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

| document_typedocument_category = Analyst presentation

=== Full Year 2025 Earningsearnings Presentationpresentation ===

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

* '''Forward-looking statements''' include predictions, trends, plans, expectations, or objectives, specificallybased expectedon underlyingManagement's earningscurrent perviews shareand (UEPS) growth for 2026 provided as one-off guidance for the final year of the Group'ssubject strategicto planchange ^{p. 2}.

* '''RiskExpected UEPS factors'growth'' andfor uncertainties2026 thatis mayprovided affectas AXA'sone-off business are describedguidance in Partthe 5context of AXA'sthe Universalfinal Registrationyear Document forof the year endedGroup's Decembercurrent 31,strategic 2024plan ^{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 title''':divider 1slide for ''FY25 Highlights'', presented by Thomas Buberl, Group CEO ^{p. 4}.

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

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

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

** DividendShare proposalbuyback basedapproved onby the Board of Directors' recommendation on February 25, 2026, subjectexpected to approvalcommence atas thesoon Shareholders'as Annualreasonably Generalpracticable, Meetingsubject onto Aprilmarket 30, 2026conditions

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

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

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

* High organic growth of: +6% top 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

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

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

* '''Our right to win''' is supported by four keystrategic 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 thesestrong pillarsfoundations, providing confidence in sustaining earnings growth ^{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 earnings

| 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}.

===* ''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" | 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%

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

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

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

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

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

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

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

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

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

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

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

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

| style="text-align:right" | +4.9—

| style="text-align:right" | +2.7—

| style="text-align:left" | Unit-linkedLinked

| style="text-align:right" | +1.5—

| style="text-align:right" | +1.2—

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

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

| 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)'''

* '''PVEP''' was impacted by higher interest rates on discounting despite strong growth in Life volumes ^{p. 18}.

* '''NB CSM''' was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits ^{p. 18}.

* '''NBV''' wasbroadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France ^{p. 18}.

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

| style="text-align:left" | FY24 starting value

| style="text-align:left" | FY25 ending value

* '''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''' +7% LFL to EUR 3,501m (reported: EUR 3,323m in^{p. FY24)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'' contribution:+4% to EUR 2.6bn7bn in FY24 to(prior: EUR 2.7bn6bn) in FY25 (+4% vs^{p. FY24)20}

* '''Health segment'underlying earnings'' contribution:+17% to EUR 0.7bn8bn in FY24 to(prior: EUR 0.8bn7bn) in FY25 (+17% vs^{p. FY24)20}

* '''Short-term technical margin''' strong on underwriting and claims initiatives; more than offset legislative change on Mexico VAT recoverability of EUR -0.1bn ^{p. 20}

* '''Long-term results''' higher from CSM release increase of +8% on reserve base growth, favorable equity markets, and better margins ^{p. 20}

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

! class="col-s" style="text-align:right" | Prior yearFY24

! class="col-s" style="text-align:right" | Current yearFY25

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

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

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

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

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

|+ Underlying earnings per share (reportedbridge, basis)FY24 to FY25 ^{p. 21}

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

| style="text-align:left" | Prior yearFY24

| style="text-align:left" | CurrentEarnings yeargrowth

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

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

| style="text-align:left" | DilutionTemporary impactearnings dilution from AXA IM sale

* '''Underlying earnings''' driven by strong performance from insurance businessesdrivers:

===* (stacked bar) ''Shareholders' Equityequity'' Group ===share:

|+ Shareholders' equity and related metricsroll-forward ^{p. 22}

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

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

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

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

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

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

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

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

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

|+** Net''FY25'': cashEUR remittance7.5bn and Holding cash position bridgetotal ^{p. 23}

|+ 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''

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

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

|+ Key sensitivities of 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%

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

! style="text-align:left" | Solvency II ratio (pts)Event

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

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

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

* 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.

* '''SolvencyGrandfathering IIend revision'impact'' impact,on expectedJanuary to1, come into effect in 1Q27,2026 is estimated-10pts atto +17pts215% ^{p. 25}.

=== Thomas Buberl, Group CEO Conclusionconclusion ===

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

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

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

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

* '''FutureLaying outlookfoundations''' focused on laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

=== February 26, 2026 Q&A Full Year 2025 Earningsearnings ===

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

* '''Roadshows'Investor Relations contact'': March+33 1 40 in75 Europe48 and42; USinvestor.relations@axa.com ^{p. 29}

* '''1Q25Follow Activity Indicators'us'': May 5 in Pariswww.axa.com ^{p. 29}

*|+ '''AXAMeet Investorour Day''':management Septemberevent 21 in Londonschedule ^{p. 29}

* Section divider slidefor marking the beginning of the '''Appendices''' section ^{p. 30}.

** 1. '''DebtAdditional andP&C Invested Assets'disclosures'' ^{p. 3136}

** 2. ''Additional P&CIFRS17 disclosures'' ^{p. 3641}

** 3. Additional IFRS17 disclosures''Sustainability'' ^{p. 4144}

=== Gross financial debt and maturity breakdown as of December 31 st 31st, 2025 ===

**|+ '''FY25''':Gross EUR 20.3bn total (Tier 1: EUR 4.6bn; Tier 2: EUR 12.2bn; Seniorfinancial debt: EUR 3.5bn) ^{p. 32}

|+ FY25Economic Total General Account invested assetsmaturity breakdown ^{p. 3332}

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

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

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

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

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

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

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

| style="text-align: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 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" | % of total G/A¹ portfolio

| style="text-align:left" | Residential mortgagesMortgages

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

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

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

**|+ GovernmentFY25 bondsFixed &Income related:Reinvestment 32%asset (average rating: AA)mix ^{p. 35}

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

** '''2. Additional P&CIFRS17 disclosures''' (activeon page section)41 ^{p. 36}

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

|+ AXAFY25 XLGWP Insuranceby FY25line GWPof business ^{p. 37}

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

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

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

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

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

* NACovered Earthquake:via varying''Alternative retentionCapital between& EURCat 400m MX and EUR 600m NABonds'' ^{p. 39}

=== P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026 ===

|+ 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

* Earnings''More deviationsevere basis:years'' Groupresult underlyingin earningsa negative deviation to average Nat Cat charges in 2026ca. net40% of reinsurance, post-tax, in EUR billioncases ^{p. 40}.

* More''Less severe years'' (negativeresult in a positive deviation in ca. 4060% of cases) ^{p. 40}:.

* '''TableDebt ofand contentsInvested Assets''' section divider ^{p. 4131}:

** 1. Debt and''Additional InvestedP&C Assetsdisclosures'' ^{p. 3136}

** 2. ''Additional P&CIFRS17 disclosures'' ^{p. 3641}

** '''3. Additional IFRS17 disclosures'Sustainability'' ^{p. 4144}

=== P&C | Margin Analysisanalysis ===

|+ TechnicalP&C Margin,margin FY25analysis vsand FY24underlying earnings FY25 ^{p. 4342}

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

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

| style="text-align:right" | 4792,778

| style="text-align:right" | +60707

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

| style="text-align:right" | 172,416009

| style="text-align:right" | +10%115

| style="text-align:left" | Combined''Prior RatioYears' (allReserve yearDevelopment (PYD)''

| style="text-align:right" | 97.2%622

| style="text-align:right" | -0.1pts341

| style="text-align:left" | Long-term''Investment Technical MarginIncome''

| style="text-align:right" | 23,804988

| style="text-align:right" | +156435

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

| style="text-align:right" | 2-1,954358

| style="text-align:right" | +215-235

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

| style="text-align:right" | -1508,040

| style="text-align:right" | -58+681

|+ Investment IncomeTechnical and Insurancefinancial results in FinanceEuro Expensesmillion, nonpre-VFAtax ^{p. 43}

! style="text-align:left" | EURTechnical millionand Financial Results

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

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

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

|+ Underlying Earningsearnings walkbridge in Euro million ^{p. 43}

! style="text-align:left" | EURUnderlying millionEarnings

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

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

| style="text-align:left" | Affiliates, andMinority minoritiesinterests (including& other)Other

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

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

! class="col-s" style="text-align:right" | +50bps / +25%Impact

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

| style="text-align:left" | Interest raterates sensitivity+50bps

| style="text-align:left" | SovereignInterest spreadrates sensitivity-50bps

| style="text-align:left" | CorporateSovereign spreadspreads sensitivity-50bps

| style="text-align:left" | EquityCorporate sensitivityspread -50bps

| style="text-align:right" | +10.87

** 1. Debt and''Additional InvestedP&C Assetsdisclosures'' ^{p. 3136}

** 2. ''Additional P&CIFRS17 disclosures'' ^{p. 3641}

** 3. Additional IFRS17 disclosures''Sustainability'' ^{p. 4144}

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

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

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

| style="text-align:left" | GlobalClimate Investortransition financing

| class="col-m" style="text-align:right" | ClimateEUR transition5bn financingper year

| style="text-align:left" | GlobalCommunity Investorresilience financing

| style="text-align:left" | GlobalTransition Insurerunderwriting (cumulative 2024-2026)

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

| style="text-align:left" | GlobalClimate Insureradaptation solutions (cumulative 2024-2026)

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

| class="col-m" style="text-align:right" | >2019,000698 (cumulative 2024-20262025)

| style="text-align:left" | GlobalInclusive Insurerinsurance customers

| style="text-align:left" | CompanyClimate adaptation training

| class="col-m" style="text-align:right" | Employee>80,000 climateemployees trainingby 2026

| style="text-align:left" | CompanyCarbon emissions reduction

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

| class="col-m" style="text-align:right" | -5064% absoluteagainst carbon emissions by 20302019

| style="text-align:left" | CompanyEmployee volunteering

! 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 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}

=== February 26, 2026 Thank you Full Year 2025 Earningsearnings ===

* Concluding''Closing slide'' offor the AXA Full Year 2025 Earnings presentation, dated February 26, 2026 ^{p. 49}.

* '''AA''': S&PSenior bond rating from 'AA-' to 'AA+'

* '''AAA''': S&PSenior bond rating from 'AAA-' to 'AAA+'

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

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

* '''AI''': Artificial Intelligence

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

* '''AXA XL''': AXA XL,Corporate AXA's large propertySolutions and casualty and specialty riskXL divisionCatlin

* '''AY''': Accident Year

* '''BBA''': Business BackingBenefit-Bearing AnnuitiesAccount

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

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

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

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

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

* '''CY''': Calendar Year

* '''DPS''': DividendsDividend Per Share

* '''EME''': Emerging Markets

* '''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''': Foreign Exchange

* '''GAAP''': Generally Accepted Accounting Principles

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

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

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

* '''HY'HKD'': HighHong Kong YieldDollar

* '''IFE'HY'': Insurance FinanceHigh ExpensesYield

* '''JPY'IG'': JapaneseInvestment YenGrade

* '''LATAM'JPY'': LatinJapanese AmericaYen

* '''LFL'LATAM'': Like-for-LikeLatin America

* '''LTV'LFL'': LoanLike-tofor-ValueLike

* '''NA''': North America

* '''NB CSM''': New Business Contractual Service Margin

* '''NBV''': New Business Value

* '''NHG''': Nationale Hypotheek Garantie

* '''NPS''': Net Promoter Score

* '''OCI''': Other Comprehensive Income

* '''PAA''': PolicyholderParticipating AnnuityAccount AssetsAgreement

* '''PE''': Private Equity

* '''PVEP''': Present Value of Expected Profits

* '''PYD''': Prior Years' Reserve Development

* '''RCG''': ReclassificationReinsurance ofCapital GainsGeneration

* '''ROE''': Return on Equity

* '''SCR''': Solvency Capital Requirement

* '''SHE''': Shareholders' Equity

* '''SME''': Small and Medium-sized Enterprises

* '''TVOG''': Time Value of Options &and Guarantees

* '''UEPS''': Underlying Earnings Per Share

* '''UK''': United Kingdom

* '''US''': United States

* '''USD'VAT'': UnitedValue StatesAdded DollarTax

* '''VAT'VFA'': ValueVariable AddedFee TaxApproach