Web:AXA/results/FY25/press release/summary

Press release

FY25 earnings

📈 AXA — FY25 key highlights

Metric	Unit	FY24	FY25	Change (comparable)	Comments
GWP & other revenues	€bn	110.3	115.5	+6%	↑ P&C +5%: Commercial lines +4% (volumes at AXA XL Insurance, price effects across geographies), Personal lines +7% (price effects + strong net new contracts in France, Europe, Asia & EME-LATAM), AXA XL Reinsurance +8% (alternative capital, Casualty pricing) ↑ Life & Health +8%: Life +9% (Protection +11% from HK, CH, JP; Unit-Linked +13% all geographies; G/A +4% Italy & France), Health +5% (price effects all geographies) Asset Management n.m. due to AXA IM disposal on 1 Jul 2025
Underlying earnings	€bn	8.1	8.4	+6%	+9% excluding AXA IM ↑ P&C +9%: volume growth, underwriting margin expansion, higher investment income ↑ Life & Health +7%: improved short-term technical results (Health & Protection), higher long-term earnings incl. early benefits of rejuvenation strategy Holdings broadly stable at €−1.2bn ↓ Asset Management −€0.2bn from AXA IM disposal
Underlying EPS	€/share	3.57	3.86	+8%	↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt ↑ Share buyback accretion (+3%): annual program + AXA IM anti-dilutive buyback ↓ FX headwind (−2%), notably USD depreciation vs. EUR ↓ Temporary AXA IM dilution (−1%) due to timing of anti-dilutive buyback
Net income	€bn	7.9	9.8	+26%	↑ Higher underlying earnings + significantly positive exceptional items, notably gain from AXA IM disposal
Solvency II ratio	%	216%	224%	+9 pts	↑ Operating return +28 pts, net of dividend & annual buyback provision (−24 pts) ↑ Net subordinated debt issuance +6 pts ↑ Favorable financial markets +4 pts ↓ Net impact of Nobis/Prima acquisitions and AXA IM disposal incl. €3.8bn buyback (−5 pts) 215% on 1 Jan 2026 after −10 pts from end of grandfathering period
Solvency II ratio (1 Jan 2026, post-grandfathering)	%	—	215%	—	Grandfathered debt ceased to qualify as eligible own funds on 1 Jan 2026 (−10 pts vs. 31 Dec 2025)
Dividend per share	€/share	2.15	2.32	+8%	Subject to AGM approval on 30 Apr 2026 Ex-dividend date: 11 May 2026; payment date: 13 May 2026
Annual share buyback	€bn	—	up to 1.25	—	Approved by Board on 25 Feb 2026; to commence as soon as practicable, expected completion by year-end All shares to be cancelled
AXA IM anti-dilutive buyback	€bn	—	3.8	—	Executed 2 Jul 2025 to 20 Jan 2026; now completed

Forward-looking items

• Underlying EPS growth for 2026 expected at the upper end of the 6-8% plan target range
• Expected impact of Solvency II revision (effective Q1 2027): +17 pts to current Solvency II ratio
• New strategic plan for 2027-2029 to be presented at Investor Day on 21 Sep 2026

Balance sheet

📈 AXA — Balance sheet and capital metrics, FY24-FY25

Metric	Unit	FY24	FY25	Change (reported)	Comments
Shareholders' equity	€bn	50.0	47.2	−€2.8bn	↑ Net income +€9.8bn, net OCI +€1.3bn ↓ FY24 dividend paid −€4.6bn ↓ Share buybacks executed in 2025 −€4.7bn (incl. €3.5bn AXA IM anti-dilutive buyback) ↓ Unfavorable FX −€3.5bn (notably USD depreciation)
CSM	€bn	33.9	33.3	−€0.6bn	↑ New business contribution +€2.2bn, underlying return on in-force +€1.3bn ↓ CSM release −€3.0bn; normalized CSM growth +2% ↑ Favorable market conditions +€0.6bn (tighter govt spreads, positive equity markets) ↓ Unfavorable FX −€1.5bn (JPY, HKD depreciation) ↓ Negative operating variance −€0.3bn (better margins & net flows offset by shorter duration of Group Life in Switzerland)
Solvency II ratio	%	216%	224%	+9 pts	See key highlights table above for bridge details
Solvency II ratio (1 Jan 2026)	%	—	215%	—	−10 pts from end of grandfathering period Expected +17 pts from Solvency II revision (effective Q1 2027)
Underlying return on equity	%	15.2%	16.0%	+0.8 pt	↑ Higher underlying earnings and lower shareholders' equity
Debt gearing	%	20.6%	22.3%	+1.7 pts	↑ Lower shareholders' equity and CSM ↑ Issuance of RT1 and Tier 2 subordinated debt (€3.5bn), partly offset by redemption of grandfathered Tier 1 debt (−€1.9bn) In line with 19-23% plan guidance for 2024-2026
Cash at Holding	€bn	4.0	5.6	+€1.6bn	↑ Organic cash remittance from subsidiaries €7.5bn (+€0.4bn vs. FY24)

Capital management and outlook

Capital management

• Dividend of €2.32 per share (+8% vs. FY24), subject to AGM approval on 30 Apr 2026; ex-dividend date 11 May 2026, payment date 13 May 2026
• Annual share buyback of up to €1.25 billion approved by Board on 25 Feb 2026; to commence as soon as practicable, expected completion by year-end; all shares to be cancelled
• AXA IM anti-dilutive buyback of €3.8 billion completed (2 Jul 2025 to 20 Jan 2026)

Outlook

• Entering final year of 2024-2026 "Unlock the Future" plan; confident in achieving main financial targets
• P&C Retail and SME & Mid-market: pricing remains favorable; continued earn-through of higher pricing and underwriting actions expected; AXA XL: pricing conditions vary by line, disciplined cycle management and capital allocation; normalized nat cat load guidance ca. 4.5 pts of combined ratio for 2026
• Life & Health: earnings growth driven by short-term business (disciplined pricing, claims management); rejuvenation of long-term sales + improved persistency expected to drive CSM growth over time
• Holdings 2026 expected at similar level to 2025
• Plan targets: (i) underlying EPS CAGR at upper end of 6-8% for both 2023-2026E and 2026, (ii) underlying RoE 14-16% for 2024-2026E, (iii) cumulative organic cash upstream >€21bn for 2024-2026E
• Capital management policy: total payout ratio target 75% (60% dividend payout + 15% annual buybacks); DPS in a given year expected to be at least equal to prior year

Property & Casualty

Activity

📈 AXA — P&C gross written premiums and other revenues by line, FY24-FY25

Metric	Unit	FY24	FY25	Change (comparable)	FY25 price effect	Comments
GWP & other revenues	€bn	56.5	58.0	+5%	+2.9%	—
Commercial lines	€bn	34.9	35.8	+4%	+1.9%	↑ AXA XL Insurance +3%: growth in Property and Casualty (price + volume), partly offset by lower pricing/volumes in Financial lines ↑ Asia, Africa & EME-LATAM +13%: Türkiye (higher avg premiums), Mexico (volume + price) ↑ France +6%: favorable price effects in all lines + higher volumes
Personal lines	€bn	19.1	19.7	+7%	+5.2%	↑ Europe +5%: favorable price effects across geographies, except UK & Ireland Motor (pricing softened post-2024 repricing) ↑ Asia, Africa & EME-LATAM +14%: Türkiye (higher avg premiums + volumes) ↑ France +9%: strong volume growth in all lines (direct + proprietary agents) + favorable Motor pricing
AXA XL Reinsurance	€bn	2.5	2.6	+8%	+0.3%	↑ Growth supported by alternative capital + favorable Casualty pricing ↓ Partly offset by softening in other lines

Earnings

📈 AXA — P&C combined ratio and underlying earnings, FY24-FY25

Metric	Unit	FY24	FY25	Change (CER)	Comments
All-year combined ratio	%	91.0%	90.6%	−0.3 pt	↓ Current-year loss ratio excl. nat cat −0.3 pt: Commercial lines −0.5 pt (SME & mid-market −0.9 pt; AXA XL Insurance stable at attractive levels +0.1 pt), Personal lines −0.4 pt (conducive pricing) ↓ Expense ratio −0.3 pt: lower non-commission expenses reflecting efficiency gains ↓ Nat cat charges −0.4 pt to 3.4% ↑ Lower prior-year reserve development +0.7 pt to −1.1% (enhanced reserve prudence)
Underlying earnings	€m	5,510	5,872	+9%	↑ Technical result +€0.5bn: strong volume growth + improved technical margin ↑ Financial result +€0.2bn: higher volumes and reinvestment yields on fixed income, partly offset by higher unwind of discount on claims reserves ↓ Higher income taxes −€0.2bn from higher pre-tax earnings

Life & Health

Activity

📈 AXA — Life & Health key figures, FY24-FY25

Metric	Unit	FY24	FY25	Change (comparable)	Comments
GWP & other revenues	€bn	52.0	56.5	+8%	—
o/w Life	€bn	34.5	37.5	+9%	↑ Unit-Linked +13%: successful sales initiatives across all geographies ↑ Protection +11%: commercial campaign on Protection with G/A product in HK; continued good sales of Protection with UL in JP and CH ↑ G/A +4%: France +4%, elevated capital-light product sales in Italy; partly offset by non-repeat of single-premium whole-life in JP and lower HK sales
o/w Health	€bn	17.5	19.0	+5%	↑ Favorable price effects in Group and Individual businesses across most geographies ↓ Partly offset by lower volumes
PVEP	€bn	50.9	49.4	−2%	Life +1%: higher volumes in HK, France, CH; partly offset by higher interest rates on discounting Health −12%: higher interest rates on discounting + lower volumes in France (underwriting/pruning actions)
NB CSM	€bn	2.1	2.2	+3%	↑ Strong sales in Savings and Protection ↓ Partly offset by higher interest rates on discounting of future profits
NBV (post-tax)	€bn	2.3	2.2	0%	Growth in NB CSM offset by decrease in contribution of short-term multinational business in France
NBV margin (post-tax)	%	4.4%	4.5%	+0.1 pt	—
Net flows	€bn	+1.5	+5.4	n.a.	↑ Protection +€4.9bn (HK, JP, France) ↑ Health +€2.7bn (Germany, JP, France) ↑ Unit-Linked +€1.5bn (primarily France) ↓ G/A Savings −€3.7bn: capital-light inflows +€1.2bn more than offset by traditional G/A outflows −€5.0bn

Earnings

📈 AXA — Life & Health underlying earnings, FY24-FY25

Metric	Unit	FY24	FY25	Change (CER)	Comments
Underlying earnings	€m	3,323	3,501	+7%	—
o/w Life	€m	2,636	2,715	+4%	↑ Long-term technical result +€0.2bn: higher CSM release from reserve growth + better margins in long-term business
o/w Health	€m	687	787	+17%	↑ Short-term technical result +€0.1bn: pricing, underwriting and claims management actions strengthening technical excellence ↓ Adverse legislative change on VAT recoverability in Mexico (−€0.1bn) ↑ Lower income taxes +€0.1bn: favorable tax effects in Germany, France, Mexico ↓ Lower contribution from affiliates (notably ICBC-AXA); improved AXA MPS results increased minority shareholders' earnings

Holdings

• Holdings underlying earnings remained broadly stable at €−1.2 billion (including banking activities)

Ratings

📈 AXA — Insurer financial strength ratings and credit ratings by agency, October 2025

Agency	Date of last review	IFS — AXA SA	IFS — Principal insurance subsidiaries	IFS — Outlook	Senior debt	Short-term debt
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	—

• Restricted Tier 1: "BBB+" by S&P and "Baa1(hyb)" by Moody's. Tier 2: "A-/Stable" by S&P and "A2(hyb)/Stable" by Moody's.

Exchange rates

📈 AXA — Foreign exchange rates per euro, end of period and average, FY24-FY25

Currency	EoP FY24	EoP FY25	Avg FY24	Avg 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

Appendices

Additional data

📈 AXA — Gross written premiums and other revenues by segment, FY24-FY25 (EUR mm)

Segment	Unit	FY24	FY25	Change (reported)	Change (comparable)
France	€m	28,996	30,598	+6%	+6%
Europe	€m	39,298	43,005	+9%	+6%
AXA XL	€m	19,383	19,277	−1%	+4%
Asia, Africa & EME-LATAM	€m	19,083	19,925	+4%	+13%
Transversal	€m	1,856	1,844	−1%	−1%
AXA Investment Managers	€m	1,701	875	−49%	+4%
Total	€m	110,316	115,524	+5%	+6%

Including banking revenues amounting to €99 million in FY25 and €118 million in FY24.

📈 AXA — GWP and other revenues, o/w Property & Casualty by segment, FY25 (EUR mm)

Segment	Unit	FY25	Change (comparable)
France	€m	9,648	+7%
Europe	€m	21,257	+4%
AXA XL	€m	19,159	+4%
Asia, Africa & EME-LATAM	€m	6,257	+13%
Transversal	€m	1,718	−1%
AXA Investment Managers	€m	—	—
Total	€m	58,038	+5%

📈 AXA — GWP and other revenues, o/w Life & Health by segment, FY25 (EUR mm)

Segment	Unit	FY25	Change (comparable)
France	€m	20,852	+5%
Europe	€m	21,748	+8%
AXA XL	€m	118	−8%
Asia, Africa & EME-LATAM	€m	13,668	+13%
Transversal	€m	126	−8%
AXA Investment Managers	€m	—	—
Total	€m	56,512	+8%

📈 AXA — GWP and other revenues, o/w Asset Management by segment, FY25 (EUR mm)

Segment	Unit	FY25	Change (comparable)
France	€m	—	—
Europe	€m	—	—
AXA XL	€m	—	—
Asia, Africa & EME-LATAM	€m	—	—
Transversal	€m	—	—
AXA Investment Managers	€m	875	+4%
Total	€m	875	+4%

📈 AXA — Underlying earnings by segment, FY24-FY25 (EUR mm)

Segment	Unit	FY24	FY25	Change (CER)
France	€m	2,071	2,224	+7%
Europe	€m	3,187	3,486	+9%
AXA XL	€m	1,820	1,893	+9%
Asia, Africa & EME-LATAM	€m	1,504	1,493	+6%
Transversal	€m	(907)	(903)	0%
AXA Investment Managers	€m	402	175	−57%
Total	€m	8,078	8,368	+6%

Including underlying earnings of Holdings and Banking.

📈 AXA — Underlying earnings, Property & Casualty segment, FY25 (EUR mm)

Segment	Unit	FY25	Change (CER)
France	€m	1,237	+7%
Europe	€m	2,216	+9%
AXA XL	€m	1,913	+9%
Asia, Africa & EME-LATAM	€m	355	+24%
Transversal	€m	151	−4%
AXA Investment Managers	€m	—	—
Total	€m	5,872	+9%

📈 AXA — Underlying earnings, Life & Health segment, FY25 (EUR mm)

Segment	Unit	FY25	Change (CER)
France	€m	1,039	+8%
Europe	€m	1,264	+14%
AXA XL	€m	12	−49%
Asia, Africa & EME-LATAM	€m	1,165	0%
Transversal	€m	22	+16%
AXA Investment Managers	€m	—	—
Total	€m	3,501	+7%

📈 AXA — Underlying earnings, Asset Management segment, FY25 (EUR mm)

Segment	Unit	FY25	Change (CER)
AXA Investment Managers	€m	175	−57%
Total	€m	175	-57%

📈 AXA — P&C gross written premiums by segment and line of business, FY25 (EUR mm, comparable basis)

Segment	Total Commercial	Change	Personal Motor	Change	Personal Non-Motor	Change	Total Personal	Change	Total Reinsurance	Change	Total P&C FY25	Change
France	5,077	+6%	2,693	+9%	1,877	+10%	4,570	+9%	—	—	9,648	+7%
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	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%

📈 AXA — 5-year interest rates for discounting of P&C claims reserves by currency, FY24-FY25

Currency	Unit	FY24	FY25
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%

FY24 calculated as monthly average from January 2024 to December 2024. FY25 is average of monthly opening discount rates of 2025.

📈 AXA — P&C price effects by country and business line with 2026 market pricing trends (%), FY25

Region / Segment	Unit	Commercial lines	Personal lines	AXA XL Reinsurance	2026 market pricing trends
France	%	+4.0%	+3.3%	—	Moderation of price increase
Europe	%	+3.1%	+5.4%	—	n.a.
Switzerland	%	+3.0%	+5.0%	—	Continued price increases in both Personal and Commercial lines
Germany	%	+3.1%	+10.3%	—	Moderation of price increase, notably in Personal lines following two years of high repricing to counter claims inflation
Belgium & Luxembourg	%	+2.5%	+4.4%	—	Price increase broadly in line with 2025
UK & Ireland	%	+1.4%	−2.6%	—	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	%	+0.2%	—	+0.3%	Softening prices with conditions varying by lines
Asia, Africa & EME-LATAM	%	+3.8%	+7.1%	—	Moderation of price increase
Total	%	+1.9%	+5.2%	+0.3%	—

Price effect calculated as a percentage of total gross written premiums in the prior year. AXA XL Reinsurance: price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums.

📈 AXA — Life & Health gross written premiums & other revenues by segment and product line, FY25 (EUR mm, comparable basis)

Segment	Total FY25	Change	Protection FY25	Change	G/A Savings FY25	Change	Unit-Linked FY25	Change	Health FY25	Change
France	20,852	+5%	4,650	+6%	5,483	+4%	5,109	+10%	5,611	+2%
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	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	17,651	+6%	4,337	+6%	—	—	—	—	13,314	+6%

Short-term business refers to insurance activities measured using the Premium Allocation Approach (PAA). Short-term business margin is analyzed using the combined ratio.

📈 AXA — New business CSM to NBV bridge by segment (EUR mm)

Metric	Unit	Life	Health	Total
NB CSM (pre-tax)	€m	1,822	377	2,199
Other NBV (pre-tax)	€m	491	266	757
Tax & Other	€m	(567)	(157)	(724)
NBV	€m	1,747	486	2,233

Includes Health business written predominantly in Life entities.

📈 AXA — Life new business metrics (PVEP, NBV, NBV margin) by region (EUR mm), FY25 (comparable basis)

Region	PVEP	Change	NBV	Change	NBV margin	Change
France	14,971	−4%	519	0%	3.5%	+0.1 pt
Europe	10,102	+3%	474	−11%	4.7%	−0.7 pt
Asia, Africa & EME-LATAM	12,029	+7%	754	+5%	6.3%	−0.1 pt
Total	37,103	+1%	1,747	-1%	4.7%	-0.1 pt

📈 AXA — Health new business metrics (PVEP, NBV, NBV margin) by region (EUR mm), FY25 (comparable basis)

Region	PVEP	Change	NBV	Change	NBV margin	Change
France	7,887	−20%	177	+13%	2.2%	+0.7 pt
Europe	2,549	+16%	104	+36%	4.1%	+0.6 pt
Asia, Africa & EME-LATAM	1,817	−6%	205	−12%	11.3%	−0.8 pt
Total	12,254	-12%	486	+4%	4.0%	+0.6 pt

📈 AXA — Total new business metrics (PVEP, NBV, NBV margin) by region (EUR mm), FY25 (comparable basis)

Region	PVEP	Change	NBV	Change	NBV margin	Change
France	22,858	−10%	695	+3%	3.0%	+0.4 pts
Europe	12,651	+5%	578	−5%	4.6%	−0.5 pts
Asia, Africa & EME-LATAM	13,847	+5%	959	+1%	6.9%	−0.3 pts
Total	49,357	-2%	2,233	0%	4.5%	+0.1 pt

📈 AXA — Life & Health net flows by business line (EUR bn), FY24-FY25

Business line	Unit	FY24	FY25
Health	€bn	+2.7	+2.7
Protection	€bn	+3.2	+4.9
G/A Savings	€bn	−3.6	−3.7
o/w capital light	€bn	+2.2	+1.2
o/w traditional G/A	€bn	−5.8	−5.0
Unit-Linked	€bn	−0.8	+1.5
Mutual Funds & Other	€bn	0.0	0.0
Total Life & Health net flows	€bn	+1.5	+5.4

Capital-light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%. Including investment contracts with no discretionary participation features (DPF).

Main transactions in 2025

• Execution of share repurchase agreement for up to €1.2 billion annual buyback (28 Feb 2025)
• Completion of acquisition of Nobis Group in Italy (1 Apr 2025)
• Placement of €1 billion Restricted Tier 1 Notes and €1 billion Tier 2 Notes (28 May 2025)
• Execution of share repurchase agreement for Shareplan and stock-based compensation (2 Jun 2025)
• Completion of sale of AXA Investment Managers to BNP Paribas (1 Jul 2025)
• Execution of share repurchase agreement of up to €3.8 billion following AXA IM sale (1 Jul 2025)
• Announcement of acquisition of Prima, leading direct insurance player in Italy (1 Aug 2025)
• Launch (10 Sep 2025) and completion (3 Dec 2025) of Shareplan 2025 employee share offering
• Placement of €750 million Restricted Tier 1 Notes and €750 million Tier 2 Notes (14 Oct 2025)
• Completion of acquisition of majority stake in Prima in Italy (28 Nov 2025)

Next main investor events

• 2026 Shareholders' Annual General Meeting: 30 Apr 2026
• 1Q26 Activity Indicators: 5 May 2026
• 1H26 Earnings Release: 31 Jul 2026
• AXA Investor Day (new strategic plan 2027-2029): 21 Sep 2026