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

| document_typedocument_category = Analyst presentation

* ''AXA '''Full Year 2025''' earnings presentation delivered on February 26, 2026 ^{p. 1}.

* '''Forward-looking statements''' include predictions of or indicate future events, trends, plans, expectations, or objectives based on Management's current views and subject to change ^{p. 2}.

** Statements regarding expected '''underlyingExpected earningsUEPS per share'growth'' (UEPS) growth for 2026 are forward-looking statementsis toprovided provideas one-off guidance in the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

** Readers''Risk factors'' and uncertainties that may affect AXA's business shouldare referdescribed toin Part 5 "Risk Factors and Risk Management" of AXA's 2024 Universal Registration Document for the year ended December 31, 2024 for a description of important factors, risks, and uncertainties ^{p. 2}.

* '''Non-GAAPAlternative financialperformance measures''' or(APMs) alternativeused performanceinclude measures"underlying (APMs)earnings", areUEPS used("underlying byearnings Managementper toshare"), "underlying analyzereturn operatingon trendsequity", financial"combined performanceratio", and financial"debt positiongearing" ^{p. 2}.

** APMs includeare "underlyingdefined earnings",under UEPSESMA ("underlyingguidelines earningsand perthe share")AMF's 2015 position statement, "underlyingwith returnreconciliations onprovided equity",in "combinedAXA's ratio", and2025 "debtActivity gearing"Report ^{p. 2}.

* '''FY25 Highlights''' presented by Thomas Buberl, Group CEO ^{p. 043, 4}

* '''FY25 Business Performance''' presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 093, 9}

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

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

{| class="wikitable fintable"

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

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

| class="col-s" style="text-align:right" | +6% vs. FY24

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

| class="col-s" style="text-align:right" | +8% vs. FY24

| class="col-s" style="text-align:right" | 16%

| class="col-s" style="text-align:right" | 224%

| style="text-align:left" | ShareholderUnderlying valueEPS deliveryoutlook for 2026

| class="col-s" style="text-align:right" | +8%Upper DPSend growthof and EUR 1.25bn annual6%-8% sharetarget buybackrange

* Dividend proposedproposal bybased AXA'son Board of Directors' recommendation on February 25, 2026, subject to approval by the Shareholders' Annual General Meeting approval on April 30, 2026

* Share buyback approved by AXA'sthe Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable, subject to market conditions

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

* EarningsConsistent earnings growth remains consistent while enhancing reserve prudence

|+ BusinessGross mixwritten bypremium split (FY25, grossexcluding writtenAXA premiumIM splitand holdings) ^{p. 7}

* '''Secular trends''' fuel demand across businesses, driven by protection gaps and emerging corporate risks, as well alongsideas demographics driving demand for private retirement and healthcare.

* '''Our right to win''' is supported by four strategic pillars:

* '''Strategic pillars''' established to lay the foundation for the next plan ^{p. 8}:

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

** '''Driving efficiency''' across operations ^{p. 8}

** '''Enhancing capital'' allocation''' discipline ^{p. 8}

** '''Building resilience''' across the business ^{p. 8}

* '''Earnings growth''' outlook supported by strong foundations, providing confidence in sustaining performanceearnings growth ^{p. 8}.

== FY25 Business Performance ==

{| class="wikitable fintable"

|+ KeyGross financialwritten metricspremiums 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" | 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 mixincludes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

|* ''Underlying earnings'' +7% GWPLFL mixto andEUR Underlying3.5bn earnings(change FY25 vs. FY24 at constant FX) ^{p. 12}.

=== FY25 Financialfinancial Performanceperformance ===

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

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

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

|+ Combined ratio componentsbridge, 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%

* '''Undiscounted CY loss ratio''' (ex Nat Cat) improved from:

** 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}

* '''Expense ratio''' improved 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}

* '''Prior year reserve development''' shows lower reliance, taking advantage of a good year to enhance reserve prudence ^{p. 15}

* '''Underlying earnings''' grew +9% at constant FX to EUR 5,872m.

* '''Underwriting result''' improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence.

* '''Investment income''' increased reflecting higher volumes and better reinvestment yields on fixed income assets.

* '''Insurance finance expenses''' impacted by higher unwind of discount of claims reserves, in line with guidance.

* '''Forex impact''' was unfavorable, notably due to USD depreciation vs. EUR.

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

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

| style="text-align:left" | '''Health GWP & other revenues'''

| style="text-align:left" | '''TotalEmployee netBenefits flows'''GWP

|+ PVEP, NBtrend CSM,by and NBVsegment, FY24 vs FY25 ^{p. 18}

| 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:left" | '''NBV (post-tax)'''

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

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

* '''Normalized CSM''' up by +2% LFL, 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}

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

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

* '''Underlying earnings''' +7% LFL to EUR 3,501m ^{p. 20}

* '''FY24 components''': Short-term technical margin'': EUR 415m; Long-termin resultFY24 incl. CSM releaseto EUR 2,680m;479m Financialin resultFY25 EUR^{p. 975m; Tax & others -EUR 748m.20}

* '''FY25 components''': Short-term technical margin EUR 479m; Long-term result'' incl. CSM release: EUR 2,804m;680m Financialin resultFY24 to EUR 946m;2,804m Taxin &FY25 others^{p. -EUR 728m.20}

* '''LifeFinancial segment'result'' underlying earnings: EUR 2.7bn975m (+4% vs.in FY24; FY24:to EUR 2.6bn)946m in FY25 ^{p. 20}

* '''HealthTax & segmentothers''' underlying earnings: EUR 0.8bn-748m (+17% vs.in FY24; FY24:to EUR 0.7bn)-728m in FY25 ^{p. 20}

|+ Earnings byand segment,net income breakdown FY24 vs FY25 ^{p. 21}

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

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

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

| style="text-align:left; padding-left:1.5em" | Financialo/w capital gains from flowsAXA (includingIM RCG)disposal

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

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

|+ Underlying earnings per share driversbridge, FY24 to FY25 ^{p. 21}

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

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

* '''Underlying earnings''' driven by strong performance from insurance businesses.drivers:

* (barChange chart)is '''Underlyingat earningsconstant perFX share'''for (inunderlying Euro,earnings reportedand basis):net EURincome; 3.59change inis FY24on toa EURreported 3.86basis infor FY25underlying (+8%)earnings per share ^{p. 21}

=== Shareholders' Equityequity ===

** '''FY24'HY25'': EUR 4945.9bn5bn total (comprising SHE excl. OCI of EUR 5852.0bn7bn and Net OCI of EUR -87.1bn2bn) ^{p. 22}

** '''HY25'FY25'': EUR 4547.5bn2bn total (comprising SHE excl. OCI of EUR 5254.7bn0bn and Net OCI of EUR -76.2bn8bn) ^{p. 22}

** '''FY25'SHE (excl. OCI & undated subordinated debt)'': EUR 4753.2bn totalin (comprisingFY24 SHE excl. OCI of→ EUR 5447.0bn andin NetHY25 OCI of→ EUR -649.8bn)4bn in FY25 ^{p. 22}

* '''SHEDebt (excl. OCI & undated subordinated debt)'gearing'': EUR 5320.2bn6% in FY24; EUR→ 4723.0bn4% in HY25; EUR→ 4922.4bn3% in FY25 ^{p. 22}

* '''DebtUnderlying gearing'ROE'': 2015.62% in FY24; 23→ 17.45% in HY25; 22→ 16.30% in FY25 ^{p. 22}

|+ NetShareholders' Cashequity Remittanceroll-forward ^{p. 2322}

! class="col-s" style="text-align:right" | FY24 to FY25

! class="col-s" style="text-align:right" | HY25 to FY25

| style="text-align:left" | Net''Opening CashShareholders' Remittanceequity''

| style="text-align:right" | 749.79

| style="text-align:right" | 745.5

| style="text-align:left" | OrdinaryChange cashin remittanceNet OCI

| style="text-align:right" | 7.1.3

| style="text-align:right" | 70.54

| style="text-align:left" | ProceedsNet relatedincome tofor in-forcethe treatiesperiod

| style="text-align:right" | 09.68

| style="text-align:right" | —5.9

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

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

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

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

|+ Solvency IIKey sensitivities (impactof onSolvency 224% baseII ratio 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%

* Euro Sovereignsovereign spreads +50bpssensitivity assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve, applied on sovereign and quasi-sovereign exposures ^{p. 24}

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

|+ Solvency II ratio evolutionimpacts ^{p. 25}

! style="text-align:left" | Solvency II ratioEvent

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

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

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

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

| style="text-align:left" | Solvency II revision impact (estimated)to come into effect in 1Q27

| style="text-align:right" | +17pts17

* ¹ Estimated 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.

* '''SolvencyGrandfathering IIend revision'impact'' impacton toJanuary come1, into effect in 1Q272026 is estimated-10pts atto +17pts¹215% ^{p. 25}.

* '''Conclusion'Section divider'' presentedfor 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}.

* '''BusinessAll performancebusinesses''' shows all businesses in excellent shape, delivering strong growth and profitability ^{p. 27}.

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

* '''StrategicLaying outlookfoundations''' focused on 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}.

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

* '''Follow us''': www.axa.com ^{p. 29}

**|+ '''JuneMeet 2''':our BNPmanagement Paribasevent Exane CEO Conference (Paris)schedule ^{p. 29}

* Section divider slidefor introducing the '''Appendices''' section ^{p. 30}.

* '''AdditionalDebt IFRS17and disclosures'Invested Assets'' ^{p. 4131}

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

**|+ '''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 assetsbreakdown ^{p. 3332}

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

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

| 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 assets and private credit assets 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" | Residential mortgagesMortgages

| style="text-align:left" | Mid-marketMarket lending

| style="text-align:left" | Other assets

| style="text-align:left; font-weight:bold" | ''Total structured assetsStructured and privatePrivate creditCredit assetsAssets''

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

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

=== Investment portfolio | Fixed Incomeincome reinvestment ===

|+ FY25 Fixed incomeIncome reinvestmentReinvestment asset mix and yield, FY25 ^{p. 35}

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

! class="col-s" style="text-align:right" | Reinvestment asset mixShare

* Fixed income reinvestment totaled EUR 57bn in FY25 ^{p. 35}

* Reinvestment durationyield averagedachieved at 3.9% yearson EUR 57bn fixed income ^{p. 35}

* '''TableDebt ofand contents'Invested Assets'' sectionon page divider31 ^{p. 36}:

** 1.''Additional P&C Debtdisclosures'' andon Investedpage Assets36 ^{p. 3136}

** 2. '''Additional P&CIFRS17 disclosures''' on page 41 ^{p. 36}

** 3.''Sustainability'' Additionalon IFRS17page disclosures44 ^{p. 4136}

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

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

|-}

|+ Claims and Technicaltechnical reserves ratioratios ^{p. 38}

! class="col-s" style="text-align:right" | Claims reserves ratio (IFRS4)FY18

! class="col-s" style="text-align:right" | Claims reserves ratio (IFRS17)FY19

! class="col-s" style="text-align:right" | Technical reserves ratio (IFRS4)FY20

! class="col-s" style="text-align:right" | Technical reserves ratio (IFRS17)FY21

| style="text-align:left" | FY18Claims reserves ratio (IFRS4 basis)

| style="text-align:left" | FY20Claims reserves ratio (IFRS17 basis)

| style="text-align:right" | 227195

| style="text-align:right" | 234180

| style="text-align:left" | FY23Technical reserves ratio (IFRS4 basis)

| style="text-align:left" | FY24Technical reserves ratio (IFRS17 basis)

* Technical reserves includedefinition includes net undiscounted claims reserves and unearned premium reserves ^{p. 38}.

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

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

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

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

**|+ '''1/20yGroup (95thunderlying percentile)''':earnings EURdeviation -1.2bnto average Nat Cat charges in 2026 ^{p. 40}

**|+ 2.Average expected Nat Cat charges net Additionalof P&Creinsurance, disclosurespre-tax ^{p. 3640}

|+ P&C margin analysis, FY25and vsunderlying FY24earnings FY25 ^{p. 42}

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

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

| style="text-align:left" | Undiscounted''Current technicalAccident marginYear (currentUndiscounted accidentTechnical year)Margin''

| style="text-align:left" | Discounting''Current (currentAccident accidentYear year)Discounting''

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

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

| style="text-align:left" | Average''Insurance assetsFinance (FY25)Expenses''

| style="text-align:left" | Reserves''Underlying atEarnings locked-inbefore rate (FY24)tax''

| style="text-align:left" | Affiliates, minorityMinority interests & otherOther

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

|+* Discount''Discounting rateratio'' sensitivity-3.5% of FY25 current accident(+0.0pt yearin netCombined reserveRatio discountingpoints) ^{p. 42}

|+ L&HTechnical marginand analysis,financial FY25results vsin Euro million, FY24pre-tax ^{p. 43}

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

! class="col-ms" style="text-align:right" | FY25

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

| style="text-align:left" | '''Short-term Technical Margin'''

| style="text-align:left" | GrossLong-term earnedTechnical premiumsMargin

| style="text-align:left" | '''Investment Income (non-VFA only)'''

| style="text-align:left" | '''Insurance Finance Expenses (non-VFA only)'''

|<div style="textoverflow-alignx:rightauto" | 62bn (FY24)>

|! class="col-s" style="text-align:leftright" | Liability book yieldFY25

|! class="col-s" style="text-align:right" | 2.5%Change

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

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

| style="text-align:left" | Affiliates, minorityMinority interests & otherOther

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

|+ Life & Health FY25 CSM Keykey Sensitivitiessensitivities in Euro billion ^{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

*=== '''Table of contents''' navigation:===

** 2. '''AdditionalDebt P&Cand disclosures'Invested Assets'' ^{p. 3631}

** 3. '''Additional IFRS17P&C disclosures''' ^{p. 4136}

** 4. '''Sustainability'Additional IFRS17 disclosures'' ^{p. 4441}

|+ AXAESG fortargets Progressand Index performance dashboardachievements ^{p. 45}

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

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

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

| style="text-align:left" | —Community resilience financing

| style="text-align:left" | AsTransition aunderwriting Global(cumulative Insurer2024-2026)

| class="col-m" style="text-align:right" | TransitionEUR underwriting6bn in P&C GWP

| style="text-align:left" | —Climate adaptation solutions (cumulative 2024-2026)

| class="col-m" style="text-align:right" | Climate adaptation solutions>20,000

| style="text-align:left" | —Inclusive insurance customers

| class="col-m" style="text-align:right" | Inclusive>20m insuranceby 2026

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

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

| style="text-align:left" | —Carbon emissions reduction

| class="col-m" style="text-align:right" | Net-Zero50% contributionby 2030

| class="col-m" style="text-align:right" | -5064% byagainst 2030 in absolute carbon emissions and offset of residual emissions2019

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

| class="col-m" style="text-align:right" | Employee50% volunteeringof employees by 2026

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

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

| 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

* '''FTSEMorningstar Sustainalytics Russell'rating'': 2025 scoreESG wasRisk 4Rating of 17.3/50 in– FTSE4GoodLow Index Seriesrisk ^{p. 46}.

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

* '''Europe''' scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxembourgLuxemburg (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''' scope includes:

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (allwhich 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, contributingand 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) (allwhich are fully consolidated) ^{p. 47}.

** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (allwhich are fully consolidated);, as well as Russia (Reso) (insurance activities) (which is consolidated under the equity method, contributingand contributes only to 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 (allwhich are fully consolidated), and Asian joint ventures (which are consolidated under the equity method) ^{p. 47}.

* '''Accounting standards''' note: unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 standards (effective January 1, 2023); periodsfigures 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 closing slide, dated February 26, 2026 ^{p. 49}.

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

* '''AAA''': Senior Securedbond rating

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

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

* '''AI''': Artificial Intelligence

* '''AXA IM'APAC'': AXA Investment ManagersAsia-Pacific

* '''BBA'AXA IM'': Benefits-BasedAXA Investment AnnuitiesManagers

* '''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'': Europe, Middle East,Contractual andService AfricaMargin

* '''EOF'CY'': Eligible OwnCalendar FundsYear

* '''EPS'DPS'': EarningsDividend Per Share

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

* '''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

* '''RCG'NPS'': RealizedNet CapitalPromoter GainsScore

* '''ROE'OCI'': ReturnOther onComprehensive EquityIncome

* '''SCR'PAA'': SolvencyParticipating CapitalAccount RequirementAgreement

* '''SHE'PE'': Shareholders'Private Equity

* '''UK'ROE'': UnitedReturn on KingdomEquity

* '''US'SCR'': UnitedSolvency Capital StatesRequirement

* '''USD'SHE'': United StatesShareholders' DollarEquity

* '''VAT'SME'': ValueSmall and AddedMedium-sized TaxEnterprises

* '''VFA'TVOG'': VariableTime Value of Options Feeand ApproachGuarantees