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 future events, trends, plans, expectations, or objectives based on Management's current views and subject to change ^{p. 2}.

* '''One-offExpected UEPS guidance'growth'' for 2026 is provided inas thisone-off presentation regarding expected underlying earnings per share (UEPS) growth for 2026guidance in the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* '''Risk factors''' and uncertainties that may affect AXA's business are described in Part 5 "Risk Factors and Risk Management" of AXA's 2024 Universal Registration Document ^{p. 2}.

* '''Alternative performance measures''' (APMs) used include "Underlyingunderlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.

* '''FY25 Highlights''' presented by Thomas Buberl, Group CEO [^{p. 3;, p.04]4}

* '''FY25 Business Performance''' presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology [^{p. 3;, p.09]9}

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

* '''Section divider''' slide for "1 ''FY25 Highlights"'', presented by Thomas Buberl, Group CEO ^{p. 4}.

{| class="wikitable fintable"

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

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

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

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

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

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

| style="text-align:left" | ShareholderDPS valuegrowth

| class="col-m" style="text-align:right" | +8% DPS growth and EUR 1.25bn annual share buyback

| style="text-align:left" | GrowthAnnual outlookshare buyback

| class="col-m" style="text-align:right" | Confident to deliver underlying EPS growth at the upper end of the 6%-8% target range forEUR 20261.25bn

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

! class="col-s" style="text-align:right" | Change (excluding AXA IM)

* 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

* '''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="col-m" style="text-align:rightleft" | %Region (share of total GWP¹)

| 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 (+67% LFL)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 (+69% LFL)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 (+49% LFL)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 (+136% LFL)to EUR 1.5bn

* '''UnderlyingGross earningswritten premiums''' +9% LFL(GWP) toreached EUR 5.9bn58bn ^{p. 11}.

* (piedonut) '''GWP mix''': EURRetail, 58bnAXA totalXL GWP,(Large split& across RetailSpecialty), SME & Mid-market, and— AXAshares XLnot (Large & Specialty)labeled ^{p. 11}.

** '''AXA XL''' GWP includes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

** '''Retail and SME & Mid-market''' strategic outlook:

*** '''2025''': Growing volumes while expanding margins ^{p. 11}.

*** '''Beyond 2025''': Investing to improve customer retention and expanding distribution footprint ^{p. 11}.

** '''AXA XL (Large & Specialty)''' strategic outlook:

*** '''2025''': Profitable growth with stable margins ^{p. 11}.

*** '''Beyond 2025''': Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}.

* (pie) '''GWPGross written mixpremiums''': EUR 57bn total (GWP,) splitreached betweenEUR Long-term and Short-term business57bn ^{p. 12}.

* (donut) '''UnderlyingGWP earnings'mix'': +7%Short-term LFLand toLong-term EURsegments 3.5bn— (reportedshares changenot at constant FX)labeled ^{p. 12}.

** '''Beyond 2025''': CapturingAccelerating savingsnet &flows retirementin opportunity,Savings sourcingat bestattractive asset management products for our customersmargins ^{p. 12}.

** '''Beyond 2025''': CapitalizingGrowing ontechnical demand for health & protectionresults while furtherabsorbing improvingMexico ourVAT marginsimpact ^{p. 12}.

** IncreasingFocus penetrationon ofcost Protection riders in Savings offeringsreduction ^{p. 12}.

** LeveragingIncreasing AIpenetration toof reduceProtection claimsriders leakagein &Savings improve customer outcomes in Healthofferings ^{p. 12}.

== FY25 Financial Performance ==

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

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

|+ 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" | Underwriting result (Volume growth)

| style="text-align:left" | Underwriting result (Margin improvement)

| style="text-align:left" | Financial result (Investment income)

| style="text-align:left" | Financial result (Insurance finance expenses)

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

|+ GWP &and other revenues and Netby flowsline, 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; font-weight:bold" | '''Total Net flows'''

| style="text-align:right" | —4.9

| style="text-align:right" | +21.72

|+ 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}.

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

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

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

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

* '''Short-term technical margin''': EUR 415m in FY24 to EUR 479m in FY25 ^{p. 20}.

* '''Long-term result'' incl. CSM release''': EUR 2,680m in FY24 to EUR 2,804m in FY25 ^{p. 20}.

* '''Financial result''': EUR 975m in FY24 to EUR 946m in FY25 ^{p. 20}.

* '''Tax & others''': -EUR -748m in FY24 to -EUR -728m in FY25 ^{p. 20}.

* '''Life segment''' underlying earnings'' increased+4% to EUR 2.7bn (+4% vs. FY24; FY24 wasprior: EUR 2.6bn) ^{p. 20}.

* '''Health segment''' underlying earnings'' increased+17% to EUR 0.8bn (+17% vs. FY24; FY24 wasprior: EUR 0.7bn) ^{p. 20}.

* '''Short-term technical margin''' strong, reflectingon underwriting and claims initiatives that; more than offset the impact of legislative change on theMexico VAT recoverability of value added tax in Mexico ofEUR -EUR 0.1bn ^{p. 20}.

* '''Long-term results''' higher from increase in CSM release (increase of +8%) reflecting growth inon reserve base growth, including from favorable equity market performancemarkets, and better margins ^{p. 20}.

|+ Earnings and net income breakdown FY24 vs FY25 ^{p. 21}

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

| 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" | Capitalo/w capital gains from AXA IM disposal

| style="text-align:right" | —-

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

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

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

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

! style="text-align:left" | Euro unless otherwise mentionedEUR

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

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

| style="text-align:left" | Earnings growth contribution

| style="text-align:left" | Capital management contribution

| style="text-align:left" | Forex impact

| style="text-align:left" | Temporary earnings dilution from AXA IM sale

* '''Underlying earnings''' driven by strong performance from insurance businesses ^{p. 21}drivers:

** '''HoldingStrong cost'''performance stable,from expectedinsurance to remain at current level in 2026businesses ^{p. 21}

** '''NetStable income'''holding increasecost, mainlyexpected reflectsto higherremain underlyingat earningscurrent andlevel thein gain from the sale of AXA IM2026 ^{p. 21}

** '''TemporaryHigher dilution''':net includesincome -1%mainly fromreflecting higher temporaryunderlying earnings dilutionand fromthe AXAgain IM sale due tofrom the timingsale of anti-dilutiveAXA share buybackIM ^{p. 21}

=== Shareholders' Equityequity ===

* '(stacked bar) ''Shareholders' equity''' (Group share) trends in EUR billion ^{p. 22}:

*** '''FY24'HY25'': EUR 4945.9bn5bn total (comprising SHE excl. OCI: EUR 5852.0bn;7bn and Net OCI: EUR -87.1bn2bn) ^{p. 22}

*** '''HY25'FY25'': EUR 4547.5bn2bn total (comprising SHE excl. OCI: EUR 5254.7bn;0bn and Net OCI: EUR -76.2bn8bn) ^{p. 22}

*** '''FY25'SHE (excl. OCI & undated subordinated debt)'': EUR 4753.2bn totalin (SHEFY24 excl. OCI:→ EUR 5447.0bn; Netin OCI:HY25 → EUR -649.8bn)4bn in FY25 ^{p. 22}

** '''SHE (excl. OCI & undated subordinatedDebt 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 → 2317.45% in HY25 → 2216.30% in FY25 ^{p. 22}

|+ NetShareholders' cashequity remittance and holding cash position bridgeroll-forward ^{p. 2322}

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

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

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

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

| style="text-align:right" | 749.19

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

| style="text-align:left" | ProceedsChange relatedin to in-forceNet treatiesOCI

| style="text-align:right" | 01.63

| style="text-align:right" | —0.4

| style="text-align:left" | '''Net cashincome remittancefor total'''the period

| style="text-align:right" | '''79.7'''8

| style="text-align:right" | '''7.5'''.9

| style="text-align:left" | Remittance ratioDividend

| style="text-align:right" | 82%-4.6

| style="text-align:right" | 82%-

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

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

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

! class="col-s" style="text-align:right" | Eligible Own Funds (EOF)

! class="col-s" style="text-align:right" | Solvency Capital Requirement (SCR)

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

* DividendProvision &for annual share buyback includes foreseeable dividends of -EUR 4.8bn and provision for annual2026 share buybackaccounted for 2026 of -EUR 1.25bn ^{p. 24}.

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

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

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

* 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 and impacts ^{p. 25}

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

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

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

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

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

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

* Revision 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 the same date.

* '''Grandfathering end impact''' on January 1, 2026 is -10pts, reducing the ratio to 215% ^{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 marking the beginning of 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}

**|+ '''FixedEconomic income''':maturity EUR 345bn (77%)breakdown ^{p. 3332}

|+ FixedInvested incomeassets reinvestmentbreakdown FY25 ^{p. 3533}

! class="col-s" style="text-align:right" | Reinvestment asset mixFY25

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

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

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

*=== '''Table of contents''' section divider ^{p. 36}:===

** 2. '''AdditionalDebt P&Cand disclosures'Invested Assets'' on page 31 ^{p. 36}

** 3. ''Additional IFRS17P&C disclosures'' on page 36 ^{p. 4136}

** 4.''Additional IFRS17 disclosures'' on page Sustainability41 ^{p. 4436}

{| class="wikitable fintable"

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

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

! class="col-ms" style="text-align:right" | Line of businessShare

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

| class="col-m" style="text-align:right; font-weight:bold" | 1935%

| style="text-align:left" | —Property

| class="col-m" style="text-align:right" | Casualty29%

| style="text-align:left" | —Specialty

| class="col-m" style="text-align:right" | Property19%

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

| class="col-m" style="text-align:right" | Specialty17%

| style="text-align:left" | —Americas

| class="col-m" style="text-align:right" | Professional lines (including Cyber)46%

| class="col-m" style="text-align:rightleft" | —Europe & APAC

| class="col-m" style="text-align:right" | —35%

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

! style="text-align:left" | Ratio%

| 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%

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

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

! class="col-s" style="text-align:right" | Capacity (EUR billion)Retention

! class="col-sm" style="text-align:right" | Retention (EUR)Capacity

| style="text-align:left" | OtherPer other perils

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

! style="text-align:left" | PercentileReturn period / probability percentile

! class="col-s" style="text-align:right" | Deviation (EUR billion)

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

| style="text-align:left" | FY252025

| style="text-align:left" | FY262026

|+* Table''Additional ofIFRS17 contents section navigationdisclosures'' ^{p. 41}

|+ P&C Marginmargin Analysisanalysis (pre-taxand unlessunderlying specifiedearnings otherwise)FY25 ^{p. 42}

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

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

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

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

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

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

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

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

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

|+* 2026e''Gross Insuranceearned Financepremiums'' Expenses+10% (pre-tax)to EUR 17,416m ^{p. 4243}.

|+ L&HTechnical Marginand Analysisfinancial (LFL)results in Euro million, pre-tax ^{p. 43}

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

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

| style="text-align:left" | CSMInvestment releaseIncome (non-VFA only)

| style="text-align:left" | AverageInsurance assetsFinance Expenses (non-VFA only)

|-}

|<div style="textoverflow-alignx:rightauto" | —>

|! style="text-align:rightleft" | 2.5%Underlying Earnings

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

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

| style="text-align:left" | Affiliates, andMinority otherinterests & Other

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

! style="text-align:left" | CSM Sensitivity

! class="col-s" style="text-align:right" | Impact (EUR billion)

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

| 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 menu ^{p. 44}:===

** 2.''Debt Additionaland P&CInvested disclosuresAssets'' ^{p. 3631}

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

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

|+ AXA's ESG ratings and scores ^{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 in Dow Jones Best-in-Class Europe & World indices

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

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

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

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

* The Corporate Sustainability Assessment (CSA) ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more preciselyspecifically AXA Restricted Shares);, with results as of February 6th, 2026 ^{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 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''' scope 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 consolidated,and contributingcontribute 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 consolidated,and contributingcontributes 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 (which are fully consolidated), and Asian joint ventures (equitywhich methodare 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''' earningsEarnings presentation concluding slide, dated February 26, 2026 ^{p. 49}.

* '''AA''': SenioritySenior bond rating

* '''AAA''': SenioritySenior bond rating

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

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

* '''AI''': Artificial Intelligence

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

* '''AXA UK'IM'': AXA UnitedInvestment KingdomManagers

* '''AXA XL''': AXA XLCorporate (AXA's large propertySolutions and casualty and specialty riskXL division)Catlin

* '''AY''': Accident Year

* '''BBA''': Beneficial BusinessBenefit-Bearing AcquisitionAccount

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

* '''CLO''': Collateralized Loan Obligation

* '''CRE''': Commercial Real Estate

* '''CSA''': Corporate Sustainability Assessment

* '''CSM''': Contractual Service Margin

* '''CY''': Calendar Year

* '''DPS''': Dividend Per Share

* '''EME''': Europe, MiddleEmerging EastMarkets

* '''EOF''': Eligible Own Funds

* '''EPS''': Earnings Per Share

* '''ESG''': Environmental, Social, and Governance

* '''EU'ESMA'': European UnionSecurities and Markets Authority

* '''EUR'EU'': EuroEuropean Union

* '''FX'EUR'': Foreign ExchangeEuro

* '''GEP'GBP'': GrossGreat EarnedBritish PremiumPound

* '''GWP'GEP'': Gross WrittenEarned PremiumsPremium

* '''HKD'GWP'': HongGross KongWritten DollarPremiums

* '''IFE'HKD'': InsuranceHong FinanceKong ExpensesDollar

* '''IG'IFE'': InvestmentInsurance Finance GradeExpenses

* '''LATAM'IG'': LatinInvestment AmericaGrade

* '''LFL'JPY'': Like-for-LikeJapanese Yen

* '''LTV'LATAM'': Loan-to-ValueLatin America

* '''NA'LTV'': North AmericaLoan-to-Value

* '''NBV'NA'': New BusinessNorth ValueAmerica

* '''NPS'NBV'': NetNew PromoterBusiness ScoreValue

* '''OCI'NHG'': OtherNationale ComprehensiveHypotheek IncomeGarantie

* '''PAA'NPS'': ProportionateNet AmortizationPromoter ApproachScore

* '''PE'OCI'': PrivateOther Comprehensive EquityIncome

* '''PVEP'PAA'': Present Value ofParticipating ExpectedAccount ProfitsAgreement

* '''RCG'PVEP'': ReplicatingPresent Value of CoreExpected GrowthProfits

* '''ROE'PYD'': ReturnPrior Years' onReserve EquityDevelopment

* '''SCR'RCG'': SolvencyReinsurance Capital RequirementGeneration

* '''SHE'ROE'': Shareholders'Return on Equity

* '''SME'SCR'': Small andSolvency Medium-sizedCapital EnterprisesRequirement

* '''US'UEPS'': UnitedUnderlying Earnings Per StatesShare

* '''USD'UK'': United States DollarKingdom

* '''VAT'US'': Value AddedUnited TaxStates