AXA/2025/FY/Earnings presentation: Difference between revisions

| document_typedocument_category = Analyst presentation

* ''AXA Full Year 2025'' earnings presentation delivered on February Earnings26, Presentation2026 ^{p. 1}

* Certain''Forward-looking statements'' are forward-looking, includinginclude predictions of future events, trends, plans, expectations, or objectives, andbased are identified by words likeon Management'expects',s 'anticipates',current 'may',views 'plan,'and 'target'subject orto conditional verbs such as 'would' and 'could'change ^{p. 2}.

* Statements regarding expected '''underlyingExpected earningsUEPS per sharegrowth''' ('UEPS') growth for 2026 areis forward-looking statementsprovided providingas one-off guidance forin the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* Refer''Financial to Part 5statements status'Risk Factors and Risk Management' of: AXA's Universalconsolidated Registrationfinancial Documentstatements for the year ended December 31, 20242025 (thewere '2024examined Universalby Registrationthe Document')Board forof aDirectors descriptionon ofFebruary important factors25, risks2026, and uncertaintiesare subject to completion of audit procedures ^{p. 2}.

* '''1. FY25 Highlights''': presented by Thomas Buberl, Group CEO, starting on page 04 ^{p. 3, 4}.

* '''2. FY25 Business Performance''': presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on page 09 ^{p. 3, 9}.

* '''3. FY25 Financial Performance''': presented by Alban de Mailly Nesle, Group CFO, starting on page 13 ^{p. 3, 13}.

=== 1 FY25 Highlights ===

* Section divider slide for ''FY25 Highlights'', presented by Thomas Buberl, Group CEO ^{p. 4}.

*|+ '''ROE'''Key FY25:financial 16%highlights, FY25 ^{p. 5}

|+ Underlying earnings and top line growth, FY24 vs FY25 ^{p. 6}

! style="text-align:left" | EUR billion unless otherwise mentioned

|+ FY25 grossGross written premium split (FY25, excluding AXA IM and holdings) ^{p. 7}

* '''Secular trends'' fuelingfuel demand across businesses''':, driven by protection gaps and emerging corporate risks, as well as demographics driving demand for private retirement ^{p.and 7}healthcare

* (icon)* '''DrivingClear efficiency'tech'' and AI roadmap ^{p. 8}

** (icon)''Driving efficiency'''Enhancing capitalacross allocation discipline'''operations ^{p. 8}

* (icon)* '''BuildingEnhancing resilience'capital'' allocation discipline ^{p. 8}

** Confidence''Building inresilience'' sustainingacross earningsthe growthbusiness ^{p. 8}

=== DividerBusiness Performance ===

* ''Section 2'': FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}.

{| class="wikitable fintable"

|+ GWPGross written premiums and Underlyingunderlying Earningsearnings by Segmentregion FY25 ^{p. 10}

! style="text-align:left" | EURRegion billion(share unlessof otherwisetotal mentionedGWP¹)

! class="col-sm" style="text-align:right" | GWPGross %written changepremiums

! class="col-sm" style="text-align:right" | GWPUnderlying earnings

| style="text-align:left" | ''France'' (27% of total GWP¹)

| class="col-m" style="text-align:right" | +6% to EUR 31bn

| class="col-m" style="text-align:right" | 31+7% to EUR 2.2bn

| style="text-align:left" | ''Europe'' (38% of total GWP¹)

| class="col-m" style="text-align:right" | +6% to EUR 43bn

| class="col-m" style="text-align:right" | 43+9% to EUR 3.5bn

| style="text-align:left" | ''AXA XL'' (17% of total GWP¹)

| class="col-m" style="text-align:right" | +4% to EUR 19bn

| class="col-m" style="text-align:right" | 19+9% to EUR 1.9bn

| style="text-align:left" | ''Asia, Africa & EME-LATAM'' (18% of total GWP¹)

| class="col-m" style="text-align:right" | +13% to EUR 20bn

| class="col-m" style="text-align:right" | 20+6% to EUR 1.5bn

|+** AXA XL GWP splitincludes byAXA segment,XL EURRe 58bnpremiums totalof EUR 2.6bn ^{p. 11}.

|+* GWP''Underlying splitearnings'' by+7% term,LFL to EUR 57bn3.5bn (change FY25 vs. FY24 at constant totalFX) ^{p. 12}.

* ''Section 3'': FY25 Financial Performance''' presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

|+ P&C GWP & other revenues by linesegment, FY24 vs FY25 ^{p. 14}

! style="text-align:left" | EUR billion unless otherwise mentioned

| style="text-align:right" | 35.8+4%

| style="text-align:right" | 2.6+8%

| style="text-align:right" | 18.1—

|+ Combined ratio breakdownbridge, FY24 vs FY25 ^{p. 15}

! style="text-align:left" | —Combined ratio

| style="text-align:left; font-weight:bold" | Total Combinedcombined Ratioratio

* BetterUndiscounted undiscounted current yearCY loss ratio excluding(ex Nat Cat) improved from: ^{p. 15}

** Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment ^{p. 15}

** Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}

* ImprovementExpense inratio expense ratioimproved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}

* Nat Cat charges below normalized load ^{p. 15}

* Lower reliance on priorPrior year reserve development ^{p.shows 15}lower reliance

* TakingReserve prudence enhanced by taking advantage of a good year to enhance reserve prudence ^{p. 15}

|+ Underlying earnings walkbridge, FY24 to FY25 ^{p. 16}

! class="col-s" style="text-align:right" | Underlying Earningsearnings

* Underlying Earningsearnings grew +9% (change at constant FX) ^{p.to 16}EUR 5,872m.

* Better underwritingUnderwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}

* IncreaseInvestment inincome investment incomeincreased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}

* HigherInsurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance ^{p. 16}

* Unfavorable forexForex impact was unfavorable, notably due to USD depreciation vs. EUR ^{p. 16}

|+ Life GWP &and other revenues by line, FY24 vs FY25 ^{p. 17}

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:right" | 6.0—

| style="text-align:right" | 69.10

| style="text-align:right" | 1.9—

| style="text-align:left; font-weight:bold" | TotalHealth GWP

| style="text-align:right; font-weight:bold" | 3417.5

| style="text-align:right; font-weight:bold" | 3719.50

| style="text-align:right; font-weight:bold" | +95%

| style="text-align:right" | 7.0—

| style="text-align:right" | 78.95

| style="text-align:left; font-weight:bold" | TotalEmployee Benefits GWP

| style="text-align:right; font-weight:bold" | 17.5—

| style="text-align:right; font-weight:bold" | 1912.09

| style="text-align:right; font-weight:bold" | +54%

|+ Net flows by segment, FY24 vs FY25 ^{p. 17}

! class="col-s" style="text-align:right" | Net flowsFY24

| style="text-align:right" | +4.9—

| style="text-align:right" | +2.7—

| style="text-align:right" | +1.5—

| style="text-align:right" | +1.2—

|+ PVEP trend by segment, FY24 vs FY25 ^{p. 18}

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:right" | 39.4—

| style="text-align:right" | 8.5—

| style="text-align:right" | 2.0—

| style="text-align:right" | 1.0—

|+ NB CSM (pre-tax)and NBV, FY24 vs FY25 ^{p. 18}

! class="col-s" style="text-align:right" | LFL Change

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:left" | NBV (post-tax)

! class="col-s" style="text-align:right" | Contractual Service MarginValue

* '''OperatingEconomic variance''' drivenreflecting bygovernment betterspreads marginstightening and net flows that were more than offset by a reduction in the duration of Group Lifepositive businessequity inmarket Switzerlandreturns ^{p. 19}

* '''CSMFX o/w Life'impact'': FY24mainly EURfrom 25.8bn,JPY FY25and EURHKD 25.4bndepreciation ^{p. 19}

|+ Underlying earnings walkbridge, FY24 to FY25 ^{p. 20}

! class="col-s" style="text-align:right" | Underlying Earningsearnings

| style="text-align:left" | FY24 start

| style="text-align:left" | FY25 end

* '''Higher longShort-term results'technical margin'': fromEUR increase415m in CSMFY24 releaseto (+8%)EUR reflecting growth479m in reserve base, including from favorable equity market performance, and better marginsFY25 ^{p. 20}

* ''Long-term result''Underlying Earningsincl. o/wCSM Life'''release: FY24 EUR 2.6bn,680m FY25in FY24 to EUR 2.7bn,804m (+4%in vs. FY24)FY25 ^{p. 20}

* '''Underlying Earnings o/wFinancial Health'result'': FY24 EUR 0.7bn,975m FY25in FY24 to EUR 0.8bn946m (+17%in vs. FY24)FY25 ^{p. 20}

* '''Short-termTax technical& margin'others'': EUR 479m-748m in FY24 to EUR -728m in FY25 ^{p. 20}

* ''Life underlying earnings''Long-term result+4% incl.to CSMEUR release'''2.7bn (prior: EUR 2,804m.6bn) ^{p. 20}

* '''FinancialHealth result'underlying earnings'' +17% to EUR 0.8bn (prior: EUR 946m0.7bn) ^{p. 20}

|+ Underlying earningsEarnings and net income, breakdown FY24 vs FY25 ^{p. 21}

| style="text-align:right" | 5.45

| style="text-align:right" | 0.54

| style="text-align:right" | stable-

| style="text-align:left" | '''NetUnderlying income'earnings''

| style="text-align:right" | 78.91

| style="text-align:right" | 9.8.4

| style="text-align:right" | +266%

| style="text-align:right" | +2.1

| style="text-align:left; padding-left:1.5em" | Capitalo/w capital gains from AXA IM disposal

| style="text-align:right" | —-

| style="text-align:right" | +2.2

| style="text-align:right" | +0.3

| style="text-align:left" | '''UnderlyingNet earnings per share'income''

| style="text-align:right" | 37.599

| style="text-align:right" | 39.868

| style="text-align:right" | +826%

|+ Shareholders'Underlying equityearnings andper relatedshare metricsbridge, FY24 to FY25 ^{p. 2221}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-ms" style="text-align:right" | FY24Underlying earnings per share

| style="text-align:left" | SHE (excl. OCI)FY24

| style="text-align:right" | 583.059

| style="text-align:left" | NetEarnings OCIgrowth

| style="text-align:right" | -8.1+6%

| style="text-align:left" | SHECapital (excl. OCI & undated subordinated debt)management

| style="text-align:right" | 53.2+3%

| style="text-align:left" | Debt gearingForex

| style="text-align:right" | 20.6-2%

| style="text-align:left" | UnderlyingTemporary ROEearnings dilution from AXA IM sale

| style="text-align:right" | 15.2-1%

| style="text-align:left" | '''Shareholders' equity walk'''FY25

| style="text-align:right" | '''FY24 to FY25'''3.86

| style="text-align:left" | ''Opening Shareholders' equity''

| style="text-align:right" | —-

| style="text-align:right" | —-

| style="text-align:left" | ''Closing Shareholders' equity''

|+ Cash flow andHolding cash position walk,bridge FY24 to FY25 in Euro billion ^{p. 23}

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | Value—

| style="text-align:left" | ''FY24 Cash position''

| style="text-align:left" | ''FY25 Cash position''

|+ Solvency II walk and sensitivities, FY24 to FY25 ^{p. 24}

| style="text-align:left" | Economic variance & FX

|+ Key sensitivities onof Solvency II Ratioratio as of December 31, 2025 (base 224%) ^{p. 24}

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) +25%

| style="text-align:left" | Listed Equity (excl.excluding PE & Infra) -25%

* ¹Sensitivity to Euro sovereign spreads sensitivity assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve, (applied on sovereign and quasi-sovereign exposures) ^{p. 24}.

* ²Sensitivity to creditCredit rating migration sensitivity assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches) ^{p. 24}.

! style="text-align:left" | ItemEvent

| style="text-align:left" | RatioSolvency II ratio as of December 31/12/, 2025

| style="text-align:left" | Impact of theGrandfathering end of grandfathering periodimpact on January 1, 2026

| style="text-align:left" | RatioSolvency afterII grandfatheringrevision impact to come into effect in 1Q27

* EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026 ^{p. 25}

* No change is expected in organic capital generation ^{p. 25}

* AdditionalProvides additional capital flexibility ^{p. 25}

* ¹Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date ^{p. 25}.

* Conclusion''Section divider'' for the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

* '''Record results''', achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.

* ''All businesses'' in excellent shape, delivering strong growth and profitability ^{p. 27}.

* '''Diversified franchise''', well-positioned to capture future growth opportunities ^{p. 27}.

* ''Laying foundations'' for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

* ''Q&A session'' for the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

* '''MeetInvestor ourRelations management'contact'': +33 1 40 75 48 42; investor.relations@axa.com ^{p. 29}

** March''Follow us'': Roadshows in Europe and USwww.axa.com ^{p. 29}

*== Appendices ^{p. 30}==

* '''Debt and Invested Assets''' ^{p. 31}

* ''Additional P&C disclosures'' ^{p. 36}

* ''Additional IFRS17 disclosures'' ^{p. 41}

* ''Sustainability'' ^{p. 44}

|+ Gross financial debt by type, FY24-FY26 ^{p. 32}

| style="text-align:right" | 34.58

| style="text-align:right" | 34.56

| style="text-align:right" | 53.82

| style="text-align:right" | 43.85

| style="text-align:right" | 43.65

| style="text-align:right" | 35.28

|+ Contractual maturity breakdown by debt type ^{p. 32}

! class="col-s" style="text-align:right" | 2025Tier 1

! class="col-s" style="text-align:right" | 2026Tier 2

! class="col-s" style="text-align:right" | 2027Senior debt

| style="text-align:left" | Senior debt2028

| style="text-align:right" | 0.5—

| style="text-align:right" | 0.9—

| style="text-align:rightleft" | 0.92031-2039

| style="text-align:right" | 0.9—

| style="text-align:rightleft" | 0.5Undated

| style="text-align:right" | 04.96

| style="text-align:left" | TierGrandfathered 1debt (contractual)

| style="text-align:right" | 0.5—

| style="text-align:right" | 0.5—

| style="text-align:right" | 0.5—

| style="text-align:rightleft" | 0.5Tier 1 Undated

| style="text-align:right" | 0.5—

| style="text-align:left" | Tier 12 2030

| style="text-align:right" | 0.2—

| style="text-align:left" | Tier 2 ≥2040

|+ Economic maturity breakdown by debt type ^{p. 32}

! class="col-s" style="text-align:right" | 2025Tier 1

! class="col-s" style="text-align:right" | 2026Tier 2

! class="col-s" style="text-align:right" | 2027Senior debt

| style="text-align:left" | Senior debt2026

| style="text-align:right" | 0.9—

| style="text-align:left" | TierGrandfathered 2debt (economic)

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.1—

| style="text-align:rightleft" | 0.Tier 1 2026

| style="text-align:left" | Tier 1 2028

| style="text-align:right" | 0.1—

| style="text-align:right" | 0.1—

| style="text-align:left" | Tier 1 2031-2039

| style="text-align:right" | 0.74

| style="text-align:right" | 0.2—

| style="text-align:left" | Tier 2 2030

|+ FY25 Total General Account investedInvested assets: EURbreakdown 450bnFY25 ^{p. 33}

! style="text-align:left" | SegmentEUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | ShareFY25

| style="text-align:left" | ''Fixed income''

| style="text-align:left; padding-left:1.5em" | ''o/w Government bonds''

| style="text-align:left; padding-left:1.5em" | ''o/w Corporate bonds and loans''

| style="text-align:left; padding-left:1.5em" | ''o/w Other fixed income''

| style="text-align:left" | ''Real estate''

| style="text-align:left" | ''Infrastructure equity''

| style="text-align:left" | ''Listed equities''

| style="text-align:left" | ''Private equity and hedge funds''

| style="text-align:left" | ''Cash''

| style="text-align:left" | ''Policy loans''

| style="text-align:left; font-weight:bold" | ''Total Insurance Invested Assets''

| style="text-align:right; font-weight:bold" | 450

| style="text-align:right; font-weight:bold" | 100%

=== Structured and Privateprivate Creditcredit assets ===

|+ InvestedStructured assetsand byprivate credit assets type,breakdown FY25 ^{p. 34}

! style="text-align:left" | Invested assets (100%) in EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | ValueFY25

! class="col-s" style="text-align:right" | Share% of total G/A¹ portfolio

| style="text-align:left; font-weight:bold" | ''Total Structured and Private Credit Assets''

| style="text-align:right; font-weight:bold" | ''69''

| style="text-align:right; font-weight:bold" | ''15%''

|+ FY25 Fixed Income Reinvestment andasset Yieldmix ^{p. 35}

! style="text-align:left" | EURAsset billion unless otherwise mentionedmix

** 1Reinvestment yield achieved at 3.9% Debton andEUR Invested57bn Assets,fixed p.31income ^{p. 3635}

** 2.Average Additionalduration P&Cof disclosures,9 p.36years ^{p. 3635}

|+ FY25 GWP by line of business and geography ^{p. 37}

! style="text-align:left" | USDLine billionof unless otherwise mentionedbusiness

! class="col-s" style="text-align:right" | Share by line of business

| style="text-align:left" | Professional lines (including Cyber)

| style="text-align:left; font-weight:bold" | TotalProperty

| class="col-m" style="text-align:right; font-weight:bold" | 19high

| class="col-m" style="text-align:right; font-weight:bold" | 19high

|+ Claims and technical reserves ratios by accounting standard ^{p. 38}

| style="text-align:left" | Claims reserves ratio (IFRS4 basis)

| style="text-align:left" | Claims reserves ratio (IFRS17 basis)

| style="text-align:left" | Technical reserves ratio (IFRS4 basis)

| style="text-align:left" | Technical reserves ratio (IFRS17 basis)

|+ Insurance segment occurrence protection capacity and retention ^{p. 39}

! style="text-align:left" | EUR billion

| style="text-align:right" | 4.0600m

| style="text-align:right" | 04.60bn

| style="text-align:right" | 2.1450m

| style="text-align:right" | 02.451bn

| style="text-align:right" | 2.1400m

| style="text-align:right" | 02.41bn

| style="text-align:right" | 1.2600m

| style="text-align:right" | 01.62bn

| style="text-align:right" | 1.2600m

| style="text-align:right" | 01.62bn

| style="text-align:right" | 0.8400m

| style="text-align:right" | 0.4Varies by peril type

* (diagram)Covered '''Reinsurance segmentvia (illustrative)''': Alternative Capital & Cat Bonds'' ^{p. 39}

|+ Group underlying earnings deviation to average Nat Cat charges andin average expected Nat Cat charges2026 ^{p. 40}

! style="text-align:left" | EURReturn billionperiod unless/ otherwiseprobability mentionedpercentile

! class="col-s" style="text-align:right" | GroupEUR underlying earnings deviationbillion

| style="text-align:right" | +0.1

| style="text-align:right" | +0.5

| style="text-align:right" | +0.7

| style="text-align:right" | +0.8

| class="col-s" style="text-align:right" | —2.6

| class="col-s" style="text-align:right" | 2.6 (Estimated impact on GEP ca. 4.5%)

| class="col-s" style="text-align:right" | —2.7

| class="col-s" style="text-align:right" | 2.7 (Estimated impact on GEP ca. 4.5%)

* 1. ''Debt and Invested Assets'' ^{p. 31}

* 2. ''Additional P&C disclosures'' ^{p. 36}

* 3. ''Additional IFRS17 disclosures'' ^{p. 41}

* 4. ''Sustainability'' ^{p. 44}

|+ P&C Underlyingmargin Earningsanalysis walk,and pre-taxunderlying earnings FY25 ^{p. 42}

! style="text-align:left" | EUR million unless otherwise mentioned

! class="col-s" style="text-align:right" | ValueFY25

| style="text-align:left" | '''Current Accident Year Undiscounted Technical Result'Margin''

| style="text-align:left" | Gross''Current EarnedAccident PremiumsYear Discounting''

| style="text-align:left" | Discounting''Prior RatioYears' (inReserve CombinedDevelopment Ratio points(PYD)''

| style="text-align:left" | PYD''Investment ratioIncome''

| style="text-align:left" | FY25''Insurance AverageFinance AssetsExpenses''

| style="text-align:left" | FY24''Underlying ReservesEarnings atbefore locked-in ratetax''

| style="text-align:left" | '''Underlying Earnings'''

* (flow) '''TechnicalUndiscounted Result'combined ratio'' 95.2% (in-1.0pt); EURof million,which preNat Cats was 3.4% (-tax0.4pt) ^{p. 42}

* (flow) '''FinancialDiscounting Result'ratio'' -3.5% (+0.0pt in EURCombined million,Ratio pre-taxpoints) ^{p. 42}

|+ L&HTechnical Underlyingand Earningsfinancial walkresults in Euro million, pre-tax ^{p. 43}

! style="text-align:left" | EURTechnical millionand unlessFinancial otherwise mentionedResults

! class="col-s" style="text-align:right" | ValueFY25

| style="text-align:left" | FY24Underlying ReservesEarnings atbefore locked-in ratetax

| style="text-align:right" | +65

| style="text-align:left" | '''Underlying Earnings'''

|+ Life & Health FY25 CSM Keykey Sensitivitiessensitivities in Euro billion ^{p. 43}

! style="text-align:left" | EUR billionSensitivity

! class="col-s" style="text-align:right" | ValueImpact

| style="text-align:right" | 0.87

|+ SustainabilityESG targets and 2025 resultsachievements ^{p. 45}

! style="text-align:left" | Target areaCategory

! class="col-m" style="text-align:right" | 2025Achieved Resultin 2025

| style="text-align:left" | AsClimate atransition Global INVESTORfinancing

| class="col-m" style="text-align:right" | EUR 5bn in climate transition financing per year

| style="text-align:left" | AsCommunity aresilience Global INVESTORfinancing

| class="col-m" style="text-align:right" | >EUR 500m in community resilience financing per year

| style="text-align:left" | AsTransition aunderwriting Global(cumulative INSURER2024-2026)

| class="col-m" style="text-align:right" | EUR 6bn in P&C GWP to support transition underwriting (cumulative 2024-2026)

| style="text-align:left" | AsClimate aadaptation Globalsolutions INSURER(cumulative 2024-2026)

| class="col-m" style="text-align:right" | >20,000 climate adaptation solutions & services (cumulative 2024-2026)

| class="col-m" style="text-align:right" | 19,698 Cumulative(cumulative 2024-2025)

| style="text-align:left" | AsInclusive ainsurance Global INSURERcustomers

| class="col-m" style="text-align:right" | >20m inclusive insurance customers by 2026

| style="text-align:left" | AsClimate aadaptation COMPANYtraining

| class="col-m" style="text-align:right" | >80,000 AXA Group employees trained on climate adaptation by 2026

| style="text-align:left" | AsCarbon aemissions COMPANYreduction

| class="col-m" style="text-align:right" | Contribute to Net-Zero -50% by 2030 in absolute carbon emissions and offset of residual emissions

| class="col-m" style="text-align:right" | -64% Reduction against 2019

| style="text-align:left" | AsEmployee a COMPANYvolunteering

| class="col-m" style="text-align:right" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026

|+ ESG ratings and scores ^{p. 46}

! style="text-align:left" | Rating agencyAgency

! class="col-ms" style="text-align:right" | 2025 Score

| style="text-align:left" | S&P Global percentile

| class="col-ms" style="text-align:right" | 97th percentile in Dow Jones Best-in-Class Europe & World indices

| class="col-ms" style="text-align:right" | AAA

| class="col-ms" style="text-align:right" | B

| class="col-ms" style="text-align:right" | 17.0 - Low risk

| class="col-ms" style="text-align:right" | 4.3/5 in FTSE4Good Index Series

* '''France''': scope includes insurance activities, banking activities, and holding ^{p. 47}.

* '''Europe''': scope 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 holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) ^{p. 47}.

* '''AXA XL''': scope includes insurance and reinsurance activities and holding ^{p. 47}.

* '''Asia, Africa & EME-LATAM''': ^{p.scope 47}includes:

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated; China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.

** China''Africa'': L&S,Morocco Thailand(insurance activities L&Sand holding), theNigeria Philippines(insurance L&Sactivities and P&Cholding), Indonesia L&S and IndiaEgypt (Lifeinsurance activities disposed on March 11, 2024 and holding) businesses which are fully consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income ^{p. 47}.

** '''Africa'EME-LATAM'': MoroccoMexico (insurance activities), andColombia holding)(insurance andactivities), NigeriaBrazil (insurance activities and holding), Egyptand 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 net income ^{p. 47}.

** Russia''Transversal (Reso)& (insuranceOther'' activities)scope whichincludes consolidatedAXA underAssistance, theAXA equityLiabilities methodManagers, AXA, and contributes only to theother netCentral incomeHoldings ^{p. 47}.

* '''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% ^{p. 48}.

* '''Contractual Service Margin (CSM)''': a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}.

* '''CSM release''': a 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 ^{p. 48}.

* '''Economic variance''': corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}.

* '''Financial result''': consists of investment income on assets backing BBA and 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 ^{p. 48}.

* '''Gross Written Premiums and Other Revenues (GWP & Other Revenues)''': represent the 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) ^{p. 48}.

* '''New Business ValueContractual Service Margin (NBVNB CSM)''': a component of the valuecarrying amount of the asset or liability for newly issued insurance contracts during the currentperiod, yearrepresenting the unearned profit to be recognized as insurance contract services are provided ^{p. 48}.

* '''NewPresent Businessvalue Valueof marginexpected (NBVpremiums margin(PVEP)''': ratiothe ofnew (i)business NBVvolume, representingequal to the present value ofat newlythe issuedtime contractsof duringissue of the currenttotal year,premiums expected to (ii)be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}.

* '''OperatingTechnical variance'experience'': the variationconsists of the year-endimpacts CSM versuson the expectedunderlying atearnings opening due toof (i) the differencesdifference between realizedthe expected and expectedincurred cash-flows of the operationaldefined assumptionsperiod, (ii) changesthe inrisk assumptionsadjustment suchrelease, as(iii) mortality,the longevity,changes lapsesin andonerous expensescontracts, and (iiiiv) impactthe other long-term elements which are mainly composed of modelnon-attributable changesexpenses ^{p. 48}.

* '''ABS'AA'': Asset-BackedSenior bond Securitiesrating

* '''AEP'AAA'': AggregateSenior Exceedancebond Probabilityrating

* '''AI'ABS'': ArtificialAsset-Backed IntelligenceSecurities

* '''AMF'AEP'': Autorité desAggregate MarchésExceedance FinanciersProbability

* '''APAC'AI'': Asia-PacificArtificial Intelligence

* '''BBA'AMF'': BeneficialAutorité des Businessmarchés Acquisitionsfinanciers

* '''BNP'APAC'': Banque Nationale de ParisAsia-Pacific

* '''CDP'AXA IM'': CarbonAXA DisclosureInvestment ProjectManagers

* '''CRE'AY'': Commercial RealAccident EstateYear

* '''CSM'CDP'': ContractualCarbon ServiceDisclosure MarginProject

* '''CY'CLO'': CurrentCollateralized Loan YearObligation

* '''DPS'CRE'': DividendCommercial PerReal ShareEstate

* '''EOF'CSM'': EligibleContractual OwnService FundsMargin

* '''EPS'CY'': Earnings PerCalendar ShareYear

* '''ESMA'EME'': European Securities andEmerging Markets Authority

* '''EU'EOF'': EuropeanEligible Own UnionFunds

* '''EUR'EPS'': EuroEarnings Per Share

* '''FTSE'ESG'': FinancialEnvironmental, TimesSocial, Stockand ExchangeGovernance

* '''GEP'EUR'': Gross Earned PremiumEuro

* '''GF'FX'': GrandfatheredForeign Exchange

* '''HKD'GBP'': HongGreat KongBritish DollarPound

* '''HY'GEP'': HighGross Earned YieldPremium

* '''IFE'GWP'': InsuranceGross FinanceWritten ExpensesPremiums

* '''IG'HY'': InvestmentHigh GradeYield

* '''JPY'IFE'': JapaneseInsurance Finance YenExpenses

* '''LTV'IG'': Loan-To-ValueInvestment Grade

* '''MX'LATAM'': MexicoLatin America

* '''NA'LFL'': North AmericaLike-for-Like

* '''NHG'NA'': Nationale HypotheekNorth GarantieAmerica

* '''OCI'NBV'': OtherNew ComprehensiveBusiness IncomeValue

* '''PAA'NHG'': PremiumNationale AllocationHypotheek ApproachGarantie

* '''PE'NPS'': PrivateNet Promoter EquityScore

* '''PYD'PAA'': Prior Years'Participating ReserveAccount DevelopmentAgreement

* '''RCG'PE'': Regulatory CapitalPrivate GenerationEquity

* '''ROE'PVEP'': ReturnPresent Value of OnExpected EquityProfits

* '''SCR'PYD'': SolvencyPrior Years' CapitalReserve RequirementDevelopment

* '''SHE'RCG'': Shareholders'Reinsurance Capital EquityGeneration

* '''SME'ROE'': Small andReturn Medium-sizedon EnterprisesEquity

* '''UEPS'SHE'': Underlying Earnings PerShareholders' ShareEquity

* '''USD'UEPS'': UnitedUnderlying Earnings StatesPer DollarShare

* '''VAT'UK'': Value AddedUnited TaxKingdom

* '''VFA'US'': Variable FeeUnited ApproachStates