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Line 10: \| pages = 20 \| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf \| ~~archive_file~~wide = ~~<!--~~ ~~ARCHIVE_MD_LINK_HERE~~ ~~-->~~ = yes \| original_md = File:AXA-2025-FY-Earnings_release-original.md ~~\| anchors_file = <!-- ARCHIVE_ANCHORS_LINK_HERE -->~~ \| docling_file = File:AXA-2025-FY-Earnings_release-docling.txt \| article = AXA/2025/FY/Earnings release \| doc_id = chq99br5nr }} Line 17 ⟶ 20: --- title: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf source_file: ~~tmpabzaips7~~tmp7sa9cgqc.pdf source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf doc_type: report pages: 20 tables: 1418 converter: anchor_injection/1 tier: economic parsed_at: '2026-07-~~17T16~~26T05:5258:~~42Z~~34Z' scanned_pages: [] residue: - Press release --- ORIGINAL_FRONTMATTER --> {{pdf page\|1\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} Paris, February 26 th , 2026 (6:45am CET) ~~== Press release ==~~ ~~Paris, February 26th, 2026 (6:45am CET)~~ == Full Year 2025 Earnings == ~~===~~ AXA reports record results with underlying EPS growth at the top end of the target range ~~===~~ == Key FY25 highlights == * Gross written premiums & other revenues{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} at Euro 116 billion, up +6% vs. FY24 * Underlying earnings{{fn ref\|2\|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} at Euro 8.4 billion, up 6% vs. FY24, up 9% excluding AXA IM{{fn ref\|3\|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}} * Underlying earnings per share{{fn ref\|2\|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} at Euro 3.86, up +8% vs. FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback{{fn ref\|4\|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}} * Solvency II ratio{{fn ref\|5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period{{fn ref\|6\|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} ~~==== Key FY25 highlights ====~~ == Capital Management == * Gross written premiums & other revenues{{fn ref\|1}} at Euro 116 billion, up +6% vs. FY24 * Underlying earnings{{fn ref\|2}} at Euro 8.4 billion, up 6% vs. FY24, up 9% excluding AXA IM{{fn ref\|3}} * Underlying earnings per share{{fn ref\|2}} at Euro 3.86, up +8% vs. FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback{{fn ref\|4}} * Solvency II ratio{{fn ref\|5}} at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period{{fn ref\|6}} * Dividend of Euro 2.32 per share, up +8% vs. FY24{{fn ref\|7\|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} ~~==== Capital Management ====~~ * Launch of an annual share buyback program{{fn ref\|8\|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to Euro 1.25 billion * Dividend of Euro 2.32 per share, up +8% vs. FY24{{fn ref\|7}} * Launch of an annual share buyback program{{fn ref\|8}} of up to Euro 1.25 billion * Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal{{fn ref\|4}}, executed between July 2, 2025, and January 20, 2026 * Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal{{fn ref\|4\|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}} , executed between July 2, 2025, and January 20, 2026 ~~==== Outlook ====~~ == Outlook == * Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range{{fn ref\|9}} * Expected impact of Solvency II revision at +17 points{{fn ref\|10}} * AXA to present its new strategic plan for 2027-2029 on September 21, 2026 * Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range{{fn ref\|9\|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}} "In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." * Expected impact of Solvency II revision at +17 points{{fn ref\|10\|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} "Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level." * AXA to present its new strategic plan for 2027 -2029 on September 21, 2026 "These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," said Thomas Buberl, Chief Executive Officer of AXA. ' In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence .' ' Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best -in -class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level. ' ' These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA ' s ability to generate sustainable, long -term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust, ' said Thomas Buberl, Chief Executive Officer of AXA. {{pdf page\|2\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == FY25 key highlights == <div style="overflow-x:auto"> Line 72 ⟶ 81: \|- ! style="text-align:left" \| ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change on a reported basis ! class="col-s" style="text-align:right" \| Change at comparable basis \|- \| style="text-align:left" \| Gross written premiums & other revenues {{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} ~~! style="text-align:left" \| Gross written premiums & other revenues {{fn ref\|1}}~~ \| style="text-align:right" \| 110,316 \| style="text-align:right" \| 115,524 Line 83 ⟶ 92: \| style="text-align:right" \| +6% \|- !\| style="text-align:left" \| o/w Property & Casualty \| style="text-align:right" \| 56,514 \| style="text-align:right" \| 58,038 Line 89 ⟶ 98: \| style="text-align:right" \| +5% \|- !\| style="text-align:left" \| o/w Life & Health \| style="text-align:right" \| 51,983 \| style="text-align:right" \| 56,512 Line 95 ⟶ 104: \| style="text-align:right" \| +8% \|- !\| style="text-align:left" \| o/w Asset Management \| style="text-align:right" \| 1,701 \| style="text-align:right" \| 875 \| style="text-align:right" \| n.m. \| style="text-align:right" \| n.m. \|} </div> <div style="overflow-x:auto"> {\| id="t2" class="wikitable fintable" \|- ! style="text-align:left" \| ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change on a reported basis ! class="col-s" style="text-align:right" \| Change at constant Forex \|- \| style="text-align:left" \| Underlying earnings {{fn ref\|2\|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} ~~! style="text-align:left" \| Underlying earnings {{fn ref\|2}}~~ \| style="text-align:right" \| 8,078 \| style="text-align:right" \| 8,368 Line 113 ⟶ 127: \| style="text-align:right" \| +6% \|- !\| style="text-align:left" \| Net income \| style="text-align:right" \| 7,886 \| style="text-align:right" \| 9,797 \| style="text-align:right" \| +24% \| style="text-align:right" \| +26% \|} </div> <div style="overflow-x:auto"> {\| id="t3" class="wikitable" \|- ! style="text-align:left" \| Line 125 ⟶ 144: ! style="text-align:right" \| \|- \| style="text-align:left" \| Solvency II ratio (%) {{fn ref\|5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} ~~! style="text-align:left" \| Solvency II ratio (%) {{fn ref\|5}}~~ \| style="text-align:right" \| 216% \| style="text-align:right" \| 224% \| style="text-align:right" \| +9 pts \| style="text-align:right" \| — \|} </div> === Activity indicators === Total gross written premiums and other revenues {{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} were up 6%, driven by: ~~== Activity indicators ==~~ * Property & Casualty (+5%), with growth in (i) Commercial lines {{fn ref\|11\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects {{fn ref\|12\|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and * Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A {{fn ref\|13\|2=General account.}} (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies. ~~Total gross written premiums and other revenues {{fn ref\|1}} were up 6%, driven by:~~ === Earnings === Underlying earnings {{fn ref\|2\|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM {{fn ref\|3\|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings {{fn ref\|14\|2=Including banking activities.}} underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion. Underlying earnings per share {{fn ref\|2\|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). * Property & Casualty (+5%), with growth in (i) Commercial lines {{fn ref\|11}} (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects {{fn ref\|12}} across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and * Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A {{fn ref\|13}} (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies. ~~== Earnings ==~~ Underlying earnings {{fn ref\|2}} increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM {{fn ref\|3}}, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings {{fn ref\|14}} underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion. Underlying earnings per share {{fn ref\|2}} increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%). Net income increased by 26% to Euro 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM. {{pdf page\|3\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} === Balance sheet === Shareholders' equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar. CSM{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|15\|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024. New business contribution (Euro +2.2 billion), combined with underlying return on in-force (Euro +1.3 billion), more than offset CSM release (Euro -3.0 billion), resulting in +2% normalized growth in CSM. Market conditions had a favorable impact, mainly driven by the tightening of government spreads and positive equity market performance (Euro +0.6 billion). This was more than offset by unfavorable foreign exchange impacts (Euro -1.5 billion), mainly from the depreciation of Japanese yen and the Hong Kong dollar, as well as a negative operating variance (Euro -0.3 billion) as better margins and net flows were more than offset by a reduction in the duration of Group Life business in Switzerland. Solvency II ratio{{fn ref\|5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) favorable impacts from financial markets (+4 points), which were partly offset by (iv) the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated Euro 3.8 billion share buyback (-5 points). As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ("' grandfathered debt"') no longer qualified as eligible own funds. The impact of this change results in a -10 point decrease in our Solvency II ratio to 215% on January 1, 2026. In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio{{fn ref\|10\|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} . Underlying return on equity{{fn ref\|2\|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders ' equity. ~~Underlying return on equity{{fn ref\|2}} was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity.~~ Debt gearing{{fn ref\|2\|2='Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower ~~shareholders~~shareholder s' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1 debt (Euro -1.9 billion). The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026. Cash at Holding{{fn ref\|16\|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024. {{pdf page\|4\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} Line 180 ⟶ 190: === Capital management === A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026{{fn ref\|7\|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} . The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. AXA's Board of Directors approved , on February 25, 2026, the launch of an annual share buyback program for up to Euro 1.25 billion, to be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting ~~authorization{{fn~~authorizatio n ~~ref\|~~17}} . AXA intends to cancel all shares repurchased pursuant to this share buyback program. The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and it is expected to be completed by year-end. Further details will be communicated regarding the execution of the share buyback program. Line 188 ⟶ 198: === Outlook === Entering the final year of its 2024-2026 "'Unlock the Future"' plan, AXA is confident in its ability to achieve its main financial targets, underpinned by (i) profitable organic growth, (ii) scaling technical capabilities across its businesses, and (iii) driving operational efficiency across the organization through reinforced cost management. In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to continue benefiting from the ~~earn-through~~earnthrough of higher pricing and underwriting actions. At AXA XL, pricing conditions vary by line; the Group will continue to ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. The Group guidance for normalized natural catastrophe{{fn ref\|18\|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca. 4.5 points of combined ratio for 2026. In Life & Health, earnings growth is expected to be driven by the short-term business reflecting disciplined pricing and claims management initiatives. The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows that are expected to drive CSM growth over time. Line 196 ⟶ 206: Results in Holdings in 2026 are expected to remain at a similar level as in 2025. Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's "'Unlock the Future"' plan: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the plan period 2023-2026E and for 2026{{fn ref\|9\|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}} , (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. The Group is committed to its capital management policy{{fn ref\|19\|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}} , targeting a total payout ratio of 75%{{fn ref\|20\|2=Payout ratio is calculated based on underlying earnings per share.}} , comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year. {{pdf page\|5\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == Property & Casualty == <div style="overflow-x:auto"> {\| id="t2t4" class="wikitable fintable" \|+ Key figures (in Euro billion, unless otherwise noted) \|- ! ~~colspan="5"~~ style="text-align:~~center~~left" \| ~~Key figures (in Euro billion, unless otherwise noted)~~ ! class="col-s" style="text-align:right" \| FY24 \|- \|! class="col-s" style="text-align:~~left~~right" \| FY25 ! class="col-s" style="text-align:right" \| ~~FY24~~Change on a comparable basis ! class="col-s" style="text-align:right" \| FY25 Price effect{{fn ref\|12\|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} (in %) ~~! style="text-align:right" \| FY25~~ ~~! style="text-align:right" \| Change on a comparable basis~~ ~~! style="text-align:left" \| FY25 Price effect{{fn ref\|12}} (in %)~~ \|- !\| style="text-align:left" \| Gross written premiums and other revenues \| style="text-align:right" \| 56.5 \| style="text-align:right" \| 58.0 \| style="text-align:right" \| +5% \| style="text-align:~~left~~right" \| +2.9% \|- !\| style="text-align:left" \| o/w Commercial lines{{fn ref\|11\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} \| style="text-align:right" \| 34.9 \| style="text-align:right" \| 35.8 \| style="text-align:right" \| +4% \| style="text-align:~~left~~right" \| +1.9% \|- !\| style="text-align:left" \| o/w Personal lines \| style="text-align:right" \| 19.1 \| style="text-align:right" \| 19.7 \| style="text-align:right" \| +7% \| style="text-align:~~left~~right" \| +5.2% \|- !\| style="text-align:left" \| o/w AXA XL Reinsurance \| style="text-align:right" \| 2.5 \| style="text-align:right" \| 2.6 \| style="text-align:right" \| +8% \| style="text-align:~~left~~right" \| +0.3% \|} </div> <div style="overflow-x:auto"> {\| id="t5" class="wikitable fintable" \|+ Earnings (in Euro million, unless otherwise noted) \|- ! ~~colspan="5"~~ style="text-align:~~center~~left" \| ~~Earnings (in Euro million, unless otherwise noted)~~ ! class="col-s" style="text-align:right" \| FY24 \|- \|! class="col-s" style="text-align:~~left~~right" \| FY25 ! class="col-s" style="text-align:right" \| ~~FY24~~Change at constant Forex ~~! style="text-align:right" \| FY25~~ ~~! style="text-align:right" \| Change at constant Forex~~ ~~\| style="text-align:left" \|~~ \|- !\| style="text-align:left" \| All-Year Combined ratio \| style="text-align:right" \| 91.0% \| style="text-align:right" \| 90.6% \| style="text-align:right" \| -0.3 pt ~~\| style="text-align:left" \|~~ \|- !\| style="text-align:left" \| Underlying earnings \| style="text-align:right" \| 5,510 \| style="text-align:right" \| 5,872 \| style="text-align:right" \| +9% ~~\| style="text-align:left" \|~~ \|} </div> Line 262 ⟶ 271: * Commercial lines grew by 4% to Euro 35.8 billion, driven by: * AXA XL Insurance (+3%) from growth in lines with attractive margins, including in Property, and in Casualty from both favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines; * Asia, Africa & EME-LATAM (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico; and * France (+6%) from favorable price effects in all lines of business and higher volumes. * Personal lines grew by 7% to Euro 19.7 billion, driven by: * Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024; * Asia, Africa & EME-LATAM (+14%) driven by Türkiye from higher average premiums and volumes; and * France (+9%) with strong volume growth in all lines of business, both from direct business and proprietary agent networks, combined with favorable price effects in Motor. * AXA XL Reinsurance grew by 8% to Euro 2.6 billion, driven by growth supported by alternative capital and favorable price effects in Casualty partly offset by a softening in other lines. Line 274 ⟶ 291: * Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from further margin expansion in (i) Commercial lines (-0.5 point), driven by the SME & mid-market business (-0.9 point) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 point), as well as in (ii) Personal lines (-0.4 point) in a conducive pricing environment; * Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains; and * Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%). Line 286 ⟶ 305: <div style="overflow-x:auto"> {\| id="t3t6" class="wikitable fintable" \|+ Key figures (in Euro billion, unless otherwise noted) \|- ! style="text-align:left" \| ~~Key figures (in Euro billion, unless otherwise noted)~~ ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change on a comparable basis \|- !\| style="text-align:left" \| Gross written premiums & other revenues \| style="text-align:right" \| 52.0 \| style="text-align:right" \| 56.5 \| style="text-align:right" \| +8% \|- !\| style="text-align:left" \| o/w Life \| style="text-align:right" \| 34.5 \| style="text-align:right" \| 37.5 \| style="text-align:right" \| +9% \|- !\| style="text-align:left" \| o/w Health \| style="text-align:right" \| 17.5 \| style="text-align:right" \| 19.0 \| style="text-align:right" \| +5% \|- !\| style="text-align:left" \| PVEP {{fn ref\|1,21}} \| style="text-align:right" \| 50.9 \| style="text-align:right" \| 49.4 \| style="text-align:right" \| -2% \|- !\| style="text-align:left" \| NB CSM {{fn ref\|1,21}} \| style="text-align:right" \| 2.2 \| style="text-align:right" \| 2.2 \| style="text-align:right" \| +3% \|- !\| style="text-align:left" \| NBV (post-tax) {{fn ref\|1,21}} \| style="text-align:right" \| 2.3 \| style="text-align:right" \| 2.2 \| style="text-align:right" \| 0% \|- !\| style="text-align:left" \| NBV margin {{fn ref\|1,21}} \| style="text-align:right" \| 4.4% \| style="text-align:right" \| 4.5% \| style="text-align:right" \| +0.1 pt \|- !\| style="text-align:left" \| Net flows {{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} \| style="text-align:right" \| +1.5 \| style="text-align:right" \| +5.4 \| style="text-align:right" \| — \|-} </div> ~~! colspan="4" style="text-align:center" \| Earnings (in Euro million)~~ <div style="overflow-x:auto"> {\| id="t7" class="wikitable fintable" \|+ Earnings (in Euro million) \|- ! style="text-align:left" \| ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change at constant forex \|- !\| style="text-align:left" \| Underlying earnings \| style="text-align:right" \| 3,323 \| style="text-align:right" \| 3,501 \| style="text-align:right" \| +7% \|- !\| style="text-align:left" \| o/w Life \| style="text-align:right" \| 2,636 \| style="text-align:right" \| 2,715 \| style="text-align:right" \| +4% \|- !\| style="text-align:left" \| o/w Health \| style="text-align:right" \| 687 \| style="text-align:right" \| 787 Line 357 ⟶ 381: </div> === Gross written premiums & other revenues were up 8% to Euro 56.5 billion. === * Life grew by 9% to Euro 37.5 billion, mainly from: * Unit-Linked (+13%) driven by successful sales initiatives across all geographies; * G/A{{fn ref\|13\|2=General account.}} (+4%) notably in France (+4%) as well as from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong; and * Protection (11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland. * Health grew by 5% to Euro 19.0 billion, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes. ~~{{pdf page\|7\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}~~ Present value of expected premiums (PVEP){{fn ref\|1,21}} decreased by 2% to Euro 49.4 billion driven by: {{pdf page\|7\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} * Life (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums; and * Health (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions. NB CSM{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. NBV (post-tax){{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France. ~~NB CSM{{fn ref\|1,21}} increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.~~ NBV margin (post tax){{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 0.1 point to 4.5%. Net flows{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were Euro +5.4 billion compared to Euro +1.5 billion in 2024. Net flows in 2025 were driven by: ~~NBV (post-tax){{fn ref\|1,21}} was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.~~ ~~NBV margin (post tax){{fn ref\|1,21}} increased by 0.1 point to 4.5%.~~ ~~Net flows{{fn ref\|21}} were Euro +5.4 billion compared to Euro +1.5 billion in 2024. Net flows in 2025 were driven by:~~ * Protection (Euro +4.9 billion), mainly in Hong Kong, Japan, and France; * Health (Euro +2.7 billion), mainly in Germany, Japan, and France; and * Unit-Linked (Euro +1.5 billion), primarily in France; * Partly offset by G/A Savings (Euro -3.7 billion), as inflows in G/A capital-light (Euro +1.2 billion) were more than offset by outflows in traditional G/A Savings (Euro -5.0 billion). Life & Health underlying earnings increased by 7% to Euro 3.5 billion, driven by: * Long-term technical result (Euro +0.2 billion) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business; * Short-term technical result (Euro +0.1 billion) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (Euro -0.1 billion); * Lower income taxes (Euro +0.1 billion) reflecting favorable tax effects mainly in Germany, France and Mexico; and * Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders. == Holdings == Holdings underlying earnings{{fn ref\|14\|2=Including banking activities.}} remained broadly stable at Euro -1.2 billion. ~~Holdings underlying earnings{{fn ref\|14}} remained broadly stable at Euro -1.2 billion.~~ {{pdf page\|8\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == ~~Ratings~~RATINGS AND GLOSSARY == === Ratings === <div style="overflow-x:auto"> {\| id="t4t8" class="wikitable" \|- \|! style="text-align:left" \| \|! style="text-align:right" \| ! colspan="3" style="text-align:center" \| Insurer financial strength ratings ! colspan="2" style="text-align:center" \| AXA's credit ratings {{fn ref\|22\|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}} Line 458 ⟶ 466: \| style="text-align:right" \| October 9, 2025 \| style="text-align:left" \| A+ Superior \| style="text-align:left" \| — \| style="text-align:left" \| Stable \| style="text-align:right" \| aa Superior \| style="text-align:left" \| — \|} </div> {{fn note\|1=22\|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}} === Glossary === * Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%. * Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders. * '''Capital-light G/A products:''' encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%. * ~~'''Contractual~~CSM ~~service margin ("CSM")~~release:~~'''~~ athe ~~component~~portion of ~~the~~CSM ~~carrying~~stock ~~amount~~net of reinsurance at the ~~asset~~end orof ~~liability~~the ~~for~~defined aperiod ~~group~~flowing ofthrough ~~insurance~~profit and ~~contracts~~loss representing the ~~unearned~~estimated profit toearned beby ~~recognized~~the asinsurer for providing insurance services ~~are~~during ~~provided~~the toreporting ~~policyholders~~period. * Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. * '''CSM release:''' the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period. * Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow. * '''Economic variance:''' the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. * Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities). * '''Financial result:''' investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow. * New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided. * '''Gross written premiums and other revenues:''' insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities). * New business value ("NBV"): the value of newly issued contracts during the current year. It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests. * '''New business contractual service margin ("NB CSM"):''' a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided. * New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP. * '''New business value ("NBV"):''' the value of newly issued contracts during the current year. It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests. * '''New business value margin ("NBV Margin"):''' the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP. {{pdf page\|9\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} * Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance. ~~== RATINGS AND GLOSSARY ==~~ * Present value of expected p remiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share. * Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts and (iv) the other long-term elements which are mainly composed of non-attributable expenses. * Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. * '''Operating variance''': the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance. * '''Present value of expected premiums (“PVEP”)''': the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share. * '''Technical experience''': consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts and (iv) the other long-term elements which are mainly composed of non-attributable expenses. * '''Underlying return on in-force''': the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. {{pdf page\|10\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == SCOPE AND EXCHANGE RATES == === Scope === France: includes insurance activities, banking activities and holding. Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities){{fn ref\|23\|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} and AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holding. Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings. Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity ) and other Central Holdings. AXA Investment Managers{{fn ref\|24\|2=Disposal to BNP Paribas completed on 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. === Exchange rates === <div style="overflow-x:auto"> {\| id="t5t9" class="wikitable fintable" \|- ! style="text-align:left" \| For 1 Euro Line 513 ⟶ 520: ! colspan="2" style="text-align:center" \| Average Exchange rate \|- \|! style="text-align:left" \| ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 \|- \| style="text-align:left" \| USD Line 554 ⟶ 561: == Notes == 1{{fn note\|1=1\|2=Change in gross written premiums & other revenues, new business value (~~“NBV”~~'NBV') and present value of expected premiums (~~“PVEP”~~'PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin (~~“CSM”~~'CSM') and new business contractual service margin (~~“NB~~'NB ~~CSM”~~CSM'), are defined in the glossary section of this press release.}} {{fn note\|1=2\|2='Underlying ~~“Underlying earnings”~~earnings', ~~“underlying~~'underlying earnings per ~~share”~~share', ~~“underlying~~'underlying return on ~~equity”~~equity', ~~“combined~~'combined ~~ratio”~~ratio' and ~~“debt~~'debt ~~gearing”~~gearing' are APMs as defined in ~~ESMA’s~~ESMA's guidelines and the ~~AMF’s~~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~~'AXA's 2025 Activity ~~Report”~~Report'), on the pages indicated under the heading ~~“USE~~'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE ~~MEASURES”~~MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press ~~release~~relea se, see the Glossary in ~~AXA’s~~AXA's 2025 Activity Report. ~~AXA’s~~AXA's 2025 Activity Report is available on ~~AXA’s~~AXA's website (www.axa.com).}} 3{{fn note\|1=3\|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}} 4{{fn note\|1=4\|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}} 5{{fn note\|1=5\|2=The Solvency II ratio is estimated primarily using ~~AXA’s~~AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on ~~AXA’s~~AXA's internal model and Solvency II disclosures, please refer to AXA ~~Group’s~~Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on ~~AXA’s~~AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} 6{{fn note\|1=6\|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in ~~AXA’s~~AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} 7{{fn note\|1=7\|2=Subject to approval by the ~~Shareholders’~~Shareholders' Annual General Meeting to be held on April 30, 2026.}} 8{{fn note\|1=8\|2=As approved by ~~AXA’s~~AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} 9{{fn note\|1=9\|2=Expected underlying earnings per share (~~“UEPS”~~'UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the ~~Group’s~~Group's current strategic plan and is qualified by the cautionary statements in this press ~~release~~rel ease regarding forward-looking statements.}} 10{{fn note\|1=10\|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} {{fn note\|1=11\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} ~~had come into force on the same date.~~ {{fn note\|1=12\|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} ~~11 “Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.~~ {{fn note\|1=13\|2=General account.}} ~~12 Price effects are calculated as a percentage of total gross written premiums of the prior year.~~ {{fn note\|1=14\|2=Including banking activities.}} ~~13 General account.~~ {{fn note\|1=15\|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} ~~14 Including banking activities.~~ {{fn note\|1=16\|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} 15 Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management’s current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA’s statutory auditors. {{fn note\|1=17\|2=To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.}} ~~16 Including cash and liquid invested assets at AXA SA Holding and other central holdings.~~ {{fn note\|1=18\|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} 17 To be executed in accordance with the terms of the Shareholders’ Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders’ Annual General Meeting on April 30, 2026, as applicable. {{fn note\|1=19\|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}} ~~18 Natural catastrophe charges include natural catastrophe losses regardless of event size.~~ {{fn note\|1=20\|2=Payout ratio is calculated based on underlying earnings per share.}} 19 Subject to annual Board and Shareholders’ Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group’s underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA’s earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment. {{fn note\|1=21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} ~~20 Payout ratio is calculated based on underlying earnings per share.~~ {{fn note\|1=22\|2=Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's.}} ~~21 Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.~~ {{fn note\|1=23\|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} ~~22 Restricted Tier 1: “BBB+” by Standard & Poor’s and “Baa1(hyb)” by Moody’s. Tier 2: “A-/Stable” by Standard & Poor’s and “A2(hyb)/Stable” by Moody’s.~~ {{fn note\|1=24\|2=Disposal to BNP Paribas completed on July 1, 2025.}} ~~23 AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.~~ ~~24 Disposal to BNP Paribas completed on July 1, 2025.~~ All comments and changes are on a comparable basis for activity indicators (constant forex, scope and methodology). Actuarial and financial assumptions used for the calculation of NBV and PVEP are updated on a semi-annual basis at half year and full year. 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. 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\|12\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} '''FOR MORE INFORMATION:''' The AXA Group is a worldwide leader in insurance, with 156,000 employees serving more than 92 million clients in 52 countries. In 2025, IFRS17 revenues amounted to Euro 115.5 billion and IFRS17 underlying earnings to Euro 8.4 billion. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. ~~The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.~~ ~~It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.~~ This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Group website (axa.com). ~~THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com~~ ~~'''FOR MORE INFORMATION:'''~~ '''Investor Relations:''' ~~ Investor Relations:~~ +33.1.40.75.48.42 investor.relations@axa.com The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. Individual Shareholder Relations: +33.1.40.75.48.43 '''Media Relations:''' ~~ Media Relations:~~ +33.1.40.75.46.74 ziad.gebran~~@axa.com ahlem.girard@axa.com sylwia.tulak~~@axa.com ahlem.girard@axa.com sylwia.tulak@axa.com The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. '''Corporate Responsibility strategy:''' axa.com/en/about-us/strategy-commitments It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. '''SRI ratings:''' axa.com/en/investor/sri-ratings-ethical-indexes This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation are available on the AXA Group website (axa.com). THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com == IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES == 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’ 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 press release 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 and the others contained in the “Outlook” section of this press release 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 press release. 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. In addition, this press release 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 press release, see the Glossary in AXA’s 2025 Activity Report. 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' 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 press release 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 and the others contained in the 'Outlook' section of this press release 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 press release. 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. In addition, this press release 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 press release, see the Glossary in AXA's 2025 Activity Report. {{pdf page\|13\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE == <div style="overflow-x:auto"> {\| id="t6t10" class="wikitable fintable" \|- ! style="text-align:left" \| Line 632 ⟶ 629: ! colspan="2" style="text-align:center" \| o/w Asset Management \|- ! style="text-align:left" \| inIn ~~Euro~~EUR million ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change on a reported basis ! class="col-s" style="text-align:right" \| Change on a comparable basis ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change on a comparable basis ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change on a comparable basis ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change on a comparable basis \|- \| style="text-align:left" \| France{{fn ref\|i\|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}} Line 653 ⟶ 650: \| style="text-align:right" \| 20,852 \| style="text-align:right" \| +5% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Europe Line 665 ⟶ 662: \| style="text-align:right" \| 21,748 \| style="text-align:right" \| +8% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| AXA XL Line 677 ⟶ 674: \| style="text-align:right" \| 118 \| style="text-align:right" \| -8% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Asia, Africa & EME-LATAM Line 689 ⟶ 686: \| style="text-align:right" \| 13,668 \| style="text-align:right" \| +13% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Transversal Line 701 ⟶ 698: \| style="text-align:right" \| 126 \| style="text-align:right" \| -8% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| AXA Investment Managers Line 709 ⟶ 706: \| style="text-align:right" \| -49% \| style="text-align:right" \| +4% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 875 \| style="text-align:right" \| +4% Line 729 ⟶ 726: \|} </div> {{fn note\|1=i\|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}} Line 735 ⟶ 731: {{pdf page\|14\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE == <div style="overflow-x:auto"> {\| id="t7t11" class="wikitable fintable" \|- ! style="text-align:left" \| Line 746 ⟶ 741: ! colspan="2" style="text-align:center" \| o/w Asset Management \|- ! style="text-align:left" \| inIn ~~Euro~~EUR million ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change at constant Forex ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change at constant Forex ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change at constant Forex ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change at constant Forex \|- \| style="text-align:left" \| France Line 765 ⟶ 760: \| style="text-align:right" \| 1,039 \| style="text-align:right" \| +8% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Europe Line 776 ⟶ 771: \| style="text-align:right" \| 1,264 \| style="text-align:right" \| +14% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| AXA XL Line 787 ⟶ 782: \| style="text-align:right" \| 12 \| style="text-align:right" \| -49% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Asia, Africa & EME-LATAM Line 798 ⟶ 793: \| style="text-align:right" \| 1,165 \| style="text-align:right" \| 0% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| Transversal Line 809 ⟶ 804: \| style="text-align:right" \| 22 \| style="text-align:right" \| +16% \| style="text-align:right" \| — \| style="text-align:right" \| — \|- \| style="text-align:left" \| AXA Investment Managers Line 816 ⟶ 811: \| style="text-align:right" \| 175 \| style="text-align:right" \| -57% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 175 \| style="text-align:right" \| -57% Line 835 ⟶ 830: \|} </div> {{fn note\|1=i\|2=Including underlying earnings of Holdings and Banking.}} Line 841 ⟶ 835: {{pdf page\|15\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES == <div style="overflow-x:auto"> {\| id="t8t12" class="wikitable fintable" \|- ! style="text-align:left" \| Line 852 ⟶ 845: ! colspan="2" style="text-align:center" \| Total P&C \|- ! style="text-align:left" \| inIn ~~Euro~~EUR million ! class="col-s" style="text-align:right" \| Total Commercial ! class="col-s" style="text-align:right" \| Change{{fn ref\|i~~\|2=Calculated as monthly average from January 2024 to December 2024~~}} ! class="col-s" style="text-align:right" \| Personal Motor ! class="col-s" style="text-align:right" \| Change{{fn ref\|i~~\|2=Calculated as monthly average from January 2024 to December 2024~~}} ! class="col-s" style="text-align:right" \| Personal Non-Motor ! class="col-s" style="text-align:right" \| Change{{fn ref\|i~~\|2=Calculated as monthly average from January 2024 to December 2024~~}} ! class="col-s" style="text-align:right" \| Total Personal ! class="col-s" style="text-align:right" \| Change{{fn ref\|i~~\|2=Calculated as monthly average from January 2024 to December 2024~~}} ! class="col-s" style="text-align:right" \| Total Reinsurance ! class="col-s" style="text-align:right" \| Change{{fn ref\|i~~\|2=Calculated as monthly average from January 2024 to December 2024~~}} ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change{{fn ref\|i~~\|2=Calculated as monthly average from January 2024 to December 2024~~}} \|- \| style="text-align:left" \| France Line 951 ⟶ 944: \|} </div> {{fn note\|1=i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} <div style="overflow-x:auto"> {\| id="t9t13" class="wikitable fintable" \|+ Interest Rates (5Y) For the Discounting of P&C Claims Reserves \|- ! style="text-align:left" \| ! class="col-s" style="text-align:right" \| FY24{{fn ref\|i~~\|2=Calculated as monthly average from January 2024 to December 2024~~}} ! class="col-s" style="text-align:right" \| FY25{{fn ref\|ii\|2=Average of monthly opening discount rates of 2025}} \|- \| style="text-align:left" \| EUR Line 989 ⟶ 980: \|} </div> {{fn note\|1=i\|2=Calculated as monthly average from January 2024 to December 2024}} Line 996 ⟶ 986: {{pdf page\|16\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == APPENDIX 4: PROPERTY & CASUALTY – PRICE EFFECT & 2026 MARKET PRICING TRENDS == === P&C: Price effects i by country and business line === <div style="overflow-x:auto"> {\| id="~~t10~~t14" class="wikitable fintable" \|+ P&C: Price effects{{fn ref\|i\|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year.}} by country and business line \|- ! style="text-align:left" \| FY25 (in %) ! class="col-s" style="text-align:right" \| Commercial lines ! class="col-s" style="text-align:right" \| Personal lines ! class="col-s" style="text-align:right" \| AXA XL Reinsurance ! style="text-align:left" \| 2026 Market pricing trends \|- !\| style="text-align:left" \| France \| style="text-align:right" \| +4.0% \| style="text-align:right" \| +3.3% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- !\| style="text-align:left" \| Europe \| style="text-align:right" \| +3.1% \| style="text-align:right" \| +5.4% \| style="text-align:right" \| — \| style="text-align:left" \| — \|- !\| style="text-align:left" \| <i>Switzerland</i> \| style="text-align:right" \| +3.0% \| style="text-align:right" \| +5.0% \| style="text-align:right" \| — \| style="text-align:left" \| Continued price increases both in Personal and Commercial lines \|- !\| style="text-align:left" \| <i>Germany</i> \| style="text-align:right" \| +3.1% \| style="text-align:right" \| +10.3% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation \|- !\| style="text-align:left" \| <i>Belgium & Luxembourg</i> \| style="text-align:right" \| +2.5% \| style="text-align:right" \| +4.4% \| style="text-align:right" \| — \| style="text-align:left" \| Price increase broadly in line with 2025 \|- !\| style="text-align:left" \| <i>UK & Ireland</i> \| style="text-align:right" \| +1.4% \| style="text-align:right" \| -2.6% \| style="text-align:right" \| — \| style="text-align:left" \| In UK Personal lines, continuation of current trend, continued moderation in Commercial lines \|- !\| style="text-align:left" \| <i>Spain</i> \| style="text-align:right" \| +8.8% \| style="text-align:right" \| +8.6% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- !\| style="text-align:left" \| <i>Italy</i> \| style="text-align:right" \| +5.2% \| style="text-align:right" \| +5.3% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- !\| style="text-align:left" \| AXA XL{{fn ref\|ii\|2=ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.}} \| style="text-align:right" \| +0.2% \| style="text-align:right" \| — \| style="text-align:right" \| +0.3% \| style="text-align:left" \| Softening prices with conditions varying by lines \|- !\| style="text-align:left" \| Asia, Africa & EME-LATAM \| style="text-align:right" \| +3.8% \| style="text-align:right" \| +7.1% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- !\| style="text-align:left" \| Total \| style="text-align:right" \| +1.9% \| style="text-align:right" \| +5.2% \| style="text-align:right" \| +0.3% \| style="text-align:left" \| — \|} </div> {{fn note\|1=i\|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year.}} Line 1,085 ⟶ 1,072: {{pdf page\|17\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE == <div style="overflow-x:auto"> {\| id="~~t11~~t15" class="wikitable fintable" \|- ! style="text-align:left" \| Gross written premiums & other revenues Line 1,097 ⟶ 1,083: ! colspan="2" style="text-align:center" \| o/w Health \|- \|! style="text-align:left" \| inIn ~~Euro~~EUR million ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change{{fn ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change{{fn ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change{{fn ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change{{fn ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change{{fn ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|- !\| style="text-align:left" \| France \| style="text-align:right" \| 20,852 \| style="text-align:right" \| +5% Line 1,121 ⟶ 1,107: \| style="text-align:right" \| +2% \|- !\| style="text-align:left" \| Europe \| style="text-align:right" \| 21,748 \| style="text-align:right" \| +8% Line 1,133 ⟶ 1,119: \| style="text-align:right" \| +4% \|- !\| style="text-align:left" \| AXA XL \| style="text-align:right" \| 118 \| style="text-align:right" \| -8% Line 1,145 ⟶ 1,131: \| style="text-align:right" \| - \|- !\| style="text-align:left" \| Asia, Africa & EME-LATAM \| style="text-align:right" \| 13,668 \| style="text-align:right" \| +13% Line 1,157 ⟶ 1,143: \| style="text-align:right" \| +11% \|- !\| style="text-align:left" \| Transversal \| style="text-align:right" \| 126 \| style="text-align:right" \| -8% Line 1,169 ⟶ 1,155: \| style="text-align:right" \| -8% \|- !\| style="text-align:left" \| Total \| style="text-align:right" \| 56,512 \| style="text-align:right" \| +8% Line 1,181 ⟶ 1,167: \| style="text-align:right" \| +5% \|- !\| style="text-align:left" \| o/w short-term{{fn ref\|ii\|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ("'PAA"'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}} \| style="text-align:right" \| 17,651 \| style="text-align:right" \| +6% \| style="text-align:right" \| 4,337 \| style="text-align:right" \| +6% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 13,314 \| style="text-align:right" \| +6% \|} </div> {{fn note\|1=i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} {{fn note\|1=ii\|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach (~~"~~'PAA~~"~~'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}} {{pdf page\|18\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN == <div style="overflow-x:auto"> {\| id="~~t12~~t16" class="wikitable fintable" \|- ! colspan="7" style="text-align:center" \| Life New Business Metrics FY25 Line 1,211 ⟶ 1,195: \|- ! style="text-align:left" \| in Euro million ! class="col-s" style="text-align:right" \| PVEP ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV margin ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| PVEP ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV margin ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| PVEP ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV margin ! class="col-s" style="text-align:right" \| Change{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|- !\| style="text-align:left" \| France \| style="text-align:right" \| 14,971 \| style="text-align:right" \| -4% Line 1,250 ⟶ 1,234: \| style="text-align:right" \| +0.4pts \|- !\| style="text-align:left" \| Europe \| style="text-align:right" \| 10,102 \| style="text-align:right" \| +3% Line 1,270 ⟶ 1,254: \| style="text-align:right" \| -0.5pts \|- !\| style="text-align:left" \| Asia, Africa & EME-LATAM \| style="text-align:right" \| 12,029 \| style="text-align:right" \| +7% Line 1,290 ⟶ 1,274: \| style="text-align:right" \| -0.3pts \|- !\| style="text-align:left" \| Total \| style="text-align:right" \| 37,103 \| style="text-align:right" \| +1% Line 1,311 ⟶ 1,295: \|} </div> <div style="overflow-x:auto"> {\| id="~~t13~~t17" class="wikitable fintable" \|- ! colspan="4" style="text-align:center" \| NB CSM to NBV \|- ! style="text-align:left" \| in Euro million ! class="col-s" style="text-align:right" \| Life ! class="col-s" style="text-align:right" \| Health{{fn ref\|i\|2=Includes Health business written predominantly in Life entities}} ! class="col-s" style="text-align:right" \| Total{{fn ref\|i\|2=Includes Health business written predominantly in Life entities}} \|- !\| style="text-align:left" \| NB CSM (pre-tax) \| style="text-align:right" \| 1,822 \| style="text-align:right" \| 377 \| style="text-align:right" \| 2,199 \|- !\| style="text-align:left" \| Other NBV (pre-tax) \| style="text-align:right" \| 491 \| style="text-align:right" \| 266 \| style="text-align:right" \| 757 \|- !\| style="text-align:left" \| Tax & Other \| style="text-align:right" \| -567 \| style="text-align:right" \| -157 \| style="text-align:right" \| -724 \|- !\| style="text-align:left" \| NBV \| style="text-align:right" \| 1,747 \| style="text-align:right" \| 486 Line 1,344 ⟶ 1,327: \|} </div> {{fn note\|1=i\|2=Includes Health business written predominantly in Life entities}} Line 1,351 ⟶ 1,333: {{pdf page\|19\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == APPENDIX 7: LIFE & HEALTH – NET FLOWS == <div style="overflow-x:auto"> {\| id="~~t14~~t18" class="wikitable fintable" \|+ Net flows by business line \|- ! 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" \| Health{{fn ref\|i\|2=Includes Health business written predominantly in Life entities}} Line 1,390 ⟶ 1,370: \| style="text-align:right" \| 0.0 \|- !\| style="text-align:left" \| Total Life & Health{{fn ref\|i\|2=Includes Health business written predominantly in Life entities}} net flows !\| style="text-align:right" \| +1.5 !\| style="text-align:right" \| +5.4 \|} </div> {{fn note\|1=i\|2=Includes Health business written predominantly in Life entities}}