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}

* '''Forward-looking statements''': This presentation contains statements that areinclude predictions of or indicate future events, trends, plans, expectations, or objectives. Theybased are identified by words likeon Management'expects',s 'anticipates',current 'may',views 'plan,'and 'target',subject orto conditional verbs like 'would' and 'could'change ^{p. 2}.

** A''Expected specific example is the statement regarding expected underlying earnings per share (UEPS) growth'' for 2026, which is provided as one-off guidance forin the context of the final year of the Group's current strategic plan ^{p. 2}.

** These''Risk statementsfactors'' areand baseduncertainties onthat managementmay affect AXA's current views andbusiness are subjectdescribed toin change.Part They5 involve"Risk knownFactors and unknownRisk risks and uncertainties, many outsideManagement" of AXA's control, which could cause actual results2024 toUniversal differRegistration materiallyDocument ^{p. 2}.

** AXAAPMs disclaimsare anydefined obligationunder toESMA publiclyguidelines updateand orthe reviseAMF's these2015 statementsposition statement, exceptwith asreconciliations provided in AXA's required2025 byActivity lawReport ^{p. 2}.

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

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

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

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

{| class="wikitable fintable"

|+ FY25 keyKey financial highlights, FY25 ^{p. 5}

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

! class="col-m" style="text-align:right" | MetricValue

| style="text-align:left" | —Revenues growth vs. FY24

| class="col-m" style="text-align:right" | Revenues+6%

| style="text-align:left" | —Underlying EPS growth vs. FY24

| class="col-m" style="text-align:right" | Underlying EPS+8%

| style="text-align:left" | —Return on equity

| class="col-m" style="text-align:right" | ROE (FY25)16%

| style="text-align:left" | —Solvency II ratio

| class="col-m" style="text-align:right" | Solvency II ratio (FY25)224%

| style="text-align:left" | —DPS growth

| class="col-m" style="text-align:right" | Dividend per Share (DPS) growth+8%

| style="text-align:left" | —Underlying EPS outlook for 2026

| class="col-m" style="text-align:right" | AnnualUpper end of 6%-8% sharetarget buybackrange

* ¹DividendShare isbuyback basedapproved onby the proposal by AXA's Board of Directors on February 25, 2026, and is subjectexpected to approvalcommence byas thesoon Shareholders'as Annualreasonably Generalpracticable, Meetingsubject on April 30, 2026to ^{p.market 5}conditions

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

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

** Protection''Secular trends'' fuel demand across businesses, driven by protection gaps and emerging corporate risks, (relevantas forwell SMEas &demographics Mid-marketdriving anddemand Largefor &private Specialtyretirement segments) ^{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}

== FY25 Business Performance ==

{| class="wikitable fintable"

|+ KeyGross metricswritten premiums and underlying earnings by geographyregion FY25 ^{p. 10}

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

! class="col-sm" style="text-align:right" | %Gross ofwritten total GWPpremiums

! class="col-sm" style="text-align:right" | GrossUnderlying written premiumsearnings

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

| class="col-m" style="text-align:right" | 27+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" | 38+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" | 17+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" | 18+13% to EUR 20bn

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

|+** AXA XL GWP splitincludes byAXA segmentXL Re premiums of EUR 2.6bn ^{p. 11}.

|* ''Underlying earnings'' +7% GWPLFL splitto byEUR business3.5bn type(change FY25 vs. FY24 at constant FX) ^{p. 12}.

** Leveraging AI to reduce claims leakage and& improve customer outcomes in Health ^{p. 12}.

== FY25 Financial Performance ==

|+ P&C GWP & other revenues breakdownby segment, FY25FY24 vs FY24FY25 ^{p. 14}

! class="col-s" style="text-align:right" | Pricingo/w effectpricing

! class="col-s" style="text-align:right" | Volumeo/w effectvolume

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

| style="text-align:right; font-weight:bold" | '''56.5'''

| style="text-align:right; font-weight:bold" | '''58.0'''

| style="text-align:right; font-weight:bold" | '''+5%'''

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

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

* Commercial lines: Continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}.

* Commercial lines: Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}.

* AXA XL Reinsurance: Growth supported by alternative capital ^{p. 14}.

* Retail lines: Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) ^{p. 14}.

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

! style="text-align:left" | RatioCombined (%)ratio

| style="text-align:left; font-weight:bold" | '''CombinedTotal combined ratio'''

| style="text-align:right; font-weight:bold" | '''91.0%'''

| style="text-align:right; font-weight:bold" | '''90.6%'''

* AUndiscounted better '''undiscounted current yearCY loss ratio''' (excludingex Nat Cat) wasimproved driven byfrom: ^{p. 15}

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

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

* The '''expenseExpense ratio''' improved, reflecting the impact of efficiency measures, while the company continuedcontinuing to invest in growth initiatives and technology ^{p. 15}.

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

* There was a '''lower reliance''' on priorPrior year reserve development ^{p.shows 15}.lower reliance

* TheReserve companyprudence isenhanced by taking advantage of a good year to '''enhance reserve prudence''' ^{p. 15}.

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

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

| style="text-align:left" | '''Total'''Health GWP

| style="text-align:right" | '''3417.5'''

| style="text-align:right" | '''3719.5'''0

| style="text-align:right" | '''+95%'''

| style="text-align:left" | '''Total'''Employee Benefits GWP

| style="text-align:right" | '''17.5'''—

| style="text-align:right" | '''1912.0'''9

| style="text-align:right" | '''+54%'''

| style="text-align:right" | +4.9

| style="text-align:right" | +2.7

| style="text-align:right" | +1.5

| style="text-align:right" | +1.2

|+ KeyPVEP valuetrend metricsby segment, FY24 vs FY25 ^{p. 18}

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

| style="text-align:left; font-weight:bold" | '''Total PVEP'''

| style="text-align:right; font-weight:bold" | '''50.9'''

| style="text-align:right; font-weight:bold" | '''49.4'''

| style="text-align:right; font-weight:bold" | '''-2%'''

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

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

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

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

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

| style="text-align:right" | '''2.3'''

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

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

|+ Contractual Service Margin (CSM) rollforward, FY24 to FY25 ^{p. 19}

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

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

| style="text-align:right" | '''33.6'''

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

| style="text-align:right" | '''33.0'''

* '''OperatingEconomic variance''' wasreflecting drivengovernment byspreads better marginstightening and netpositive flows,equity whichmarket were more than offset by a reduction in the duration of Group Life business in Switzerlandreturns ^{p. 19}.

|+ Underlying earnings walk by componentbridge, FY24 to FY25 ^{p. 20}

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

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

|+* Underlying''Long-term earningsresult'' byincl. segmentCSM release: EUR 2,680m in FY24 vsto EUR 2,804m in FY25 ^{p. 20}

|+ GroupEarnings earningsand summary,net income breakdown FY24 vs FY25 ^{p. 21}

| style="text-align:right" | —-

| style="text-align:left" | '''Total underlyingUnderlying earnings'''

| style="text-align:right" | '''8.1'''

| style="text-align:right" | '''8.4'''

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

| style="text-align:left" | '''Total netNet income'''

| style="text-align:right" | '''7.9'''

| style="text-align:right" | '''9.8'''

| style="text-align:right" | '''+26%'''

|+ Underlying earnings per share bridge, FY24 vsto FY25 ^{p. 21}

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

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

| style="text-align:left" | Underlying earnings per shareFY24

| style="text-align:left" | Shareholders'Earnings equity (Group share)growth

| style="text-align:right" | 49.9+6%

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

| style="text-align:right" | 58.0+3%

| style="text-align:left" | Net OCIForex

| style="text-align:right" | -8.12%

| style="text-align:left" | SHETemporary (excl.earnings OCIdilution &from undatedAXA subordinatedIM debt)sale

| style="text-align:right" | 53.2-1%

| style="text-align:left" | Debt gearingFY25

| style="text-align:right" | 203.6%86

|+ Shareholders' equity reconciliationroll-forward ^{p. 22}

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

| style="text-align:right" | '''49.9'''

| style="text-align:right" | '''45.5'''

| style="text-align:right" | +1.3

| style="text-align:right" | +0.4

| style="text-align:right" | +9.8

| style="text-align:right" | +5.9

| style="text-align:right" | —-

| style="text-align:right" | —-

| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM

| style="text-align:left" | Undated subordinated debt (including interest charges)

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

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

| style="text-align:right" | '''47.2'''

| style="text-align:right" | '''47.2'''

|+** Net''FY25'': cashEUR remittance7.5bn and holding cash position walk, FY24-FY25total ^{p. 23}

! class="col-s" style="text-align:right" | Holding cash position walk—

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

| style="text-align:right" | '''4.0'''

| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM

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

| style="text-align:right" | '''5.6'''

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

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

| style="text-align:right" | '''216'''55.9

| style="text-align:right" | '''5525.9'''

| style="text-align:right" | '''25.9'''216

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

| style="text-align:right" | '''224'''56.4

| style="text-align:right" | '''5625.4'''2

| style="text-align:right" | '''25.2'''224

|+ Key sensitivities onof Solvency II ratio (224%as atof DecDecember 31, 2025 (base 224%) ^{p. 24}

| style="text-align:left" | Euro Sovereign spreads +50bps (1)

| style="text-align:left" | Credit migration (2)

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

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

|+ Solvency II ratio evolution to 1Q27impacts ^{p. 25}

! style="text-align:left" | —Event

! class="col-s" style="text-align:right" | SolvencyImpact II ratio(pts)

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

| style="text-align:right" | '''224%'''

| style="text-align:left" | ImpactGrandfathering ofend grandfatheringimpact period endon (JanJanuary 1, 2026)

| style="text-align:right" | -10 pts

| style="text-align:left" | '''AsSolvency ofII 01/01/2026'''revision impact to come into effect in 1Q27

| style="text-align:right" | '''215%'''+17

* The end of the grandfathering period is driven by EUR 2.4bn in grandfathered debt is no longer being eligible as capital from thatJanuary 1, date2026.

* No change is expected in organic capital generation from the Solvency II revision.

* The revision providesProvides additional capital flexibility.

* The impact is estimatedEstimated 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 thatthe same date.

* '''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}.

|+ UpcomingMeet eventsour andmanagement contactevent informationschedule ^{p. 29}

* Section divider for ''Appendices'' ^{p. 30}

* Additional''Debt IFRS17and disclosuresInvested Assets'' ^{p. 4131}

* Sustainability''Additional P&C disclosures'' ^{p. 4436}

|+ Gross financial debt composition ^{p. 32}

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

! class="col-s" style="text-align:right" | Jan 1,1st 2026

| style="text-align:left" | SeniorTier debt1

| style="text-align:left" | TierSenior 1debt

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

| style="text-align:right; font-weight:bold" | '''19.2'''

| style="text-align:right; font-weight:bold" | '''20.3'''

| style="text-align:right; font-weight:bold" | '''20.3'''

|+ MaturityContractual profilematurity of gross financial debtbreakdown ^{p. 32}

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

! class="col-s" style="text-align:right" | o/wTier Grandfathered2

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

| style="text-align:left" | 20282030

| style="text-align:right" | 0.7—

| style="text-align:right" | 010.28

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

| style="text-align:left" | 2026Tier 1 Undated

| style="text-align:right" | 01.94

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

| style="text-align:left" | '''SeniorTier debt'''2 ≥2040

| style="text-align:right" | —0.2

|+ MaturityEconomic profilematurity by instrument typebreakdown ^{p. 32}

| style="text-align:left" | 20252026

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

| style="text-align:right" | ~0.97

| style="text-align:right" | —4.0

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

| style="text-align:right" | 0.8—

| style="text-align:left" | Tier 21 Undated

===* ''Total General Account'' invested assets ===at EUR 450bn ^{p. 33}.

|+ General Account investedInvested assets breakdown, FY25 ^{p. 33}

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

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

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

| style="text-align:right" | '''345'''

| style="text-align:right" | '''77%'''

| style="text-align:left" | ''o/w Government bonds''

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

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

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

| style="text-align:right" | '''41'''

| style="text-align:right" | '''9%'''

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

| style="text-align:right" | '''23'''10

| style="text-align:right" | '''52%'''

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

| style="text-align:right" | '''19'''10

| style="text-align:right" | '''42%'''

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

| style="text-align:right" | '''10'''23

| style="text-align:right" | '''25%'''

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

| style="text-align:right" | '''10'''19

| style="text-align:right" | '''24%'''

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

| style="text-align:right" | '''2'''

| style="text-align:right" | '''0%'''

| style="text-align:left" | '''Total Insurance Invested Assets'''

| style="text-align:right" | '''450'''

| style="text-align:right" | '''100%'''

=== Structured and Privateprivate Creditcredit assets ===

|+ Structured and private credit assets inbreakdown the General Account (G/A) portfolioFY25 ^{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" | % of total G/A¹ portfolio

! class="col-m" style="text-align:right" | NotesComments

| style="text-align:right" | Incl.- EUR 6bn Dutch mortgages, NHG- guaranteed (Dutch) and- EUR 10bn self- originated mortgages in CHSwitzerland (56% LTV) &and DEGermany (45% LTV).

| style="text-align:left" | Mid-MarketCLO lending& ABS

| style="text-align:right" | 1025

| style="text-align:right" | 26%

| style="text-align:right" | EUR- 8m91% averagesenior ticketCLOs size;with viacirca SMAs40% withsubordination (100% rated AAA-A and 92% strictrated underwriting.AAA-AA)

| style="text-align:right" | - Skewed towards resilient industries (Telecom, Utilities, and Transport.)

| style="text-align:right" | Mainly- Strong sector diversification (mainly logistics, residential, and retail;), mostly in Europe;, and circa ~60% LTV.

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

| style="text-align:right" | '''69'''

| style="text-align:right" | '''15%'''

| style="text-align:right" | o/w 54% is participating.

|+ ReinvestmentFY25 breakdownFixed byIncome Reinvestment asset class, FY25mix ^{p. 35}

! style="text-align:left" | Asset classmix

|+ FY25 fixedFixed incomeIncome reinvestmentReinvestment yieldYield ^{p. 35}

! style="text-align:left" | Fixed incomeIncome typeType

* Total FY25 fixedFixed income reinvestment oftotaled EUR 5757bn billion,in invested at an average yield of 3.9% with an average duration of 9 yearsFY25 ^{p. 35}.

|+* Appendix''Debt tableand ofInvested contentsAssets'' on page 31 ^{p. 36}

|+ FY25 GWP by line of business, USD 19bn total ^{p. 37}

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

|+ FY25 GWP by geography, USD 19bn total ^{p. 37}

* (barBusiness chart)diversification '''Claimsis reserveswell ratio'''balanced (Netacross undiscountedlines claimsof reservesbusiness /and Net earned premiums)geographies ^{p. 3837}

** '''IFRS4Market basis''':leadership FY18positions 179%,AXA FY19XL 185%,in FY20the 193%,top FY213 188%,globally FY22 189%for ^{p. 3837}:

** '''IFRS17Multinational basis''': FY22 198%, FY23 195%, FY24 180%, FY25 175%Programs ^{p. 3837}

** '''IFRS4Fine basis''':Art FY18& 213%, FY19 227%, FY20 233%, FY21 226%, FY22 227%Specie ^{p. 3837}

** '''IFRS17Cycle basis''':management FY22is 234%,utilized FY23to 232%,deliver FY24consistent 216%, FY25 210%profitability ^{p. 3837}

* ¹Includes''Property'': nethigh undiscountedprofitability, claimshigh reservesex-price and unearned premium reservesgrowth ^{p. 3837}.

=== P&C | 2026Focus Simplifiedon Group Nat Cat Reinsurance Program 1reserves ===

|+ Insurance segment capacityClaims and retentiontechnical byreserves perilratios ^{p. 3938}

! style="text-align:left" | EUR million%

! class="col-s" style="text-align:right" | CapacityFY18

| style="text-align:right" | 4,000600m

| style="text-align:right" | 6004.0bn

| style="text-align:right" | 2,100450m

| style="text-align:right" | 4502.1bn

| style="text-align:right" | 2,100400m

| style="text-align:right" | 4002.1bn

| style="text-align:right" | 1,200600m

| style="text-align:right" | 6001.2bn

| style="text-align:right" | 1,200600m

| style="text-align:right" | 6001.2bn

| style="text-align:right" | —400m

| style="text-align:right" | 400Varies by peril type

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

! class="col-s" style="text-align:rightleft" | DeviationReturn period / probability percentile

| style="text-align:left" | 1/20y event (95th percentile)

| style="text-align:left" | 1/10y event (90th percentile)

| style="text-align:left" | 1/5y event (80th percentile)

| style="text-align:left" | '''Median (50th percentile)'''

| style="text-align:left" | '''Less severe years1/5y (positive deviation in ca. 60% of20th casespercentile)'''

| style="text-align:left" | 1/10y event (10th percentile)

| style="text-align:left" | 1/20y event (5th percentile)

! class="col-xs" style="text-align:rightleft" | 2025Year

! class="col-xss" style="text-align:right" | 2026EUR billion

| style="text-align:left" | Average Expected Nat Cat charges2025

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

| class="col-xss" style="text-align:right" | 2ca.7 4.5%

| style="text-align:left" | Estimated impact on GEP2026

| class="col-xss" style="text-align:right" | ca2. 4.5%7

| class="col-xss" style="text-align:right" | ca. 4.5%

* 3.''Debt Additionaland IFRS17Invested disclosures, p.41Assets'' ^{p. 4131}

* 4.''Additional Sustainability,P&C p.44disclosures'' ^{p. 4136}

|+ P&C Underlyingmargin Earningsanalysis buildup,and FY25underlying vsearnings FY24FY25 ^{p. 42}

! class="col-s" style="text-align:right" | Change vs FY24

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

| style="text-align:left" | ''Current Accident Year Discounting''

| style="text-align:left" | ''Prior Years' Reserve Development (PYD)''

| style="text-align:left" | '''FinancialInvestment Result'Income''

| style="text-align:left" | ''Insurance Finance Expenses''

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

| style="text-align:right" | '''8,040'''

| style="text-align:right" | '''+681'''

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

| style="text-align:right" | '''5,872'''

| style="text-align:right" | '''+501'''

** Current''Discounting Accidentratio'' Year-3.5% Undiscounted(+0.0pt in Combined Ratio: 95.2%,points) -1^{p.0pt 42}

* Includes''L&H margin analysis'' includes scope impact ^{p. 43}.

* Changes''Short-term versustechnical FY24margin'' at+EUR constant60m FXto EUR 479m, including the recapture of Laya ^{p. 43}.

* Reinvestment''Gross yieldearned onpremiums'' fixed+10% incometo assetsEUR 17,416m ^{p. 43}.

* Incl.''All recaptureyear ofcombined Layaratio'' 97.2%, improved 0.1pts ^{p. 43}.

|+ LifeTechnical &and Healthfinancial Underlyingresults Earningsin buildupEuro million, FY25 vs FY24pre-tax ^{p. 43}

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

! class="col-s" style="text-align:right" | Change vs FY24

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

| style="text-align:right" | '''4,229'''

| style="text-align:right" | '''+205'''

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

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

| style="text-align:right" | '''3,501'''

| style="text-align:right" | '''+219'''

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

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

! class="col-s" style="text-align:right" | Impact on CSM

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

| style="text-align:right" | '''33.3'''

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

* 1. ''Debt and Invested Assets, p.31'' ^{p. 4431}

* 2. ''Additional P&C disclosures, p.36'' ^{p. 4436}

* 3. ''Additional IFRS17 disclosures, p.41'' ^{p. 4441}

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

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

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

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

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

| style="text-align:left" | '''AsClimate atransition Global Investor'''financing

| class="col-sm" style="text-align:right" | —EUR 5bn per year

| class="col-sm" style="text-align:right" | —EUR 6.4bn

| style="text-align:left" | ClimateCommunity transitionresilience financing (per year)

| class="col-sm" style="text-align:right" | €5bn>EUR 500m per year

| class="col-sm" style="text-align:right" | €6EUR 1.4bn

| style="text-align:left" | CommunityTransition resilience financingunderwriting (percumulative year2024-2026)

| class="col-sm" style="text-align:right" | >€500mEUR 6bn in P&C GWP

| class="col-sm" style="text-align:right" | €1EUR 4.4bn6bn

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

| class="col-sm" style="text-align:right" | —>20,000

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

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

| class="col-sm" style="text-align:right" | 20.6m

| style="text-align:left" | Employees trained on climateClimate adaptation (cumulative 2024-2026)training

| class="col-sm" style="text-align:right" | >80,000 employees by 2026

| class="col-sm" style="text-align:right" | 46,420

| style="text-align:left" | Net-ZeroCarbon contributionemissions (vs 2019)reduction

| class="col-sm" style="text-align:right" | -50% by 2030

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

| class="col-sm" style="text-align:right" | 50% of employees by 2026

| class="col-sm" style="text-align:right" | 56%

|+ ESG ratings, 2025 ^{p. 46}

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

| style="text-align:left" | S&P Global (Dow Jones Best-in-Class Europe & World indices)percentile

| class="col-ms" style="text-align:right" | 97th percentile

| 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

| style="text-align:left" | FTSE Russell (FTSE4Good Index Series)

| class="col-ms" style="text-align:right" | 4.3/5

* '''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}.

** ''Transversal & Other'' scope includes AXA MediterraneanAssistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.

* ''Accounting standards''AXA Investmentcomparative Managersfigures (untilgoing Julyback 1,to 2025)''':2023 includesare AXAunder InvestmentIFRS17/9 Managers, Selectstandards (previouslyeffective referredJanuary to as1, Architas2023); andfigures Capzaprior whichto are2023 fullyhave consolidatednot andbeen Asianrestated joint ventures whichand are consolidatedpresented under the equity methodIFRS4 ^{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 Contractual ServiceValue Marginmargin (NBNBV CSMmargin)''': a componentratio of the(i) carryingNBV, amount ofrepresenting the assetvalue or liability forof newly issued insurance contracts during the periodcurrent year, representing the unearned profit to be recognized as insurance contract services are(ii) providedPVEP ^{p. 48}.

* ''Technical experience'Present': valueconsists of expectedthe premiumsimpacts (PVEP)''':on the newunderlying businessearnings volume,of equal to(i) the presentdifference value atbetween the timeexpected ofand incurred issuecash-flows of the totaldefined premiumsperiod, expected(ii) tothe berisk receivedadjustment overrelease, (iii) the policychanges termin ^{p.onerous 48}.contracts, PVEPand is(iv) discountedthe atother thelong-term referenceelements interestwhich rateare andmainly PVEPcomposed isof Groupnon-attributable shareexpenses ^{p. 48}.

* '''AA''': Senior Securedbond rating

* '''AAA''': PrimeSenior bond rating

* '''ABS''': Asset-Backed Securities

* '''AEP''': Aggregate Exceedance Probability

* '''AI''': Artificial Intelligence

* '''AMF''': Autorité des Marchésmarchés Financiersfinanciers

* '''APAC''': Asia-Pacific

* '''AXA IM''': AXA Investment Managers

* '''AXA UK'XL'': AXA UnitedCorporate Solutions and XL KingdomCatlin

* '''AY''': Accident Year

* '''BBA''': BalanceBenefit-Sheet BasedBearing AccountingAccount

* '''CDP''': Carbon Disclosure Project

* '''CLO'CRE'': CollateralizedCommercial LoanReal ObligationEstate

* '''CRE'CSA'': CommercialCorporate RealSustainability EstateAssessment

* '''CSM'CY'': Contractual ServiceCalendar MarginYear

* '''CY'DPS'': CurrentDividend Per YearShare

* '''DE'EME'': GermanyEmerging Markets

* '''DPS'EOF'': DividendEligible PerOwn ShareFunds

* '''EME'EPS'': EmergingEarnings Per MarketsShare

* '''EU'FX'': EuropeanForeign UnionExchange

* '''FTSE'GAAP'': FinancialGenerally TimesAccepted StockAccounting ExchangePrinciples

* '''FX'GBP'': ForeignGreat British ExchangePound

* '''GEP'GWP'': Gross EarnedWritten Premiums

* '''GF'HKD'': GrandfatheredHong Kong Dollar

* '''GWP'HY'': Gross WrittenHigh PremiumsYield

* '''HKD'IFE'': HongInsurance KongFinance DollarExpenses

* '''IFE'IG'': Insurance FinanceInvestment ExpensesGrade

* '''IG'LATAM'': InvestmentLatin GradeAmerica

* '''JPY'LFL'': Japanese YenLike-for-Like

* '''LATAM'LTV'': Latin AmericaLoan-to-Value

* '''NA'NBV'': NorthNew Business AmericaValue

* '''NBV'NPS'': NewNet BusinessPromoter ValueScore

* '''NHG'OCI'': NationaleOther HypotheekComprehensive GarantieIncome

* '''NPS'PAA'': NetParticipating PromoterAccount ScoreAgreement

* '''OCI'PE'': Other ComprehensivePrivate IncomeEquity

* '''PAA'PVEP'': PremiumPresent Value of AllocationExpected ApproachProfits

* '''PE'PYD'': PrivatePrior Years' Reserve EquityDevelopment

* '''PYD'ROE'': Prior Years'Return Reserveon DevelopmentEquity

* '''RCG'SCR'': Reclassification ofSolvency Capital GainsRequirement

* '''ROE'SHE'': Return OnShareholders' Equity

* '''SCR'SME'': SolvencySmall and CapitalMedium-sized RequirementEnterprises

* '''UE'US'': UnderlyingUnited EarningsStates

* '''UEPS'VAT'': Underlying EarningsValue PerAdded ShareTax

* '''UK'VFA'': UnitedVariable Fee KingdomApproach