Document:AXA/2025/FY/Earnings presentation

Document info
Document ID	snjra2xp9r
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Earnings presentation
Document name	AXA Full Year 2025 Results Presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	original URL
Original md	.md file
Summary	wiki page

[p. 1]

Full Year 2025 Earnings Presentation

• February 26, 2026

[p. 2]

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES

Forward-looking statements

• Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information.
• Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”.
• In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan.
• These statements in this presentation are based on Management’s current views and intentions and are subject to change.
• Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.
• Each forward-looking statement speaks only at the date of this presentation.
• Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations.
• AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

Non-GAAP financial measures

• In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.
• These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
• As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
• “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
• AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
• For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.

Additional information

• AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
• AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.

[p. 3]

Contents

• 1. FY25 Highlights
• Thomas Buberl, Group CEO
• p.04
• 2. FY25 Business Performance
• Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
• p.09
• 3. FY25 Financial Performance
• Alban de Mailly Nesle, Group CFO
• p.13

[p. 4]

FY25 Highlights

Thomas Buberl, Group CEO

[p. 5]

Full Year 2025 – Excellent performance

Full Year 2025 Key Performance Indicators

• +6% Revenues vs. FY24
• +8% Underlying EPS vs. FY24
• 16% ROE FY25
• 224% Solvency II ratio FY25

Delivering value for shareholders

• +8% DPS¹(footnote: Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.) growth and €1.25bn annual share buy back²(footnote: Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.)

Outlook

• Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026

(1) Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.

(2) Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.

[p. 6]

Executing the plan on growth, margin and efficiency

Underlying earnings

In Euro billion	Underlying earnings
FY24	8.1
FY25	8.4
Change	+6%
Change excluding AXA IM	+9%

High organic growth

• +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)

Record profitability

• Further margin expansion in P&C and L&H; improvement in efficiency

Scaling the business

• Continued investments in growth and technology

Consistent earnings growth while enhancing reserve prudence

[p. 7]

Diversified franchise, well positioned in an attractive industry

Secular trends fueling demand across businesses

• Protection gaps and emerging corporate risks
• Demographics driving demand for private retirement and healthcare

Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.

Business Segment	Share (%)
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

Our right to win

• Leading brand & high customer NPS
• Strong and diversified distribution
• Technical expertise to price & underwrite risks
• Scale offering cost advantage

(1) Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.

[p. 8]

Laying the foundation for the next plan

• Clear tech and AI roadmap
• Driving efficiency
• Enhancing capital allocation discipline
• Building resilience

Confidence in sustaining earnings growth

[p. 9]

FY25 Business Performance

• Guillaume Borie
• Global Head of Finance, Strategy, Underwriting, Risk, and Technology

[p. 10]

Strong delivery across our businesses

Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.

	Gross written premiums	Underlying earnings
France (27% of total GWP1(footnote: FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+6% to €31bn	+7% to €2.2bn
Europe (38% of total GWP1(footnote: FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+6% to €43bn	+9% to €3.5bn
AXA XL (17% of total GWP1(footnote: FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+4% to €19bn	+9% to €1.9bn
Asia, Africa & EME-LATAM (18% of total GWP1(footnote: FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.))	+13% to €20bn	+6% to €1.5bn

(1) FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.

[p. 11]

P&C – Strong margins, confidence in sustaining growth

• €58bn GWP
• GWP mix: Retail, SME & Mid-market, AXA XL¹(footnote: Includes AXA XL Re premiums of €2.6bn.) (Large & Specialty) — shares not printed
• Underlying earnings +9%²(footnote: Change FY25 vs. FY24 at constant FX.) to €5.9bn

Retail and SME & Mid-market

• 2025: Growing volumes while expanding margins
• Beyond 2025: Investing to improve customer retention & expanding distribution footprint

AXA XL (Large & Specialty)

• 2025: Profitable growth with stable margins
• Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management

Key drivers

• Continued progress on efficiency
• Higher investment income
• Data & AI to further enhance customer experience & technical excellence

(1) Includes AXA XL Re premiums of €2.6bn.

(2) Change FY25 vs. FY24 at constant FX.

[p. 12]

L&H – Good momentum, well positioned to capture growth opportunities

• €57bn GWP
• Short-term
• Long-term
• Underlying earnings +7%¹(footnote: Change FY25 vs. FY24 at constant FX.) to €3.5bn

Strategic Priorities

	2025	Beyond 2025
Long-term business	Accelerating net flows in Savings at attractive margins	Capturing savings & retirement opportunity, sourcing best asset management products for our customers
Short-term business	Growing technical results while absorbing Mexico VAT impact	Capitalizing on demand for health & protection while further improving our margins

• Focus on cost reduction
• Increasing penetration of Protection riders in Savings offerings
• Leveraging AI to reduce claims leakage & improve customer outcomes in Health

(1) Change FY25 vs. FY24 at constant FX.

[p. 13]

FY25 Financial Performance

• Alban de Mailly Nesle
• Group CFO

[p. 14]

P&C – Continued disciplined growth

GWP & Other Revenues (In Euro billion)

In Euro billion	FY24	FY25	Change	o/w pricing1(footnote: Price effect.)	o/w volume2(footnote: Includes exposure adjustments and mix & other effects.)
Commercial lines	—	35.8	+4%	+2%	+2%
AXA XL Reinsurance	—	2.6	+8%	+0.3%	+7%
Retail lines	—	19.7	+7%	+5%	+2%
Total	56.5	58.0	+5%	—	—

Commercial lines

• Continued pricing momentum and volume growth in Mid-market and SME
• Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance

AXA XL Reinsurance

• Growth supported by alternative capital

Retail lines

• Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)

(1) Price effect.

(2) Includes exposure adjustments and mix & other effects.

[p. 15]

P&C – Delivering further margin expansion while enhancing reserve prudence

Combined ratio

	FY24	FY25
Undiscounted CY loss ratio (ex Nat Cat)	67.4%	67.0%
Expense ratio	25.0%	24.8%
Nat Cat	3.8%	3.4%
Prior year reserve development	-1.6%	-1.1%
Discount	-3.6%	-3.5%
Combined ratio	91.0%	90.6%

• Better undiscounted current year loss ratio excluding Nat Cat from:
• 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
• Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
• Nat Cat charges below normalized load
• Lower reliance on prior year reserve development
• Taking advantage of a good year to enhance reserve prudence

[p. 16]

P&C – Earnings growth from higher underwriting and financial result

Underlying Earnings

• Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
• Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
• Higher unwind of discount of claims reserves, in line with guidance
• Unfavorable forex impact notably due to USD depreciation vs. EUR

Underlying Earnings

In Euro million	Value
FY24	5,510
Volume growth	+292
Margin improvement	+189
Investment income	+435
Insurance finance expenses	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872
Change at constant FX	+9%

Underwriting result¹(footnote: Underwriting result includes expenses.)

• Volume growth
• Margin improvement

Financial result

• Investment income
• Insurance finance expenses

Change at constant FX.

(1) Underwriting result includes expenses.

[p. 17]

Life & Health – Strong growth in premiums, positive net flows

In Euro billion

Life GWP & Other Revenues

In Euro billion	FY24	FY25	Change
Protection	—	17.3	+11%
Unit-linked	—	9.3	+13%
Capital light G/A	—	9.0	+7%
Traditional G/A	—	1.9	-7%
Total	34.5	37.5	+9%

Health GWP & Other Revenues

In Euro billion	FY24	FY25	Change
Individual	—	10.5	+6%
Group	—	8.5	+4%
Total	17.5	19.0	+5%

• o/w FY25 Employee Benefits¹(footnote: Including both short-term and long-term Employee Benefits GWP and other revenues.)
• Euro 12.9 billion (+4% vs. FY24)

Net flows: €+5.4bn vs. €+1.5bn in FY24

In Euro billion	FY25
Protection	+4.9
Health	+2.7
Unit-Linked	+1.5
Capital light G/A	+1.2
Traditional G/A	-5.0

(1) Including both short-term and long-term Employee Benefits GWP and other revenues.

[p. 18]

Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

In Euro billion

• PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
• NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
• NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France

PVEP

In Euro billion	FY24	FY25	Change
Protection & Health	—	31.4	-4%
Unit-Linked	—	8.5	+18%
Capital-light G/A	—	7.8	-10%
Traditional G/A	—	1.7	-10%
Total	50.9	49.4	-2%

NB CSM (pre-tax)

In Euro billion	FY24	FY25	Change
NB CSM (pre-tax)	2.2	2.2	+3%

NBV (post-tax)

In Euro billion	FY24	FY25	Change
NBV (post-tax)	2.3	2.2	stable
NBV margin	4.4%	4.5%	—

Change at constant scope and FX.

[p. 19]

Life & Health – Growth in new business driving Normalized CSM growth

Contractual Service Margin rollforward

In Euro billion	Value
FY24	33.6
New business CSM	+2.2
Underlying return on in-force	+1.3
CSM release	-3.0
Economic variance	+0.6
Operating variance	-0.3
Affiliates, FX & other	-1.4
FY25	33.0

Normalized CSM growth +2%

• Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
• Economic variance reflecting government spreads tightening and positive equity market returns
• Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
• FX impact mainly from JPY and HKD depreciation

CSM breakdown

• FY24 o/w Life: 25.8
• FY24 o/w Health: 7.7
• FY25 o/w Life: 25.4
• FY25 o/w Health: 7.6

(1) Change at constant scope and FX.

[p. 20]

Life & Health – Strong momentum in both short-term and long-term business

Underlying Earnings +7%

In Euro million	FY24	Short-term technical margin	Long-term result incl. CSM release	Financial result	Tax, FX and others	FY25
—	3,323	+60	+156	-11	-27	3,501
Short-term technical margin	415	—	—	—	—	479
Long-term result incl. CSM release	2,680	—	—	—	—	2,804
Financial result	975	—	—	—	—	946
Tax & others	-748	—	—	—	—	-728

*in billions*

• o/w Life: 2.6 → 2.7, +4% vs. FY24
• o/w Health: 0.7 → 0.8, +17% vs. FY24

Change at constant FX.

• Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)
• Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins

[p. 21]

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

In Euro billion

	FY24	FY25	Change
Property & Casualty	5.5	5.9	+9%
Life & Health	3.3	3.5	+7%
Asset Management	0.4	0.2	-57%
Holdings & other	-1.2	-1.2	-
Underlying earnings	8.1	8.4	+6%
Non-financial flows	-0.5	+2.1	—
o/w capital gains from AXA IM disposal	—	+2.2	—
Financial flows (incl. RCG)	+0.3	-0.7	—
Net income	7.9	9.8	+26%

Underlying earnings

• Strong performance from insurance businesses
• Stable holding cost, expected to remain at current level in 2026

Net Income

• Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
• Lower financial flows reflecting unfavorable forex impact

Underlying earnings per share

In Euro	FY24	FY25
Underlying earnings per share	3.59	3.86
Change	—	+8%

• +6% from earnings growth
• including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
• +3% from capital management
• -2% from forex

(1) Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.

[p. 22]

Shareholders’ Equity

In Euro billion

Shareholders’ equity¹(footnote: Shareholders’ equity Group share.)

In Euro billion	FY24	HY25	FY25
SHE (excl. OCI)	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
Shareholders' equity	49.9	45.5	47.2
SHE (excl. OCI & undated subordinated debt)	53.2	47.0	49.4
Debt gearing	20.6%	23.4%	22.3%
Underlying ROE	15.2%	17.5%	16.0%

FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge

In Euro billion	FY24 to FY25	HY25 to FY25
Opening Shareholders' equity	49.9	45.5
Change in Net OCI	1.3	0.4
Net income for the period	9.8	5.9
Dividend	-4.6	—
Annual share buyback	-1.2	—
Anti-dilutive share buyback following the sale of AXA IM	-3.5	-3.5
Undated subordinated debt (including interest charges)	-0.3	-1.2
Forex	-3.5	-0.1
Other	-0.6	0.3
Closing Shareholders' equity	47.2	47.2

(1) Shareholders’ equity Group share.

[p. 23]

Higher organic cash remittance and robust cash position at Holding

Net Cash Remittance (In Euro billion)

In Euro billion	FY24	FY25
Proceeds related to in-force treaties2(footnote: 2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.)	0.6	—
Ordinary cash remittance	7.1	7.5
Total Net Cash Remittance	7.7	7.5
Remittance ratio1(footnote: 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.)	82%	82%

FY24 to FY25 Cash Position (In Euro billion)

FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 Cash position	5.6

(1) 1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.

(2) 2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.

[p. 24]

Solvency II at 224%

Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges

In Euro billion	FY24	Regulatory & model changes	Normalized capital generation	Operating variance	Economic variance & FX	Dividend & annual share buyback	Management actions, debt & other	FY25
Eligible Own Funds (EOF)	55.9	+0.2	+8.8	-0.4	-2.1	-6.0	-0.1	56.4
Solvency II ratio	216%	+0pt	+28pts	-1pt	+4pts	-24pts	+2pts	224%
Solvency Capital Requirement (SCR)	25.9	0.0	+0.6	0.0	-1.2	0.0	-0.2	25.2

• Dividend & annual share buyback details
• Foreseeable dividends: €-4.8bn
• Provision for annual share buyback for 2026: €-1.25bn

Key sensitivities

Ratio as of December 31, 2025	224%
Interest rate +50bps	+2 pts
Interest rate -50bps	-1 pt
Corporate spreads +50bps	-1 pt
Euro Sovereign spreads +50bps1(footnote: 1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).)	-7 pts
Credit migration2(footnote: 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).)	-4 pts
Listed Equity (excl. PE & Infra) +25%	-1 pt
Listed Equity (excl. PE & Infra) -25%	+2 pts
PE & Infra +25%	+14 pts
PE & Infra -25%	-19 pts
Inflation swap curve +50bps	-5 pts

(1) 1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).

(2) 2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

[p. 25]

Solvency II – impact of the end of grandfathering period and Solvency II revision

• Ratio as of 31/12/2025: 224%
• Impact of the end of grandfathering period on January 1, 2026: -10pts to 215%
• Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
• Impact of Solvency II revision to come into effect in 1Q27: +17pts¹(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.)
• No change expected in organic capital generation
• Additional capital flexibility

(1) Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.

[p. 26]

Conclusion

Thomas Buberl, Group CEO

[p. 27]

Conclusion

• Record results, at the top end of the target range while enhancing reserve prudence
• All businesses in excellent shape, delivering strong growth and profitability
• Diversified franchise, well-positioned to capture future growth opportunities
• Laying foundations for the next plan and confident in delivering sustainable earnings growth

[p. 28]

Q&A Full Year 2025 Earnings February 26, 2026

[p. 29]

AXA Investor Relations – Keep in touch

Meet our management

• March: Roadshows — Europe and US
• May 5: 1Q25 Activity Indicators — Paris
• June 2: BNP Paribas Exane CEO Conference — Paris
• June 2-4: Goldman Sachs European Financials Conference — Zurich
• July 31: HY26 Earnings Release — Paris
• September 21: AXA Investor Day — London

Contact us

• Investor Relations
• +33 1 40 75 48 42
• investor.relations@axa.com

Follow us

• www.axa.com

[p. 30]

Appendices

[p. 31]

Contents

• 1. Debt and Invested Assets p.31
• 2. Additional P&C disclosures p.36
• 3. Additional IFRS17 disclosures p.41
• 4. Sustainability p.44

[p. 32]

Gross financial debt and maturity breakdown as of December 31st, 2025

In Euro billion

Gross financial debt^1,2

In Euro billion	FY24	FY25	Jan 1st 2026 End of the grandfathering period
Debt gearing	20.6%	22.3%	—
Tier 1	4.8	4.6	3.2
Tier 2	10.8	12.2	11.3
Senior debt	3.5	3.5	5.8
Total	19.2	20.3	20.3

• Jan 1st 2026: o/w €0.4bn redeemed in Jan 2026

Contractual maturity breakdown

In Euro billion	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Senior debt	—	—	—	0.5	—	—	—	0.5	—
Tier 2	—	—	—	—	—	0.7	—	10.8	0.7
Tier 1	—	—	—	—	—	0.9	1.5	—	4.6
o/w Grandfathered debt	—	—	—	—	—	—	—	—	—
Tier 1	—	—	—	—	—	—	—	—	1.4
Tier 2	—	—	—	—	—	0.7	—	0.2	—

Economic maturity breakdown³(footnote: Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.)

In Euro billion	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Senior debt	—	—	—	0.5	—	—	—	0.5	—
Tier 2	—	—	2.4	—	2.0	0.7	6.4	—	0.7
Tier 1	—	0.1	—	0.1	—	0.9	1.5	—	4.0
o/w Grandfathered debt	—	—	—	—	—	—	—	—	—
Tier 1	—	0.1	—	0.1	—	—	0.4	—	0.8
Tier 2	—	—	—	—	—	0.7	0.2	—	—

(1) Nominal debt.

(2) In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.

(3) Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.

[p. 33]

General Account Invested Assets

FY25 Total General Account invested assets

• Duration gap at -0.4 year
• Euro 450 billion

Invested assets (100%)

In Euro billion	FY25	%
Fixed income	345	77%
o/w Government bonds	167	37%
o/w Corporate bonds and loans	121	27%
o/w Other fixed income 1(footnote: Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).)	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities 2(footnote: Includes hedges. Listed equities excluding hedges at Euro 14 billion.)	10	2%
Private equity and hedge funds 3(footnote: Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).)	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets 4(footnote: Please refer to the financial supplement for more details.)	450	100%

(1) Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).

(2) Includes hedges. Listed equities excluding hedges at Euro 14 billion.

(3) Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

(4) Please refer to the financial supplement for more details.

[p. 34]

Structured and Private Credit assets

Structured and Private Credit assets

Invested assets (100%) In Euro billion	FY25	% of total G/A1(footnote: G/A: General Account) portfolio	Comments
Residential Mortgages	16	4%	- €6bn Dutch mortgages, NHG guaranteed - €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
CLO & ABS	25	6%	- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
Infrastructure debt	8	2%	- Skewed towards resilient industries (Telecom, Utilities, Transport)
CRE debt	8	2%	- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
Mid-Market lending	10	2%	- Strong diversification with €8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
Other	2	0%	—
Total Structured and Private Credit Assets	69	15%	o/w 54% participating

(1) G/A: General Account

[p. 35]

Investment portfolio – Fixed Income reinvestment

FY25 Fixed Income Reinvestment

Asset Class	Share (%)
Government bonds & related (Average rating: AA)	32%
Investment grade credit (Average rating: A)	40%
ABS/CLO/IG fund financing	21%
Below investment grade credit	7%
Total	Euro 57 billion

FY25 Fixed Income Reinvestment Yield

Category	Yield
Public fixed income1(footnote: Government and Corporate bonds and related.)	3.5%
Private & Structured fixed income2(footnote: Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).)	4.7%
Total fixed income	3.9%

Euro 57 billion fixed income invested at 3.9%

• Average duration of 9 years
• Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
• Gradual shift from alternative total return assets to Private & Structured credit

(1) Government and Corporate bonds and related.

(2) Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).

[p. 36]

Contents

• 1. Debt and Invested Assets p.31
• 2. Additional P&C disclosures p.36
• 3. Additional IFRS17 disclosures p.41
• 4. Sustainability p.44

[p. 37]

AXA XL Insurance – Large Commercial & Specialty business

Well diversified across lines of business and geographies

$19bn FY25 GWP by line of business

Line of business	Share (%)
Casualty	35%
Property	29%
Specialty	19%
Professional lines1(footnote: Including Cyber)	17%

$19bn FY25 GWP by geography

Geography	Share (%)
Americas	46%
Europe & APAC	35%
UK & Lloyds	19%

Leading market positions across lines

• Top 3 globally
• Multinational Programs²(footnote: Source: McKinsey)
• Marine³(footnote: Source: Aon, Guy Carpenter, and Global Market Insights)
• Fine Art & Specie⁴(footnote: Source: Industry Research Biz (January 2026))

Managing the cycle to deliver consistent profitability

• Qualitative chart: Profitability vs Ex-price growth (%)
• Property: High profitability, high ex-price growth
• Specialty: Medium-high profitability, medium-high ex-price growth
• Casualty: Medium profitability, medium ex-price growth
• Professional lines: Low-medium profitability, low-medium ex-price growth

(1) Including Cyber

(2) Source: McKinsey

(3) Source: Aon, Guy Carpenter, and Global Market Insights

(4) Source: Industry Research Biz (January 2026)

[p. 38]

P&C – Focus on Reserves

Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)

	FY18	FY19	FY20	FY21	FY22	FY22	FY23	FY24	FY25
Accounting Basis	IFRS4					IFRS17
Ratio	179%	185%	193%	188%	189%	198%	195%	180%	175%

Technical reserves ratio (Net undiscounted technical reserves¹(footnote: Includes net undiscounted claims reserves and unearned premium reserves.)/Net earned premiums)

	FY18	FY19	FY20	FY21	FY22	FY22	FY23	FY24	FY25
Accounting Basis	IFRS4					IFRS17
Ratio	213%	227%	233%	226%	227%	234%	232%	216%	210%

(1) Includes net undiscounted claims reserves and unearned premium reserves.

[p. 39]

P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹(footnote: Excludes local reinsurance covers;)

Insurance segment (occurrence protection)

In Euro

Peril	EU Windstorm	Europe Flood	Europe Earthquake	NA Hurricane	NA Earthquake	Per other perils3(footnote: Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.)
Capacity	4.0bn	2.1bn	2.1bn	1.2bn	1.2bn	—
Retention	600m	450m	400m	600m2(footnote: Varying retention between MX and NA (400m MX, 600m NA);)	600m2(footnote: Varying retention between MX and NA (400m MX, 600m NA);)	400m

Reinsurance segment (illustrative)

• Alternative Capital & Cat Bonds

Key Takeaway

• Stable retention levels maintained in 2026 as in 2025

(1) Excludes local reinsurance covers;

(2) Varying retention between MX and NA (400m MX, 600m NA);

(3) Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.

[p. 40]

P&C – AXA Group earnings deviation with different levels of Nat Cat cost¹(footnote: Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).) in 2026

In Euro billion (net of reinsurance)

Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)

Probability	Percentile	Deviation
1/20y	(95th)	€-1.2bn
1/10y	(90th)	€-0.8bn
1/5y	(80th)	€-0.4bn
Median	(50th)	€+0.1bn
1/5y	(20th)	€+0.5bn
1/10y	(10th)	€+0.7bn
1/20y	(5th)	€+0.8bn

• More severe years
• Negative deviation in ca. 40% of cases
• Less severe years
• Positive deviation in ca. 60% of cases

Average Expected Nat Cat charges (net of reinsurance, pre-tax)

In Euro billion	2025	2026
Average Expected Nat Cat charges	2.6	2.7
Estimated impact on GEP	ca. 4.5%	ca. 4.5%

(1) Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).

[p. 41]

Contents

• 1. Debt and Invested Assets p.31
• 2. Additional P&C disclosures p.36
• 3. Additional IFRS17 disclosures p.41
• 4. Sustainability p.44

[p. 42]

P&C – Margin Analysis

Technical Result In Euro million (pre-tax)

In Euro million (pre-tax)	FY25	Change
Current Accident Year Undiscounted Technical Margin	2,778	+707
Gross Earned Premiums	57,656	+6%
Current Accident Year Undiscounted Combined Ratio	95.2%	-1.0pt
o/w Nat Cats	3.4%	-0.4pt
—	—	—
Current Accident Year Discounting	2,009	+115
Discounting Ratio (in Combined Ratio points)	-3.5%	+0.0pt
Current Accident Year Net Claims reserves	€19.0bn	—
Duration	4.0 years	—
Current Accident Year Discount rate	2.8%	—
—	—	—
Prior Years' Reserve Development (PYD)	622	-341
PYD ratio	-1.1%	+0.7pt

Financial Result In Euro million (pre-tax)

In Euro million (pre-tax)	FY25	Change
Investment Income	3,988	+435
FY25 Average Assets	€115bn	—
Asset book yield	3.5%	—
FY25 Reinvestment yield1(footnote: Reinvestment yield on fixed income assets.)	4.3%	—
—	—	—
Insurance Finance Expenses	-1,358	-235
FY24 Reserves at locked-in rate	€71bn	—
Liability book yield	1.9%	—

FY25 sensitivity to Current Accident Year discount rate changes²(footnote: Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.)

• +25bps: €+0.2bn
• -25bps: €-0.2bn

Underlying Earnings

In Euro million (pre-tax)	FY25	Change
Underlying Earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying Earnings	5,872	+501
Growth vs. FY24 (at constant FX)	—	+9%

2026e Insurance Finance Expenses (pre-tax)

• ~ €-1.4bn

Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount

• +25bps: ~ €-50m
• -25bps: ~ €+50m

Changes versus FY24 at constant FX.

(1) Reinvestment yield on fixed income assets.

(2) Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.

[p. 43]

L&H – Margin Analysis

Includes scope impact

Technical Result (In Euro million, pre-tax)

In Euro million, pre-tax	FY25	Change
Short-term Technical Margin	479	+60
Gross Earned Premiums	17,416	+10%
All Year Combined Ratio	97.2%	-0.1pts
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58

• Incl. recapture of Laya

Financial Result (In Euro million, pre-tax)

In Euro million, pre-tax	FY25	Change
Investment Income (non-VFA only)	2,484	-1
FY25 Average Assets	€98bn	—
Asset book yield	2.5%	—
FY25 Reinvestment yield1(footnote: Reinvestment yield on fixed income assets.)	3.8%	—
Insurance Finance Expenses (non-VFA only)	-1,538	-9
FY24 Reserves at locked-in rate	€62bn	—
Liability book yield	2.5%	—

Life & Health FY25 CSM Key Sensitivities

(in Euro billion)
Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.7
Equities +25%	1.8
Equities -25%	-2.2

In Euro million, pre-tax	FY25	Change
Underlying Earnings before tax	4,229	+205
Tax	-800	65
Affiliates, Minority interests & Other	72	-51
Underlying Earnings	3,501	+219
Growth vs. FY24 (at constant FX)	—	+7%

(1) Reinvestment yield on fixed income assets.

[p. 44]

Contents

• 1. Debt and Invested Assets p.31
• 2. Additional P&C disclosures p.36
• 3. Additional IFRS17 disclosures p.41
• 4. Sustainability p.44

[p. 45]

Expanding AXA’s role in society: AXA for Progress Index¹(footnote: AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.)

As a GLOBAL INVESTOR

Metric	Target	2025 Result
€5bn2(footnote: Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.) in climate transition financing per year	€5bn2(footnote: Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.)	€6.4bn
>€500m2(footnote: Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.) in community resilience financing per year	>€500m2(footnote: Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.)	€1.4bn

As a GLOBAL INSURER

Metric	Target	2025 Result
€6bn3(footnote: Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.) in P&C GWP to support transition underwriting (cumulative 2024-2026)	€6bn3(footnote: Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.)	€4.6bn
>20,0004(footnote: Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.) climate adaptation solutions & services (cumulative 2024-2026) Target revised in 2025	>20,0004(footnote: Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.)	19,698 Cumulative 2024-2025
>20m5(footnote: Low-income to mass market segments in emerging markets and modest income segments in mature markets.) inclusive insurance customers by 2026	>20m5(footnote: Low-income to mass market segments in emerging markets and modest income segments in mature markets.)	20.6m

As a COMPANY

Metric	Target	2025 Result
>80,0006(footnote: Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.) AXA Group employees trained on climate adaptation by 2026	>80,0006(footnote: Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.)	46,420
Contribute to Net-Zero -50%7(footnote: Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.) by 2030 in absolute carbon emissions and offset of residual emissions8(footnote: Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).)	-50%7(footnote: Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.)	-64% Reduction against 2019
50% Percentage of AXA Group employees engaged in volunteering activities by 2026	50%	56%

(1) AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.

(2) Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.

(3) Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.

(4) Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.

(5) Low-income to mass market segments in emerging markets and modest income segments in mature markets.

(6) Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.

(7) Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.

(8) Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).

[p. 46]

Sustainability Performance & Ratings

S&P Global

• 2025 percentile: 97th ¹(footnote: The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.) in Dow Jones Best-in-Class Europe & World indices

MSCI

• 2025 score: AAA

CDP

• 2025 score: B

MORNINGSTAR SUSTAINALYTICS

• 2025 ESG Risk Rating: 17.0 – Low risk

FTSE RUSSELL An LSEG Business

• 2025 score: 4.3/5 in FTSE4Good Index Series

(1) The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.

[p. 47]

Scope

• France: includes insurance activities, banking activities and holding.
• Europe: 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).
• AXA XL: includes insurance and reinsurance activities and holding.
• Asia, Africa & EME-LATAM: includes (i) 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, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) 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 consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
• Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
• AXA Investment Managers (until July 1, 2025): 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.

Unless otherwise specified herein, all comparative figures for 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, the applicable accounting standard that preceded the implementation of IFRS17/9

[p. 48]

Glossary

• 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%
• 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
• 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
• 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
• 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
• 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)
• 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
• 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
• New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
• 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
• 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
• Technical experience: consists the impacts on the underlying earnings if (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
• 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. 49]

Thank you

• Full Year 2025 Earnings
• February 26, 2026