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Line 20: --- title: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf source_file: ~~tmpgqqzyh7k~~tmpw5tyslxf.pdf source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf doc_type: slides pages: 49 tables: 5147 converter: anchor_injection/1 tier: slides parsed_at: '2026-07-~~22T14~~23T13:1657:~~10Z~~01Z' scanned_pages: [] residue: ~~- '- February 26, 2026'~~ - Table of contents ~~- '- 4. Sustainability p.44'~~ --- ORIGINAL_FRONTMATTER --> Line 39 ⟶ 37: === Full Year 2025 Earnings Presentation === * February 26, 2026 * Full Year 2025 * Earnings Presentation {{pdf page\|2\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === 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. * 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. * 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. * 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”. * AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com). * 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. * 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. * 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. {{pdf page\|3\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Contents === * 1. FY25 Highlights ~~p.04~~ * Thomas Buberl, Group CEO * p.04 * 2. FY25 Business Performance p.09 * 2. FY25 Business Performance * Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology * p.09 * 3. FY25 Financial Performance p.13 * 3. FY25 Financial Performance * Alban de Mailly Nesle, Group CFO * p.13 {{pdf page\|4\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} == FY25 Highlights == * '''Thomas Buberl, Group CEO''' {{pdf page\|5\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === 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% DPS{{fn ref\|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.}} growth and €1.25bn annual share buy back{{fn ref\|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.}} '''Delivering value for shareholders''' * +8% DPS{{fn ref\|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.}} growth and €1.25bn annual share buy back{{fn ref\|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.}} '''Outlook''' * Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=Based on the dividend proposed by ~~AXA's~~AXA’s Board of Directors on February 25, 2026 and subject to approval by the ~~Shareholders'~~Shareholders’ Annual General Meeting to be held on April 30, 2026.}} {{fn note\|1=2\|2=Following ~~AXA's~~AXA’s Board of ~~Directors'~~Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} </div> Line 84 ⟶ 106: <div style="overflow-x:auto"> {\| id="t1" class="wikitable fintable" \|+ Underlying earnings ~~(In Euro billion)~~ \|- ! style="text-align:left" \| In Euro billion ! class="col-s" style="text-align:right" \| ~~FY24~~Underlying earnings ~~! class="col-s" style="text-align:right" \| FY25~~ ~~! class="col-s" style="text-align:right" \| Change~~ \|- \| style="text-align:left" \| ~~Underlying earnings~~FY24 \| style="text-align:right" \| 8.1 \|- \| style="text-align:left" \| FY25 \| style="text-align:right" \| 8.4 \|- \| style="text-align:left" \| Change \| style="text-align:right" \| +6% \|- \| style="text-align:left" \| Change excluding AXA IM \| style="text-align:right" \| +9% \|} </div> '''High organic growth''' * +9% excluding AXA IM * ~~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 '''Record profitability''' * Scaling the business: Continued investments in growth and technology * Further margin expansion in P&C and L&H; improvement in efficiency * Consistent earnings growth while enhancing reserve prudence '''Scaling the business''' * Continued investments in growth and technology '''Consistent earnings growth while enhancing reserve prudence''' <div class="ed-fn-notes" style="display:none"> ~~{{fn note\|1=1\|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}~~ </div> Line 111 ⟶ 143: === 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 Line 118 ⟶ 149: <div style="overflow-x:auto"> {\| id="t2" class="wikitable fintable" \|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings. \|- ! style="text-align:left" \| Business Segment Line 140 ⟶ 171: </div> ~~====~~ '''Our right to win ~~====~~''' * Leading brand & high customer NPS * Strong and diversified distribution Line 158 ⟶ 188: * Enhancing capital allocation discipline * Building resilience * Confidence in sustaining earnings growth '''Confidence in sustaining earnings growth''' {{pdf page\|9\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} Line 168 ⟶ 199: {{pdf page\|10\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Strong delivery across our businesses === * Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX. <div style="overflow-x:auto"> {\| id="t3" class="wikitable" \|+ Change for Gross written premiums at constant scope and ~~Underlying~~FX and for underlying earnings at constant FX. \|- ! style="text-align:left" \| Line 179 ⟶ 208: ! style="text-align:right" \| Underlying earnings \|- \| style="text-align:left" \| <b>France </b><br/>(27% of total GWP{{fn ref\|1\|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}) \| style="text-align:right" \| +6% <br/>to €31bn \| style="text-align:right" \| +7% <br/>to €2.2bn \|- \| style="text-align:left" \| <b>Europe </b><br/>(38% of total GWP{{fn ref\|1\|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}) \| style="text-align:right" \| +6% <br/>to €43bn \| style="text-align:right" \| +9% <br/>to €3.5bn \|- \| style="text-align:left" \| <b>AXA XL </b><br/>(17% of total GWP{{fn ref\|1\|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}) \| style="text-align:right" \| +4% <br/>to €19bn \| style="text-align:right" \| +9% <br/>to €1.9bn \|- \| style="text-align:left" \| <b>Asia, Africa & EME-LATAM </b><br/>(18% of total GWP{{fn ref\|1\|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}) \| style="text-align:right" \| +13% <br/>to €20bn \| style="text-align:right" \| +6% <br/>to €1.5bn \|} </div> Line 208 ⟶ 237: * Underlying earnings +9%{{fn ref\|2\|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn '''Retail and SME & Mid-market''' ~~==== 2025 and Beyond 2025 Strategy ====~~ * 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) '''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 Line 228 ⟶ 258: === L&H – Good momentum, well positioned to capture growth opportunities === * ~~GWP:~~ €57bn GWP * Short-term * Long-term * Underlying earnings: +7%{{fn ref\|1\|2=1. Change FY25 vs. FY24 at constant FX.}} to €3.5bn ~~==== Strategic Priorities ====~~ <div style="overflow-x:auto"> {\| id="t4" class="wikitable" \|+ Strategic Priorities ~~by Business Line~~ \|- ! style="text-align:left" \| Line 255 ⟶ 283: * Focus on cost reduction * Increasing penetration of Protection riders in Savings offerings * Leveraging AI to reduce claims leakage & improve ~~customeroutcomesinHealth~~customer outcomes in Health <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=1. Change FY25 vs. FY24 at constant FX.}} </div> Line 269 ⟶ 297: {{pdf page\|14\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === P&C – Continued disciplined growth === ~~In Euro billion~~ ~~==== GWP & Other Revenues ====~~ <div style="overflow-x:auto"> {\| id="t5" class="wikitable fintable" \|+ GWP & Other Revenues (inIn Euro billion) \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change ! class="col-s" style="text-align:right" \| o/w pricing{{fn ref\|1\|2=Price effect.}} ! class="col-s" style="text-align:right" \| o/w volume{{fn ref\|2\|2=Includes exposure adjustments and mix & other effects.}} \|- ~~\| style="text-align:left" \| Total~~ ~~\| style="text-align:right" \| 56.5~~ ~~\| style="text-align:right" \| 58.0~~ ~~\| style="text-align:right" \| +5%~~ ~~\| style="text-align:right" \|~~ ~~\| style="text-align:right" \|~~ \|- \| style="text-align:left" \| Commercial lines \| style="text-align:right" \| — \| style="text-align:right" \| 35.8 \| style="text-align:right" \| +4% Line 298 ⟶ 317: \|- \| style="text-align:left" \| AXA XL Reinsurance \| style="text-align:right" \| — \| style="text-align:right" \| 2.6 \| style="text-align:right" \| +8% Line 305 ⟶ 324: \|- \| style="text-align:left" \| Retail lines \| style="text-align:right" \| — \| style="text-align:right" \| 19.7 \| style="text-align:right" \| +7% \| style="text-align:right" \| +5% \| style="text-align:right" \| +2% \|- \| style="text-align:left" \| <b>Total</b> \| style="text-align:right" \| <b>56.5</b> \| style="text-align:right" \| <b>58.0</b> \| style="text-align:right" \| <b>+5%</b> \| style="text-align:right" \| — \| style="text-align:right" \| — \|} </div> '''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) ~~Change at constant scope and FX.~~ <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=Price effect.}} Line 326 ⟶ 356: {{pdf page\|15\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === P&C – Delivering further margin expansion while enhancing reserve prudence === ~~==== Combined ratio ====~~ <div style="overflow-x:auto"> Line 334 ⟶ 362: \|- ! style="text-align:left" \| ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 \|- ~~\| style="text-align:left" \| Combined ratio~~ ~~\| style="text-align:right" \| 91.0%~~ ~~\| style="text-align:right" \| 90.6%~~ \|- \| style="text-align:left" \| Undiscounted CY loss ratio (ex Nat Cat) Line 360 ⟶ 384: \| style="text-align:right" \| -3.6% \| style="text-align:right" \| -3.5% \|- \| style="text-align:left" \| <b>Combined ratio</b> \| style="text-align:right" \| <b>91.0%</b> \| style="text-align:right" \| <b>90.6%</b> \|} </div> Line 374 ⟶ 402: === P&C – Earnings growth from higher underwriting and financial result === '''Underlying Earnings''' * In Euro million * 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 ~~==== Underlying Earnings ====~~ * Higher unwind of discount of claims reserves, in line with guidance * Unfavorable forex impact notably due to USD depreciation vs. EUR <div style="overflow-x:auto"> {\| id="t7" class="wikitable fintable" \|+ Underlying Earnings ~~(in Euro million)~~ \|- ! style="text-align:left" \| In Euro million ! class="col-m" style="text-align:right" \| Value \|- \| style="text-align:left" \| FY24 Line 403 ⟶ 436: \| style="text-align:right" \| -150 \|- \| style="text-align:left" \| <b>FY25</b> \| style="text-align:right" \| <b>5,872</b> \|- \| style="text-align:left" \| Change at constant FX Line 411 ⟶ 444: </div> * Better underwriting'''Underwriting result{{fn ref\|1\|2=Underwriting result includes expenses.}} ~~from strong volume growth and improved all-year combined ratio while enhancing reserve prudence~~''' * Volume growth * Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets * Margin improvement * Higher unwind of discount of claims reserves, in line with guidance * Unfavorable forex impact notably due to USD depreciation vs. EUR '''Financial result''' * Investment income * Insurance finance expenses Change at constant FX. <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=Underwriting result includes expenses.}} </div> * Change at constant FX. * Full Year 2025 Earnings {{pdf page\|17\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Life & Health – Strong growth in premiums, positive net flows === * In Euro billion <div style="overflow-x:auto"> Line 432 ⟶ 466: \|+ Life GWP & Other Revenues \|- ! style="text-align:left" \| ~~(in~~In Euro billion) ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change \|- \| style="text-align:left" \| Protection \| style="text-align:right" \| — \| style="text-align:right" \| 17.3 \| style="text-align:right" \| +11% \|- \| style="text-align:left" \| Unit-linked \| style="text-align:right" \| — \| style="text-align:right" \| 9.3 \| style="text-align:right" \| +13% \|- \| style="text-align:left" \| Capital light G/A \| style="text-align:right" \| — \| style="text-align:right" \| 9.0 \| style="text-align:right" \| +7% \|- \| style="text-align:left" \| Traditional G/A \| style="text-align:right" \| — \| style="text-align:right" \| 1.9 \| style="text-align:right" \| -7% \|- \| style="text-align:left" \| <b>Total ~~Life GWP & Other Revenues~~</b> \| style="text-align:right" \| <b>34.5</b> \| style="text-align:right" \| <b>37.5</b> \| style="text-align:right" \| <b>+9%</b> \|} </div> <div style="overflow-x:auto"> {\| id="t9" class="wikitable ~~fintable~~" \|+ Health GWP & Other Revenues \|- ! style="text-align:left" \| ~~(in~~In Euro billion) ! ~~class="col-s"~~ style="text-align:right" \| FY24 ! ~~class="col-s"~~ style="text-align:right" \| FY25 ! ~~class="col-s"~~ style="text-align:right" \| Change \|- \| style="text-align:left" \| Individual \| style="text-align:right" \| — \| style="text-align:right" \| 10.5 \| style="text-align:right" \| +6% \|- \| style="text-align:left" \| Group \| style="text-align:right" \| — \| style="text-align:right" \| 8.5 \| style="text-align:right" \| +4% \|- \| style="text-align:left" \| <b>Total ~~Health GWP & Other Revenues~~</b> \| style="text-align:right" \| <b>17.5</b> \| style="text-align:right" \| <b>19.0</b> \| style="text-align:right" \| <b>+5%</b> \|} </div> * o/w FY25 Employee Benefits{{fn ref\|1\|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}} ~~Euro 12.9 billion (+4% vs. FY24)~~ * Euro 12.9 billion (+4% vs. FY24) <div style="overflow-x:auto"> Line 496 ⟶ 531: \|+ Net flows: €+5.4bn vs. €+1.5bn in FY24 \|- ! style="text-align:left" \| ~~(in~~In Euro billion) ! class="col-s" style="text-align:right" \| FY25 \|- Line 515 ⟶ 550: \|} </div> * Change at constant scope and FX. <div class="ed-fn-notes" style="display:none"> Line 525 ⟶ 558: === 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 <div style="overflow-x:auto"> Line 531 ⟶ 568: \|+ PVEP \|- ! style="text-align:left" \| ~~(in~~In Euro billion) ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change ~~at constant scope and FX~~ \|- \| style="text-align:left" \| Protection & Health \| style="text-align:right" \| — \| style="text-align:right" \| 31.4 \| style="text-align:right" \| -4% \|- \| style="text-align:left" \| Unit-Linked \| style="text-align:right" \| — \| style="text-align:right" \| 8.5 \| style="text-align:right" \| +18% \|- \| style="text-align:left" \| Capital-light G/A \| style="text-align:right" \| — \| style="text-align:right" \| 7.8 \| style="text-align:right" \| -10% \|- \| style="text-align:left" \| Traditional G/A \| style="text-align:right" \| — \| style="text-align:right" \| 1.7 \| style="text-align:right" \| -10% \|- \| style="text-align:left" \| <b>Total ~~PVEP~~</b> \| style="text-align:right" \| <b>50.9</b> \| style="text-align:right" \| <b>49.4</b> \| style="text-align:right" \| <b>-2%</b> \|} </div> Line 567 ⟶ 604: \|+ NB CSM (pre-tax) \|- ! style="text-align:left" \| ~~(in~~In Euro billion) ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:~~left~~right" \| Change ~~at constant scope and FX~~ \|- \| style="text-align:left" \| NB CSM (pre-tax) \| style="text-align:right" \| 2.2 \| style="text-align:right" \| 2.2 \| style="text-align:~~left~~right" \| +3% \|} </div> Line 583 ⟶ 620: \|+ NBV (post-tax) \|- ! style="text-align:left" \| ~~(in~~In Euro billion) ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:~~left~~right" \| Change ~~at constant scope and FX~~ \|- \| style="text-align:left" \| NBV (post-tax) \| style="text-align:right" \| 2.3 \| style="text-align:right" \| 2.2 \| style="text-align:~~left~~right" \| stable \|- \| style="text-align:left" \| NBV margin \| style="text-align:right" \| 4.4% \| style="text-align:right" \| 4.5% \| style="text-align:~~left~~right" \| — \|} </div> Change at constant scope and FX. * 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 * Change at constant scope and FX. {{pdf page\|19\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Life & Health – Growth in new business driving Normalized CSM growth === <!-- furniture --> * In Euro billion * 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 <div style="overflow-x:auto"> Line 620 ⟶ 648: \|+ Contractual Service Margin rollforward \|- \|! style="text-align:left" \| In Euro billion \|! class="col-m" style="text-align:right" \| ~~CSM~~Value \|- \| style="text-align:left" \| FY24 \| style="text-align:right" \| 33.6 \|- ~~\| style="text-align:left" \| o/w Life~~ ~~\| style="text-align:right" \| 25.8~~ \|- ~~\| style="text-align:left" \| o/w Health~~ ~~\| style="text-align:right" \| 7.7~~ \|- \| style="text-align:left" \| New business CSM Line 650 ⟶ 672: \| style="text-align:right" \| -1.4 \|- \| style="text-align:left" \| <b>FY25</b> \| style="text-align:right" \| <b>33.0</b> \|- ~~\| style="text-align:left" \| o/w Life~~ ~~\| style="text-align:right" \| 25.4~~ \|- ~~\| style="text-align:left" \| o/w Health~~ ~~\| style="text-align:right" \| 7.6~~ \|} </div> '''Normalized CSM growth +2%''' * Change at constant scope and FX. * 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 <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=Change at constant scope and FX.}} </div> <!-- furniture --> {{pdf page\|20\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Life & Health – Strong momentum in both short-term and long-term business === ~~In Euro million~~ ~~==== Underlying Earnings ====~~ <div style="overflow-x:auto"> {\| id="t15" class="wikitable fintable" \|+ Underlying Earnings +7% \|- ! style="text-align:left" \| In Euro million ! class="col-s" style="text-align:right" \| FY24 ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~Change~~Short-term technical margin ! style="text-align:left" \| Long-term result incl. CSM release ! class="col-s" style="text-align:right" \| Financial result ! class="col-s" style="text-align:right" \| Tax, FX and others ! class="col-s" style="text-align:right" \| FY25 \|- \| style="text-align:left" \| — \| style="text-align:right" \| 3,323 \| style="text-align:left" \| +60 \| style="text-align:left" \| +156 \| style="text-align:right" \| -11 \| style="text-align:right" \| -27 \| style="text-align:right" \| 3,501 \|- \| style="text-align:left" \| Short-term technical margin \| style="text-align:right" \| 415 \| style="text-align:~~right~~left" \| ~~+60~~— \| style="text-align:left" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 479 \|- \| style="text-align:left" \| Long-term result incl. CSM release \| style="text-align:right" \| 2,680 \| style="text-align:~~right~~left" \| ~~+156~~— \| style="text-align:left" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 2,804 \|- \| style="text-align:left" \| Financial result \| style="text-align:right" \| 975 \| style="text-align:~~right~~left" \| ~~-11~~— \| style="text-align:left" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 946 \|- \| style="text-align:left" \| Tax & others \| style="text-align:right" \| -748 \| style="text-align:~~right~~left" \| ~~-27~~— \| style="text-align:left" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| -728 \|- ~~\| style="text-align:left" \| Total~~ ~~\| style="text-align:right" \| 3,323~~ ~~\| style="text-align:right" \| +7%~~ ~~\| style="text-align:right" \| 3,501~~ \|} </div> 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 ~~Change at constant FX.~~ {{pdf page\|21\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} Line 723 ⟶ 772: ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-sm" style="text-align:right" \| Change \|- \| style="text-align:left" \| Property & Casualty Line 745 ⟶ 794: \| style="text-align:right" \| - \|- !\| style="text-align:left" \| <b>Underlying earnings</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>8.1</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>8.4</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>+6%</b> \|- \| style="text-align:left" \| Non-financial flows \| style="text-align:right" \| -0.5 \| style="text-align:right" \| +2.1 \| style="text-align:right" \| — \|- \| style="text-align:left" \| <i>o/w capital gains from AXA IM disposal</i> \| style="text-align:right" \| -— \| style="text-align:right" \| +2.2 \| style="text-align:right" \| — \|- \| style="text-align:left" \| Financial flows (incl. RCG) \| style="text-align:right" \| +0.3 \| style="text-align:right" \| -0.7 \| style="text-align:right" \| — \|- !\| style="text-align:left" \| <b>Net income</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>7.9</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>9.8</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>+26%</b> \|} </div> * '''Underlying earnings''' * Strong performance from insurance businesses * Stable holding cost, expected to remain at current level in 2026 * Net Income '''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 ====~~ <div style="overflow-x:auto"> {\| id="t17" class="wikitable fintable" \|+ Underlying earnings per share ~~\|+ In Euro~~ \|- ! style="text-align:left" \| ~~FY24~~In Euro ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ~~! class="col-s" style="text-align:right" \| Change~~ \|- \| style="text-align:left" \| ~~3.59~~Underlying earnings per share \| style="text-align:right" \| 3.59 \| style="text-align:right" \| 3.86 \|- \| style="text-align:left" \| Change \| style="text-align:right" \| — \| style="text-align:right" \| +8% \|} Line 804 ⟶ 857: {{pdf page\|22\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === ~~Shareholders'~~Shareholders’ Equity === * In Euro billion '''In Euro billion''' ~~==== Shareholders' equity{{fn ref\|1\|2=Shareholders' equity Group share.}} ====~~ <div style="overflow-x:auto"> {\| id="t18" class="wikitable fintable" \|+ ~~Shareholders'~~Shareholders’ equity{{fn ref\|1\|2=~~Shareholders'~~Shareholders’ equity Group share.}} \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| HY25 ! class="col-sm" style="text-align:right" \| FY25 \|- \| style="text-align:left" \| SHE (excl. OCI) Line 828 ⟶ 880: \| style="text-align:right" \| -6.8 \|- \| style="text-align:left" \| <b>Shareholders' equity</b> \| style="text-align:right" \| <b>49.9</b> \| style="text-align:right" \| <b>45.5</b> \| style="text-align:right" \| <b>47.2</b> \|- \| style="text-align:left" \| SHE (excl. OCI & undated subordinated debt) \| style="text-align:right" \| 53.2 \| style="text-align:right" \| 47.0 \| style="text-align:right" \| 49.4 \|- \| style="text-align:left" \| Debt gearing \| style="text-align:right" \| 20.6% \| style="text-align:right" \| 23.4% \| style="text-align:right" \| 22.3% \|- \| style="text-align:left" \| Underlying ROE \| style="text-align:right" \| 15.2% \| style="text-align:right" \| 17.5% \| style="text-align:right" \| 16.0% \|} </div> * 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% <div style="overflow-x:auto"> {\| id="t19" class="wikitable fintable" \|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 to FY25 ! class="col-sm" style="text-align:right" \| HY25 to FY25 \|- \| style="text-align:left" \| <b>Opening Shareholders' equity</b> \| style="text-align:right" \| <b>49.9</b> \| style="text-align:right" \| <b>45.5</b> \|- \| style="text-align:left" \| Change in Net OCI Line 860 ⟶ 924: \| style="text-align:left" \| Dividend \| style="text-align:right" \| -4.6 \| style="text-align:right" \| -— \|- \| style="text-align:left" \| Annual share buyback \| style="text-align:right" \| -1.2 \| style="text-align:right" \| -— \|- \| style="text-align:left" \| Anti-dilutive share buyback following the sale of AXA IM Line 882 ⟶ 946: \| style="text-align:right" \| 0.3 \|- \| style="text-align:left" \| <b>Closing Shareholders' equity</b> \| style="text-align:right" \| <b>47.2</b> \| style="text-align:right" \| <b>47.2</b> \|} </div> <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=~~Shareholders'~~Shareholders’ equity Group share.}} </div> {{pdf page\|23\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Higher organic cash remittance and robust cash position at Holding === ~~In Euro billion~~ ~~==== Net Cash Remittance ====~~ <div style="overflow-x:auto"> {\| id="t20" class="wikitable fintable" \|+ Net Cash Remittance (In Euro billion) \|- ! style="text-align:left" \| In Euro billion ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 \|- \| style="text-align:left" \| Proceeds related to in-force treaties{{fn ref\|2\|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}} \| style="text-align:right" \| 0.6 \| style="text-align:right" \| — \|- \| style="text-align:left" \| Ordinary cash remittance Line 913 ⟶ 975: \| style="text-align:right" \| 7.5 \|- \| style="text-align:left" \| <b>Total Net Cash Remittance</b> \| style="text-align:right" \| <b>7.7</b> \| style="text-align:right" \| <b>7.5</b> \|- \| style="text-align:left" \| Remittance ratio{{fn ref\|1\|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}} \| style="text-align:right" \| 82% \| style="text-align:right" \| 82% \|} </div> ~~==== Cash Position Bridge ====~~ <div style="overflow-x:auto"> {\| id="t21" class="wikitable fintable" \|+ FY24 to FY25 Cash Position (In Euro billion) \|- !\| style="text-align:left" \| <b>FY24 Cash position</b> ~~! class="col-s"~~\| style="text-align:right" \| ~~In Euro billion~~<b>4.0</b> \|- ~~\| style="text-align:left" \| FY24 Cash position~~ ~~\| style="text-align:right" \| 4.0~~ \|- \| style="text-align:left" \| Net cash remittance from subsidiaries Line 955 ⟶ 1,013: \| style="text-align:right" \| +3.1 \|- \| style="text-align:left" \| <b>FY25 Cash position</b> \| style="text-align:right" \| <b>5.6</b> \|} </div> <div class="ed-fn-notes" style="display:none"> {{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.}} {{fn note\|1=2\|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}} </div> {{pdf page\|24\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Solvency II at 224% === * In Euro billion <div style="overflow-x:auto"> {\| id="t22" class="wikitable fintable" \|+ Eligible Own Funds (EOF), ~~waterfall~~Solvency Capital Requirement (SCR), and Solvency II ratio bridges \|- \|! style="text-align:left" \| ~~FY24~~In Euro billion ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| Regulatory & model changes ! class="col-s" style="text-align:right" \| Normalized capital generation ! class="col-s" style="text-align:right" \| Operating variance ! class="col-s" style="text-align:right" \| Economic variance & FX ! class="col-s" style="text-align:right" \| Dividend & annual share buyback ! class="col-s" style="text-align:right" \| Management actions, debt & other ! class="col-m" style="text-align:right" \| FY25 \|- \| style="text-align:left" \| Eligible Own Funds (EOF) \| style="text-align:right" \| 55.9 \|- ~~\| style="text-align:left" \| Regulatory & model changes~~ \| style="text-align:right" \| +0.2 \|- ~~\| style="text-align:left" \| Normalized capital generation~~ \| style="text-align:right" \| +8.8 \|- ~~\| style="text-align:left" \| Operating variance~~ \| style="text-align:right" \| -0.4 \|- ~~\| style="text-align:left" \| Economic variance & FX~~ \| style="text-align:right" \| -2.1 \|- ~~\| style="text-align:left" \| Dividend & annual share buyback~~ \| style="text-align:right" \| -6.0 \|- ~~\| style="text-align:left" \| Management actions, debt & other~~ \| style="text-align:right" \| -0.1 \| style="text-align:right" \| <b>56.4</b> \|- \| style="text-align:left" \| ~~FY25~~Solvency II ratio ~~\| style="text-align:right" \| 56.4~~ \|} ~~</div>~~ * Foreseeable dividends: €-4.8bn * Provision for annual share buyback for 2026: €-1.25bn ~~<div style="overflow-x:auto">~~ ~~{\| id="t23" class="wikitable fintable"~~ ~~\|+ Solvency II ratio bridge~~ \|- ~~\| style="text-align:left" \| FY24~~ \| style="text-align:right" \| 216% \|- ~~\| style="text-align:left" \| Regulatory & model changes~~ \| style="text-align:right" \| +0pt \|- ~~\| style="text-align:left" \| Normalized capital generation~~ \| style="text-align:right" \| +28pts \|- ~~\| style="text-align:left" \| Operating variance~~ \| style="text-align:right" \| -1pt \|- ~~\| style="text-align:left" \| Economic variance & FX~~ \| style="text-align:right" \| +4pts \|- ~~\| style="text-align:left" \| Dividend & annual share buyback~~ \| style="text-align:right" \| -24pts \|- ~~\| style="text-align:left" \| Management actions, debt & other~~ \| style="text-align:right" \| +2pts \| style="text-align:right" \| <b>224%</b> \|- \| style="text-align:left" \| ~~FY25~~Solvency Capital Requirement (SCR) ~~\| style="text-align:right" \| 224%~~ \|} ~~</div>~~ ~~<div style="overflow-x:auto">~~ ~~{\| id="t24" class="wikitable fintable"~~ ~~\|+ Solvency Capital Requirement (SCR) waterfall~~ \|- ~~\| style="text-align:left" \| FY24~~ \| style="text-align:right" \| 25.9 \|- ~~\| style="text-align:left" \| Regulatory & model changes~~ \| style="text-align:right" \| 0.0 \|- ~~\| style="text-align:left" \| Normalized capital generation~~ \| style="text-align:right" \| +0.6 \|- ~~\| style="text-align:left" \| Operating variance~~ \| style="text-align:right" \| 0.0 \|- ~~\| style="text-align:left" \| Economic variance & FX~~ \| style="text-align:right" \| -1.2 \|- ~~\| style="text-align:left" \| Dividend & annual share buyback~~ \| style="text-align:right" \| 0.0 \|- ~~\| style="text-align:left" \| Management actions, debt & other~~ \| style="text-align:right" \| -0.2 \| style="text-align:right" \| <b>25.2</b> \|- ~~\| style="text-align:left" \| FY25~~ ~~\| style="text-align:right" \| 25.2~~ \|} </div> * Dividend & annual share buyback details ~~==== Key sensitivities ====~~ * Foreseeable dividends: €-4.8bn * Provision for annual share buyback for 2026: €-1.25bn <div style="overflow-x:auto"> {\| id="~~t25~~t23" class="wikitable fintable" \|+ Key sensitivities \|- \| style="text-align:left" \| Ratio as of December 31, 2025 \| style="text-align:right" \| <b>224%</b> \|- \| style="text-align:left" \| Interest rate +50bps Line 1,087 ⟶ 1,099: \|- \| style="text-align:left" \| Listed Equity (excl. PE & Infra) +25% \| style="text-align:right" \| ~~+14~~-1 ~~pts~~pt \|- \| style="text-align:left" \| Listed Equity (excl. PE & Infra) -25% \| style="text-align:right" \| ~~-19~~+2 pts \|- \| style="text-align:left" \| PE & Infra +25% \| style="text-align:right" \| +214 pts \|- \| style="text-align:left" \| PE & Infra -25% \| style="text-align:right" \| -119 ptpts \|- \| style="text-align:left" \| Inflation swap curve +50bps Line 1,111 ⟶ 1,123: === Solvency II – impact of the end of grandfathering period and Solvency II revision === * Ratio as of 31/12/2025: 224% ~~<div style="overflow-x:auto">~~ * Impact of the end of grandfathering period on January 1, 2026: -10pts to 215% ~~{\| id="t26" class="wikitable fintable"~~ \|- ~~! style="text-align:left" \| Period/Impact~~ ~~! class="col-s" style="text-align:right" \| Change~~ ~~! class="col-s" style="text-align:right" \| Ratio~~ \|- ~~\| style="text-align:left" \| Ratio as of 31/12/2025~~ ~~\| style="text-align:right" \|~~ ~~\| style="text-align:right" \| 224%~~ \|- ~~\| style="text-align:left" \| Impact of the end of grandfathering period on January 1, 2026~~ ~~\| style="text-align:right" \| -10pts~~ ~~\| style="text-align:right" \| 215%~~ \|- ~~\| style="text-align:left" \| Impact of Solvency II revision to come into effect in 1Q27~~ \| style="text-align:right" \| +17pts{{fn ref\|1\|2=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.}} ~~\| style="text-align:right" \|~~ \|} ~~</div>~~ * 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: +17pts{{fn ref\|1\|2=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 Line 1,143 ⟶ 1,137: == Conclusion == * '''Thomas Buberl, Group CEO''' {{pdf page\|27\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} Line 1,154 ⟶ 1,148: {{pdf page\|28\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} == Q&A Full Year 2025 Earnings February 26, 2026 == {{pdf page\|29\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === AXA Investor Relations – Keep in touch === ~~====~~ '''Meet our management ~~====~~''' * March: Roadshows — Europe and US * May 5: 1Q25 Activity Indicators — Paris * March: Roadshows - Europe and US * ~~May~~June 52: ~~1Q25~~BNP ~~Activity~~Paribas ~~Indicators~~Exane -CEO Conference — Paris * June 2-4: ~~BNP~~Goldman ~~Paribas~~Sachs ~~Exane~~European ~~CEO~~Financials Conference -— ~~Paris~~Zurich * July 31: HY26 Earnings Release — Paris * June 2-4: Goldman Sachs European Financials Conference - Zurich * September 21: AXA Investor Day — London * July 31: HY26 Earnings Release - Paris * September 21: AXA Investor Day - London ~~==== Contact us ====~~ '''Contact us''' * Investor Relations * +33 1 40 75 48 42 * investor.relations@axa.com ~~====~~ '''Follow us ~~====~~''' * www.axa.com Line 1,186 ⟶ 1,177: * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{pdf page\|32\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Gross financial debt and maturity breakdown as of December 31st, 2025 === * In Euro billion In Euro billion ~~==== Gross financial debt¹'² ====~~ <div style="overflow-x:auto"> {\| id="~~t27~~t24" class="wikitable fintable" \|+ Gross financial debt~~¹'²~~{{fn ~~(In Euro billion)~~ref\|1,2}} \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-sm" style="text-align:right" \| Jan 1st 2026 End of the grandfathering period \|- \| style="text-align:left" \| Debt gearing \| style="text-align:right" \| 20.6% \| style="text-align:right" \| 22.3% \| style="text-align:right" \| — \|- \| style="text-align:left" \| Tier 1 Line 1,217 ⟶ 1,213: \| style="text-align:right" \| 5.8 \|- \| style="text-align:left" \| <b>Total</b> \| style="text-align:right" \| <b>19.2</b> \| style="text-align:right" \| <b>20.3</b> \| style="text-align:right" \| <b>20.3</b> \|} </div> * Jan 1st 2026: o/w €0.4bn redeemed in Jan 2026 * Debt gearing 20.6% FY24, 22.3% FY25 * o/w €0.4bn redeemed in Jan 2026 * End of the grandfathering period ~~==== Contractual maturity breakdown ====~~ <div style="overflow-x:auto"> {\| id="~~t28~~t25" class="wikitable fintable" \|+ Contractual maturity breakdown ~~(In Euro billion)~~ \|- ! style="text-align:left" \| In Euro billion ! class="col-s" style="text-align:right" \| 2025 ! class="col-s" style="text-align:right" \| 2026 Line 1,246 ⟶ 1,238: \|- \| style="text-align:left" \| Senior debt \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 0.5 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| — \| style="text-align:right" \| 0.5 \| style="text-align:right" \| -— ~~\| style="text-align:right" \| 0.9~~ ~~\| style="text-align:right" \| 1.5~~ ~~\| style="text-align:right" \| 0.5~~ ~~\| style="text-align:right" \| 0.7~~ \|- \| style="text-align:left" \| Tier 2 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| 0.7 \| style="text-align:right" \| -— \| style="text-align:right" \| 10.8 \| style="text-align:right" \| 40.67 \|- \| style="text-align:left" \| Tier 1 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -0.9 \| style="text-align:right" \| -1.5 \| style="text-align:right" \| -— \| style="text-align:right" \| -4.6 \|} ~~</div>~~ ~~==== o/w Grandfathered debt ====~~ ~~<div style="overflow-x:auto">~~ ~~{\| id="t29" class="wikitable fintable"~~ ~~\|+ o/w Grandfathered debt – Contractual maturity (In Euro billion)~~ \|- !\| style="text-align:left" \| <b>o/w Grandfathered debt</b> ~~! class="col-s"~~\| style="text-align:right" \| ~~2025~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2026~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2027~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2028~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2029~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2030~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2031-2039~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~≥2040~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~Undated~~— \|- \| style="text-align:left" \| Tier 1 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| 1.4 \|- \| style="text-align:left" \| Tier 2 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| 0.7 \| style="text-align:right" \| -— \| style="text-align:right" \| 0.2 \| style="text-align:right" \| -— \|} </div> ~~==== Economic maturity breakdown³ ====~~ <div style="overflow-x:auto"> {\| id="~~t30~~t26" class="wikitable fintable" \|+ Economic maturity breakdown{{fn ref\|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.}} ~~\|+ Economic maturity breakdown³ (In Euro billion)~~ \|- ! style="text-align:left" \| In Euro billion ! class="col-s" style="text-align:right" \| 2025 ! class="col-s" style="text-align:right" \| 2026 Line 1,339 ⟶ 1,321: \|- \| style="text-align:left" \| Senior debt \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— ~~\| style="text-align:right" \| -~~ ~~\| style="text-align:right" \| -~~ ~~\| style="text-align:right" \| 0.9~~ ~~\| style="text-align:right" \| 1.5~~ \| style="text-align:right" \| 0.5 \| style="text-align:right" \| ~~0.7~~— \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 0.5 \| style="text-align:right" \| — \|- \| style="text-align:left" \| Tier 2 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -2.4 \| style="text-align:right" \| ~~0.5~~— \| style="text-align:right" \| 2.0 \| style="text-align:right" \| 0.7 \| style="text-align:right" \| 6.4 \| style="text-align:right" \| -— \| style="text-align:right" \| 4.0.7 \|- \| style="text-align:left" \| Tier 1 \| style="text-align:right" \| -— \| style="text-align:right" \| 0.1 \| style="text-align:right" \| ~~2.4~~— \| style="text-align:right" \| 0.1 \| style="text-align:right" \| -— \| style="text-align:right" \| -0.9 \| style="text-align:right" \| 01.45 \| style="text-align:right" \| -— \| style="text-align:right" \| -4.0 \|} ~~</div>~~ ~~==== o/w Grandfathered debt ====~~ ~~<div style="overflow-x:auto">~~ ~~{\| id="t31" class="wikitable fintable"~~ ~~\|+ o/w Grandfathered debt – Economic maturity (In Euro billion)~~ \|- !\| style="text-align:left" \| <b>o/w Grandfathered debt</b> ~~! class="col-s"~~\| style="text-align:right" \| ~~2025~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2026~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2027~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2028~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2029~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2030~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~2031-2039~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~≥2040~~— ~~! class="col-s"~~\| style="text-align:right" \| ~~Undated~~— \|- \| style="text-align:left" \| Tier 1 \| style="text-align:right" \| -— \| style="text-align:right" \| 0.1 \| style="text-align:right" \| -— \| style="text-align:right" \| 0.1 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| 0.4 \| style="text-align:right" \| -— \| style="text-align:right" \| 0.8 \|- \| style="text-align:left" \| Tier 2 \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| -— \| style="text-align:right" \| 0.7 ~~\| style="text-align:right" \| -~~ \| style="text-align:right" \| 0.2 \| style="text-align:right" \| -— \| style="text-align:right" \| — \|} </div> Line 1,423 ⟶ 1,397: === General Account Invested Assets === * '''FY25 Total General Account invested assets''' * Duration gap at -0.4 year * Euro 450 billion * Invested assets mix: * Fixed income * Real estate * Infrastructure equity * Listed equities * Private equity and hedge funds * Cash * Policy loans <div style="overflow-x:auto"> {\| id="~~t32~~t27" class="wikitable fintable" \|+ Invested assets (100%) ~~In Euro billion~~ \|- ! style="text-align:left" \| In Euro billion ! class="col-s" style="text-align:right" \| FY25 ! class="col-sm" style="text-align:right" \| % \|- \| style="text-align:left" \| Fixed income Line 1,483 ⟶ 1,449: \| style="text-align:right" \| 0% \|- !\| style="text-align:left" \| <b>Total Insurance Invested Assets {{fn ref\|4\|2=Please refer to the financial supplement for more details.}}</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>450</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>100%</b> \|} </div> Line 1,500 ⟶ 1,466: <div style="overflow-x:auto"> {\| id="~~t33~~t28" class="wikitable fintable" \|+ Structured and Private Credit assets ~~\|+ Invested assets (100%) In Euro billion~~ \|- ! style="text-align:left" \| Invested assets (100%) In Euro billion Line 1,536 ⟶ 1,502: \| style="text-align:right" \| 2 \| style="text-align:right" \| 0% \| style="text-align:left" \| — \|- !\| style="text-align:left" \| <b>Total Structured and Private Credit Assets</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>69</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>15%</b> !\| style="text-align:left" \| o/w 54% participating \|} </div> Line 1,551 ⟶ 1,517: {{pdf page\|35\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Investment portfolio – Fixed Income reinvestment === ~~==== FY25 Fixed Income Reinvestment ====~~ <div style="overflow-x:auto"> {\| id="~~t34~~t29" class="wikitable fintable" \|+ FY25 Fixed Income Reinvestment ~~\|+ Euro 57 billion~~ \|- ! style="text-align:left" \| ~~Segment~~Asset Class ! class="col-sm" style="text-align:right" \| Share (%) ~~! class="col-s" style="text-align:right" \| Average rating~~ \|- \| style="text-align:left" \| Government bonds & related (Average rating: AA) \| style="text-align:right" \| 32% ~~\| style="text-align:right" \| AA~~ \|- \| style="text-align:left" \| Investment grade credit (Average rating: A) \| style="text-align:right" \| 40% ~~\| style="text-align:right" \| A~~ \|- \| style="text-align:left" \| ABS/CLO/IG fund financing \| style="text-align:right" \| 21% ~~\| style="text-align:right" \|~~ \|- \| style="text-align:left" \| Below investment grade credit \| style="text-align:right" \| 7% \|- ~~\| style="text-align:right" \|~~ \| style="text-align:left" \| <b>Total</b> \| style="text-align:right" \| <b>Euro 57 billion</b> \|} </div> ~~==== FY25 Fixed Income Reinvestment Yield ====~~ <div style="overflow-x:auto"> {\| id="~~t35~~t30" class="wikitable fintable" \|+ FY25 Fixed Income Reinvestment Yield \|- ! style="text-align:left" \| Category ! class="col-s" style="text-align:right" \| Yield \|- Line 1,599 ⟶ 1,560: </div> * '''Euro 57 billion fixed income invested at 3.9%''' * Average duration of 9 years * Includes Euro 19.7 billion of Private &~~amp;~~ Structured Credit invested at 4.7% (CLOs, ABS, Infra &~~amp;~~ CRE debt, Fund financing and Private HY) * Gradual shift from alternative total return assets to Private &~~amp;~~ Structured credit <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=Government and Corporate bonds and related.}} {{fn note\|1=2\|2=Private &~~amp;~~ Structured credit (CLOs, ABS, Infra &~~amp;~~ CRE debt, Fund financing and Private hybrid).}} </div> Line 1,614 ⟶ 1,575: * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{pdf page\|37\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === AXA XL Insurance – Large Commercial & Specialty business === ~~====~~ '''Well diversified across lines of business and geographies ~~====~~''' <div style="overflow-x:auto"> {\| id="~~t36~~t31" class="wikitable fintable" \|+ $19bn FY25 GWP by line of business \|- ! style="text-align:left" \| Line of business ! class="col-s" style="text-align:right" \| Share (%) \|- \| style="text-align:left" \| Casualty Line 1,642 ⟶ 1,604: <div style="overflow-x:auto"> {\| id="~~t37~~t32" class="wikitable fintable" \|+ $19bn FY25 GWP by geography \|- ! style="text-align:left" \| Geography ! class="col-s" style="text-align:right" \| Share (%) \|- \| style="text-align:left" \| Americas Line 1,659 ⟶ 1,621: </div> ~~====~~ '''Leading market positions across lines ~~====~~''' * Top 3 globally Line 1,666 ⟶ 1,628: * Fine Art & Specie{{fn ref\|4\|2=Source: Industry Research Biz (January 2026)}} ~~====~~ '''Managing the cycle to deliver consistent profitability ~~====~~''' * Qualitative chart: Profitability vs Ex-price growth (%) ~~chart with bubbles for: Property, Specialty, Casualty, Professional lines~~ * 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 <div class="ed-fn-notes" style="display:none"> Line 1,679 ⟶ 1,645: {{pdf page\|38\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === P&C – Focus on Reserves === ~~==== Claims reserves ratio ====~~ ~~(Net undiscounted claims reserves/Net earned premiums)~~ <div style="overflow-x:auto"> {\| id="~~t38~~t33" class="wikitable ~~fintable~~" \|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) \|- ! ~~colspan="5"~~ style="text-align:~~center~~left" \| ~~IFRS4~~ ! ~~colspan="4"~~ style="text-align:~~center~~right" \| ~~IFRS17~~FY18 ! style="text-align:right" \| FY19 ! style="text-align:right" \| FY20 ! style="text-align:right" \| FY21 ! style="text-align:right" \| FY22 ! style="text-align:right" \| FY22 ! style="text-align:right" \| FY23 ! style="text-align:right" \| FY24 ! style="text-align:right" \| FY25 \|- !\| style="text-align:left" \| ~~FY18~~Accounting Basis !\| ~~class~~colspan="~~col-s~~5" style="text-align:right" \| ~~FY19~~IFRS4 !\| ~~class~~colspan="~~col-s~~4" style="text-align:right" \| ~~FY20~~IFRS17 ~~! class="col-s" style="text-align:right" \| FY21~~ ~~! class="col-s" style="text-align:right" \| FY22~~ ~~! class="col-s" style="text-align:right" \| FY22~~ ~~! class="col-s" style="text-align:right" \| FY23~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| FY25~~ \|- \| style="text-align:left" \| ~~179%~~Ratio \| style="text-align:right" \| 179% \| style="text-align:right" \| 185% \| style="text-align:right" \| 193% Line 1,711 ⟶ 1,677: \|} </div> ~~==== Technical reserves ratio ====~~ ~~(Net undiscounted technical reserves{{fn ref\|1\|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)~~ <div style="overflow-x:auto"> {\| id="~~t39~~t34" class="wikitable ~~fintable~~" \|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref\|1\|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums) \|- ! ~~colspan="5"~~ style="text-align:~~center~~left" \| ~~IFRS4~~ ! ~~colspan="4"~~ style="text-align:~~center~~right" \| ~~IFRS17~~FY18 ! style="text-align:right" \| FY19 ! style="text-align:right" \| FY20 ! style="text-align:right" \| FY21 ! style="text-align:right" \| FY22 ! style="text-align:right" \| FY22 ! style="text-align:right" \| FY23 ! style="text-align:right" \| FY24 ! style="text-align:right" \| FY25 \|- !\| style="text-align:left" \| ~~FY18~~Accounting Basis !\| ~~class~~colspan="~~col-s~~5" style="text-align:right" \| ~~FY19~~IFRS4 !\| ~~class~~colspan="~~col-s~~4" style="text-align:right" \| ~~FY20~~IFRS17 ~~! class="col-s" style="text-align:right" \| FY21~~ ~~! class="col-s" style="text-align:right" \| FY22~~ ~~! class="col-s" style="text-align:right" \| FY22~~ ~~! class="col-s" style="text-align:right" \| FY23~~ ~~! class="col-s" style="text-align:right" \| FY24~~ ~~! class="col-s" style="text-align:right" \| FY25~~ \|- \| style="text-align:left" \| ~~213%~~Ratio \| style="text-align:right" \| 213% \| style="text-align:right" \| 227% \| style="text-align:right" \| 233% Line 1,749 ⟶ 1,715: {{pdf page\|39\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹{{fn ref\|1\|2=Excludes local reinsurance covers;}} === '''Insurance segment (occurrence protection)''' ~~In Euro~~ * Insurance segment (occurrence protection) * Reinsurance segment (illustrative) * Alternative Capital & Cat Bonds <div style="overflow-x:auto"> {\| id="~~t40~~t35" class="wikitable fintable" \|+ In Euro ~~\|+ P&C \| 2026 Simplified Group Nat Cat Reinsurance Program¹ (In Euro)~~ \|- ! style="text-align:left" \| Peril ! class="col-s" style="text-align:right" \| EU Windstorm ! class="col-s" style="text-align:right" \| Europe Flood Line 1,767 ⟶ 1,729: ! class="col-s" style="text-align:right" \| NA Hurricane ! class="col-s" style="text-align:right" \| NA Earthquake ! class="col-s" style="text-align:right" \| Per other perils³{{fn ref\|3\|2=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.}} \|- \| style="text-align:left" \| Capacity Line 1,775 ⟶ 1,737: \| style="text-align:right" \| 1.2bn \| style="text-align:right" \| 1.2bn \| style="text-align:right" \| ~~1.2bn~~— \|- \| style="text-align:left" \| Retention Line 1,781 ⟶ 1,743: \| style="text-align:right" \| 450m \| style="text-align:right" \| 400m \| style="text-align:right" \| 600m²{{fn ref\|2\|2=Varying retention between MX and NA (400m MX, 600m NA);}} \| style="text-align:right" \| 600m²{{fn ref\|2\|2=Varying retention between MX and NA (400m MX, 600m NA);}} \| style="text-align:right" \| 400m \|} </div> '''Reinsurance segment (illustrative)''' * Alternative Capital & Cat Bonds '''Key Takeaway''' * Stable retention levels maintained in 2026 as in 2025 <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=Excludes local reinsurance covers;}} {{fn note\|1=2\|2=Varying retention between MX and NA (400m MX, 600m NA);}} {{fn note\|1=3\|2=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.}} </div> Line 1,798 ⟶ 1,764: === P&C – AXA Group earnings deviation with different levels of Nat Cat cost{{fn ref\|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).}} in 2026 === * '''In Euro billion (net of reinsurance)''' ~~==== Group underlying earnings deviation to average Nat Cat charges in 2026 ====~~ * net of reinsurance, post-tax * More severe years * Negative deviation in ca. 40% of cases * Less severe years * Positive deviation in ca. 60% of cases <div style="overflow-x:auto"> {\| id="~~t41~~t36" class="wikitable" \|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax) \|- ! style="text-align:left" \| Probability ! style="text-align:right" \| ~~Earnings deviation~~Percentile ! style="text-align:right" \| Deviation \|- \| style="text-align:left" \| 1/20y ~~(95th)~~ \| style="text-align:right" \| (95th) \| style="text-align:right" \| €-1.2bn \|- \| style="text-align:left" \| 1/10y ~~(90th)~~ \| style="text-align:right" \| (90th) \| style="text-align:right" \| €-0.8bn \|- \| style="text-align:left" \| 1/5y ~~(80th)~~ \| style="text-align:right" \| (80th) \| style="text-align:right" \| €-0.4bn \|- \| style="text-align:left" \| Median ~~(50th)~~ \| style="text-align:right" \| (50th) \| style="text-align:right" \| €+0.1bn \|- \| style="text-align:left" \| 1/5y ~~(20th)~~ \| style="text-align:right" \| (20th) \| style="text-align:right" \| €+0.5bn \|- \| style="text-align:left" \| 1/10y ~~(10th)~~ \| style="text-align:right" \| (10th) \| style="text-align:right" \| €+0.7bn \|- \| style="text-align:left" \| 1/20y ~~(5th)~~ \| style="text-align:right" \| (5th) \| style="text-align:right" \| €+0.8bn \|} </div> * More severe years ~~==== Average Expected Nat Cat charges ====~~ * Negative deviation in ca. 40% of cases * Less severe years * net of reinsurance, pre-tax * Positive deviation in ca. 60% of cases <div style="overflow-x:auto"> {\| id="~~t42~~t37" class="wikitable ~~fintable~~" \|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax) \|- ! style="text-align:left" \| In Euro billion ! ~~class="col-s"~~ style="text-align:right" \| 2025 ! ~~class="col-s"~~ style="text-align:right" \| 2026 \|- \| style="text-align:left" \| Average Expected Nat Cat charges Line 1,869 ⟶ 1,836: * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{pdf page\|42\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === P&C – Margin Analysis === * Changes versus FY24 at constant FX. ~~==== Technical Result ====~~ ~~==== In Euro million (pre-tax) ====~~ <div style="overflow-x:auto"> {\| id="~~t43~~t38" class="wikitable ~~fintable~~" \|+ Technical Result In Euro million (pre-tax) \|- ! style="text-align:left" \| In Euro million (pre-tax) ! ~~class="col-s"~~ style="text-align:right" \| FY25 ! ~~class="col-s"~~ style="text-align:right" \| Change \|- \| style="text-align:left" \| <b>Current Accident Year Undiscounted Technical Margin</b> \| style="text-align:right" \| <b>2,778</b> \| style="text-align:right" \| <b>+707</b> \|- \| style="text-align:left" \| Gross Earned Premiums Line 1,902 ⟶ 1,865: \| style="text-align:right" \| -0.4pt \|- \| style="text-align:left" \| ~~Current Accident Year Discounting~~— \| style="text-align:right" \| ~~2,009~~— \| style="text-align:right" \| ~~+115~~— \|- \| style="text-align:left" \| <b>Current Accident Year Discounting</b> \| style="text-align:right" \| <b>2,009</b> \| style="text-align:right" \| <b>+115</b> \|- \| style="text-align:left" \| Discounting Ratio (in Combined Ratio points) Line 1,912 ⟶ 1,879: \| style="text-align:left" \| Current Accident Year Net Claims reserves \| style="text-align:right" \| €19.0bn \| style="text-align:right" \| — \|- \| style="text-align:left" \| Duration \| style="text-align:right" \| 4.0 years \| style="text-align:right" \| — \|- \| style="text-align:left" \| Current Accident Year Discount rate \| style="text-align:right" \| 2.8% \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~Prior Years' Reserve Development (PYD)~~— \| style="text-align:right" \| ~~622~~— \| style="text-align:right" \| ~~-341~~— \|- \| style="text-align:left" \| <b>Prior Years' Reserve Development (PYD)</b> \| style="text-align:right" \| <b>622</b> \| style="text-align:right" \| <b>-341</b> \|- \| style="text-align:left" \| PYD ratio Line 1,931 ⟶ 1,902: \|} </div> * FY25 sensitivity to Current Accident Year discount rate changes{{fn ref\|2\|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.}} * +25bps: €+0.2bn * -25bps: €-0.2bn ~~==== Financial Result ====~~ ~~==== In Euro million (pre-tax) ====~~ <div style="overflow-x:auto"> {\| id="~~t44~~t39" class="wikitable ~~fintable~~" \|+ Financial Result In Euro million (pre-tax) \|- ! style="text-align:left" \| In Euro million (pre-tax) ! ~~class="col-s"~~ style="text-align:right" \| FY25 ! ~~class="col-s"~~ style="text-align:right" \| Change \|- \| style="text-align:left" \| <b>Investment Income</b> \| style="text-align:right" \| <b>3,988</b> \| style="text-align:right" \| <b>+435</b> \|- \| style="text-align:left" \| FY25 Average Assets \| style="text-align:right" \| €115bn \| style="text-align:right" \| — \|- \| style="text-align:left" \| Asset book yield \| style="text-align:right" \| 3.5% \| style="text-align:right" \| — \|- \| style="text-align:left" \| FY25 Reinvestment yield{{fn ref\|1\|2=Reinvestment yield on fixed income assets.}} \| style="text-align:right" \| 4.3% \| style="text-align:right" \| — \|- \| style="text-align:left" \| ~~Insurance Finance Expenses~~— \| style="text-align:right" \| ~~-1,358~~— \| style="text-align:right" \| ~~-235~~— \|- \| style="text-align:left" \| <b>Insurance Finance Expenses</b> \| style="text-align:right" \| <b>-1,358</b> \| style="text-align:right" \| <b>-235</b> \|- \| style="text-align:left" \| FY24 Reserves at locked-in rate \| style="text-align:right" \| €71bn \| style="text-align:right" \| — \|- \| style="text-align:left" \| Liability book yield \| style="text-align:right" \| 1.9% \| style="text-align:right" \| — \|} </div> '''FY25 sensitivity to Current Accident Year discount rate changes{{fn ref\|2\|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.}}''' * 2026e Insurance Finance Expenses (pre-tax): ~ €-1.4bn * +25bps: €+0.2bn * Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount * +-25bps: ~ €-~~50m~~0.2bn * -25bps: ~ €+50m <div style="overflow-x:auto"> {\| id="~~t45~~t40" class="wikitable ~~fintable~~" \|+ Underlying Earnings \|- ! style="text-align:left" \| In Euro million (pre-tax) ! ~~class="col-s"~~ style="text-align:right" \| FY25 ! ~~class="col-s"~~ style="text-align:right" \| Change \|- \| style="text-align:left" \| <b>Underlying Earnings before tax</b> \| style="text-align:right" \| <b>8,040</b> \| style="text-align:right" \| <b>+681</b> \|- \| style="text-align:left" \| Tax Line 2,001 ⟶ 1,969: \| style="text-align:right" \| -10 \|- \| style="text-align:left" \| <b>Underlying Earnings</b> \| style="text-align:right" \| <b>5,872</b> \| style="text-align:right" \| <b>+501</b> \|- \| style="text-align:left" \| Growth vs. FY24 (at constant FX) \| style="text-align:right" \| — \| style="text-align:right" \| +9% \|} </div> '''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. <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=Reinvestment yield on fixed income assets.}} Line 2,018 ⟶ 1,994: {{pdf page\|43\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === L&H – Margin Analysis === * Includes scope impact '''Includes scope impact''' ~~==== Technical Result ====~~ In Euro million, pre-tax <div style="overflow-x:auto"> {\| id="~~t46~~t41" class="wikitable fintable" \|+ ~~Short-term~~ Technical ~~Margin~~Result (In Euro million, pre-tax) \|- ! style="text-align:left" \| In Euro million, pre-tax ! class="col-sm" style="text-align:right" \| FY25 ! class="col-sm" style="text-align:right" \| Change \|- \| style="text-align:left" \| <b>Short-term Technical Margin</b> \| style="text-align:right" \| <b>479</b> \| style="text-align:right" \| <b>+60</b> \|- \| style="text-align:left" \| Gross Earned Premiums Line 2,042 ⟶ 2,016: \| style="text-align:right" \| 97.2% \| style="text-align:right" \| -0.1pts \|} ~~</div>~~ * Incl. recapture of Laya ~~<div style="overflow-x:auto">~~ ~~{\| id="t47" class="wikitable fintable"~~ ~~\|+ Long-term Technical Margin~~ \|- !\| style="text-align:left" \| <b>Long-term Technical Margin</b> ~~! class="col-s"~~\| style="text-align:right" \| ~~FY25~~<b>2,804</b> ~~! class="col-s"~~\| style="text-align:right" \| ~~Change~~<b>+156</b> \|- ~~\| style="text-align:left" \| Long-term Technical Margin~~ ~~\| style="text-align:right" \| 2,804~~ ~~\| style="text-align:right" \| +156~~ \|- \| style="text-align:left" \| CSM release Line 2,069 ⟶ 2,031: </div> * Incl. recapture of Laya ~~==== Financial Result ====~~ In Euro million, pre-tax <div style="overflow-x:auto"> {\| id="~~t48~~t42" class="wikitable ~~fintable~~" \|+ Financial Result (In Euro million, pre-tax) ~~\|+ Investment Income (non-VFA only)~~ \|- ! style="text-align:left" \| In Euro million, pre-tax ! ~~class="col-s"~~ style="text-align:right" \| FY25 ! ~~class="col-s"~~ style="text-align:right" \| Change \|- \| style="text-align:left" \| <b>Investment Income (non-VFA only)</b> \| style="text-align:right" \| <b>2,484</b> \| style="text-align:right" \| <b>-1</b> \|- \| style="text-align:left" \| FY25 Average Assets \| style="text-align:right" \| €98bn \| style="text-align:right" \| — \|- \| style="text-align:left" \| Asset book yield \| style="text-align:right" \| 2.5% \| style="text-align:right" \| — \|- \| style="text-align:left" \| FY25 Reinvestment yield{{fn ref\|1\|2=Reinvestment yield on fixed income assets.}} \| style="text-align:right" \| 3.8% \| style="text-align:right" \| — \|} ~~</div>~~ ~~<div style="overflow-x:auto">~~ ~~{\| id="t49" class="wikitable fintable"~~ ~~\|+ Insurance Finance Expenses (non-VFA only)~~ \|- !\| style="text-align:left" \| <b>Insurance Finance Expenses (non-VFA only)</b> ~~! class="col-s"~~\| style="text-align:right" \| ~~FY25~~<b>-1,538</b> ~~! class="col-s"~~\| style="text-align:right" \| ~~Change~~<b>-9</b> \|- ~~\| style="text-align:left" \| Insurance Finance Expenses (non-VFA only)~~ ~~\| style="text-align:right" \| -1,538~~ ~~\| style="text-align:right" \| -9~~ \|- \| style="text-align:left" \| FY24 Reserves at locked-in rate \| style="text-align:right" \| €62bn \| style="text-align:right" \| — \|- \| style="text-align:left" \| Liability book yield \| style="text-align:right" \| 2.5% \| style="text-align:right" \| — \|} </div> <div style="overflow-x:auto"> {\| id="~~t50~~t43" class="wikitable fintable" \|+ Life & Health FY25 CSM Key Sensitivities \|- ! style="text-align:left" \| (in Euro billion) ! class="col-sm" style="text-align:right" \| ~~FY25~~ ~~! class="col-s" style="text-align:right" \| Change~~ \|- ~~\| style="text-align:left" \| Underlying Earnings before tax~~ ~~\| style="text-align:right" \| 4,229~~ ~~\| style="text-align:right" \| +205~~ \|- ~~\| style="text-align:left" \| Tax~~ ~~\| style="text-align:right" \| -800~~ ~~\| style="text-align:right" \| 65~~ \|- ~~\| style="text-align:left" \| Affiliates, Minority interests & Other~~ ~~\| style="text-align:right" \| 72~~ ~~\| style="text-align:right" \| -51~~ \|- ~~\| style="text-align:left" \| Underlying Earnings~~ ~~\| style="text-align:right" \| 3,501~~ ~~\| style="text-align:right" \| +219~~ \|- ~~\| style="text-align:left" \| Growth vs. FY24 (at constant FX)~~ ~~\| style="text-align:right" \|~~ ~~\| style="text-align:right" \| +7%~~ \|} ~~</div>~~ ~~==== Life & Health FY25 CSM Key Sensitivities ====~~ (in Euro billion) ~~<div style="overflow-x:auto">~~ ~~{\| id="t51" class="wikitable fintable"~~ \|- ~~! style="text-align:left" \|~~ ~~! class="col-s" style="text-align:right" \|~~ \|- \| style="text-align:left" \| <b>Baseline</b> \| style="text-align:right" \| <b>33.3</b> \|- \| style="text-align:left" \| Interest rates +50bps Line 2,184 ⟶ 2,104: \| style="text-align:left" \| Equities -25% \| style="text-align:right" \| -2.2 \|} </div> <div style="overflow-x:auto"> {\| id="t44" class="wikitable" \|- ! style="text-align:left" \| In Euro million, pre-tax ! style="text-align:right" \| FY25 ! style="text-align:right" \| Change \|- \| style="text-align:left" \| <b>Underlying Earnings before tax</b> \| style="text-align:right" \| <b>4,229</b> \| style="text-align:right" \| <b>+205</b> \|- \| style="text-align:left" \| Tax \| style="text-align:right" \| -800 \| style="text-align:right" \| 65 \|- \| style="text-align:left" \| Affiliates, Minority interests & Other \| style="text-align:right" \| 72 \| style="text-align:right" \| -51 \|- \| style="text-align:left" \| <b>Underlying Earnings</b> \| style="text-align:right" \| <b>3,501</b> \| style="text-align:right" \| <b>+219</b> \|- \| style="text-align:left" \| Growth vs. FY24 (at constant FX) \| style="text-align:right" \| — \| style="text-align:right" \| +7% \|} </div> Line 2,190 ⟶ 2,139: {{fn note\|1=1\|2=Reinvestment yield on fixed income assets.}} </div> * Changes versus FY24 at constant FX. {{pdf page\|44\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} Line 2,198 ⟶ 2,145: * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{pdf page\|45\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} === Expanding ~~AXA's~~AXA’s role in society: AXA for Progress Index{{fn ref\|1\|2=~~AXA's~~AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA ~~Group's~~Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}} === <div style="overflow-x:auto"> ~~==== As a GLOBAL INVESTOR ====~~ {\| id="t45" class="wikitable" * Target \|+ As a GLOBAL INVESTOR * €5bn{{fn ref\|2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in climate transition financing per year \|- * >€500m{{fn ref\|2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in community resilience financing per year ! style="text-align:left" \| Metric * 2025 Result ! style="text-align:right" \| Target * €6.4bn ! style="text-align:right" \| 2025 Result * €1.4bn \|- \| style="text-align:left" \| €5bn{{fn ref\|2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in climate transition financing per year \| style="text-align:right" \| €5bn{{fn ref\|2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} \| style="text-align:right" \| €6.4bn \|- \| style="text-align:left" \| >€500m{{fn ref\|2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in community resilience financing per year \| style="text-align:right" \| >€500m{{fn ref\|2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} \| style="text-align:right" \| €1.4bn \|} </div> <div style="overflow-x:auto"> ~~==== As a GLOBAL INSURER ====~~ {\| id="t46" class="wikitable" * Target \|+ As a GLOBAL INSURER * €6bn{{fn ref\|3\|2=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) \|- * >20,000{{fn ref\|4\|2=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 ! style="text-align:left" \| Metric * >20m{{fn ref\|5\|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026 ! style="text-align:right" \| Target * 2025 Result ! style="text-align:right" \| 2025 Result * €4.6bn \|- * 19,698 Cumulative 2024-2025 \| style="text-align:left" \| €6bn{{fn ref\|3\|2=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) * 20.6m \| style="text-align:right" \| €6bn{{fn ref\|3\|2=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.}} \| style="text-align:right" \| €4.6bn \|- \| style="text-align:left" \| >20,000{{fn ref\|4\|2=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) <i>Target revised in 2025</i> \| style="text-align:right" \| >20,000{{fn ref\|4\|2=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.}} \| style="text-align:right" \| 19,698<br/>Cumulative 2024-2025 \|- \| style="text-align:left" \| >20m{{fn ref\|5\|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026 \| style="text-align:right" \| >20m{{fn ref\|5\|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} \| style="text-align:right" \| 20.6m \|} </div> <div style="overflow-x:auto"> ~~==== As a COMPANY ====~~ {\| id="t47" class="wikitable fintable" * Target \|+ As a COMPANY * >80,000{{fn ref\|6\|2=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 \|- * Contribute to Net-Zero -50%{{fn ref\|7\|2=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 emissions{{fn ref\|8\|2=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).}} ! style="text-align:left" \| Metric * 50% Percentage of AXA Group employees engaged in volunteering activities by 2026 ! class="col-s" style="text-align:right" \| Target * 2025 Result ! class="col-m" style="text-align:right" \| 2025 Result * 46,420 \|- * -64% Reduction against 2019 \| style="text-align:left" \| >80,000{{fn ref\|6\|2=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 * 56% \| style="text-align:right" \| >80,000{{fn ref\|6\|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} \| style="text-align:right" \| 46,420 \|- \| style="text-align:left" \| Contribute to Net-Zero -50%{{fn ref\|7\|2=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 emissions{{fn ref\|8\|2=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).}} \| style="text-align:right" \| -50%{{fn ref\|7\|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} \| style="text-align:right" \| -64%<br/>Reduction against 2019 \|- \| style="text-align:left" \| 50% Percentage of AXA Group employees engaged in volunteering activities by 2026 \| style="text-align:right" \| 50% \| style="text-align:right" \| 56% \|} </div> <div class="ed-fn-notes" style="display:none"> {{fn note\|1=1\|2=~~AXA's~~AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA ~~Group's~~Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}} {{fn note\|1=2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} {{fn note\|1=3\|2=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.}} {{fn note\|1=4\|2=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.}} {{fn note\|1=5\|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} {{fn note\|1=6\|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} Line 2,244 ⟶ 2,226: === Sustainability Performance & Ratings === '''S&P Global''' * S&P Global: 2025 percentile: 97th {{fn ref\|1\|2=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 * 2025 percentile: 97th {{fn ref\|1\|2=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 '''MSCI''' * MORNINGSTAR SUSTAINALYTICS: 2025 ESG Risk Rating: 17.0– Low risk * 2025 score: AAA * FTSE RUSSELL An LSEG Business: 2025 score: 4.3/5 in FTSE4Good Index Series '''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 <div class="ed-fn-notes" style="display:none"> Line 2,264 ⟶ 2,255: * 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''' {{pdf page\|48\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}} Line 2,287 ⟶ 2,278: * Full Year 2025 Earnings * February 26, 2026