''' and alternative performance measures (APMs) used include "Underlyingunderlying 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 1divider slide for ''': FY25 Highlights'', presented by Thomas Buberl, Group CEO ^{p. 4}.

{| class="wikitable fintable"

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

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

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

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

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

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

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

| style="text-align:left" | DividendDPS per sharegrowth

| class="col-s" style="text-align:right" | +8% growth

| style="text-align:left" | ShareAnnual share buyback

| class="col-s" style="text-align:right" | EUR 1.25bn annual program

| style="text-align:left" | Underlying EPS growth targetoutlook for 2026

| class="col-s" style="text-align:right" | Upper end of 6% to -8% target range

* '''Dividend per share''' +8% growth,proposal based on the dividend proposed by AXA's Board of Directors' recommendation on February 25, 2026, subject to approval by the Shareholders' Annual General Meeting approval on April 30, 2026 ^{p. 5}

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

! class="col-s" style="text-align:right" | Change (excluding AXA IM)

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

* ''Secular trends'' fuelingfuel demand across businesses, driven includeby protection gaps and emerging corporate risks, alongsideas well as demographics driving demand for private retirement and healthcare ^{p. 7}.

* ''Our right to win'' is supported by four keystrategic pillars:

** Leading brand & high customer NPS ^{p. 7}

** Strong and diversified distribution ^{p. 7}

** Technical expertise to price & underwrite risks ^{p. 7}

** Scale offering cost advantage ^{p. 7}

* '''Strategic pillars''' established to lay the foundation for the next plan ^{p. 8}:

** ''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'' outlook''' supported by thesestrong pillarsfoundations, providing confidence in sustaining earnings growth ^{p. 8}

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

* '''Premium growth basis''': change for gross written premiums is at constant scope and FX ^{p. 10}.

* '''Earnings growth basis''': change for underlying earnings is at constant FX ^{p. 10}.

* '''Total GWP definition''': FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers ^{p. 10}.

|+ BusinessGross performancewritten 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)

* '''Gross written premiums''' (GWP) totalreached EUR 58bn, including AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

* (donut) '''GWP mix''': Retail, AXA XL (Large & Specialty), SME & Mid-market — shares not labeled ^{p. 11}.

** '''UnderlyingAXA earnings'''XL +9%GWP atincludes constantAXA FXXL toRe premiums of EUR 52.9bn6bn ^{p. 11}.

** '''Beyond 2025''': InvestingGrowing tovolumes improve customer retention andwhile expanding distribution footprintmargins ^{p. 11}.

** '''Beyond 2025''': Capitalizing on attractiveProfitable growth opportunities and continuedwith cyclestable managementmargins ^{p. 11}.

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

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

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

* '''Commercial lines growth''' driven by continuedContinued pricing momentum and volume growth in Mid-market and SME.

* '''AXA XL Insurance''' focused on growingGrowing in lines of business with attractive margins while remaining focused on retention. at AXA XL Insurance

* '''AXA XL Reinsurance''' growthGrowth supported by alternative capital.

* '''Retail lines growth''' supported by favorableFavorable pricing trends and strong growth in net new contracts of (+1.7m in FY25.)

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

* BetterUndiscounted undiscounted current yearCY loss ratio excluding(ex Nat Cat) drivenimproved byfrom:

** Margin expansion in '''Commercial lines''' SME & mid-market business and '''Personal lines''' reflecting favorable pricing environment

** Stable '''AXA XL Insurance''' margins at attractive levels reflecting disciplined cycle management

* ImprovementExpense inratio '''expense ratio'''improved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology

* '''Nat Cat charges''' below normalized load

* Lower reliance on '''priorPrior year reserve development''' shows lower reliance

* TakingReserve prudence enhanced by taking advantage of a good year to enhance '''reserve prudence'''

* Underlying earnings grew +9% at constant FX to EUR 5,872m (FY24: EUR 5,510m) ^{p. 16}.

* Underwriting result (includesimproved expenses)from driven bystrong volume growth (+EURand 292m)improved andall-year margincombined improvementratio (+EURwhile 189m)enhancing ^{p.reserve 16}prudence.

|+ Life GWP &and other Otherrevenues Revenuesby mixline, FY24 vs FY25 ^{p. 17}

| style="text-align:left; font-weight:bold" | Total LifeHealth GWP & Other Revenues

| 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:left; font-weight:bold" | TotalEmployee HealthBenefits GWP & Other Revenues

| 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}

! class="col-s" style="text-align:right" | Net flowsFY24

| 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}

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

! class="col-s" style="text-align:right" | NB CSM (pre-tax)FY24

! class="col-s" style="text-align:right" | NBV (post-tax)FY25

| style="text-align:left" | FY24NB CSM (pre-tax)

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

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

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

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

|+ Earnings and net income breakdown inFY24 EURvs billionFY25 ^{p. 21}

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

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

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

|+ Underlying earnings per share (reportedbridge, basis)FY24 to 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" | Temporary earnings dilution from AXA IM sale impact

* '''Underlying earnings''' drivers:

* '''Net income''' drivers:

|+** Shareholders''HY25'': equityEUR 45.5bn total (comprising SHE excl. OCI EUR 52.7bn and otherNet OCI EUR metrics-7.2bn) ^{p. 22}

|+ Shareholders' equity roll-forward (in Euro billion) ^{p. 22}

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

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

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

* '(bar) ''Net cash remittance''' increased to EUR 7.5bn in FY25 ^{p. 23}trend:

** (bar) '''Net cash remittance trend'FY24'': FY24 EUR 7.7bn (total, comprising EUR 7.1bn ordinary remittance and EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe) → FY25 EUR 7.5bn ^{p. 23}

** '''Remittance ratio'FY25'': remainedEUR stable7.5bn at 82% in FY24 and 82% in FY25total ^{p. 23}

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

! style="text-align:left" | FY24EUR Cash positionbillion

! class="col-s" style="text-align:right" | 4.0—

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

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

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

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

* EuroCredit sovereignrating spreadsmigration sensitivity assumes a 50bps spread widening20% of the Euro sovereigncorporate bonds vs. the(including Europrivate swapdebt) curve,held appliedare ondowngraded sovereignby andone quasi-sovereignfull exposuresletter ^{p.(3 24}notches).

! style="text-align:left" | Solvency II ratioEvent

! class="col-ms" style="text-align:right" | ValueImpact (pts)

| style="text-align:left" | AsSolvency II ratio as of December 31, 2025

| style="text-align:right" | 224%

| style="text-align:right" | -10pts to 215%10

| style="text-align:right" | +17pts17

* EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026 ^{p. 25}.

* '''Conclusion'Section divider'' presentedfor 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}.

* '''BusinessAll performancebusinesses''' shows all businesses in excellent shape, delivering strong growth and profitability ^{p. 27}.

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

* '''FutureLaying outlookfoundations''' focused on laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

* '''SessionQ&A titlesession''': Q&Afor the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

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

* '''Follow us''': www.axa.com ^{p. 29}

|+ Meet our management event calendarschedule ^{p. 29}

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

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

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

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

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

**| '''≥2040'''style="text-align:left" | Senior debt EUR 0.5bn ^{p. 32}

* '''Total General Account''' invested assets stood at EUR 450bn for FY25 ^{p. 33}.

* '''Duration gap''' was at -0.4 year ^{p. 33}.

* (donut) '''FY25 Total General Account invested assets''': EUR 450bn total; mix includes Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans — shares not labeled ^{p. 33}.

|+ Invested assets (100%)breakdown in EUR billionFY25 ^{p. 33}

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

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

| style="text-align:left" | ''o/w Other fixed income¹''

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

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

| style="text-align:left" | '''Listed equities²'''

| style="text-align:left" | '''Private equity and hedge funds³'''

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

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

| style="text-align:left" | '''Total Insurance Invested Assets⁴'Assets''

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

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

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

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

| style="text-align:right" | - Strong diversification with EUR 8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation

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

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

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

* '''General Account''' (G/A) refersrepresents tothe Generalinvestment Accountportfolio ^{p. 34}.

|+ FY25 Fixed incomeIncome reinvestmentReinvestment asset mix ^{p. 35}

|+ FY25 Fixed incomeIncome reinvestmentReinvestment yieldYield ^{p. 35}

! style="text-align:left" | Fixed incomeIncome typeType

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

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

! style="text-align:left" | USD billionGeography

* '''Cycle management''' is utilized to deliver consistent profitability ^{p. 37}:

** (bubble chart) '''Profitability vs Ex-price growth (%)'Property'': showshigh relativeprofitability, positioninghigh ofex-price key linesgrowth ^{p. 37}:

*** '''Property'Specialty'': medium-high profitability, medium-high ex-price growth ^{p. 37}

*** '''Specialty'Casualty'': moderate-to-highmedium profitability, moderatemedium ex-price growth ^{p. 37}

*** '''Casualty'Professional lines'': moderatelower profitability, moderatelower ex-price growth ^{p. 37}

|+ Claims and Technicaltechnical reserves ratioratios ^{p. 38}

{| class="wikitable fintable"

|+ Insurance segment occurrence protection capacity and retention by peril ^{p. 39}

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

| class="col-s" style="text-align:right" | EUR 4.0bn600m

| class="col-s" style="text-align:right" | EUR 600m4.0bn

| class="col-s" style="text-align:right" | EUR 2.1bn450m

| class="col-s" style="text-align:right" | EUR 450m2.1bn

| class="col-s" style="text-align:right" | EUR 2.1bn400m

| class="col-s" style="text-align:right" | EUR 400m2.1bn

| class="col-s" style="text-align:right" | EUR 1.2bn600m

| class="col-s" style="text-align:right" | EUR 600m1.2bn

| class="col-s" style="text-align:right" | EUR 1.2bn600m

| class="col-s" style="text-align:right" | EUR 600m1.2bn

| class="col-s" style="text-align:right" | —400m

| class="col-s" style="text-align:right" | EURVaries by peril 400mtype

* (diagram)Covered '''Reinsurancevia segment''' (illustrative) utilizes Alternative Capital & Cat Bonds'' ^{p. 39}.

|+ Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}

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

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

* '''EarningsLess deviationsevere analysis'years'' showsresult Groupin underlyinga earningspositive deviation to average Nat Cat charges in 2026ca. net60% of reinsurance, post-taxcases ^{p. 40}:.

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

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

* '''Additional IFRS17 disclosures''' (active section) ^{p. 41}

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

|+ P&C Underlyingmargin Earningsanalysis FY25and (changesunderlying versusearnings FY24 at constant FX)FY25 ^{p. 42}

! style="text-align:left" | MetricEUR million

! class="col-s" style="text-align:right" | FY25 (EUR million)

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

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

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

| style="text-align:right" | '''5,872'''

| style="text-align:right" | '''+501'''

* '''Undiscounted technicalcombined margin'ratio'' (current95.2% accident year(-1.0pt); of EURwhich 2,778mNat (+EURCats 707mwas 3.4% (-0.4pt) ^{p. 42}:

* '''Gross earnedDiscounting premiums'ratio'' at-3.5% EUR(+0.0pt 57,656min (+6%Combined Ratio points) ^{p. 42}

* '''UndiscountedNet combinedclaims ratio'reserves'' (for current accident year) at 95.2%EUR (-119.0pt),0bn; duration of which4.0 Natyears; Catsdiscount wasrate 3of 2.48% (-0.4pt) ^{p. 42}

* '''Accident yearPYD discounting'ratio'' (current accident year) of EUR 2,009m-1.1% (+EUR 115m0.7pt) ^{p. 42}:

* '''DiscountingAverage ratio'assets'' (infor combinedFY25 ratioat points)EUR 115bn; asset book yield at -3.5%; (+0reinvestment yield on fixed income assets at 4.0pt)3% ^{p. 42}

* '''NetReserves claimsat locked-in reserves'rate'' (currentfor accident year)FY24 at EUR 1971bn; liability book yield at 1.0bn9% ^{p. 42}

* '''ReserveUnderlying earnings duration'growth'' at+9% 4vs.0 yearsFY24 withat aconstant discount rate of 2.8%FX ^{p. 42}

** '''Investment+25bps: income''' of EUR 3,988m (+EUR 435m)0.2bn ^{p. 42}:

* '''Insurance finance expenses''': of2026e pre-EURtax 1,358mexpected (-at ~EUR 235m)-1.4bn ^{p. 42}:

** '''ReservesSensitivity atof locked-in2026e rate'''expenses (FY24)to atchanges EURin 71bn2025 withcurrent aAY liabilitydiscount: book+25bps yield~EUR of-50m; -25bps ~EUR 1.9%+50m ^{p. 42}

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

* '''Short-term Technicaltechnical Margin'margin'' includes+EUR 60m to EUR 479m, including the recapture of Laya ^{p. 43}.

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

! style="text-align:left" | MetricTechnical and Financial Results

|+ Underlying Earningsearnings (Inbridge in Euro million) ^{p. 43}

! style="text-align:left" | MetricUnderlying Earnings

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

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

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

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

! style="text-align:left" | Rating agencyAgency

! class="col-ls" style="text-align:right" | Score/Percentile

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

| class="col-ls" style="text-align:right" | 97th percentile

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

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

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

| class="col-ls" style="text-align:right" | 4.3/5

* '''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:

** '''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), 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, all comparative figures going back to 2023 are under IFRS17/9 standards (effective January 1, 2023); figures prior to 2023 have not been restated 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 consists 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 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. Operating 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 ifof (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}

* Concluding''Closing slide'' offor the AXA Full Year 2025 Earnings presentation, dated February 26, 2026 ^{p. 49}.

* '''AA''': S&P long-term issuerSenior creditbond rating

* '''AAA''': S&P long-term issuerSenior creditbond rating

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

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

* '''AI''': Artificial Intelligence

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

* '''BBA'AY'': Business-By-BusinessAccident AccountingYear

* '''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

* '''EME'CY'': EmergingCalendar MarketsYear

* '''EOF'DPS'': EligibleDividend OwnPer FundsShare

* '''EPS'EME'': Earnings PerEmerging ShareMarkets

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

* '''GEP'EU'': Gross EarnedEuropean PremiumUnion

* '''GF EUR''': Grandfathered 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

* '''LFL'IG'': Like-for-LikeInvestment Grade

* '''LTV'JPY'': Loan-to-ValueJapanese Yen

* '''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'': PriorParticipating YearAccount DevelopmentAgreement

* '''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

* '''USD'UEPS'': UnitedUnderlying Earnings StatesPer DollarShare

* '''VAT'UK'': Value AddedUnited TaxKingdom

* '''VFA'US'': Variable FeeUnited ApproachStates