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

| document_typedocument_category = Analyst presentation

* ''AXA Full Year 2025'' Earningsearnings Presentation,presentation delivered datedon February 26, 2026 ^{p. 1}.

* '''Forward-looking statements''' areinclude subjectpredictions, totrends, known and unknown risksplans, uncertaintiesexpectations, andor otherobjectives factorsbased outsideon AXAManagement's controlcurrent views and subject to change ^{p. 2}.

* Expected '''underlyingExpected earningsUEPS per sharegrowth''' (UEPS) growth for 2026 is provided as one-off guidance in the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* '''FY25 Highlights''' presented by Thomas Buberl, Group CEO ^{p. 3, 4}.

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

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

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

*|+ '''ReturnKey onfinancial equity''' (ROE) 16% forhighlights, FY25 ^{p. 5}.

! class="col-s" style="text-align:right" | LFLChange change(constant FX)

* TopHigh lineorganic growth: +6% LFLtop line growth, well balanced across lines with (P&C: +5%, Life: +9%, and Health: +5%)

* Record profitability: driven by furtherFurther margin expansion in P&C and L&H, alongside; improvement in efficiency

* Scaling the business: through continuedContinued investments in growth and technology

* Consistent earnings growth achieved while enhancing reserve prudence

|+ BusinessGross mixwritten bypremium split (FY25, grossexcluding writtenAXA premiumIM splitand 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 and healthcare

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

** '''EnhancingDriving capital'efficiency'' allocationacross disciplineoperations ^{p. 8}

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

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

== FY25 Business Performance ==

{| class="wikitable fintable"

|+ Gross written premiums and underlying earnings by region 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" | GWPUnderlying LFL changeearnings

| 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" | +67% 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" | +69% 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" | +49% 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" | +136% to EUR 1.5bn

* (pie) '''GWPGross written mixpremiums''': EUR 58bn (GWP) total,reached splitEUR by Retail, SME & Mid-market, and AXA XL (Large & Specialty)58bn ^{p. 11}.

** (donut) '''AXAGWP XL'mix'': segment includesRetail, AXA XL Re(Large premiums& ofSpecialty), EURSME 2.6bn& Mid-market — shares not labeled ^{p. 11}.

** '''UnderlyingAXA earnings'''XL +9%GWP atincludes constantAXA FXXL toRe premiums of EUR 52.9bn6bn ^{p. 11}.

** '''Beyond 2025''': InvestingGrowing tovolumes improve customer retention &while expanding distribution footprintmargins ^{p. 11}.

** '''Beyond 2025''': Capitalizing on attractiveProfitable growth opportunitieswith andstable continued cycle managementmargins ^{p. 11}.

** HigherContinued investmentprogress incomeon efficiency ^{p. 11}.

** DataHigher &investment AI to further enhance customer experience & technical excellenceincome ^{p. 11}.

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

=== FY25 Financialfinancial Performanceperformance ===

* ''Section divider3'': slideFY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

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

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

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

| style="text-align:right" | 35.8—

| style="text-align:right" | 2.4—

| style="text-align:right" | 18.3—

* '''Commercial lines drivers''': Continued pricing momentum and volume growth in Mid-market and SME; growingGrowing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}

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

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

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

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

| style="text-align:right" | 67.4%

| style="text-align:right" | 67.0%

| style="text-align:right" | 25.0%

| style="text-align:right" | 24.8%

| style="text-align:right" | 3.8%

| style="text-align:right" | 3.4%

| style="text-align:right" | -1.6%

| style="text-align:right" | -1.1%

| style="text-align:right" | -3.6%

| style="text-align:right" | -3.5%

| 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%

** '''Loss ratio drivers''': Better undiscounted current year loss ratio excluding Nat Cat from marginMargin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment, and stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}

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

* (waterfall) '''Underlying earnings''' grew +9% at constant FX to EUR 5,872m (FY24: EUR 5,510m) ^{p. 16}:

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

| style="text-align:left" | '''Life''' GWP

| style="text-align:left; padding-left:1.5em" | o/w EmployeeHealth BenefitsGWP

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

| style="text-align:right; font-weight:bold" | +1.5

| style="text-align:right; font-weight:bold" | +5.4

| 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 linesegment, FY24 vs FY25 ^{p. 18}

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

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

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

* '''Normalized CSM''' up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}

* '''Economic variance''' reflecting government spreads tightening and positive equity market returns ^{p. 19}

* '''Operating variance''' driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland ^{p. 19}

* '''FX impact''' mainly from JPY and HKD depreciation ^{p. 19}

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

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

| style="text-align:left" | Short-term technical margin change

| style="text-align:left" | Long-term result incl. CSM release change

| style="text-align:left" | Financial result change

| style="text-align:left" | Tax, FX and others change

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

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

* '''Life underlyingLong-term earnings'result'' +4%incl. LFLCSM torelease: EUR 2.7bn,680m in (FY24: to EUR 2.6bn),804m in FY25 ^{p. 20}

* '''Health underlyingFinancial earnings'result'': +17%EUR LFL975m in FY24 to EUR 0.8bn946m (FY24: EURin 0.7bn)FY25 ^{p. 20}

* (waterfall) '''UnderlyingTax & earnings'others'': +7%EUR -748m LFLin FY24 to EUR 3,501m-728m (FY24:in EUR 3,323m)FY25 ^{p. 20}:

|+ UnderlyingEarnings earningsand bynet segment,income breakdown FY24 vs FY25 ^{p. 21}

! class="col-s" style="text-align:right" | Change (constant FX)

| style="text-align:left; fontpadding-weightleft:bold1.5em" | Totalo/w underlyingcapital earningsgains from AXA IM disposal

| style="text-align:right; font-weight:bold" | 8.1-

| style="text-align:right; font-weight:bold" | 8+2.42

| style="text-align:right; font-weight:bold" | +6%—

|+ Underlying EPSearnings growthper driversshare bridge, FY24 vsto FY25 ^{p. 21}

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

! class="col-s" style="text-align:right" | ImpactUnderlying onearnings EPSper growthshare

** '''AXAStrong IMperformance disposal''':from capitalinsurance gains of EUR +2.2bn (FY24: nil)businesses ^{p. 21}

** '''FinancialStable flows''':holding EURcost, -0.7bnexpected includingto realizedremain capitalat gainscurrent (FY24:level EURin +0.3bn)2026 ^{p. 21}

* '''Net income''': EUR 9.8bn (+26% constant FX; FY24drivers: EUR 7.9bn) ^{p. 21}

** '''HoldingLower costs''':financial Stableflows holdingreflecting cost,unfavorable expectedforex to remain at current level in 2026impact ^{p. 21}

* '''NetChange incomeis drivers''':at Higherconstant netFX income mainly reflecting higherfor underlying earnings and thenet gainincome; fromchange theis saleon ofa AXAreported IM,basis partlyfor offsetunderlying by lower financial flows reflecting unfavorableearnings forexper impactshare ^{p. 21}

* '(bar) ''Underlying EPS'earnings per share'' (In Euro): EUR 3.8659 (+8% reported basis;in FY24: to EUR 3.5986 in FY25 (+8%) ^{p. 21}

=== Shareholders' Equityequity ===

|+** Shareholders''HY25'': equityEUR and45.5bn total (comprising SHE metricsexcl. OCI EUR 52.7bn and Net OCI EUR -7.2bn) ^{p. 22}

|+ Shareholders' equity bridge, FY24 to FY25 vs HY25 to FY25roll-forward ^{p. 22}

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

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

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

| style="text-align:left" | Net income for the period

| 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 SHEShareholders' equity''

|+** Net''FY25'': CashEUR Remittance7.5bn total ^{p. 23}

|+ Holding cash position bridge FY24 to FY25 in Euro billion ^{p. 23}

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

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

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

| style="text-align:left" | Holding costs includingand interest expenses

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

! class="col-s" style="text-align:right" | Eligible Own FundsEOF

! class="col-s" style="text-align:right" | Solvency Capital RequirementSCR

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

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

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

|+ Solvency II ratio and impacts ^{p. 25}

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

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

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

| style="text-align:left" | Grandfathering end impact on January 1, 2026

| style="text-align:right" | -10pts10

| style="text-align:left" | Solvency II ratiorevision afterimpact grandfatheringto come into effect in 1Q27

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

* AdditionalNo change is expected in organic capital flexibilitygeneration.

* '''PresentationSection section'divider'' introducedfor the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

* '''Record results''' deliveredachieved 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}.

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

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

**|+ JulyMeet 31:our HY26management Earningsevent Release in Parisschedule ^{p. 29}

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

* '''AdditionalDebt IFRS17and disclosuresInvested Assets''' p.41 ^{p. 31}

* ''Additional P&C disclosures'Sustainability''' p.44 ^{p. 3136}

**|+ '''FY24''':Gross EUR 19.2bn total (Tier 1: EUR 4.8bn, Tier 2: EUR 10.8bn, Seniorfinancial debt: EUR 3.5bn) ^{p. 32}

|+ TotalEconomic Generalmaturity Account invested assets in FY25breakdown ^{p. 3332}

! 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" | '''Total Insurance Invested Assets'''

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

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

=== Structured and Privateprivate Creditcredit assets ===

|+ Structured and Privateprivate Creditcredit Assetsassets breakdown FY25 ^{p. 34}

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

! class="col-s" style="text-align:right" | % of total G/A portfolioFY25

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

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

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

|+ FY25 Fixed Income Reinvestment asset mix ^{p. 35}

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

! style="text-align:left" | —Fixed Income Type

* Fixed income reinvestment oftotaled EUR 57bn investedin at 3.9% with an average duration of 9 yearsFY25 ^{p. 35}

* '''AdditionalDebt IFRS17and disclosuresInvested Assets''' featured on page 4131 ^{p. 36}

* ''Additional P&C disclosures'Sustainability''' featured on page 4436 ^{p. 36}

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

! style="text-align:left" | —Line of business

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

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

*|+ CycleProfitability managementvs activeEx-price togrowth deliver consistent profitability(%) ^{p. 37}

=== P&C | Focus on Reservesreserves ===

|+ Claims and technical reserves ratio, IFRS4 vs IFRS17ratios ^{p. 38}

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

| style="text-align:right" | 179%

| style="text-align:right" | 185%

| style="text-align:right" | 193%

| style="text-align:right" | 188%

| style="text-align:right" | 189%

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

| style="text-align:right" | 198%

| style="text-align:right" | 195%

| style="text-align:right" | 180%

| style="text-align:right" | 175%

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

| style="text-align:right" | 213%

| style="text-align:right" | 227%

| style="text-align:right" | 233%

| style="text-align:right" | 226%

| style="text-align:right" | 227%

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

| style="text-align:right" | 234%

| style="text-align:right" | 232%

| style="text-align:right" | 216%

| style="text-align:right" | 210%

=== P&C | 2026 Simplified Group Nat Cat Reinsurancereinsurance Programprogram 1 ===

|+ Insurance segment capacityoccurrence and retentionprotection ^{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" | —400m

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

* (diagram)Covered '''Reinsurancevia segment''' protected via Alternative Capital & Cat Bonds'' ^{p. 39}

|+ EarningsGroup underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}

! style="text-align:left" | EURReturn billionperiod / probability percentile

! class="col-s" style="text-align:right" | EarningsEUR 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="wikitable fintable"

|+ ExpectedAverage expected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}

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

! class="col-s" style="text-align:right" | 2025EUR billion

! class="col-s" style="text-align:right" | 2026Estimated impact on GEP

| style="text-align:left" | Expected Nat Cat charges2026

| class="col-s" style="text-align:right" | 2.67

| class="col-s" style="text-align:right" | 2ca. 4.75%

* '''AdditionalDebt IFRS17and disclosuresInvested Assets''' is the active section (p.41) ^{p. 4131}

** '''DebtAdditional andIFRS17 Invested Assetsdisclosures''' (p.31) ^{p. 41}

** ''Sustainability'Additional P&C disclosures''' (p.36) ^{p. 4144}

|+ P&C IFRS17margin disclosuresanalysis and underlying 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" | Underlying''Current earningsAccident beforeYear taxUndiscounted Technical Margin''

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

! class="col-s" style="text-align:rightleft" | Technical and Financial result (pre-tax)Results

| style="text-align:left" | InvestmentShort-term incomeTechnical Margin

| style="text-align:right" | 3,988479

| style="text-align:left" | AverageLong-term assetsTechnical Margin

| style="text-align:right" | 115bn2,804

| style="text-align:left" | AssetInvestment bookIncome yield(non-VFA only)

| style="text-align:right" | 3.5%2,484

| style="text-align:left" | ReinvestmentInsurance yieldFinance Expenses (non-VFA only)

| style="text-align:right" | 4.3%-1,538

! class="col-s" style="text-align:rightleft" | EURUnderlying billionEarnings

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

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

| style="text-align:left" | Underlying earningsEarnings

* ''Underlying earnings upgrowth'' +7% versus FY24 at constant FX ^{p. 43}.

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

| style="text-align:right" | +0.6

| style="text-align:right" | +1.9

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

| style="text-align:right" | +1.8

** '''Debt and Invested Assets''' (p.31) ^{p. 4431}

** '''Additional P&C disclosures''' (p.36) ^{p. 4436}

** '''Additional IFRS17 disclosures''' (p.41) ^{p. 4441}

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

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

| style="text-align:left" | Transition underwriting support(cumulative 2024-2026)

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

| style="text-align:left" | Climate adaptation solutions &(cumulative services2024-2026)

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

| style="text-align:left" | EmployeesClimate trainedadaptation on climate adaptationtraining

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

| style="text-align:left" | Absolute carbonCarbon emissions reduction

| class="col-m" style="text-align:right" | -50% by 2030 and offset of residual emissions

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

| style="text-align:left" | Employee volunteering engagement

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

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

! 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

| 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

* '''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}.

** '''Africa''': Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) which are fully consolidated ^{p. 47}.

** '''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 ^{p. 47}.

** '''AXA Mediterranean Holdings''' ^{p. 47}.

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

* '''AXA Investment Managers''' (until July 1, 2025): scope includes AXA Investment Managers, Select (previously referred to as Architas), and Capza which are fully consolidated, and Asian joint ventures which are consolidated under the equity method ^{p. 47}.

* '''Accounting standards''': unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 accounting standards (effective January 1, 2023); figures prior to 2023 have not been restated and are presented under IFRS4 ^{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 Value' (NBV)'': the value of newly issued contracts during the current year;. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 48}

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

* '''New Business Value margin' (NBV margin)'': ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 48}

* '''Operating variance''': the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes;. Operating variance is net of reinsurance ^{p. 48}

* '''Present value of expected premiums' (PVEP)'': the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term;. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}

* '''Technical experience''': consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses ^{p. 48}

* '''Underlying return on in-force''': represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance ^{p. 48}

* ''Closing slide'' for the AXA Full Year 2025 Earnings presentation, concluded ondated February 26, 2026 ^{p. 49}.

* '''AA''': RatingSenior bond rating

* '''AAA''': RatingSenior bond rating

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

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

* '''AY'APAC'': Accident YearAsia-Pacific

* '''BBA'AXA IM'': Benefit-BearingAXA Investment AssetsManagers

* '''CLO'AY'': Collateralized LoanAccident ObligationYear

* '''CRE'BBA'': Commercial RealBenefit-Bearing EstateAccount

* '''CSA'CDP'': CorporateCarbon SustainabilityDisclosure AssessmentProject

* '''CSM'CLO'': ContractualCollateralized ServiceLoan MarginObligation

* '''CY'CRE'': CurrentCommercial Real YearEstate

* '''DPS'CSA'': DividendCorporate PerSustainability ShareAssessment

* '''EME'CSM'': EmergingContractual Service MarketsMargin

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

* '''EU'EME'': EuropeanEmerging UnionMarkets

* '''EUR'EOF'': EuroEligible Own Funds

* '''FX'EPS'': ForeignEarnings Per ExchangeShare

* '''GWP'EU'': Gross WrittenEuropean PremiumsUnion

* '''HKD'EUR'': Hong Kong DollarEuro

* '''HY'FX'': HighForeign YieldExchange

* '''IG'GEP'': InvestmentGross Earned GradePremium

* '''JPY'GWP'': JapaneseGross Written YenPremiums

* '''LATAM'HKD'': LatinHong Kong AmericaDollar

* '''LFL'HY'': Like-for-LikeHigh Yield

* '''LTV'IFE'': Loan-to-ValueInsurance Finance Expenses

* '''NA'IG'': NorthInvestment AmericaGrade

* '''NBV'LATAM'': New BusinessLatin ValueAmerica

* '''NPS'LTV'': Net Promoter ScoreLoan-to-Value

* '''PAA'NA'': Premium AllocationNorth ApproachAmerica

* '''PVEP'NBV'': PresentNew Business Value of Expected Profits

* '''PYD'NHG'': Prior Years'Nationale ReserveHypotheek DevelopmentGarantie

* '''ROE'NPS'': ReturnNet OnPromoter EquityScore

* '''SHE'OCI'': Shareholders'Other Comprehensive EquityIncome

* '''UEPS'PVEP'': UnderlyingPresent Value Earningsof PerExpected ShareProfits

* '''UK'PYD'': UnitedPrior Years' Reserve KingdomDevelopment

* '''US'RCG'': UnitedReinsurance Capital StatesGeneration

* '''USD'ROE'': UnitedReturn Stateson DollarEquity

* '''VAT'SCR'': ValueSolvency AddedCapital TaxRequirement

* '''VFA'SHE'': Variable FeeShareholders' ApproachEquity