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

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| article = AXA/2025/FY/Earnings presentation

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title: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf

source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf

pages: 49

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{{fn note|1=1|2=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.}}

{{fn note|1=2|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.}}

 

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=== Executing the plan on growth, margin and efficiency ===

 

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=== Diversified franchise, well positioned in an attractive industry ===

 

 

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=== Laying the foundation for the next plan ===

 

 

 

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<div style="overflow-x:auto">

|-

! style="text-align:left" |

! style="text-align:right" | Underlying earnings

|-

| style="text-align:right" | +6%<br/>to €31bn

| style="text-align:right" | +7%<br/>to €2.2bn

|-

| style="text-align:right" | +6%<br/>to €43bn

| style="text-align:right" | +9%<br/>to €3.5bn

|-

| style="text-align:right" | +4%<br/>to €19bn

| style="text-align:right" | +9%<br/>to €1.9bn

|-

| style="text-align:right" | +13%<br/>to €20bn

| style="text-align:right" | +6%<br/>to €1.5bn

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{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}

{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}

 

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{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}

 

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* 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

* Growth supported by alternative capital

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

 

{{fn note|1=1|2=Price effect.}}

{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}

 

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* 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

 

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* 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

* Unfavorable forex impact notably due to USD depreciation vs. EUR

 

{{fn note|1=1|2=Underwriting result includes expenses.}}

 

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In Euro billion

 

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{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}

 

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* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins

 

 

<div style="overflow-x:auto">

|-

! style="text-align:left" |

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

|-

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

|-

|-

| style="text-align:left" | Non-financial flows

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

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

|-

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

|-

| style="text-align:left" | Financial flows (incl. RCG)

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

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

|-

|}

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* Strong performance from insurance businesses

* Stable holding cost, expected to remain at current level in 2026

 

* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM

* Lower financial flows reflecting unfavorable forex impact

 

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=== Shareholders’ Equity ===

 

 

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|-

|-

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| style="text-align:left" | Change in Net OCI

| style="text-align:left" | Dividend

| style="text-align:right" | -4.6

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

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

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

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

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=== Higher organic cash remittance and robust cash position at Holding ===

 

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| style="text-align:left" | <b>FY24 Cash position</b>

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{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}

 

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=== Solvency II at 224% ===

 

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== Appendices ==

 

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{{fn note|1=1|2=Nominal debt.}}

{{fn note|1=3|2=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.}}

 

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

|-

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

| style="text-align:right" | 27%

|-

| style="text-align:right" | 56

| style="text-align:right" | 13%

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

|-

| style="text-align:right" | 10

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

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| style="text-align:right" | 23

| style="text-align:right" | 5%

| style="text-align:right" | 0%

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

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

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

| style="text-align:right" | 0%

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{{fn note|1=1|2=G/A: General Account}}

 

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* 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

 

{{fn note|1=1|2=Government and Corporate bonds and related.}}

{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}

 

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{{fn note|1=1|2=Including Cyber}}

{{fn note|1=2|2=Source: McKinsey}}

{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}

{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}

 

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{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}

 

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{{fn note|1=1|2=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).}}

 

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| style="text-align:left" | Interest rates +50bps

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<div style="overflow-x:auto">

|+ As a GLOBAL INVESTOR

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! style="text-align:right" | 2025 Result

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|+ As a GLOBAL INSURER

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! style="text-align:right" | 2025 Result

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|+ As a COMPANY

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* 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).

* 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.

 

 

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* 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

* 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

* 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

 

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