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"document_name": "AXA Full Year 2025 Earnings Press Release",
"document_name": "AXA Full Year 2025 Earnings Press Release",
"publication_date": "2026-02-26",
"publication_date": "2026-02-26",
"language": "English",
"intro_sentence": "This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages)."
"intro_sentence": "This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages)."
},
},
Line 17: Line 18:
1
1
],
],
"heading": "Announcement details",
"heading": "Document metadata",
"tags": [],
"tags": [],
"links": [
"links": [
Line 26: Line 27:
"Year 2026"
"Year 2026"
],
],
"content": "* The announcement was made in Paris on February 26th, 2026 (Year 2026), at 6:45 am CET.\n\n== Full Year 2025 Earnings =="
"content": "* Paris, February 26th, 2026 (Year 2026) (6:45am CET)\n\n== Full Year 2025 Earnings =="
},
},
{
{
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1
1
],
],
"heading": "Underlying EPS growth",
"heading": "underlying EPS growth",
"tags": [],
"tags": [],
"links": [
"links": [
Line 47: Line 48:
"Underlying earnings per share"
"Underlying earnings per share"
],
],
"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 ==="
"content": "* AXA reported record results with underlying EPS (Underlying earnings per share) growth at the top end of the target range.\n\n== Key FY25 highlights =="
},
},
{
{
Line 63: Line 64:
"AXA Investment Managers",
"AXA Investment Managers",
"Underlying earnings per share",
"Underlying earnings per share",
"Foreign exchange",
"Headwind",
"Headwind",
"Foreign exchange",
"Earnings dilution",
"Earnings dilution",
"Share buyback"
"Share buyback"
Line 81: Line 82:
"Underlying earnings per share"
"Underlying earnings per share"
],
],
"content": "* Gross written premiums \u0026 other revenues(1)(footnote: Change in gross written premiums \u0026 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.): EUR 116bn, up +6% vs. FY24 (Full year 2024)\n* Underlying earnings(2)(footnote: '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).): EUR 8.4bn, up +6% vs. FY24\n* Underlying earnings excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.): up +9% vs. FY24\n* Underlying earnings per share(2)(footnote: '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).): EUR 3.86, up +8% vs. FY24\n* Underlying earnings per share was impacted by a -2% headwind from foreign exchange movements (Foreign exchange)\n* Underlying earnings per share was impacted by a -1% temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback(4)(footnote: 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.)"
"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%"
},
},
{
{
Line 100: Line 101:
"Year 2026"
"Year 2026"
],
],
"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 ==="
"content": "* Solvency II ratio(5)(footnote: 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.): 224% at December 31, 2025, up +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(6)(footnote: 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.)\n\n== Capital Management =="
},
},
{
{
Line 108: Line 109:
1
1
],
],
"heading": "Shareholder returns",
"heading": "Shareholder Returns and Buyback Programs",
"tags": [],
"tags": [],
"links": [
"links": [
Line 126: Line 127:
"Year 2026"
"Year 2026"
],
],
"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 ==="
"content": "* Dividend of EUR 2.32 per share, up +8% vs. FY24 (Full year 2024)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.)\n* Launch of an annual share buyback program(8)(footnote: 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 EUR 1.25bn\n* Completion of EUR 3.8bn additional share buyback related to AXA IM (AXA Investment Managers) disposal(4)(footnote: 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 (Year 2026)\n\n== Outlook =="
},
},
{
{
Line 149: Line 150:
"Year 2026"
"Year 2026"
],
],
"content": "* Underlying earnings per share growth for 2026 (Year 2026) is expected to be at the upper end of the 6-8% plan target range.\n* Expected impact of Solvency II revision is +17 points.\n* AXA will present its new strategic plan for 2027-2029 on September 21, 2026."
"content": "* Underlying earnings per share growth for 2026 (Year 2026) is expected to be at the upper end of the 6-8% plan target range(9)(footnote: 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.)\n* Expected impact of Solvency II revision is +17 points(10)(footnote: 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.)\n* AXA will present its new strategic plan for 2027-2029 on September 21, 2026"
},
},
{
{
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1
1
],
],
"heading": "2025 performance and segment results",
"heading": "2025 performance commentary",
"tags": [],
"tags": [],
"links": [
"links": [
Line 174: Line 175:
"Property \u0026 casualty"
"Property \u0026 casualty"
],
],
"content": "* In 2025, AXA delivered strong performance with +9% earnings growth in core businesses, excluding AXA IM (AXA Investment Managers).\n* Reserve prudence was enhanced following excellent results.\n* P\u0026C (Property \u0026 casualty) franchise posted stellar results, balancing price and volume with best-in-class margins, a lower expense ratio, and higher investment income.\n* AXA XL Insurance increased earnings with stable underlying margins.\n* Life \u0026 Health earnings rose by 7%.\n** Life earnings reflect early benefits of the strategy to rejuvenate the business.\n** Health grew by 17%, even after absorbing the 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* These results demonstrate the earnings power of AXA's diversified franchise and reinforce confidence in generating sustainable, long-term value.\n* Thomas Buberl, CEO of AXA, thanked colleagues, agents, partners, and customers."
"content": "* In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM (AXA Investment Managers)\n* Reserve prudence was enhanced following excellent results\n* P\u0026C (Property \u0026 casualty) franchise posted stellar results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income\n* AXA XL Insurance increased earnings with stable underlying margins\n* Life \u0026 Health earnings rose by 7%\n* Life earnings reflected early benefits of the strategy to rejuvenate the business\n* Health grew by 17% even after absorbing the 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* Thomas Buberl, CEO of AXA, stated that the results demonstrate the earnings power of the diversified franchise and reinforce confidence in AXA's ability to generate sustainable, long-term value\n\n== FY25 key highlights =="
},
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{
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"id": "chq99br5nr-c8",
"chunk": 8,
"chunk": 8,
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"heading": "Key highlights",
"tags": [],
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"content": "* The document contains key highlights in a press release.\n\n== FY25 key highlights =="
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"pages": [
2
2
Line 216: Line 204:
"Underlying earnings"
"Underlying earnings"
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"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 ==="
"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=== Activity indicators ==="
},
},
{
{
"id": "chq99br5nr-c10",
"id": "chq99br5nr-c9",
"chunk": 10,
"chunk": 9,
"pages": [
"pages": [
2
2
],
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"heading": "Gross written premiums and other revenues by business line",
"heading": "Gross written premiums and other revenues",
"tags": [],
"tags": [],
"links": [
"links": [
Line 231: Line 219:
"Property \u0026 casualty",
"Property \u0026 casualty",
"AXA XL",
"AXA XL",
"AXA France",
"AXA Europe",
"Life \u0026 health"
"Life \u0026 health"
],
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Line 238: Line 224:
"effective_tags": [
"effective_tags": [
"AXA",
"AXA",
"AXA Europe",
"AXA France",
"AXA XL",
"AXA XL",
"Gross written premiums",
"Gross written premiums",
Line 246: Line 230:
"Property \u0026 casualty"
"Property \u0026 casualty"
],
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"content": "* Total gross written premiums and other revenues were up +6%.\n* Growth was driven by:\n** Property \u0026 Casualty: +5%.\n*** Commercial lines: +4%, from 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: +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": "* Total gross written premiums and other revenues(1)(footnote: Change in gross written premiums \u0026 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%.\n* Property \u0026 Casualty: +5%.\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.): +4% from higher volumes (notably at AXA XL Insurance) and favorable price effects(12)(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies.\n** Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia \u0026 EME-LATAM.\n** AXA XL Reinsurance: +8% with growth supported by alternative capital.\n* Life \u0026 Health: +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(13)(footnote: General account.): +4% from continued momentum in Italy and France.\n** Health premiums: +5% driven by price effects in all geographies."
},
},
{
{
"id": "chq99br5nr-c11",
"id": "chq99br5nr-c10",
"chunk": 11,
"chunk": 10,
"pages": [
"pages": [
2
2
Line 276: Line 260:
"Underlying earnings per share"
"Underlying earnings per share"
],
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"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": "* Underlying earnings(2)(footnote: '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 EUR 8.4bn.\n* Underlying earnings increased by +9% excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.).\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 strategy to rejuvenate the business.\n* Holdings(14)(footnote: Including banking activities.) 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(2)(footnote: '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 EUR 3.86.\n* This increase was mainly 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 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 (-1%) due to the timing of the associated share buyback."
},
},
{
{
"id": "chq99br5nr-c12",
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"chunk": 12,
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"pages": [
"pages": [
2
2
Line 295: Line 279:
"Underlying earnings"
"Underlying earnings"
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"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 ==="
"content": "* Net income increased by 26% to EUR 9.8bn.\n* This increase mainly reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM (AXA Investment Managers).\n\n=== Balance sheet ==="
},
},
{
{
"id": "chq99br5nr-c13",
"id": "chq99br5nr-c12",
"chunk": 13,
"chunk": 12,
"pages": [
"pages": [
3
3
],
],
"heading": "Shareholders' equity",
"heading": "Shareholders' equity and CSM",
"tags": [],
"tags": [],
"links": [
"links": [
Line 321: Line 305:
"Share buyback"
"Share buyback"
],
],
"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)."
"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.\n* The decrease in shareholders' equity was due to: FY24 (Full year 2024) dividend paid to shareholders (EUR -4.6bn), impact of share buybacks in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM (AXA Investment Managers), and an unfavorable foreign exchange impact (EUR -3.5bn) notably from USD depreciation.\n* These negative impacts on shareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).\n* CSM(1)(footnote: Change in gross written premiums \u0026 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.)(15)(footnote: Including P\u0026C. 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 EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.\n* CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).\n* Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.\n* These positive impacts on CSM were more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows."
},
},
{
{
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"id": "chq99br5nr-c13",
"chunk": 14,
"chunk": 13,
"pages": [
"pages": [
3
3
],
],
"heading": "CSM and Solvency II ratio",
"heading": "Solvency II ratio",
"tags": [],
"tags": [],
"links": [
"links": [
"Foreign exchange",
"AXA",
"Dividend",
"Dividend",
"Share buyback",
"Share buyback",
Line 341: Line 323:
"data_items": [],
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],
],
"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."
"content": "* Solvency II ratio(5)(footnote: 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.\n* The increase in Solvency II ratio was due to: 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 the acquisitions of Nobis and Prima, and the disposal of AXA IM (AXA Investment Managers) including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points(10)(footnote: 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.)."
},
},
{
{
"id": "chq99br5nr-c15",
"id": "chq99br5nr-c14",
"chunk": 15,
"chunk": 14,
"pages": [
"pages": [
3
3
],
],
"heading": "Financial metrics",
"heading": "Financial ratios and cash at holding",
"tags": [],
"tags": [],
"links": [
"links": [
"Underlying earnings",
"Underlying earnings"
"AXA"
],
],
"data_items": [],
"data_items": [],
"effective_tags": [
"effective_tags": [
"AXA",
"Underlying earnings"
"Underlying earnings"
],
],
"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": "* Underlying return on equity(2)(footnote: '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 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity.\n* Debt gearing(2)(footnote: '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 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.\n* The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as 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's debt gearing was in line with its 19-23% plan guidance for 2024-2026.\n* Cash at Holding(16)(footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.\n* This increase in cash at Holding reflects 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 ==="
},
},
{
{
"id": "chq99br5nr-c16",
"id": "chq99br5nr-c15",
"chunk": 16,
"chunk": 15,
"pages": [
"pages": [
4
4
Line 394: Line 372:
"Year 2026"
"Year 2026"
],
],
"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": "* A dividend of EUR 2.32 per share (+8% vs FY24 (Full year 2024)) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 (Year 2026)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 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, an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to cancel all shares repurchased under this program.\n* The share buyback program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end.\n\n=== Outlook ==="
},
},
{
{
"id": "chq99br5nr-c17",
"id": "chq99br5nr-c16",
"chunk": 17,
"chunk": 16,
"pages": [
"pages": [
4
4
Line 419: Line 397:
"Year 2026"
"Year 2026"
],
],
"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."
"content": "**'Unlock the Future' plan targets and strategy**\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* In P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market, pricing remains favorable, and the Group expects to benefit from earnthrough of higher pricing and underwriting actions.\n* At AXA XL, pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* The Group guidance for normalized natural catastrophe(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at approximately 4.5 points of combined ratio for 2026 (Year 2026).\n* In Life \u0026 Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management.\n* The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time."
},
},
{
{
"id": "chq99br5nr-c18",
"id": "chq99br5nr-c17",
"chunk": 18,
"chunk": 17,
"pages": [
"pages": [
4
4
],
],
"heading": "Holdings and Financial Targets",
"heading": "Holdings results and financial targets",
"tags": [],
"tags": [],
"links": [
"links": [
Line 450: Line 428:
"Year 2026"
"Year 2026"
],
],
"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 =="
"content": "* Results in Holdings in 2026 (Year 2026) are expected to be similar to 2025 levels.\n* Assuming current operating conditions persist and given strong 2025 operating performance, AXA is on track to deliver the main financial targets of its 'Unlock the Future' plan.\n* Main financial targets include: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both 2023-2026E and 2026(9)(footnote: 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.).\n* Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.\n* Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.\n* The Group is committed to its capital management policy(19)(footnote: 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%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.\n* 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.\n\n== Property \u0026 Casualty =="
},
},
{
{
"id": "chq99br5nr-c19",
"id": "chq99br5nr-c18",
"chunk": 19,
"chunk": 18,
"pages": [
"pages": [
5
5
Line 467: Line 445:
"Other revenue",
"Other revenue",
"AXA XL",
"AXA XL",
"Underlying earnings",
"Underlying earnings"
"Gross written premiums \u0026 other revenues",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA France",
"Business mix",
"AXA Europe"
],
],
"data_items": [],
"data_items": [],
"effective_tags": [
"effective_tags": [
"AXA",
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA XL",
"AXA XL",
"Business mix",
"Full year 2024",
"Full year 2024",
"Full year 2025",
"Full year 2025",
"Gross written premiums",
"Gross written premiums",
"Gross written premiums \u0026 other revenues",
"Other revenue",
"Other revenue",
"Property \u0026 casualty",
"Property \u0026 casualty",
"Underlying earnings"
"Underlying earnings"
],
],
"content": "**Key figures – Property \u0026 Casualty (Property \u0026 casualty)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis | FY25 Price effect(12) (in %) |\n| --- | --- | --- | --- | --- |\n| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |\n| o/w Commercial lines(11) | 34.9 | 35.8 | +4% | +1.9% |\n| o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% |\n| o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |\n**Earnings (in Euro million, unless otherwise noted)**\n\n| | FY24 | FY25 | Change at constant Forex |\n| --- | --- | --- | --- |\n| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt |\n| Underlying earnings | 5,510 | 5,872 | +9% |\nGross written premiums \u0026 other revenues were up 5% to Euro 58.0 billion.\n* Commercial lines grew by 4% to Euro 35.8 billion, driven by:\n* 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;\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico; and\n* France (AXA France) (+6%) from favorable price effects in all lines of business (Business mix) and higher volumes.\n* Personal lines grew by 7% to Euro 19.7 billion, driven by:\n* Europe (AXA Europe) (+5%) from favorable price effects across geographies, except in UK \u0026 Ireland Motor, where pricing softened following strong repricing in 2024;\n* Asia, Africa \u0026 EME-LATAM (+14%) driven by Türkiye from higher average premiums and volumes; and\n* 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.\n* 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.\nThe all-year combined ratio improved by 0.3 point to 90.6%, mainly driven by:\n* 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 \u0026 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;\n* Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains; and\n* 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%)."
"content": "**Key figures – Property \u0026 Casualty (Property \u0026 casualty)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis | FY25 Price effect(12) (in %) |\n| --- | --- | --- | --- | --- |\n| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |\n| o/w Commercial lines(11) | 34.9 | 35.8 | +4% | +1.9% |\n| o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% |\n| o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |\n\n| in Euro million | FY24 | FY25 | Change at constant Forex |\n| --- | --- | --- | --- |\n| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt |\n| Underlying earnings | 5,510 | 5,872 | +9% |"
},
{
"id": "chq99br5nr-c19",
"chunk": 19,
"pages": [
5
],
"heading": "Gross written premiums \u0026 other revenues",
"tags": [],
"links": [
"Gross written premiums \u0026 other revenues",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA XL",
"Gross written premiums \u0026 other revenues"
],
"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 from Türkiye (higher average premiums) and Mexico (favorable volume and price effects).\n** France: +6% from favorable price effects across all lines and higher volumes.\n* Personal lines: +7% to EUR 19.7bn.\n** 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% from Türkiye (higher average premiums and volumes).\n** France: +9% from strong volume growth in all lines (direct business, 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."
},
},
{
{
"id": "chq99br5nr-c20",
"id": "chq99br5nr-c20",
"chunk": 20,
"chunk": 20,
"pages": [
5
],
"heading": "Combined ratio",
"tags": [],
"links": [
"AXA XL"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA XL"
],
"content": "* All-year combined ratio improved by 0.3pt to 90.6%.\n* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME \u0026 mid-market business at -0.9pt) and Personal lines (-0.4pt).\n* AXA XL Insurance margins stable at attractive levels (+0.1pt).\n* Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.\n* Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%)."
},
{
"id": "chq99br5nr-c21",
"chunk": 21,
"pages": [
"pages": [
6
6
Line 509: Line 517:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "* P\u0026C (Property \u0026 casualty) underlying earnings: +9% to EUR 5.9bn\n* Driven by:\n** Increase in technical result: +EUR 0.5bn, reflecting strong volume growth and improved technical margin\n** Higher financial result: +EUR 0.2bn, due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves\n* Partly offset by:\n** Higher income taxes: -EUR 0.2bn, mainly due to higher pre-tax underlying earnings\n\n== Life \u0026 Health =="
"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 higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of 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 =="
},
},
{
{
"id": "chq99br5nr-c21",
"id": "chq99br5nr-c22",
"chunk": 21,
"chunk": 22,
"pages": [
"pages": [
6
6
Line 534: Line 542:
"Underlying earnings"
"Underlying earnings"
],
],
"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. ==="
"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. ==="
},
},
{
{
"id": "chq99br5nr-c22",
"id": "chq99br5nr-c23",
"chunk": 22,
"chunk": 23,
"pages": [
"pages": [
6
6
Line 544: Line 552:
"heading": "Life \u0026 Health gross written premiums",
"heading": "Life \u0026 Health gross written premiums",
"tags": [],
"tags": [],
"links": [
"links": [],
"Gross written premiums",
"AXA France",
"AXA"
],
"data_items": [],
"data_items": [],
"effective_tags": [
"effective_tags": [],
"content": "* Life grew +9% to EUR 37.5bn, mainly from:\n** Unit-Linked: +13% driven by successful sales initiatives across all geographies\n** G/A(13)(footnote: General account.): +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy\n** G/A was 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: +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 grew +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes."
"AXA",
"AXA France",
"Gross written premiums"
],
"content": "* Life GWP (Gross written premiums) grew +9% to EUR 37.5bn, mainly from:\n** Unit-Linked: +13% driven by successful sales initiatives across all geographies\n** G/A: +4%, notably in France (AXA France) (+4%), and elevated sales of a capital-light product in Italy\n** G/A was 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: +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 +5% to EUR 19.0bn, driven by favorable price effects in both Group (AXA) and Individual businesses across most geographies\n* Health GWP was partly offset by lower volumes"
},
},
{
{
"id": "chq99br5nr-c23",
"id": "chq99br5nr-c24",
"chunk": 23,
"chunk": 24,
"pages": [
"pages": [
6,
6,
Line 566: Line 566:
"heading": "Present value of expected premiums (PVEP)",
"heading": "Present value of expected premiums (PVEP)",
"tags": [],
"tags": [],
"links": [
"links": [],
"AXA France"
],
"data_items": [],
"data_items": [],
"effective_tags": [
"effective_tags": [],
"content": "* Present value of expected premiums (PVEP)(1,21) decreased by 2% to EUR 49.4bn.\n* Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by 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."
"AXA",
"AXA France"
],
"content": "* Present value of expected premiums (PVEP) decreased -2% to EUR 49.4bn, driven by:\n** Life: +1%, from higher volumes in Hong Kong, France (AXA France), and Switzerland\n** Life was partly offset by the impact of higher interest rates on discounting of future premiums\n** 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"
},
},
{
{
"id": "chq99br5nr-c24",
"id": "chq99br5nr-c25",
"chunk": 24,
"chunk": 25,
"pages": [
"pages": [
7
7
Line 584: Line 579:
"heading": "NB CSM and NBV",
"heading": "NB CSM and NBV",
"tags": [],
"tags": [],
"links": [
"links": [],
"AXA France"
],
"data_items": [],
"data_items": [],
"effective_tags": [
"effective_tags": [],
"content": "* NB CSM(1)(footnote: Change in gross written premiums \u0026 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.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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)(1)(footnote: Change in gross written premiums \u0026 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.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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.\n* NBV margin (post tax)(1)(footnote: Change in gross written premiums \u0026 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.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased by 0.1pt to 4.5%."
"AXA",
"AXA France"
],
"content": "* NB CSM increased +3% to EUR 2.2bn, driven by strong sales in Savings and Protection\n* NB CSM was partly offset by the impact of higher interest rates on discounting of future profits\n* NBV (post-tax) was stable at EUR 2.2bn\n* NBV growth was offset by the decrease in the contribution of short-term multinational business in France (AXA France)\n* NBV margin (post tax) increased +0.1pt to 4.5%"
},
},
{
{
"id": "chq99br5nr-c25",
"id": "chq99br5nr-c26",
"chunk": 25,
"chunk": 26,
"pages": [
"pages": [
7
7
Line 602: Line 592:
"heading": "Net flows",
"heading": "Net flows",
"tags": [],
"tags": [],
"links": [
"links": [],
"AXA France"
],
"data_items": [],
"data_items": [],
"effective_tags": [
"effective_tags": [],
"content": "* Net flows(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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\n** Health: EUR +2.7bn, mainly in Germany, Japan, and France\n** Unit-Linked: EUR +1.5bn, primarily in France\n* Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn)."
"AXA",
"AXA France"
],
"content": "* Net flows were EUR +5.4bn (prior: EUR +1.5bn in 2024), 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)"
},
},
{
{
"id": "chq99br5nr-c26",
"id": "chq99br5nr-c27",
"chunk": 26,
"chunk": 27,
"pages": [
"pages": [
7
7
Line 623: Line 608:
"Life \u0026 health",
"Life \u0026 health",
"Underlying earnings",
"Underlying earnings",
"AXA France",
"AXA"
"AXA"
],
],
Line 629: Line 613:
"effective_tags": [
"effective_tags": [
"AXA",
"AXA",
"AXA France",
"Life \u0026 health",
"Life \u0026 health",
"Underlying earnings"
"Underlying earnings"
],
],
"content": "* Life \u0026 Health underlying earnings increased +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": "* 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 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 =="
},
},
{
{
"id": "chq99br5nr-c27",
"id": "chq99br5nr-c28",
"chunk": 27,
"chunk": 28,
"pages": [
"pages": [
7
7
Line 650: Line 633:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "* Holdings underlying earnings remained broadly stable at EUR -1.2bn.\n\n== Ratings and glossary ==\n\n=== Ratings ==="
"content": "* Holdings underlying earnings(14)(footnote: Including banking activities.) remained broadly stable at EUR -1.2bn.\n\n== Ratings and glossary ==\n\n=== Ratings ==="
},
},
{
{
"id": "chq99br5nr-c28",
"id": "chq99br5nr-c29",
"chunk": 28,
"chunk": 29,
"pages": [
"pages": [
8
8
Line 667: Line 650:
"AXA"
"AXA"
],
],
"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 ==="
"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 ==="
},
},
{
{
"id": "chq99br5nr-c29",
"id": "chq99br5nr-c30",
"chunk": 29,
"chunk": 30,
"pages": [
"pages": [
8,
8,
Line 679: Line 662:
"tags": [],
"tags": [],
"links": [
"links": [
"AXA",
"Gross written premiums",
"Gross written premiums",
"Other revenue",
"Other revenue",
"AXA Investment Managers",
"Underlying earnings"
"Underlying earnings"
],
],
"data_items": [],
"data_items": [],
"effective_tags": [
"effective_tags": [
"AXA",
"AXA Investment Managers",
"Gross written premiums",
"Gross written premiums",
"Other revenue",
"Other revenue",
"Underlying earnings"
"Underlying earnings"
],
],
"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 ==="
"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 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 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.\n** 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.\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.\n** Operating variance is 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.\n** PVEP is discounted at the reference interest rate and PVEP is 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) the other long-term elements which are 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 ==="
},
},
{
{
"id": "chq99br5nr-c30",
"id": "chq99br5nr-c31",
"chunk": 30,
"chunk": 31,
"pages": [
"pages": [
10
10
],
],
"heading": "Scope of operations by geography and entity",
"heading": "Scope of operations by geography",
"tags": [],
"tags": [],
"links": [
"links": [
"AXA France",
"AXA Europe",
"AXA",
"AXA",
"AXA XL",
"AXA XL",
Line 718: Line 695:
"AXA",
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA Investment Managers",
"AXA Investment Managers",
"AXA Transversal \u0026 Other",
"AXA Transversal \u0026 Other",
Line 726: Line 701:
"Underlying earnings"
"Underlying earnings"
],
],
"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 ==="
"content": "* France: includes insurance activities, banking activities, and holding.\n* 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)(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), 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 the 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** AXA Mediterranean Holdings is included.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.\n* AXA Investment Managers(24)(footnote: Disposal to BNP Paribas completed on July 1, 2025.): 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 ==="
},
},
{
{
"id": "chq99br5nr-c31",
"id": "chq99br5nr-c32",
"chunk": 31,
"chunk": 32,
"pages": [
"pages": [
10
10
Line 748: Line 723:
},
},
{
{
"id": "chq99br5nr-c32",
"id": "chq99br5nr-c33",
"chunk": 32,
"chunk": 33,
"pages": [
"pages": [
11
11
Line 759: Line 734:
"effective_tags": [],
"effective_tags": [],
"content": "(1) Change in gross written premiums \u0026 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.\n(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).\n(3) 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.\n(4) 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.\n(5) 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.\n(6) 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.\n(7) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.\n(8) 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.\n(9) 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.\n(10) 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.\n(11) 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.\n(12) Price effects are calculated as a percentage of total gross written premiums of the prior year.\n(13) General account.\n(14) Including banking activities.\n(15) Including P\u0026C. 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.\n(16) Including cash and liquid invested assets at AXA SA Holding and other central holdings.\n(17) 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.\n(18) Natural catastrophe charges include natural catastrophe losses regardless of event size.\n(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 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.\n(20) Payout ratio is calculated based on underlying earnings per share.\n(21) Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.\n(22) Restricted Tier 1: 'BBB+' by Standard \u0026 Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard \u0026 Poor's and 'A2(hyb)/Stable' by Moody's.\n(23) AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.\n(24) Disposal to BNP Paribas completed on July 1, 2025."
"content": "(1) Change in gross written premiums \u0026 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.\n(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).\n(3) 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.\n(4) 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.\n(5) 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.\n(6) 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.\n(7) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.\n(8) 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.\n(9) 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.\n(10) 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.\n(11) 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.\n(12) Price effects are calculated as a percentage of total gross written premiums of the prior year.\n(13) General account.\n(14) Including banking activities.\n(15) Including P\u0026C. 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.\n(16) Including cash and liquid invested assets at AXA SA Holding and other central holdings.\n(17) 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.\n(18) Natural catastrophe charges include natural catastrophe losses regardless of event size.\n(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 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.\n(20) Payout ratio is calculated based on underlying earnings per share.\n(21) Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.\n(22) Restricted Tier 1: 'BBB+' by Standard \u0026 Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard \u0026 Poor's and 'A2(hyb)/Stable' by Moody's.\n(23) AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.\n(24) Disposal to BNP Paribas completed on July 1, 2025."
},
{
"id": "chq99br5nr-c33",
"chunk": 33,
"pages": [
11
],
"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."
},
},
{
{
Line 779: Line 741:
11
11
],
],
"heading": "Financial Statement Approval",
"heading": "Basis of reporting and financial statement approval",
"tags": [],
"tags": [],
"links": [
"links": [
Line 790: Line 752:
"Year 2026"
"Year 2026"
],
],
"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 =="
"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.\n* 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."
},
},
{
{
Line 798: Line 760:
12
12
],
],
"heading": "AXA Group overview",
"heading": "Company overview and legal information",
"tags": [],
"tags": [],
"links": [
"links": [
"AXA",
"AXA",
"Underlying earnings"
"Underlying earnings",
],
"data_items": [],
"effective_tags": [
"AXA",
"Underlying earnings"
],
"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 and a signatory of the UN Principles for Responsible Investment.\n* Press release and regulated information are available on the AXA Group website (axa.com)."
},
{
"id": "chq99br5nr-c36",
"chunk": 36,
"pages": [
12
],
"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 available at axa.com/en/about-us/strategy-commitments.\n* SRI ratings information 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-c37",
"chunk": 37,
"pages": [
12
],
"heading": "Forward-looking statements and non-GAAP financial measures",
"tags": [],
"links": [
"Underlying earnings per share",
"Underlying earnings per share",
"Year 2026",
"Year 2026"
"AXA",
"Underlying earnings"
],
],
"data_items": [],
"data_items": [],
Line 845: Line 775:
"Year 2026"
"Year 2026"
],
],
"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 =="
"content": "* The 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 and IFRS17 underlying earnings to EUR 8.4bn.\n* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.\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* Individual Shareholder Relations contact: +33.1.40.75.48.43.\n* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.\n* The AXA Group is included in main international SRI indexes, such as 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 and a signatory of the UN Principles for Responsible Investment.\n* This press release contains forward-looking statements, including those regarding expected underlying earnings per share (“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026), which are based on Management’s current views and intentions and are subject to risks and uncertainties.\n* AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from 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 return on equity\", \"combined ratio\", and \"debt gearing\" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.\n* Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in AXA’s Activity Report as of December 31, 2025.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="
},
},
{
{
"id": "chq99br5nr-c38",
"id": "chq99br5nr-c36",
"chunk": 38,
"chunk": 36,
"pages": [
"pages": [
13
13
],
],
"heading": "Gross Written Premiums and Other Revenues by geography and business line",
"heading": "Gross written premiums and other revenues by geography and business line",
"tags": [],
"tags": [],
"links": [
"links": [
Line 864: Line 794:
"Full year 2024",
"Full year 2024",
"Full year 2025",
"Full year 2025",
"AXA France",
"AXA Europe",
"AXA Europe",
"AXA XL",
"AXA XL",
Line 874: Line 803:
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA Europe",
"AXA France",
"AXA Investment Managers",
"AXA Investment Managers",
"AXA XL",
"AXA XL",
Line 885: Line 813:
"Property \u0026 casualty"
"Property \u0026 casualty"
],
],
"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 =="
"content": "**Gross written premiums and other revenues by geography and business line (Business mix)**\n\n| In EUR 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(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-c39",
"id": "chq99br5nr-c37",
"chunk": 39,
"chunk": 37,
"pages": [
"pages": [
14
14
Line 923: Line 851:
"Underlying earnings"
"Underlying earnings"
],
],
"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 =="
"content": "**Underlying earnings by geography and by business line (Business mix)**\n\n| In EUR 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-c40",
"id": "chq99br5nr-c38",
"chunk": 40,
"chunk": 38,
"pages": [
"pages": [
15
15
],
],
"heading": "Total P\u0026amp;C by Commercial lines, Personal lines, and AXA XL Reinsurance",
"heading": "Total P\u0026amp;C by geography and business line",
"tags": [],
"tags": [],
"links": [
"links": [
"Property \u0026 casualty",
"Property \u0026 casualty",
"Business mix",
"AXA XL",
"AXA XL",
"Full year 2025",
"Full year 2025",
Line 949: Line 878:
"AXA France",
"AXA France",
"AXA XL",
"AXA XL",
"Business mix",
"Full year 2024",
"Full year 2024",
"Full year 2025",
"Full year 2025",
"Property \u0026 casualty"
"Property \u0026 casualty"
],
],
"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 ==\n\n=== P\u0026C: Price effects i by country and business line ==="
"content": "**Total P\u0026C (Property \u0026 casualty) by geography and business line (Business mix)**\n\n| In EUR 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 ==\n\n=== P\u0026C: Price effects i by country and business line ==="
},
},
{
{
"id": "chq99br5nr-c41",
"id": "chq99br5nr-c39",
"chunk": 41,
"chunk": 39,
"pages": [
"pages": [
16
16
Line 985: Line 915:
"Year 2026"
"Year 2026"
],
],
"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 =="
"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-c42",
"id": "chq99br5nr-c40",
"chunk": 42,
"chunk": 40,
"pages": [
"pages": [
17
17
Line 1,015: Line 945:
"Gross written premiums \u0026 other revenues"
"Gross written premiums \u0026 other revenues"
],
],
"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 =="
"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 EUR 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-c43",
"id": "chq99br5nr-c41",
"chunk": 43,
"chunk": 41,
"pages": [
"pages": [
18
18
Line 1,042: Line 972:
},
},
{
{
"id": "chq99br5nr-c44",
"id": "chq99br5nr-c42",
"chunk": 44,
"chunk": 42,
"pages": [
"pages": [
19
19
Line 1,065: Line 995:
},
},
{
{
"id": "chq99br5nr-c45",
"id": "chq99br5nr-c43",
"chunk": 45,
"chunk": 43,
"pages": [
"pages": [
20
20
],
],
"heading": "Main transactions",
"heading": "Main transactions in 2025",
"tags": [],
"tags": [],
"links": [
"links": [
"AXA",
"Share buyback",
"Share buyback",
"AXA",
"AXA Investment Managers"
"AXA Investment Managers"
],
],
Line 1,084: Line 1,014:
"Share buyback"
"Share buyback"
],
],
"content": "* AXA announced the execution of a share repurchase (Share buyback) agreement for its share buyback program of up to EUR 1.2bn (February 28, 2025).\n* AXA announced the completion of the acquisition of Nobis Group (AXA) in Italy (April 1, 2025).\n* AXA announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025).\n* AXA announced the execution of a share repurchase agreement for its Shareplan and certain stock-based compensation (June 2, 2025).\n* AXA announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025).\n* AXA 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* AXA announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025).\n* AXA announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025).\n* AXA announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025).\n* AXA announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025).\n\n=== Next main investor events ==="
"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 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-c46",
"id": "chq99br5nr-c44",
"chunk": 46,
"chunk": 44,
"pages": [
"pages": [
20
20
],
],
"heading": "Investor events",
"heading": "Upcoming investor events",
"tags": [],
"tags": [],
"links": [
"links": [

Latest revision as of 23:48, 27 July 2026

doc_id"chq99br5nr"
document
organization"AXA"
year"2025"
period"FY"
document_category"Earnings release"
document_name"AXA Full Year 2025 Earnings Press Release"
publication_date"2026-02-26"
language"English"
intro_sentence"This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages)."
sections
id"chq99br5nr-c1"
chunk1
pages
1
heading"Document metadata"
tags
Empty array
links
"Year 2026"
data_items
Empty array
effective_tags
"Year 2026"
content"* Paris, February 26th, 2026 (Year 2026) (6:45am CET) == Full Year 2025 Earnings =="
id"chq99br5nr-c2"
chunk2
pages
1
heading"underlying EPS growth"
tags
Empty array
links
"AXA"
"Underlying earnings per share"
"Target range"
data_items
Empty array
effective_tags
"AXA"
"Target range"
"Underlying earnings per share"
content"* AXA reported record results with underlying EPS (Underlying earnings per share) growth at the top end of the target range. == Key FY25 highlights =="
id"chq99br5nr-c3"
chunk3
pages
1
heading"Gross written premiums and underlying earnings"
tags
Empty array
links
"Gross written premiums & other revenues"
"Full year 2024"
"Underlying earnings"
"AXA Investment Managers"
"Underlying earnings per share"
"Headwind"
"Foreign exchange"
"Earnings dilution"
"Share buyback"
data_items
Empty array
effective_tags
"AXA Investment Managers"
"Capital management"
"Earnings dilution"
"Foreign exchange"
"Full year 2024"
"Gross written premiums & other revenues"
"Headwind"
"Share buyback"
"Underlying earnings"
"Underlying earnings per share"
content"* Gross written premiums & other revenues(1)(footnote: 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.): EUR 116bn, up +6% vs. FY24 (Full year 2024) * Underlying earnings(2)(footnote: '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).): EUR 8.4bn, up +6% vs. FY24 * Underlying earnings excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.): up +9% vs. FY24 * Underlying earnings per share(2)(footnote: '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).): EUR 3.86, up +8% vs. FY24 * Underlying earnings per share was impacted by a -2% headwind from foreign exchange movements (Foreign exchange) * Underlying earnings per share was impacted by a -1% temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback(4)(footnote: 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.)"
id"chq99br5nr-c4"
chunk4
pages
1
heading"Solvency II ratio"
tags
Empty array
links
"Full year 2024"
"Year 2026"
data_items
Empty array
effective_tags
"Full year 2024"
"Year 2026"
content"* Solvency II ratio(5)(footnote: 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.): 224% at December 31, 2025, up +9 points vs. FY24 (Full year 2024) * Solvency II ratio: 215% on January 1, 2026 (Year 2026), reflecting the end of the grandfathering period(6)(footnote: 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.) == Capital Management =="
id"chq99br5nr-c5"
chunk5
pages
1
heading"Shareholder Returns and Buyback Programs"
tags
Empty array
links
"Dividend"
"Full year 2024"
"Share buyback"
"AXA Investment Managers"
"Year 2026"
data_items
Empty array
effective_tags
"AXA Investment Managers"
"Capital management"
"Dividend"
"Full year 2024"
"Share buyback"
"Year 2026"
content"* Dividend of EUR 2.32 per share, up +8% vs. FY24 (Full year 2024)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.) * Launch of an annual share buyback program(8)(footnote: 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 EUR 1.25bn * Completion of EUR 3.8bn additional share buyback related to AXA IM (AXA Investment Managers) disposal(4)(footnote: 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 (Year 2026) == Outlook =="
id"chq99br5nr-c6"
chunk6
pages
1
heading"2026 outlook and strategic plan"
tags
Empty array
links
"Underlying earnings per share"
"Year 2026"
"Target range"
"AXA"
data_items
Empty array
effective_tags
"AXA"
"Target range"
"Underlying earnings per share"
"Year 2026"
content"* Underlying earnings per share growth for 2026 (Year 2026) is expected to be at the upper end of the 6-8% plan target range(9)(footnote: 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.) * Expected impact of Solvency II revision is +17 points(10)(footnote: 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.) * AXA will present its new strategic plan for 2027-2029 on September 21, 2026"
id"chq99br5nr-c7"
chunk7
pages
1
heading"2025 performance commentary"
tags
Empty array
links
"AXA"
"AXA Investment Managers"
"Property & casualty"
"AXA XL"
"Life & health"
data_items
Empty array
effective_tags
"AXA"
"AXA Investment Managers"
"AXA XL"
"Life & health"
"Property & casualty"
content"* In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM (AXA Investment Managers) * Reserve prudence was enhanced following excellent results * P&C (Property & casualty) franchise posted stellar results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income * AXA XL Insurance increased earnings with stable underlying margins * Life & Health earnings rose by 7% * Life earnings reflected early benefits of the strategy to rejuvenate the business * Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico * Investments in automation and Artificial Intelligence are driving efficiency gains * Solvency II ratio is at a very strong level * Thomas Buberl, CEO of AXA, stated that the results demonstrate the earnings power of the diversified franchise and reinforce confidence in AXA's ability to generate sustainable, long-term value == FY25 key highlights =="
id"chq99br5nr-c8"
chunk8
pages
2
heading"Key figures – FY25 key highlights"
tags
Empty array
links
"Full year 2025"
"Full year 2024"
"Gross written premiums & other revenues"
"Property & casualty"
"Life & health"
"AXA Investment Managers"
"Underlying earnings"
data_items
Empty array
effective_tags
"AXA Investment Managers"
"Full year 2024"
"Full year 2025"
"Gross written premiums & other revenues"
"Life & health"
"Property & casualty"
"Underlying earnings"
content"**Key figures – FY25 (Full year 2025) key highlights** | in Euro million | FY24 (Full year 2024) | FY25 | Change on a reported basis | Change at comparable basis | | --- | --- | --- | --- | --- | | Gross written premiums & other revenues (Gross written premiums & other revenues) (1) | 110,316 | 115,524 | +5% | +6% | | o/w Property & Casualty (Property & casualty) | 56,514 | 58,038 | +3% | +5% | | o/w Life & Health (Life & health) | 51,983 | 56,512 | +9% | +8% | | o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. | | in Euro million | FY24 | FY25 | Change on a reported basis | Change at constant Forex | | --- | --- | --- | --- | --- | | Underlying earnings (2) | 8,078 | 8,368 | +4% | +6% | | Net income | 7,886 | 9,797 | +24% | +26% | | in Euro million | FY24 | FY25 | Change on a reported basis | | | --- | --- | --- | --- | --- | | Solvency II ratio (%) (5) | 216% | 224% | +9 pts | — | === Activity indicators ==="
id"chq99br5nr-c9"
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heading"Gross written premiums and other revenues"
tags
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links
"Gross written premiums"
"Other revenue"
"Property & casualty"
"AXA XL"
"Life & health"
data_items
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"AXA"
"AXA XL"
"Gross written premiums"
"Life & health"
"Other revenue"
"Property & casualty"
content"* Total gross written premiums and other revenues(1)(footnote: 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%. * Property & Casualty: +5%. ** Commercial lines(11)(footnote: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.): +4% from higher volumes (notably at AXA XL Insurance) and favorable price effects(12)(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies. ** Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia & EME-LATAM. ** AXA XL Reinsurance: +8% with growth supported by alternative capital. * Life & Health: +8%. ** Life premiums: +9%. *** Protection: +11% from strong sales in Hong Kong, Switzerland, and Japan. *** Unit-Linked: +13% from higher volumes across all geographies. *** G/A(13)(footnote: General account.): +4% from continued momentum in Italy and France. ** Health premiums: +5% driven by price effects in all geographies."
id"chq99br5nr-c10"
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pages
2
heading"Underlying earnings and EPS"
tags
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links
"Underlying earnings"
"AXA Investment Managers"
"Property & casualty"
"Life & health"
"Underlying earnings per share"
"Share buyback"
"Foreign exchange"
data_items
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effective_tags
"AXA Investment Managers"
"Capital management"
"Foreign exchange"
"Life & health"
"Property & casualty"
"Share buyback"
"Underlying earnings"
"Underlying earnings per share"
content"* Underlying earnings(2)(footnote: '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 EUR 8.4bn. * Underlying earnings increased by +9% excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.). * Property & Casualty: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income. * Life & Health: +7% from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business. * Holdings(14)(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2bn. * Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025. * Underlying earnings per share(2)(footnote: '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 EUR 3.86. * This increase was mainly driven by: ** Increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. ** Impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM. * This was partially offset by the unfavorable impact of 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 (-1%) due to the timing of the associated share buyback."
id"chq99br5nr-c11"
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heading"Net income"
tags
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"Underlying earnings"
"AXA Investment Managers"
data_items
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"AXA Investment Managers"
"Underlying earnings"
content"* Net income increased by 26% to EUR 9.8bn. * This increase mainly reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM (AXA Investment Managers). === Balance sheet ==="
id"chq99br5nr-c12"
chunk12
pages
3
heading"Shareholders' equity and CSM"
tags
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"Full year 2024"
"Dividend"
"Share buyback"
"AXA Investment Managers"
"Foreign exchange"
data_items
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"AXA Investment Managers"
"Capital management"
"Dividend"
"Foreign exchange"
"Full year 2024"
"Share buyback"
content"* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024. * The decrease in shareholders' equity was due to: FY24 (Full year 2024) dividend paid to shareholders (EUR -4.6bn), impact of share buybacks in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM (AXA Investment Managers), and an unfavorable foreign exchange impact (EUR -3.5bn) notably from USD depreciation. * These negative impacts on shareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn). * CSM(1)(footnote: 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.)(15)(footnote: 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 EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024. * CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn). * Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance. * These positive impacts on CSM were more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows."
id"chq99br5nr-c13"
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heading"Solvency II ratio"
tags
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"Dividend"
"Share buyback"
"AXA Investment Managers"
"Year 2026"
data_items
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"AXA Investment Managers"
"Capital management"
"Dividend"
"Share buyback"
"Year 2026"
content"* Solvency II ratio(5)(footnote: 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. * The increase in Solvency II ratio was due to: 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). * These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM (AXA Investment Managers) including the associated EUR 3.8bn share buyback (-5 points). * As of January 1, 2026 (Year 2026), capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%. * The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points(10)(footnote: 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.)."
id"chq99br5nr-c14"
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heading"Financial ratios and cash at holding"
tags
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"Underlying earnings"
data_items
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"Underlying earnings"
content"* Underlying return on equity(2)(footnote: '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 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity. * Debt gearing(2)(footnote: '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 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024. * The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as 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). * The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026. * Cash at Holding(16)(footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024. * This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024. == Capital management and outlook == === Capital management ==="
id"chq99br5nr-c15"
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heading"Shareholder returns"
tags
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"Dividend"
"Full year 2024"
"Year 2026"
"AXA"
"Share buyback"
data_items
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"AXA"
"Capital management"
"Dividend"
"Full year 2024"
"Share buyback"
"Year 2026"
content"* A dividend of EUR 2.32 per share (+8% vs FY24 (Full year 2024)) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 (Year 2026)(7)(footnote: 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, an annual share buyback program for up to EUR 1.25bn. * The share buyback program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization. * AXA intends to cancel all shares repurchased under this program. * The share buyback program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end. === Outlook ==="
id"chq99br5nr-c16"
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heading""
tags
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"AXA"
"Property & casualty"
"AXA XL"
"Year 2026"
"Life & health"
data_items
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"AXA"
"AXA XL"
"Life & health"
"Property & casualty"
"Year 2026"
content"**'Unlock the Future' plan targets and strategy** * AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan. * Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management. * In P&C (Property & casualty) Retail and SME & Mid-market, pricing remains favorable, and the Group expects to benefit from earnthrough of higher pricing and underwriting actions. * At AXA XL, pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. * The Group guidance for normalized natural catastrophe(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at approximately 4.5 points of combined ratio for 2026 (Year 2026). * In Life & Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management. * The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time."
id"chq99br5nr-c17"
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heading"Holdings results and financial targets"
tags
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"Year 2026"
"AXA"
"Underlying earnings per share"
"Target range"
"Capital management"
"Payout ratio"
"Dividend"
"Share buyback"
data_items
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"AXA"
"Capital management"
"Dividend"
"Payout ratio"
"Share buyback"
"Target range"
"Underlying earnings per share"
"Year 2026"
content"* Results in Holdings in 2026 (Year 2026) are expected to be similar to 2025 levels. * Assuming current operating conditions persist and given strong 2025 operating performance, AXA is on track to deliver the main financial targets of its 'Unlock the Future' plan. * Main financial targets include: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both 2023-2026E and 2026(9)(footnote: 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.). * Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E. * Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E. * The Group is committed to its capital management policy(19)(footnote: 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%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.). * The total payout ratio comprises 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. == Property & Casualty =="
id"chq99br5nr-c18"
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heading"Key figures – Property & Casualty"
tags
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"Property & casualty"
"Full year 2024"
"Full year 2025"
"Gross written premiums"
"Other revenue"
"AXA XL"
"Underlying earnings"
data_items
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"AXA"
"AXA XL"
"Full year 2024"
"Full year 2025"
"Gross written premiums"
"Other revenue"
"Property & casualty"
"Underlying earnings"
content"**Key figures – Property & Casualty (Property & casualty)** | in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis | FY25 Price effect(12) (in %) | | --- | --- | --- | --- | --- | | Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% | | o/w Commercial lines(11) | 34.9 | 35.8 | +4% | +1.9% | | o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% | | o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% | | in Euro million | FY24 | FY25 | Change at constant Forex | | --- | --- | --- | --- | | All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt | | Underlying earnings | 5,510 | 5,872 | +9% |"
id"chq99br5nr-c19"
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heading"Gross written premiums & other revenues"
tags
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"Gross written premiums & other revenues"
"AXA XL"
"AXA Asia, Africa & EME-LATAM"
data_items
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"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA XL"
"Gross written premiums & other revenues"
content"* Gross written premiums & other revenues +5% to EUR 58.0bn. * Commercial lines: +4% to EUR 35.8bn. ** 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. ** Asia, Africa & EME-LATAM (AXA Asia, Africa & EME-LATAM): +13% mainly from Türkiye (higher average premiums) and Mexico (favorable volume and price effects). ** France: +6% from favorable price effects across all lines and higher volumes. * Personal lines: +7% to EUR 19.7bn. ** Europe: +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened after strong repricing in 2024. ** Asia, Africa & EME-LATAM: +14% from Türkiye (higher average premiums and volumes). ** France: +9% from strong volume growth in all lines (direct business, proprietary agent networks) and favorable price effects in Motor. * 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."
id"chq99br5nr-c20"
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heading"Combined ratio"
tags
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"AXA XL"
data_items
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"AXA"
"AXA XL"
content"* All-year combined ratio improved by 0.3pt to 90.6%. * Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME & mid-market business at -0.9pt) and Personal lines (-0.4pt). * AXA XL Insurance margins stable at attractive levels (+0.1pt). * Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains. * Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%)."
id"chq99br5nr-c21"
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heading"P&C underlying earnings"
tags
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"Property & casualty"
"Underlying earnings"
data_items
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"Property & casualty"
"Underlying earnings"
content"* P&C (Property & casualty) underlying earnings +9% to EUR 5.9bn. * Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin. * Driven by higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves. * Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings. == Life & Health =="
id"chq99br5nr-c22"
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heading"Key figures – Life & Health"
tags
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"Life & health"
"Full year 2024"
"Full year 2025"
"Gross written premiums & other revenues"
"Underlying earnings"
data_items
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"Full year 2024"
"Full year 2025"
"Gross written premiums & other revenues"
"Life & health"
"Underlying earnings"
content"**Key figures – Life & Health (Life & health)** | in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis | | --- | --- | --- | --- | | Gross written premiums & other revenues (Gross written premiums & other revenues) | 52.0 | 56.5 | +8% | | o/w Life | 34.5 | 37.5 | +9% | | o/w Health | 17.5 | 19.0 | +5% | | PVEP(1,21) | 50.9 | 49.4 | -2% | | NB CSM(1,21) | 2.2 | 2.2 | +3% | | NBV (post-tax)(1,21) | 2.3 | 2.2 | 0% | | NBV margin(1,21) | 4.4% | 4.5% | +0.1 pt | | Net flows(21) | +1.5 | +5.4 | — | | in Euro million | FY24 | FY25 | Change at constant forex | | --- | --- | --- | --- | | Underlying earnings | 3,323 | 3,501 | +7% | | o/w Life | 2,636 | 2,715 | +4% | | o/w Health | 687 | 787 | +17% | === Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ==="
id"chq99br5nr-c23"
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heading"Life & Health gross written premiums"
tags
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content"* Life grew +9% to EUR 37.5bn, mainly from: ** Unit-Linked: +13% driven by successful sales initiatives across all geographies ** G/A(13)(footnote: General account.): +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy ** G/A was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong ** 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 +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes."
id"chq99br5nr-c24"
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heading"Present value of expected premiums (PVEP)"
tags
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content"* Present value of expected premiums (PVEP)(1,21) decreased by 2% to EUR 49.4bn. * Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums. * 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."
id"chq99br5nr-c25"
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heading"NB CSM and NBV"
tags
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content"* NB CSM(1)(footnote: 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.)(21)(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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. * NBV (post-tax)(1)(footnote: 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.)(21)(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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. * NBV margin (post tax)(1)(footnote: 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.)(21)(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased by 0.1pt to 4.5%."
id"chq99br5nr-c26"
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heading"Net flows"
tags
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content"* Net flows(21)(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) were EUR +5.4bn compared to EUR +1.5bn in 2024. * Net flows in 2025 were driven by: ** Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France ** Health: EUR +2.7bn, mainly in Germany, Japan, and France ** Unit-Linked: EUR +1.5bn, primarily in France * Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn)."
id"chq99br5nr-c27"
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7
heading"Life & Health underlying earnings"
tags
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"Life & health"
"Underlying earnings"
"AXA"
data_items
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effective_tags
"AXA"
"Life & health"
"Underlying earnings"
content"* Life & Health underlying earnings increased by 7% to EUR 3.5bn, driven by: ** 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 ** 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 ** 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) ** Lower income taxes: EUR +0.1bn reflecting favorable tax effects mainly in Germany, France and Mexico ** Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders == Holdings =="
id"chq99br5nr-c28"
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heading"Holdings underlying earnings"
tags
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"Underlying earnings"
data_items
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"Underlying earnings"
content"* Holdings underlying earnings(14)(footnote: Including banking activities.) remained broadly stable at EUR -1.2bn. == Ratings and glossary == === Ratings ==="
id"chq99br5nr-c29"
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heading"Insurer financial strength ratings and AXA's credit ratings by Agency"
tags
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"AXA"
data_items
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"AXA"
content"**Insurer financial strength ratings and AXA's credit ratings by Agency** | 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 | | --- | --- | --- | --- | --- | --- | --- | | S&P Global Ratings | October 3, 2025 | A+ | AA- | Positive | A+ | A-1+ | | Moody's Investor Service | October 8, 2025 | Aa2 | Aa2 | Stable | Aa3 | P-1 | | AM Best | October 9, 2025 | A+ Superior | — | Stable | aa Superior | — | (22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings. === Glossary ==="
id"chq99br5nr-c30"
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9
heading"Glossary of financial terms"
tags
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links
"Gross written premiums"
"Other revenue"
"Underlying earnings"
data_items
Empty array
effective_tags
"Gross written premiums"
"Other revenue"
"Underlying earnings"
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%. * 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. * 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. * Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. * 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. * 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 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 ("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. * 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. == Scope and exchange rates == === Scope ==="
id"chq99br5nr-c31"
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heading"Scope of operations by geography"
tags
Empty array
links
"AXA"
"AXA XL"
"AXA Asia, Africa & EME-LATAM"
"Property & casualty"
"Underlying earnings"
"AXA Transversal & Other"
"AXA Investment Managers"
data_items
Empty array
effective_tags
"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA Investment Managers"
"AXA Transversal & Other"
"AXA XL"
"Property & casualty"
"Underlying earnings"
content"* France: includes insurance activities, banking activities, and holding. * 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)(23)(footnote: 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 (AXA Asia, Africa & EME-LATAM): ** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C (Property & casualty), Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated. ** Asia: 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) are consolidated under the equity method and contribute to NBV, PVEP, underlying earnings, and net income. ** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated. ** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated. ** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income. ** AXA Mediterranean Holdings is included. * Transversal & Other (AXA Transversal & Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings. * AXA Investment Managers(24)(footnote: Disposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method. === Exchange rates ==="
id"chq99br5nr-c32"
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heading"Exchange rates"
tags
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"Full year 2024"
"Full year 2025"
data_items
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effective_tags
"Full year 2024"
"Full year 2025"
content"**Exchange rates** | For 1 Euro | End of Period Exchange rate FY24 (Full year 2024) | End of Period Exchange rate FY25 (Full year 2025) | Average Exchange rate FY24 | Average Exchange rate FY25 | | --- | --- | --- | --- | --- | | USD | 1.04 | 1.17 | 1.08 | 1.13 | | CHF | 0.94 | 0.93 | 0.95 | 0.94 | | GBP | 0.83 | 0.87 | 0.85 | 0.86 | | JPY | 163 | 184 | 164 | 169 | | HKD | 8.04 | 9.14 | 8.44 | 8.82 | == Notes =="
id"chq99br5nr-c33"
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heading"Notes"
tags
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content"(1) 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. (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). (3) 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) 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) 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. (6) 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. (7) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026. (8) 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. (9) 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. (10) 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. (11) 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance. (12) Price effects are calculated as a percentage of total gross written premiums of the prior year. (13) General account. (14) Including banking activities. (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. (16) Including cash and liquid invested assets at AXA SA Holding and other central holdings. (17) 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. (18) Natural catastrophe charges include natural catastrophe losses regardless of event size. (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 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. (20) Payout ratio is calculated based on underlying earnings per share. (21) Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities. (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. (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."
id"chq99br5nr-c34"
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heading"Basis of reporting and financial statement approval"
tags
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links
"AXA"
"Year 2026"
data_items
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"AXA"
"Year 2026"
content"* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology). * Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually 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 (Year 2026). * The financial statements are subject to completion of an audit procedure by AXA's statutory auditors."
id"chq99br5nr-c35"
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heading"Company overview and legal information"
tags
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links
"AXA"
"Underlying earnings"
"Underlying earnings per share"
"Year 2026"
data_items
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effective_tags
"AXA"
"Underlying earnings"
"Underlying earnings per share"
"Year 2026"
content"* The AXA Group (AXA) is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries. * In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn. * Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com. * 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). * AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY. * Individual Shareholder Relations contact: +33.1.40.75.48.43. * Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com. * The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. * AXA 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 contains forward-looking statements, including those regarding expected underlying earnings per share (“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026), which are based on Management’s current views and intentions and are subject to risks and uncertainties. * AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations. * The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from other companies. * 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. * "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement. * Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in AXA’s Activity Report as of December 31, 2025. == Appendix 1: Gross written premiums et other revenues by geography and business line =="
id"chq99br5nr-c36"
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heading"Gross written premiums and other revenues by geography and business line"
tags
Empty array
links
"Gross written premiums"
"Other revenue"
"Business mix"
"Property & casualty"
"Life & health"
"AXA Investment Managers"
"Full year 2024"
"Full year 2025"
"AXA Europe"
"AXA XL"
"AXA Asia, Africa & EME-LATAM"
data_items
Empty array
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"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA Europe"
"AXA Investment Managers"
"AXA XL"
"Business mix"
"Full year 2024"
"Full year 2025"
"Gross written premiums"
"Life & health"
"Other revenue"
"Property & casualty"
content"**Gross written premiums and other revenues by geography and business line (Business mix)** | In EUR 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 & Casualty (Property & casualty) FY25 | o/w Property & Casualty (Property & casualty) Change on a comparable basis | o/w Life & Health (Life & health) FY25 | o/w Life & Health (Life & 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | France(i) | 28,996 | 30,598 | +6% | +6% | 9,648 | +7% | 20,852 | +5% | — | — | | Europe (AXA Europe) | 39,298 | 43,005 | +9% | +6% | 21,257 | +4% | 21,748 | +8% | — | — | | AXA XL | 19,383 | 19,277 | -1% | +4% | 19,159 | +4% | 118 | -8% | — | — | | Asia, Africa & EME-LATAM (AXA Asia, Africa & EME-LATAM) | 19,083 | 19,925 | +4% | +13% | 6,257 | +13% | 13,668 | +13% | — | — | | Transversal | 1,856 | 1,844 | -1% | -1% | 1,718 | -1% | 126 | -8% | — | — | | AXA Investment Managers | 1,701 | 875 | -49% | +4% | — | — | — | — | 875 | +4% | | Total(i) | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% | (i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24. == Appendix 2: Underlying earnings by geography and by business line =="
id"chq99br5nr-c37"
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heading"Underlying earnings by geography and by business line"
tags
Empty array
links
"Underlying earnings"
"Business mix"
"Property & casualty"
"Life & health"
"AXA Investment Managers"
"Full year 2024"
"Full year 2025"
"AXA France"
"AXA Europe"
"AXA XL"
"AXA Asia, Africa & EME-LATAM"
data_items
Empty array
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"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA Europe"
"AXA France"
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"AXA XL"
"Business mix"
"Full year 2024"
"Full year 2025"
"Life & health"
"Property & casualty"
"Underlying earnings"
content"**Underlying earnings by geography and by business line (Business mix)** | In EUR million | Underlying earnings FY24 (Full year 2024) | Underlying earnings FY25 (Full year 2025) | Underlying earnings Change at constant Forex | o/w Property & Casualty (Property & casualty) FY25 | o/w Property & Casualty (Property & casualty) Change at constant Forex | o/w Life & Health (Life & health) FY25 | o/w Life & Health (Life & health) Change at constant Forex | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change at constant Forex | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | France (AXA France) | 2,071 | 2,224 | +7% | 1,237 | +7% | 1,039 | +8% | — | — | | Europe (AXA Europe) | 3,187 | 3,486 | +9% | 2,216 | +9% | 1,264 | +14% | — | — | | AXA XL | 1,820 | 1,893 | +9% | 1,913 | +9% | 12 | -49% | — | — | | Asia, Africa & EME-LATAM (AXA Asia, Africa & EME-LATAM) | 1,504 | 1,493 | +6% | 355 | +24% | 1,165 | 0% | — | — | | Transversal | -907 | -903 | 0% | 151 | -4% | 22 | +16% | — | — | | AXA Investment Managers | 402 | 175 | -57% | — | — | — | — | 175 | -57% | | Total(i) | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% | (i) Including underlying earnings of Holdings and Banking. == Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates =="
id"chq99br5nr-c38"
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15
heading"Total P&C by geography and business line"
tags
Empty array
links
"Property & casualty"
"Business mix"
"AXA XL"
"Full year 2025"
"AXA France"
"AXA Europe"
"AXA Asia, Africa & EME-LATAM"
"Full year 2024"
data_items
Empty array
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"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA Europe"
"AXA France"
"AXA XL"
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"Full year 2024"
"Full year 2025"
"Property & casualty"
content"**Total P&C (Property & casualty) by geography and business line (Business mix)** | In EUR 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&C FY25 (Full year 2025) | Total P&C Change(i) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | France (AXA France) | 5,077 | +6% | 2,693 | +9% | 1,877 | +10% | 4,570 | +9% | - | - | 9,648 | +7% | | Europe (AXA Europe) | 9,179 | +1% | 7,434 | +6% | 4,644 | +5% | 12,078 | +5% | - | - | 21,257 | +4% | | AXA XL | 16,604 | +3% | - | - | - | - | - | - | 2,555 | +8% | 19,159 | +4% | | Asia, Africa & EME-LATAM (AXA Asia, Africa & EME-LATAM) | 3,193 | +13% | 2,315 | +14% | 749 | +12% | 3,064 | +14% | - | - | 6,257 | +13% | | Transversal | 1,718 | -1% | - | - | - | - | - | - | - | - | 1,718 | -1% | | Total | 35,771 | +4% | 12,443 | +8% | 7,269 | +7% | 19,712 | +7% | 2,555 | +8% | 58,038 | +5% | (i) Changes are at comparable basis (constant forex, scope and methodology) | | FY24 (Full year 2024)(i) | FY25(ii) | | --- | --- | --- | | EUR | 2.8% | 2.6% | | USD | 4.4% | 4.2% | | JPY | 0.4% | 1.0% | | GBP | 4.3% | 4.3% | | CHF | 0.8% | 0.2% | | HKD | 3.7% | 3.2% | (i) Calculated as monthly average from January 2024 to December 2024 (ii) Average of monthly opening discount rates of 2025 == Appendix 4: Property & Casualty – price effect & 2026 market pricing trends == === P&C: Price effects i by country and business line ==="
id"chq99br5nr-c39"
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16
heading"P&C: Price effects by country and business line"
tags
Empty array
links
"Property & casualty"
"Business mix"
"Full year 2025"
"AXA XL"
"Year 2026"
"AXA France"
"AXA Europe"
"AXA Asia, Africa & EME-LATAM"
data_items
Empty array
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"AXA Asia, Africa & EME-LATAM"
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"Property & casualty"
"Year 2026"
content"**P&C (Property & casualty): Price effects by country and business line (Business mix)** | FY25 (Full year 2025) (in %) | Commercial lines | Personal lines | AXA XL Reinsurance | 2026 (Year 2026) Market pricing trends | | --- | --- | --- | --- | --- | | France (AXA France) | +4.0% | +3.3% | — | Moderation of price increase | | Europe (AXA Europe) | +3.1% | +5.4% | — | — | | Switzerland | +3.0% | +5.0% | — | Continued price increases both in Personal and Commercial lines | | Germany | +3.1% | +10.3% | — | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation | | Belgium & Luxembourg | +2.5% | +4.4% | — | Price increase broadly in line with 2025 | | UK & Ireland | +1.4% | -2.6% | — | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines | | Spain | +8.8% | +8.6% | — | Moderation of price increase | | Italy | +5.2% | +5.3% | — | Moderation of price increase | | AXA XL(ii) | +0.2% | — | +0.3% | Softening prices with conditions varying by lines | | Asia, Africa & EME-LATAM (AXA Asia, Africa & EME-LATAM) | +3.8% | +7.1% | — | Moderation of price increase | | Total | +1.9% | +5.2% | +0.3% | — | (i) i. Price effect calculated as a percentage of total gross written premiums in the prior year. (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. == Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line =="
id"chq99br5nr-c40"
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pages
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heading"Gross written premiums & other revenues by geography and business line"
tags
Empty array
links
"Gross written premiums & other revenues"
"Business mix"
"Full year 2025"
"AXA France"
"AXA Europe"
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"Full year 2025"
"Gross written premiums & other revenues"
content"**Gross written premiums & other revenues (Gross written premiums & other revenues) by geography and business line (Business mix)** | Gross written premiums & other revenues In EUR 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) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | France (AXA France) | 20,852 | +5% | 4,650 | +6% | 5,483 | +4% | 5,109 | +10% | 5,611 | +2% | | Europe (AXA Europe) | 21,748 | +8% | 5,090 | +4% | 4,444 | +18% | 3,419 | +10% | 8,795 | +4% | | AXA XL | 118 | -8% | 59 | -6% | 59 | -10% | - | - | - | - | | Asia, Africa & EME-LATAM (AXA Asia, Africa & EME-LATAM) | 13,668 | +13% | 7,454 | +19% | 971 | -31% | 761 | +63% | 4,483 | +11% | | Transversal | 126 | -8% | - | - | - | - | - | - | 126 | -8% | | Total | 56,512 | +8% | 17,253 | +11% | 10,957 | +4% | 9,289 | +13% | 19,014 | +5% | | o/w short-term(ii) | 17,651 | +6% | 4,337 | +6% | — | — | — | — | 13,314 | +6% | (i) Changes are at comparable basis (constant forex, scope and methodology) (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 == Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin =="
id"chq99br5nr-c41"
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pages
18
heading"PVEP, NBV, and NBV margin by geography"
tags
Empty array
links
"Full year 2025"
"AXA France"
"AXA Europe"
"AXA Asia, Africa & EME-LATAM"
data_items
Empty array
effective_tags
"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA Europe"
"AXA France"
"Full year 2025"
content"**PVEP, NBV, and NBV margin by geography** | Life New Business Metrics FY25 (Full year 2025) in Euro million | Life New Business Metrics FY25 (Full year 2025) PVEP | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Life New Business Metrics FY25 (Full year 2025) NBV | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Life New Business Metrics FY25 (Full year 2025) NBV margin | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Health(i) New Business Metrics FY25 PVEP | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV margin | Health(i) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 PVEP | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV margin | Total(ii) New Business Metrics FY25 Change(ii) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | France (AXA France) | 14,971 | -4% | 519 | 0% | 3.5% | +0.1 pt | 7,887 | -20% | 177 | +13% | 2.2% | +0.7pt | 22,858 | -10% | 695 | +3% | 3.0% | +0.4pts | | Europe (AXA Europe) | 10,102 | +3% | 474 | -11% | 4.7% | -0.7pt | 2,549 | +16% | 104 | +36% | 4.1% | +0.6pt | 12,651 | +5% | 578 | -5% | 4.6% | -0.5pts | | Asia, Africa & EME-LATAM (AXA Asia, Africa & EME-LATAM) | 12,029 | +7% | 754 | +5% | 6.3% | -0.1pt | 1,817 | -6% | 205 | -12% | 11.3% | -0.8pt | 13,847 | +5% | 959 | +1% | 6.9% | -0.3pts | | Total | 37,103 | +1% | 1,747 | -1% | 4.7% | -0.1pt | 12,254 | -12% | 486 | +4% | 4.0% | +0.6pt | 49,357 | -2% | 2,233 | 0% | 4.5% | +0.1pt | **NB CSM to NBV** | in Euro million | Life | Health(i) | Total(i) | | --- | --- | --- | --- | | NB CSM (pre-tax) | 1,822 | 377 | 2,199 | | Other NBV (pre-tax) | 491 | 266 | 757 | | Tax & Other | -567 | -157 | -724 | | NBV | 1,747 | 486 | 2,233 | (i) Includes Health business written predominantly in Life entities (ii) Changes are at comparable basis (constant forex, scope and methodology) == Appendix 7: Life & Health – net flows =="
id"chq99br5nr-c42"
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pages
19
heading"Net flows by business line"
tags
Empty array
links
"Business mix"
"Full year 2024"
"Full year 2025"
"Life & health"
data_items
Empty array
effective_tags
"Business mix"
"Full year 2024"
"Full year 2025"
"Life & health"
content"**Net flows by business line (Business mix)** | in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | | --- | --- | --- | | Health(i) | +2.7 | +2.7 | | Protection | +3.2 | +4.9 | | G/A Savings | -3.6 | -3.7 | | o/w capital light(ii) | +2.2 | +1.2 | | o/w traditional G/A | -5.8 | -5.0 | | Unit-Linked(iii) | -0.8 | +1.5 | | Mutual Funds & Other | 0.0 | 0.0 | | Total Life & Health (Life & health)(i) net flows | +1.5 | +5.4 | (i) Includes Health business written predominantly in Life entities (ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% (iii) Including Investment contracts with no discretionary participation features ("DPF") == Appendix 8: Main transactions and next main investor events =="
id"chq99br5nr-c43"
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pages
20
heading"Main transactions in 2025"
tags
Empty array
links
"Share buyback"
"AXA"
"AXA Investment Managers"
data_items
Empty array
effective_tags
"AXA"
"AXA Investment Managers"
"Capital management"
"Share buyback"
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) * Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025) * Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025) * Announced the execution of a share repurchase agreement related to AXA's Shareplan and certain stock-based compensation (June 2, 2025) * Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025) * 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) * Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025) * Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025) * Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025) * Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025) === Next main investor events ==="
id"chq99br5nr-c44"
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pages
20
heading"Upcoming investor events"
tags
Empty array
links
"Year 2026"
"Earnings release"
"AXA"
data_items
Empty array
effective_tags
"AXA"
"Earnings release"
"Year 2026"
content"* 2026 (Year 2026) Shareholder's Annual General Meeting: April 30, 2026 * First quarter 2026 Activity Indicators: May 5, 2026 * HY26 Earnings Release: July 31, 2026 * AXA Investor Day: September 21, 2026"
title"AXA/2025/FY/Earnings release"
source_url"https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf"
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