Insurer Brain

Document:AXA/2025/FY/Earnings presentation (press): Difference between revisions

Browse history interactively
← Older edit
Content deleted Content added
VisualWikitext
doc_archive: publish p1abw4 (original transcript) (.md link)
doc_archive: pair p1abw4 (figure identity) (.md link)
 
(11 intermediate revisions by the same user not shown)
Line 13:
| wide = yes
| original_md = File:AXA-2025-FY-Earnings_presentation_press-original.md
| docling_file = File:AXA-2025-FY-Earnings presentation press-docling.txt
| article = AXA/2025/FY/Earnings presentation (press)
| doc_id = p1abw4
Line 49:
=== Agenda ===
 
* {{t|1|p1abw4-x71s}} Introduction
* Thomas Buberl, Group CEO
* {{t|2|p1abw4-9tbw}} Business Performance
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology
* {{t|3|}} Financial Performance
* Alban de Mailly Nesle, Group CFO
* {{t|4|p1abw4-vacu}} France
* Mathieu Godart, {{t|AXA France|p1abw4-kebo}} CEO
* {{t|5|p1abw4-ysod}} Conclusion
* Thomas Buberl, Group CEO
 
Line 70:
 
* REVENUES
* {{t|€116€116bn|p1abw4-yxjw}}bn
* {{t|+6%|p1abw4-yutx}} vs {{t|FY24|p1abw4-ndok}}
* UNDERLYING EARNINGS
* {{t|€8.44bn|p1abw4-oasi}}bn
* {{t|+6%|p1abw4-xtf8}} vs {{t|FY24|p1abw4-3bra}}
* {{t|+9%|p1abw4-z72l}} Excl. {{t|AXA IM|p1abw4-9cne}}
* {{t|UEPS|p1abw4-5ldr}}
* {{t|€3.86|p1abw4-l996}}
* {{t|+8%|p1abw4-dpes}} vs {{t|FY24|p1abw4-ul38}}
* {{t|DIVIDEND|p1abw4-d0x9}}{{fn ref|1|2=See glossary for terminologies and footnotes on page 36 & 37 of this document.}}
* {{t|€2.32|p1abw4-1cs9}}
* {{t|+8%|p1abw4-idom}} vs {{t|FY24|p1abw4-eqyj}}
* SOLVENCY II RATIO
* {{t|224%|p1abw4-ts7x}}
* {{t|+9pts|p1abw4-t41o}} {{t|FY25|p1abw4-f4de}}
 
<div class="ed-fn-notes" style="display:none">
Line 103:
|-
| style="text-align:left" | {{t|P&amp;C|p1abw4-b57v}}
| style="text-align:left" | {{t|€58.0bn|p1abw4-jqov}} <br/> {{t|+5%|p1abw4-pawh}} vs FY24
| style="text-align:right" | {{t|€5.9bn|p1abw4-1m4z}} <br/> {{t|+9%|p1abw4-0iy6}} vs FY24
| style="text-align:right" | {{t|90.6%|p1abw4-v9el}} <br/> vs {{t|91.0%|p1abw4-dwya}} FY24
|-
| style="text-align:left" | LIFE
| style="text-align:left" | {{t|€37.5bn|p1abw4-qrrm}} <br/> {{t|+9%|p1abw4-0iy6}} vs FY24
| style="text-align:right" | {{t|€2.7bn|p1abw4-j8uf}} <br/> {{t|+4%|p1abw4-z85f}} vs FY24
| style="text-align:right" | —
|-
| style="text-align:left" | HEALTH
| style="text-align:left" | {{t|€19.0bn|p1abw4-okof}} <br/> {{t|+5%|p1abw4-bxk2}} vs FY24
| style="text-align:right" | {{t|€0.8bn|p1abw4-xr40}} <br/> {{t|+17%|p1abw4-4l05}} vs FY24
| style="text-align:right" | {{t|97.9%|p1abw4-w1gu}} <br/> vs {{t|98.1%|p1abw4-mae8}} FY24
|}
</div>
Line 166:
* Enhances distribution capacity of {{t|AXA|p1abw4-pxa4}} in Europe thanks to a modern tech platform
* Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio
* {{t|1,100+|p1abw4-jjpn}} employees including {{t|400|p1abw4-muyy}} developers, engineers and data scientists
 
'''ARTIFICIAL INTELLIGENCE'''
* AI is a strategic technology, bringing major benefits to businesses
* Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; {{t|AXA|p1abw4-scha}} wants to be firmly positioned in this evolution
* AI is already concretely improving pricing accuracy, underwriting quality, and claims management
 
Line 181:
 
'''Customers'''
* More than {{t|€49€49bn|p1abw4-sp63}}bn in claims paid
* {{t|€438m|p1abw4-a069}} climate related claims in France
 
'''Economy'''
* More than {{t|€40€40bn|p1abw4-astb}}bn invested in the economy
* {{t|€12.8bn|p1abw4-mdil}}{{fn ref|1|2=€12.8bn of tax and social contributions paid}} of tax and social contributions paid, of which {{t|36.7%|p1abw4-zfkw}} in France
* Launch of {{t|AXA|p1abw4-x72v}} Foundation for Human Progress with {{t|€60m/year|p1abw4-6jwz}} endowed by {{t|AXA|p1abw4-dirj}} Mutuelles d’Assurances and {{t|AXA Group|p1abw4-klo5}}
 
'''Employees'''
* {{t|€7bn|p1abw4-n0oi}} total compensation paid to our employees
* {{t|15,115|p1abw4-7vdu}} recruitments worldwide (*excl. short-term contracts and trainees*) including {{t|2,138|p1abw4-f1b9}} in France
* More than {{t|36%|p1abw4-wgww}} of employees are {{t|AXA|p1abw4-pt7c}} shareholders and hold {{t|4.82%|p1abw4-gq00}} of the capital and {{t|6.61%|p1abw4-q60s}} of its voting rights
 
'''Climate transition'''
* {{t|€4.6bn|p1abw4-7z3z}} in premiums related to transition with a target of {{t|€6bn|p1abw4-uur8}} cumulated between {{t|2024|p1abw4-5fmw}} and {{t|2026|p1abw4-723n}}{{fn ref|2|2=target of €6bn cumulated between 2024 and 2026}}
* {{t|€6.4bn|p1abw4-2akx}} in investments to accelerate climate transition with a target of {{t|€5bn|p1abw4-pu7f}} annually{{fn ref|3|2=target of €5bn annually}}
 
<div class="ed-fn-notes" style="display:none">
Line 236:
|-
| style="text-align:left" | France<br/>(27% of total {{t|GWP|p1abw4-o4wo}}{{fn ref|1}})
| style="text-align:right" | {{t|€31bn|p1abw4-y899}}<br/>{{t|+6%|p1abw4-luln}}
| style="text-align:right" | {{t|€2.2bn|p1abw4-xvcn}}<br/>{{t|+7%|p1abw4-g633}}
|-
| style="text-align:left" | Europe<br/>(38% of total {{t|GWP|p1abw4-o4wo}}{{fn ref|1}})
| style="text-align:right" | {{t|€43bn|p1abw4-79dl}}<br/>{{t|+6%|p1abw4-luln}}
| style="text-align:right" | {{t|€3.5bn|p1abw4-efpj}}<br/>{{t|+9%|p1abw4-bwba}}
|-
| style="text-align:left" | {{t|AXA XL|p1abw4-z73y}}<br/>(17% of total {{t|GWP|p1abw4-o4wo}}{{fn ref|1}})
| style="text-align:right" | {{t|€19bn|p1abw4-kuuu}}<br/>{{t|+4%|p1abw4-7lte}}
| style="text-align:right" | {{t|€1.9bn|p1abw4-qdgj}}<br/>{{t|+9%|p1abw4-jxem}}
|-
| style="text-align:left" | Asia, Africa &amp; EME-LATAM<br/>(18% of total {{t|GWP|p1abw4-o4wo}}{{fn ref|1}})
| style="text-align:right" | {{t|€20bn|p1abw4-2prq}}<br/>{{t|+13%|p1abw4-xzp6}}
| style="text-align:right" | {{t|€1.5bn|p1abw4-2vf0}}<br/>{{t|+6%|p1abw4-luln}}
|}
</div>
Line 258:
=== P&C – Strong margins, confidence in sustaining growth ===
 
* {{t|€58bn|p1abw4-2b31}} {{t|GWP|p1abw4-07ne}}
* Retail
* SME & Mid-market
* {{t|AXA XL|p1abw4-6wor}}{{fn ref|2|2=AXA XL includes AXA XL Insurance and AXA XL Reinsurance}} (Large & Specialty)
* {{t|UNDERLYING EARNINGS|p1abw4-un4a}} {{t|+9%|p1abw4-exy4}}{{fn ref|1|2=Underlying earnings growth}} to {{t|€5.9bn|p1abw4-j3vo}}
 
<div style="overflow-x:auto">
Line 276:
| style="text-align:left" | Investing to improve customer retention &amp; expanding distribution footprint
|-
| style="text-align:left" | {{t|AXA XL|p1abw4-18nd}} (Large &amp; Specialty)
| style="text-align:left" | Profitable growth with stable margins
| style="text-align:left" | Capitalizing on attractive growth opportunities and continued cycle management
Line 290:
=== Life & Health – Good momentum, well positioned to capture growth opportunities ===
 
* {{t|€57bn|p1abw4-3iqs}} {{t|GWP|p1abw4-971o}}
* {{t|GWP|p1abw4-971o}} mix: Health, Protection, G/A Savings — shares not printed
* UNDERLYING EARNINGS {{t|+7%|p1abw4-ld81}}{{fn ref|1|2=See glossary for terminologies and footnotes on page 36 & 37 of this document.}} to {{t|€3.5bn|p1abw4-x68g}}
 
'''Health'''
* {{t|2025|}}: Competitive advantages with innovative products integrating more prevention
* BEYOND {{t|2025|}}: Capitalizing on demand for health & protection while further improving our margins
 
'''Protection'''
* {{t|2025|}}: Continued strong commercial momentum, especially in Japan and Switzerland
* BEYOND {{t|2025|}}: Capitalizing on demand for health & protection while further improving our margins
 
'''G/A Savings'''
* {{t|2025|}}: Accelerating net flows in Savings at attractive margins
* BEYOND {{t|2025|}}: Capturing savings & retirement opportunity, sourcing best asset management products for our customers
 
<div class="ed-fn-notes" style="display:none">
Line 321:
* EXAMPLE: Augmented Sales force, Empower Underwriters Decisions, Document Processing and Extraction, Claims Handler Support, Prevention and Advisory…
* An attractive brand retaining talents and upskilling teams
* EXAMPLE: {{t|AXA|p1abw4-463s}} mobilizes over {{t|2,000|p1abw4-u038}} experts (product, engineering, UX, research…) and hired more than {{t|900|p1abw4-gm3q}} data scientists and data engineers
 
<div class="ed-fn-notes" style="display:none">
Line 341:
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-bvnq}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-0en6}}
! class="col-s" style="text-align:right" | Change
|-
Line 369:
'''Commercial lines'''
* Mid-market and SME: continued pricing momentum and volume growth
* AXA XL Insurance: growing in {{t|lines of business|p1abw4-9y4n}} with attractive margins while remaining focused on retention
 
'''AXA XL Reinsurance'''
Line 375:
 
'''Retail lines'''
* Favorable pricing trends and strong growth in net new contracts ({{t|+1.77m|p1abw4-vvry}}m in {{t|FY25|p1abw4-h7vb}})
 
<div class="ed-fn-notes" style="display:none">
Line 391:
|-
! style="text-align:left" | In Euro million
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-6r8k}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-1o4g}}
|-
| style="text-align:left" | Underlying earnings
Line 431:
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-votc}}
! class="col-s" style="text-align:right" | {{t|FY25|}}
! class="col-s" style="text-align:right" | Change
|-
Line 469:
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|}}
! class="col-s" style="text-align:right" | {{t|FY25|}}
! class="col-s" style="text-align:right" | Change
|-
Line 495:
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY25|}}
|-
| style="text-align:left" | Protection
Line 517:
</div>
 
* Net Flows vs {{t|FY24|}}
* {{t|€+5.44bn|p1abw4-cocg}}bn vs {{t|€+1.55bn|p1abw4-sgh7}}bn in {{t|FY24|p1abw4-votc}}
 
{{pdf page|20|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aaAYJ8FoBIGEg2j6_AXA_Full_Year_Results_2025_Press.pdf}}
Line 528:
|-
! style="text-align:left" | In Euro million unless otherwise mentioned
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-hua4}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-i2j0}}
! class="col-s" style="text-align:right" | Change
|-
Line 570:
 
* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)
* Higher long-term results from increase in CSM release {{t|(+8%)|p1abw4-uenh}}
 
<div class="ed-fn-notes" style="display:none">
Line 640:
 
'''NET INCOME'''
* Higher net income mainly reflecting higher {{t|underlying earnings|p1abw4-ezd4}} and the gain from the sale of {{t|AXA IM|p1abw4-pln4}}
* Lower financial flows reflecting unfavorable forex impact
 
Line 648:
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-vpwn}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-nlyl}}
|-
| style="text-align:left" | Underlying earnings per share
Line 663:
| style="text-align:right" | {{t|+6%|p1abw4-zzfe}}
|-
| style="text-align:left" | from {{t|capital management|p1abw4-injl}}
| style="text-align:right" | —
| style="text-align:right" | {{t|+3%|p1abw4-k7ds}}
Line 687:
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-3yau}}
! class="col-s" style="text-align:right" | HY25
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-m4hl}}
|-
| style="text-align:left" | SHE (excl. OCI)
Line 725:
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-ptmz}} to {{t|FY25|p1abw4-nlcq}}
! class="col-s" style="text-align:right" | HY25 to {{t|FY25|p1abw4-7ktd}}
|-
| style="text-align:left" | <b>Opening Shareholders’ equity</b>
Line 782:
|-
! style="text-align:left" | Ratio
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-9rgg}}
! style="text-align:left" | Regulatory &amp; model changes
! style="text-align:left" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance &amp; {{t|FX|p1abw4-5zic}}
! style="text-align:left" | {{t|Dividend|p1abw4-9wyw}} &amp; annual {{t|share buyback|p1abw4-h3nt}}
! class="col-s" style="text-align:right" | Other
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-z72f}}
|-
| style="text-align:left" | Value
Line 817:
| style="text-align:left" | Impact of the the end of grandfathering period on January 1, {{t|2026|p1abw4-qfy6}}
| style="text-align:right" | <b>-10pts</b> to {{t|215%|p1abw4-ihxj}}
| style="text-align:left" | - Euro {{t|2.4|p1abw4-aw5q}} billion grandfathered debt no longer eligible as capital from January {{t|1|p1abw4-1vtn}}, {{t|2026|p1abw4-zc9z}}
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
Line 844:
 
'''SOLID AND DIVERSIFIED FRANCHISE{{fn ref|1}}'''
* {{t|&#35;1|p1abw4-g31e}} Health & Protection
* {{t|&#35;2|p1abw4-t1su}} {{t|Property & Casualty|p1abw4-8wpp}}
* {{t|&#35;7|p1abw4-z6om}} Savings & Pensions
 
<div style="overflow-x:auto">
Line 870:
 
'''KEY FIGURES{{fn ref|2}}'''
* {{t|>8m|p1abw4-vyyf}} Retail clients{{fn ref|3|2=target of €5bn annually}}
* {{t|1|p1abw4-x9vp}} out of {{t|5|p1abw4-r2tj}} households insured by {{t|AXA|p1abw4-o92o}} in France
* {{t|2.5|p1abw4-dbhe}} contracts per client on average
* {{t|1|p1abw4-twwv}} out of {{t|3|p1abw4-qwel}} SMEs insured by {{t|AXA|p1abw4-alpi}} in France
* {{t|>6m|p1abw4-yfw3}} Employee Benefits beneficiaries
* {{t|1|p1abw4-dsag}} / minute commercial claims covered
* {{t|33,000|p1abw4-d1yd}} people working for {{t|AXA|p1abw4-xjjx}} in France
* {{t|>€10bn|p1abw4-q4y4}} invested in the economy
* {{t|€37€37m|p1abw4-xvfc}}m claims paid per day on average
 
{{pdf page|26|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aaAYJ8FoBIGEg2j6_AXA_Full_Year_Results_2025_Press.pdf}}
Line 884:
 
'''REVENUES'''
* {{t|€31€31bn|p1abw4-ryoe}}bn {{t|+6%|p1abw4-7pby}} vs. {{t|FY24|p1abw4-vwzt}}
* {{t|P&C|p1abw4-76we}} {{t|+7%|}}
* Health & Protection {{t|+4%|p1abw4-2ino}}
* Savings & Pensions {{t|+7%|}}
 
'''KEY TAKEAWAYS'''
* Additional new distributors {{t|+430|p1abw4-8g1q}} nouveaux distributeurs
* Additional contracts{{fn ref|1|2=See glossary for terminologies and footnotes on page 36 & 37 of this document.}} {{t|+550550k|p1abw4-xv9t}}k net
* Additional clients{{fn ref|1|2=See glossary for terminologies and footnotes on page 36 & 37 of this document.}} {{t|+250250k|p1abw4-oq7f}}k net
* Growth of individuals savings assets {{t|€+3.33bn|p1abw4-c8vs}}bn
 
<div style="overflow-x:auto">
Line 900:
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-6elb}}
! class="col-s" style="text-align:right" | {{t|FY25|p1abw4-ewvy}}
! class="col-s" style="text-align:right" | Change
|-
Line 907:
| style="text-align:right" | {{t|2.1|p1abw4-mxrv}}
| style="text-align:right" | {{t|2.2|p1abw4-8rfo}}
| style="text-align:right" | {{t|+7%|p1abw4-akud}}
|}
</div>
Line 953:
! style="text-align:left" | UNDERLYING EARNINGS PER SHARE
! style="text-align:right" | <b>6% - 8%</b><br/>CAGR 2023-2026E
! style="text-align:right" | <b>+8%</b><br/>vs {{t|FY24|p1abw4-vsyu}}
|-
| style="text-align:left" | UNDERLYING RETURN ON EQUITY
Line 959:
| style="text-align:right" | <b>16%</b>
|-
| style="text-align:left" | CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND {{t|2026|}}{{fn ref|1|2=Cumulative cash remittance between 2024 and 2026}}
| style="text-align:right" | <b>&gt;€21bn</b>
| style="text-align:right" | <b>€14.6bn</b>
Line 966:
 
* Record results, at the top end of the {{t|target range|p1abw4-yg5j}} while enhancing reserve prudence
* Confident to deliver {{t|underlying EPS|p1abw4-de0k}} growth at the upper end of {{t|6%-8%|p1abw4-vkh3}} {{t|target range|p1abw4-twkx}} for {{t|2026|}}
* Laying foundations for the next plan and confident in delivering sustainable earnings growth
 
Line 985:
 
'''S&P Global'''
* {{t|2025|p1abw4-bzki}} percentile: {{t|9797th|p1abw4-pynb}}th{{fn ref|1}} in Dow Jones Best-in-Class Europe & World indices
 
'''MSCI'''
* {{t|2025|}} score: AAA
 
'''CDP'''
* {{t|2025|}} score: B
 
'''MORNINGSTAR SUSTAINALYTICS'''
* {{t|2025|}} ESG Risk Rating: {{t|17.0|p1abw4-lgy1}} – Low risk
 
'''FTSE RUSSELL An LSEG Business'''
* {{t|2025|}} score: {{t|4.3/5|p1abw4-z8e0}} in {{t|FTSE4Good|p1abw4-yy7v}} Index Series
 
{{pdf page|33|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aaAYJ8FoBIGEg2j6_AXA_Full_Year_Results_2025_Press.pdf}}
Line 1,004:
* France: includes insurance activities, banking activities and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities){{fn ref|23}} and {{t|AXA|p1abw4-hqk7}} Life Europe (insurance activities). {{t|AXA XL|p1abw4-3n5j}}: includes insurance and reinsurance activities and holding.
* {{t|Asia, Africa & EME-LATAM|p1abw4-zd39}}: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand {{t|P&C|p1abw4-o3v8}}, Indonesia L&S (excl. the bancassurance entity), China {{t|P&C|p1abw4-dmuz}}, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and {{t|P&C|p1abw4-np7c}}, Indonesia L&S and India (Life activities disposed on {{t|March 11, 2024|p1abw4-mywn}} and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the {{t|underlying earnings|p1abw4-254s}} and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) {{t|AXA|p1abw4-14h2}} Mediterranean Holdings.
* {{t|Transversal & Other|p1abw4-7eky}}: includes {{t|AXA|p1abw4-wwtf}} Assistance, {{t|AXA|p1abw4-axq6}} Liabilities Managers, {{t|AXA|p1abw4-gaew}} SA (incl. Group’s internal reinsurance activity) and other Central Holdings.
* {{t|AXA Investment Managers|p1abw4-lhk3}}: includes {{t|AXA Investment Managers|p1abw4-2r7r}}, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
Line 1,044:
* {{t|1|p1abw4-jul2}}. {{t|FY25|p1abw4-vnif}} {{t|gross written premiums|p1abw4-nxao}} excluding {{t|AXA IM|p1abw4-pjde}}, Holdings, {{t|AXA|p1abw4-nha5}} Assistance, and {{t|AXA|p1abw4-pj1x}} Liabilities Managers.
 
* {{t|1|}}. Change {{t|FY25|}} vs. {{t|FY24|}} at constant fx.
* {{t|2|p1abw4-vjoz}}. Includes {{t|AXA XL|p1abw4-s4u5}} Re premiums of {{t|€2.66bn|p1abw4-g38y}}bn.
 
* {{t|1|}}. Change {{t|FY25|}} vs {{t|FY24|}} at constant fx.
 
* {{t|1|p1abw4-unf7}}. Including both short-term and long-term Employee Benefits {{t|GWP|p1abw4-pvfy}} and {{t|other revenues|p1abw4-ldgp}}.
Line 1,062:
* {{t|1|p1abw4-wodi}}. Shareholders’ equity Group share.
 
* {{t|1|}}. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of {{t|January 1, 2026|p1abw4-fqc0}}, as if the Solvency II revision had come into force on the same date.
 
* {{t|1|p1abw4-0te4}}. Sources: France Assureurs & Argus de l’assurance, {{t|2024|p1abw4-ljg4}} data.
Retrieved from "https://www.insurerbrain.com/wiki/Document:AXA/2025/FY/Earnings_presentation_(press)"