Data:AXA/2025/FY/Earnings release.json: Difference between revisions

"heading": "Announcement details",

"heading": "Underlying EPS growth",

"content": "* AXA reports record results with underlying EPS (Underlying earnings per share) growth at the top end of the target range.\n\n== Key FY25 highlights =="

"Foreign exchange",

"content": "* Gross written premiums \u0026 other revenues: EUR 116bn, +6% vs. FY24 (Full year 2024)\n* Underlying earnings: EUR 8.4bn, +6% vs. FY24\n* Underlying earnings (excluding AXA IM (AXA Investment Managers)): +9%\n* Underlying earnings per share: EUR 3.86, +8% vs. FY24\n* Underlying earnings per share impact from foreign exchange movements (Foreign exchange): -2% headwind\n* Underlying earnings per share impact from temporary earnings dilution from AXA IM sale (due to timing of anti-dilutive share buyback): -1%"

"content": "* Solvency II ratio: 224% at December 31, 2025, +9 points vs. FY24 (Full year 2024)\n* Solvency II ratio: 215% on January 1, 2026 (Year 2026), reflecting the end of the grandfathering period\n\n== Capital Management =="

"heading": "Shareholder returns",

"content": "* Dividend of EUR 2.32 per share, up +8% vs. FY24 (Full year 2024).\n* Launch of an annual share buyback program of up to EUR 1.25bn.\n* Completion of EUR 3.8bn additional share buyback related to AXA IM (AXA Investment Managers) disposal, executed between July 2, 2025, and January 20, 2026 (Year 2026).\n\n== Outlook =="

"heading": "Outlook and strategic plan",

"content": "* Underlying earnings per share growth for 2026 (Year 2026) expected at the upper end of the 6-8% plan target range.\n* Expected impact of Solvency II revision at +17 points.\n* AXA to present its new strategic plan for 2027-2029 on September 21, 2026."

"heading": "2025 performance and segment results",

"content": "* AXA delivered +9% earnings growth in core businesses (excluding AXA IM (AXA Investment Managers)) in 2025.\n* Reserve prudence enhanced following strong 2025 results.\n* P\u0026C (Property \u0026 casualty) franchise posted stellar results, combining price and volume with best-in-class margins, lower expense ratio, and higher investment income.\n* AXA XL Insurance increased earnings with stable underlying margins.\n* Life \u0026 Health earnings rose +7%.\n** Life earnings reflect early benefits of business rejuvenation strategy.\n** Health earnings grew +17%, even after absorbing adverse change on VAT treatment in Mexico.\n* Investments in automation and Artificial Intelligence are driving efficiency gains.\n* Solvency II ratio is at a very strong level.\n* Results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in generating sustainable, long-term value.\n* Thomas Buberl, CEO of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust.\n\n== FY25 key highlights =="

"content": "**Key figures – FY25 (Full year 2025) key highlights**\n\n| in Euro million | FY24 (Full year 2024) | FY25 | Change on a reported basis | Change at comparable basis |\n| --- | --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues)(1) | 110,316 | 115,524 | +5% | +6% |\n| o/w Property \u0026 Casualty (Property \u0026 casualty) | 56,514 | 58,038 | +3% | +5% |\n| o/w Life \u0026 Health (Life \u0026 health) | 51,983 | 56,512 | +9% | +8% |\n| o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | Change at constant Forex |\n| --- | --- | --- | --- | --- |\n| Underlying earnings(2) | 8,078 | 8,368 | +4% | +6% |\n| Net income | 7,886 | 9,797 | +24% | +26% |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%)(5) | 216% | 224% | +9 pts | |\n\n=== Activity indicators ==="

"heading": "gross written premiums and other revenues by business line",

"AXA France",

"AXA Europe",

"AXA Europe",

"AXA France",

"content": "* Total gross written premiums and other revenues were up 6%.\n* Property \u0026 Casualty (P\u0026C (Property \u0026 casualty)) premiums +5%.\n** Commercial lines +4%, driven by higher volumes (notably at AXA XL Insurance) and favorable price effects across all geographies.\n** Personal lines +7%, driven by favorable price effects and strong growth in net new contracts (notably in France (AXA France), Europe (AXA Europe), Asia \u0026 EME-LATAM).\n** AXA XL Reinsurance +8%, supported by alternative capital.\n* Life \u0026 Health premiums +8%.\n** Life premiums +9%.\n*** Protection +11%, from strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked +13%, from higher volumes across all geographies.\n*** G/A +4%, from continued momentum in Italy and France.\n** Health premiums +5%, driven by price effects in all geographies.\n\n=== Earnings ==="

"content": "* Underlying earnings increased by 6% to EUR 8.4bn, or +9% excluding AXA IM (AXA Investment Managers).\n* Underlying earnings growth was driven by:\n** Property \u0026 Casualty: +9%, from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.\n** Life \u0026 Health: +7%, from improved short-term technical results in Health \u0026 Protection and higher earnings in long-term business, including early benefits from business rejuvenation strategy.\n* Holdings underlying earnings remained broadly stable at EUR -1.2bn.\n* Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025.\n* Underlying earnings per share increased by 8% to EUR 3.86, driven by:\n** Increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** Impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.\n* This increase was partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).\n* 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%)."

"content": "* Net income increased by 26% to EUR 9.8bn.\n* This increase mainly reflects the rise in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM (AXA Investment Managers).\n\n== Balance sheet =="

"heading": "Shareholders' equity",

"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.\n* The decrease was due to: FY24 (Full year 2024) dividend paid to shareholders (EUR -4.6bn), share buybacks in 2025 (EUR -4.7bn) including a EUR 3.5bn anti-dilutive buyback (Share buyback) related to the AXA IM (AXA Investment Managers) sale, and unfavorable foreign exchange impact (EUR -3.5bn) mainly from USD depreciation.\n* These negative impacts more than offset positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn)."

"heading": "CSM and Solvency II ratio",

"Foreign exchange",

"AXA",

"AXA",

"Foreign exchange",

"content": "* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.\n* New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), leading to +2% normalized growth in CSM.\n* Favorable market conditions (EUR +0.6bn) from tightening government spreads and positive equity market performance were more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from JPY and HKD depreciation, and negative operating variance (EUR -0.3bn) due to a reduction in Group (AXA) Life business duration in Switzerland despite better margins and net flows.\n* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.\n* This increase was driven by: strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).\n* These positive impacts were partly offset by the net impact of Nobis and Prima acquisitions and the AXA IM (AXA Investment Managers) disposal, including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures no longer qualifying as eligible own funds.\n* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points."

"heading": "Financial metrics",

"Underlying earnings",

"AXA"

"AXA",

"content": "* Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, due to higher underlying earnings and lower shareholders' equity.\n* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.\n* This increase was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).\n* The Group (AXA)'s debt gearing was in line with its 19-23% plan guidance for 2024-2026.\n* Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.\n* This reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.\n\n== Capital management and outlook ==\n\n== Capital management =="

"content": "* A dividend of EUR 2.32 per share (+8% versus FY24 (Full year 2024)) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 (Year 2026).\n* The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.\n* AXA's Board of Directors approved on February 25, 2026, the launch of an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to cancel all shares repurchased pursuant to this share buyback program.\n* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.\n\n== Outlook =="

"content": "**'Unlock the Future' Plan Outlook**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.\n* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: pricing remains favorable, with expected continued benefit from earnthrough of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; the Group (AXA) will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* Normalized natural catastrophe load: Group guidance remains at ca. 4.5 points of combined ratio for 2026 (Year 2026).\n* Life \u0026 Health: earnings growth expected from short-term business due to disciplined pricing and claims management.\n* Life \u0026 Health: strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time."

"heading": "Holdings and Financial Targets",

"content": "* Holdings results: expected to remain similar in 2026 (Year 2026) as in 2025.\n* Management believes AXA is on track to deliver main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong 2025 operating performance.\n* Underlying earnings per share growth: expected at the upper end of the 6-8% CAGR target range for both 2023-2026E and for 2026.\n* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.\n* Cumulative organic cash upstream: expected in excess of EUR 21bn for 2024-2026E.\n* Capital management policy: Group (AXA) targets a total payout ratio of 75%.\n* Dividend payout ratio: 60%.\n* Annual share buybacks: additional 15%.\n* Proposed dividend per share: expected to be at least equal to the prior year's dividend per share.\n\n=== Property \u0026 Casualty ==="

"AXA Asia, Africa \u0026 EME-LATAM",

"AXA France",

"AXA Europe"

"AXA Europe",

"AXA France",

"content": "* Gross written premiums \u0026 other revenues +5% to EUR 58.0bn.\n* Commercial lines +4% to EUR 35.8bn.\n** AXA XL Insurance +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.\n** Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) +13% mainly driven by Türkiye (higher average premiums) and Mexico (favorable volume and price effects).\n** France (AXA France) +6% from favorable price effects across all lines and higher volumes.\n* Personal lines +7% to EUR 19.7bn.\n** Europe (AXA Europe) +5% from favorable price effects across geographies, except UK \u0026 Ireland Motor where pricing softened after strong repricing in 2024.\n** Asia, Africa \u0026 EME-LATAM +14% driven by Türkiye (higher average premiums and volumes).\n** France +9% with strong volume growth in all lines (direct business and proprietary agent networks) and favorable price effects in Motor.\n* AXA XL Reinsurance +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines."

"heading": "All-year combined ratio",

"content": "* All-year combined ratio improved by 0.3pts to 90.6%.\n* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from margin expansion in Commercial lines (-0.5pts), specifically SME \u0026 mid-market business (-0.9pts) in a favorable pricing environment, while AXA XL Insurance margins were stable (+0.1pts).\n* Also driven by lower undiscounted current year loss ratio in Personal lines (-0.4pts) in a conducive pricing environment.\n* Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.\n* Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%)."

"content": "* P\u0026C (Property \u0026 casualty) underlying earnings +9% to EUR 5.9bn.\n* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.\n* Driven by a higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves.\n* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.\n\n=== Life \u0026 Health ==="

"content": "**Key figures – Life \u0026 Health (Life \u0026 health)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis |\n| --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) | 52.0 | 56.5 | +8% |\n| o/w Life | 34.5 | 37.5 | +9% |\n| o/w Health | 17.5 | 19.0 | +5% |\n| PVEP(1,21) | 50.9 | 49.4 | -2% |\n| NB CSM(1,21) | 2.2 | 2.2 | +3% |\n| NBV (post-tax)(1,21) | 2.3 | 2.2 | 0% |\n| NBV margin(1,21) | 4.4% | 4.5% | +0.1 pt |\n| Net flows(21) | +1.5 | +5.4 | |\n\n| in Euro million | FY24 | FY25 | Change at constant forex |\n| --- | --- | --- | --- |\n| Underlying earnings | 3,323 | 3,501 | +7% |\n| o/w Life | 2,636 | 2,715 | +4% |\n| o/w Health | 687 | 787 | +17% |\n\n==== Gross written premiums \u0026 other revenues were up 8% to Euro 56.5 billion. ===="

"heading": "Life \u0026 Health GWP",

"links": [

"Gross written premiums",

"AXA France",

"AXA"

],

"effective_tags": [

"AXA",

"AXA France",

"Gross written premiums"

],

"content": "* Life GWP (Gross written premiums) grew by 9% to EUR 37.5bn.\n** Unit-Linked GWP +13% driven by successful sales initiatives across all geographies.\n** G/A GWP +4%, notably in France (AXA France) (+4%), and from elevated sales of a capital-light product in Italy.\n** G/A GWP partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.\n** Protection GWP +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.\n* Health GWP grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group (AXA) and Individual businesses across most geographies, partly offset by lower volumes."

"links": [

"AXA France"

],

"effective_tags": [

"AXA",

"AXA France"

],

"content": "* Present value of expected premiums (PVEP) decreased by 2% to EUR 49.4bn.\n** Life PVEP +1%, from higher volumes in Hong Kong, France (AXA France), and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums.\n** Health PVEP -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions."

"links": [

"AXA France"

],

"effective_tags": [

"AXA",

"AXA France"

],

"content": "* NB CSM increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.\n* NBV (post-tax) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France (AXA France).\n* NBV margin (post tax) increased by 0.1 point to 4.5%."

"links": [

"AXA France"

],

"effective_tags": [

"AXA",

"AXA France"

],

"content": "* Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.\n* Net flows in 2025 were driven by:\n** Protection (EUR +4.9bn), mainly in Hong Kong, Japan, and France (AXA France).\n** Health (EUR +2.7bn), mainly in Germany, Japan, and France.\n** Unit-Linked (EUR +1.5bn), primarily in France.\n** Partly offset by G/A Savings (EUR -3.7bn).\n*** Inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn)."

"AXA France",

"AXA France",

"content": "* Life \u0026 Health underlying earnings increased by 7% to EUR 3.5bn, driven by:\n** Long-term technical result (EUR +0.2bn) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.\n** Short-term technical result (EUR +0.1bn) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies.\n** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).\n** Lower income taxes (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France (AXA France) and Mexico.\n** Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.\n\n== Holdings =="

"content": "* Holdings underlying earnings remained broadly stable at EUR -1.2bn.\n\n== Ratings and glossary ==\n\n=== Ratings ==="

"content": "**Insurer financial strength ratings and AXA's credit ratings by Agency**\n\n| Agency | Date of last review | Insurer financial strength ratings AXA SA | Insurer financial strength ratings AXA's principal insurance subsidiaries | Insurer financial strength ratings Outlook | AXA's credit ratings (22) Senior debt of the Company | AXA's credit ratings (22) Short-term debt of the Company |\n| --- | --- | --- | --- | --- | --- | --- |\n| S\u0026P Global Ratings | October 3, 2025 | A+ | AA- | Positive | A+ | A-1+ |\n| Moody's Investor Service | October 8, 2025 | Aa2 | Aa2 | Stable | Aa3 | P-1 |\n| AM Best | October 9, 2025 | A+ Superior | | Stable | aa Superior | |\n\n(22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.\n\n=== Glossary ==="

"AXA",

"AXA Investment Managers",

"AXA",

"AXA Investment Managers",

"content": "* 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%.\n* Contractual service margin (\"CSM\"): a component of the carrying amount of the asset or liability for a group (AXA) of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.\n* 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.\n* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.\n* 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.\n* 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).\n** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management (AXA Investment Managers) activities).\n* 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.\n* New business value (\"NBV\"): the value of newly issued contracts during the current year, consisting 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 (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.\n* 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.\n* 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, net of reinsurance.\n* 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, discounted at the reference interest rate and representing the Group share.\n* 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) other long-term elements mainly composed of non-attributable expenses.\n* Underlying return on in-force: the release of the time value of options \u0026 guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n== Scope and exchange rates ==\n\n=== Scope ==="

"heading": "Scope of operations by geography and entity",

"AXA France",

"AXA Europe",

"AXA Europe",

"AXA France",

"content": "* France (AXA France): includes insurance activities, banking activities, and holding.\n* Europe (AXA Europe): includes Switzerland (insurance activities); Germany (insurance activities and holding); Belgium and Luxembourg (insurance activities and holding); United Kingdom and Ireland (insurance activities and holding); Spain (insurance activities and holding); Italy (insurance activities); Prima (insurance activities); and AXA Life Europe (insurance activities).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM):\n** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding bancassurance entity), China P\u0026C, South Korea, and Asia Holdings are fully consolidated.\n** Asia: China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, underlying earnings, and net income.\n** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.\n** Other: AXA Mediterranean Holdings.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group (AXA)'s internal reinsurance activity), and other Central Holdings.\n* AXA Investment Managers: includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.\n\n=== Exchange rates ==="

"heading": "Reporting Basis and Assumptions",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

"content": "* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).\n* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year."

},

{

"id": "chq99br5nr-c35",

"chunk": 35,

"pages": [

11

],

"heading": "Financial Statement Approval",

"content": "* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026 (Year 2026).\n* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.\n\n== About the AXA group =="

"id": "chq99br5nr-c36",

"chunk": 36,

"heading": "AXA Group overview and financials",

"Underlying earnings"

],

"data_items": [],

"effective_tags": [

"AXA",

"Underlying earnings"

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"content": "* AXA Group (AXA) is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues amounted to EUR 115.5bn.\n* In 2025, IFRS17 underlying earnings amounted to EUR 8.4bn.\n* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).\n* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.\n* AXA Group is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.\n* AXA is a signatory of the UN Principles for Responsible Investment.\n* This press release and regulated information are available on the AXA Group website (axa.com)."

},

{

"id": "chq99br5nr-c37",

"chunk": 37,

"pages": [

12

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"heading": "Contact information",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

"content": "* Investor Relations contact: +33.1.40.75.48.42; investor.relations@axa.com.\n* Individual Shareholder Relations contact: +33.1.40.75.48.43.\n* Media Relations contact: +33.1.40.75.46.74; ziad.gebran@axa.com; ahlem.girard@axa.com; sylwia.tulak@axa.com.\n* Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.\n* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.\n\n== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures =="

},

{

"id": "chq99br5nr-c38",

"chunk": 38,

"pages": [

12

],

"heading": "Forward-looking statements and non-GAAP financial measures",

"tags": [],

"links": [

"Year 2026",

"AXA",

"Underlying earnings"

"content": "* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.\n* Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs such as “would” and “could”.\n* Statements regarding expected underlying earnings per share (“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026) are forward-looking and provide one-off guidance for the last year of the Group (AXA)’s current strategic plan.\n* These statements are based on Management’s current views and intentions and are subject to change.\n* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.\n* Each forward-looking statement is valid only at the date of the press release.\n* For important factors, risks, and uncertainties, 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”).\n* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management to analyze operating trends, financial performance, and position.\n* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.\n* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.\n* “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.\n* AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.\n* Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"id": "chq99br5nr-c39",

"chunk": 39,

"heading": "Gross Written Premiums and Other Revenues by geography and business line",

"AXA France",

"AXA France",

"content": "**Gross Written Premiums and Other Revenues by geography and business line (Business mix)**\n\n| in Euro million | Gross Written Premiums and Other Revenues FY24 (Full year 2024) | Gross Written Premiums and Other Revenues FY25 (Full year 2025) | Gross Written Premiums and Other Revenues Change on a reported basis | Gross Written Premiums and Other Revenues Change on a comparable basis | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change on a comparable basis | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change on a comparable basis | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change on a comparable basis |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France)(i) | 28,996 | 30,598 | +6% | +6% | 9,648 | +7% | 20,852 | +5% | | |\n| Europe (AXA Europe) | 39,298 | 43,005 | +9% | +6% | 21,257 | +4% | 21,748 | +8% | | |\n| AXA XL | 19,383 | 19,277 | -1% | +4% | 19,159 | +4% | 118 | -8% | | |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 19,083 | 19,925 | +4% | +13% | 6,257 | +13% | 13,668 | +13% | | |\n| Transversal | 1,856 | 1,844 | -1% | -1% | 1,718 | -1% | 126 | -8% | | |\n| AXA Investment Managers | 1,701 | 875 | -49% | +4% | | | | | 875 | +4% |\n| Total(i) | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% |\n\n(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.\n\n== Appendix 2: Underlying earnings by geography and by business line =="

"id": "chq99br5nr-c40",

"chunk": 40,

"content": "**Underlying earnings by geography and by business line (Business mix)**\n\n| in Euro million | Underlying earnings FY24 (Full year 2024) | Underlying earnings FY25 (Full year 2025) | Underlying earnings Change at constant Forex | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change at constant Forex | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change at constant Forex | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change at constant Forex |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 2,071 | 2,224 | +7% | 1,237 | +7% | 1,039 | +8% | | |\n| Europe (AXA Europe) | 3,187 | 3,486 | +9% | 2,216 | +9% | 1,264 | +14% | | |\n| AXA XL | 1,820 | 1,893 | +9% | 1,913 | +9% | 12 | -49% | | |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 1,504 | 1,493 | +6% | 355 | +24% | 1,165 | 0% | | |\n| Transversal | -907 | -903 | 0% | 151 | -4% | 22 | +16% | | |\n| AXA Investment Managers | 402 | 175 | -57% | | | | | 175 | -57% |\n| Total(i) | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% |\n\n(i) Including underlying earnings of Holdings and Banking.\n\n== Appendix 3: Property \u0026 Casualty – gross written premiums \u0026 other revenues by business line and discount rates =="

"id": "chq99br5nr-c41",

"chunk": 41,

"heading": "Total P\u0026amp;C by Commercial lines, Personal lines, and AXA XL Reinsurance",

"content": "**Total P\u0026C (Property \u0026 casualty) by Commercial lines, Personal lines, and AXA XL Reinsurance**\n\n| in Euro million | Commercial lines Total Commercial | Commercial lines Change(i) | Personal lines Personal Motor | Personal lines Change(i) | Personal lines Personal Non-Motor | Personal lines Change(i) | AXA XL Reinsurance Total Personal | AXA XL Reinsurance Change(i) | AXA XL Reinsurance Total Reinsurance | AXA XL Reinsurance Change(i) | Total P\u0026C FY25 (Full year 2025) | Total P\u0026C Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 5,077 | +6% | 2,693 | +9% | 1,877 | +10% | 4,570 | +9% | - | - | 9,648 | +7% |\n| Europe (AXA Europe) | 9,179 | +1% | 7,434 | +6% | 4,644 | +5% | 12,078 | +5% | - | - | 21,257 | +4% |\n| AXA XL | 16,604 | +3% | - | - | - | - | - | - | 2,555 | +8% | 19,159 | +4% |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 3,193 | +13% | 2,315 | +14% | 749 | +12% | 3,064 | +14% | - | - | 6,257 | +13% |\n| Transversal | 1,718 | -1% | - | - | - | - | - | - | - | - | 1,718 | -1% |\n| Total | 35,771 | +4% | 12,443 | +8% | 7,269 | +7% | 19,712 | +7% | 2,555 | +8% | 58,038 | +5% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n\n| | FY24 (Full year 2024)(i) | FY25(ii) |\n| --- | --- | --- |\n| EUR | 2.8% | 2.6% |\n| USD | 4.4% | 4.2% |\n| JPY | 0.4% | 1.0% |\n| GBP | 4.3% | 4.3% |\n| CHF | 0.8% | 0.2% |\n| HKD | 3.7% | 3.2% |\n\n(i) Calculated as monthly average from January 2024 to December 2024\n(ii) Average of monthly opening discount rates of 2025\n\n== Appendix 4: Property \u0026 Casualty – price effect \u0026 2026 market pricing trends =="

"id": "chq99br5nr-c42",

"chunk": 42,

"content": "**P\u0026C (Property \u0026 casualty): Price effects by country and business line (Business mix)**\n\n| FY25 (Full year 2025) (in %) | Commercial lines | Personal lines | AXA XL Reinsurance | 2026 (Year 2026) Market pricing trends |\n| --- | --- | --- | --- | --- |\n| France (AXA France) | +4.0% | +3.3% | | Moderation of price increase |\n| Europe (AXA Europe) | +3.1% | +5.4% | | |\n| Switzerland | +3.0% | +5.0% | | Continued price increases both in Personal and Commercial lines |\n| Germany | +3.1% | +10.3% | | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation |\n| Belgium \u0026 Luxembourg | +2.5% | +4.4% | | Price increase broadly in line with 2025 |\n| UK \u0026 Ireland | +1.4% | -2.6% | | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines |\n| Spain | +8.8% | +8.6% | | Moderation of price increase |\n| Italy | +5.2% | +5.3% | | Moderation of price increase |\n| AXA XL(ii) | +0.2% | | +0.3% | Softening prices with conditions varying by lines |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | +3.8% | +7.1% | | Moderation of price increase |\n| Total | +1.9% | +5.2% | +0.3% | |\n\n(i) i. Price effect calculated as a percentage of total gross written premiums in the prior year.\n(ii) 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.\n\n== Appendix 5: Life \u0026 Health – gross written premiums \u0026 other revenues and growth by business line =="

"id": "chq99br5nr-c43",

"chunk": 43,

"content": "**Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by geography and business line (Business mix)**\n\n| Gross written premiums \u0026 other revenues in Euro million | Total FY25 (Full year 2025) | Total Change(i) | o/w Protection FY25 | o/w Protection Change(i) | o/w G/A Savings FY25 | o/w G/A Savings Change(i) | o/w Unit-Linked FY25 | o/w Unit-Linked Change(i) | o/w Health FY25 | o/w Health Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 20,852 | +5% | 4,650 | +6% | 5,483 | +4% | 5,109 | +10% | 5,611 | +2% |\n| Europe (AXA Europe) | 21,748 | +8% | 5,090 | +4% | 4,444 | +18% | 3,419 | +10% | 8,795 | +4% |\n| AXA XL | 118 | -8% | 59 | -6% | 59 | -10% | - | - | - | - |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 13,668 | +13% | 7,454 | +19% | 971 | -31% | 761 | +63% | 4,483 | +11% |\n| Transversal | 126 | -8% | - | - | - | - | - | - | 126 | -8% |\n| Total | 56,512 | +8% | 17,253 | +11% | 10,957 | +4% | 9,289 | +13% | 19,014 | +5% |\n| o/w short-term(ii) | 17,651 | +6% | 4,337 | +6% | | | | | 13,314 | +6% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n(ii) 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\n\n== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin =="

"id": "chq99br5nr-c44",

"chunk": 44,

"id": "chq99br5nr-c45",

"chunk": 45,

"id": "chq99br5nr-c46",

"chunk": 46,

"content": "* Announced the execution of a share repurchase (Share buyback) agreement related to AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group (AXA) in Italy (April 1, 2025)\n* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement related to AXA's Shareplan and certain stock-based compensation (June 2, 2025)\n* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)\n* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)\n* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)\n* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)\n* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)\n\n== Next main investor events =="

"id": "chq99br5nr-c47",

"chunk": 47,

"heading": "Investor event calendar",

"content": "* 2026 (Year 2026) Shareholder’s Annual General Meeting: April 30, 2026\n* First quarter 2026 Activity Indicators: May 5, 2026\n* HY26 Earnings Release: July 31, 2026\n* AXA Investor Day: September 21, 2026"