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

| document_typedocument_category = Analyst presentation

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

* '''Forward-looking statements''' disclaimer coversinclude predictions, planstrends, targetsplans, and expectations, specificallyor notingobjectives thatbased statements regarding expectedon Management'''underlyings earningscurrent perviews shareand (UEPS)''' growth for 2026 are forward-looking statements providing one-off guidance for the final year of the Group's currentsubject strategicto planchange ^{p. 2}.

* '''APMAlternative reconciliations'performance measures'' are(APMs) providedused ininclude AXA's"underlying Activityearnings", ReportUEPS as("underlying ofearnings Decemberper 31share"), 2025,"underlying underreturn theon headingequity", "Usecombined of non-GAAPratio", and alternative"debt performance measuresgearing" ^{p. 2}.

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

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

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

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

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

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

| style="text-align:left" | Dividend per shareDPS growth

| style="text-align:left" | ShareAnnual share buyback

| style="text-align:left" | Underlying EPS growth targetoutlook for 2026

| style="text-align:right" | 6%Upper toend of 6%-8% (uppertarget end)range

* TopHigh lineorganic growth: +6% attop constantline scope and FXgrowth, well balanced across lines: (P&C: +5%, Life: +9%, Health: +5%)

* MarginRecord profitability: Further margin expansion in P&C and L&H,; alongsideimprovement efficiencyin improvementsefficiency

* BusinessScaling scalingthe supportedbusiness: by continuedContinued investments in growth and technology

* EarningsConsistent earnings growth remained consistent while enhancing reserve prudence

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

* '''Secular trends''' fuel 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 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 thesestrong pillarsfoundations, providing confidence in sustaining earnings growth ^{p. 8}

== FY25 Business Performance ==

* '''Premium growth basis''': change for gross written premiums is at constant scope and FX ^{p. 10}.

* '''Earnings growth basis''': change for underlying earnings is at constant FX ^{p. 10}.

* '''Total GWP definition''': FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers ^{p. 10}.

|+ BusinessGross performancewritten premiums and underlying earnings by region FY25 ^{p. 10}

! style="text-align:left" | Region (share of total GWP¹)

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

| style="text-align:left" | ''Europe'' (38% of total GWP¹)

| style="text-align:left" | ''AXA XL'' (17% of total GWP¹)

| style="text-align:left" | ''Asia, Africa & EME-LATAM'' (18% of total GWP¹)

* (donut) '''Gross written premiums''' (GWP): reached EUR 58bn total; segments include Retail, AXA XL (Large & Specialty), and SME & Mid-market (shares not labeled) ^{p. 11}.

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

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

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

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

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

* (donut) '''Gross written premiums''' (GWP): reached EUR 57bn total, split by Short-term and Long-term segments (shares not labeled) ^{p. 12}.

* (donut) '''UnderlyingGWP earnings'mix'': +7%Short-term LFLand toLong-term EURsegments 3.5bn— shares not 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 segment, FY24 vs FY25 ^{p. 14}

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

| style="text-align:left; font-weight:bold" | Total GWP & other revenues

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

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

* Growth supported by alternative capital ^{p. 14}.

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

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

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

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

* Expense ratio improved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}

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

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

| style="text-align:left" | Underwriting result¹ (volumeVolume growth)

| style="text-align:left" | Underwriting result¹ (marginMargin improvement)

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

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

* Underlying earnings grew +9% at constant FX to EUR 5,872m ^{p. 16}.

* Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}.

* Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}.

* Insurance finance expenses increasedimpacted fromby higher unwind of discount of claims reserves, in line with guidance ^{p. 16}.

* Forex impact was unfavorable, notably due to USD depreciation vs. EUR ^{p. 16}.

|+ GWP & Other Revenues and Netother Flowsrevenues 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" | '''Employee Benefits GWP & Other Revenues'''

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

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

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

|+ PVEP, NBtrend CSM,by NBV, and NBV marginsegment, 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)'''

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

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

* ''NBV'' broadly 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

* ''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}

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

* '''Health underlying earnings''' (o/w Health) grew+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 of 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 bridgebreakdown FY24 tovs FY25 (in EUR billion) ^{p. 21}

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

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

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

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

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

| style="text-align:left; padding-left:1.5em" | ''o/w capital gains from AXA IM disposal''

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

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

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

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

|+ Shareholders'Underlying equityearnings (Groupper share) andbridge, otherFY24 metricsto FY25 ^{p. 2221}

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

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

| style="text-align:left" | Shareholders' equity (total)FY24

| style="text-align:right" | 493.959

| style="text-align:left" | SHEEarnings (excl. OCI)growth

| style="text-align:right" | 58.0+6%

| style="text-align:left" | NetCapital OCImanagement

| style="text-align:right" | -8.1+3%

| style="text-align:left" | SHE (excl. OCI & undated subordinated debt)Forex

| style="text-align:right" | 53.-2%

| style="text-align:left" | DebtTemporary gearingearnings dilution from AXA IM sale

| style="text-align:right" | 20.6-1%

| style="text-align:left" | Underlying ROEFY25

| style="text-align:right" | 153.2%86

|+ Shareholders' equity roll-forward (in Euro billion) ^{p. 22}

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

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

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

* '(bar) ''Net cash remittance''' increased to EUR 7.5bn in FY25 ^{p. 23}trend:

** (bar) '''Net cash remittance trend'FY24'': FY24 EUR 7.7bn (total, comprising EUR 7.1bn ordinary remittance and EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe) → FY25 EUR 7.5bn ^{p. 23}

** '''Remittance ratio'FY25'' remained stable at 82% in FY24 and 82% in FY25, based on ordinary cash remittance of EUR 7.1bn in FY24 and: EUR 7.5bn in FY25total ^{p. 23}

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

! style="text-align:left" | FY24EUR Cash positionbillion

! class="col-s" style="text-align:right" | 4.0—

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

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

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

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

! class="col-s" style="text-align:right" | Impact (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 evolutionimpacts ^{p. 25}

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

! class="col-ms" 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" | -10pts to 215%10

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

* No change is expected in organic capital generation ^{p. 25}.

* Provides additional capital flexibility ^{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}.

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

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

* '''Follow us''' on: www.axa.com and social media channels ^{p. 29}

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

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

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

* '''Additional IFRS17 disclosures''' ^{p. 41}

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

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

|+ Invested assets (100%)breakdown in Euro billionFY25 ^{p. 33}

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

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

| style="text-align:left" | ''o/w Other fixed income¹''

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

| style="text-align:left" | '''Infrastructure equity'''

| style="text-align:left" | '''Listed equities²'''

| style="text-align:left" | '''Private equity and hedge funds³'''

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

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

| style="text-align:left" | '''Total Insurance Invested Assets⁴'Assets''

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

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

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

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

| style="text-align:right" | - Strong diversification with EUR 8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation

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

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

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

* '''General Account''' (G/A) refersrepresents tothe Generalinvestment Accountportfolio ^{p. 34}.

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

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

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

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

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

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

* '''Cycle management''' is utilized to deliver consistent profitability ^{p. 37}:

** (bubble chart) '''Profitability vs Ex-price growth (%)'Property'': showshigh relativeprofitability, positioninghigh ofex-price key linesgrowth ^{p. 37}:

*** '''Property'Specialty'': medium-high profitability, medium-high ex-price growth ^{p. 37}

*** '''Specialty'Casualty'': moderate-highmedium profitability, moderatemedium ex-price growth ^{p. 37}

*** '''Casualty'Professional lines'': moderatelower profitability, moderatelower ex-price growth ^{p. 37}

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

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

| 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:right" | 198%

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

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

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

| 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:right" | 234%

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

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

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

{| class="wikitable fintable"

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

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

| class="col-s" style="text-align:right" | EUR 4.0bn600m

| class="col-s" style="text-align:right" | EUR 600m4.0bn

| class="col-s" style="text-align:right" | EUR 2.1bn450m

| class="col-s" style="text-align:right" | EUR 450m2.1bn

| class="col-s" style="text-align:right" | EUR 2.1bn400m

| class="col-s" style="text-align:right" | EUR 400m2.1bn

| class="col-s" style="text-align:right" | EUR 1.2bn600m

| class="col-s" style="text-align:right" | EUR 600m1.2bn

| class="col-s" style="text-align:right" | EUR 1.2bn600m

| class="col-s" style="text-align:right" | EUR 600m1.2bn

| class="col-s" style="text-align:right" | —400m

| class="col-s" style="text-align:right" | EURVaries by peril 400mtype

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

|+ 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

* '''EarningsLess deviation'severe years'' fromresult averagein Nata Catpositive chargesdeviation in 2026ca. (net60% of reinsurance, post-tax) shows asymmetric distributioncases ^{p. 40}:.

{| class="wikitable fintable"

|+ P&C Underlyingmargin Earningsanalysis Bridgeand underlying earnings FY25 ^{p. 42}

! style="text-align:left" | MetricEUR million

| style="text-align:left" | '''UnderlyingCurrent earningsAccident beforeYear tax'Undiscounted Technical Margin''

| style="text-align:left" | '''Current accidentAccident yearYear discounting'Discounting''

| style="text-align:left" | '''Prior yearsYears' reserveReserve developmentDevelopment (PYD)'''

| style="text-align:left" | '''Investment income'Income''

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

|+ FY25Technical sensitivityand tofinancial currentresults accidentin yearEuro discountmillion, rate changespre-tax ^{p. 4243}

! style="text-align:left" | ChangeTechnical inand discountFinancial rateResults

! class="col-s" style="text-align:right" | Impact (EUR billion)FY25

| style="text-align:left" | +25bpsShort-term Technical Margin

| style="text-align:right" | +0.2479

| style="text-align:left" | Long-25bpsterm Technical Margin

| style="text-align:right" | -0.2,804

{| class="wikitable fintable"

|+ SensitivityUnderlying ofearnings 2026e insurance finance expenses to changesbridge in 2025 current AYEuro discountmillion ^{p. 4243}

! style="text-align:left" | ChangeUnderlying in 2025 current AY discountEarnings

! class="col-s" style="text-align:right" | Impact (EUR million)FY25

| style="text-align:left" | +25bpsUnderlying Earnings before tax

| class="col-s" style="text-align:right" | ~-504,229

| style="text-align:left" | -25bpsTax

| class="col-s" style="text-align:right" | ~+50-800

* '''TechnicalUnderlying result''' andearnings growth'''Financial result'''+7% componentsversus sumFY24 to underlying earningsat beforeconstant taxFX ^{p. 4243}.

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

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

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

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

|+ ESG Targetstargets and 2025 Resultsachievements ^{p. 45}

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

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

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

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

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

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

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

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

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

|+ ESG Ratings and Scoresratings ^{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

* '''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; and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.

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

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

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

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

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

* '''Accounting standards''': Unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 standards (effective January 1, 2023); figures prior to 2023 have not been restated and are presented under IFRS4 ^{p. 47}.

* '''Capital-light G/A products''': encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ^{p. 48}

* '''Contractual Service Margin (CSM)''': a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}

* '''CSM release''': a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ^{p. 48}

* '''Economic variance''': corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}

* '''Financial result''': consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ^{p. 48}

* '''Gross Written Premiums and Other Revenues (GWP & Other Revenues)''': represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}

* '''New Business Value (NBV)''': the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 48}

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

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

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

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

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

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

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

* '''AA''': Senior bond rating

* '''AAA''': Senior bond rating

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

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

* '''APM'AMF'': AlternativeAutorité des Performancemarchés Measuresfinanciers

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

* '''AXA XL'IM'': AXA XL (AXA's large property & casualty and specialty riskInvestment division)Managers

* '''BBA'AY'': Business ByAccident AccountYear

* '''CDP'BBA'': Carbon DisclosureBenefit-Bearing ProjectAccount

* '''CLO'CDP'': CollateralizedCarbon LoanDisclosure ObligationProject

* '''CRE'CLO'': CommercialCollateralized RealLoan EstateObligation

* '''CSA'CRE'': CorporateCommercial SustainabilityReal AssessmentEstate

* '''CY'CSM'': CalendarContractual Service YearMargin

* '''EME'CY'': Europe, MiddleCalendar EastYear

* '''EOF'DPS'': EligibleDividend OwnPer FundsShare

* '''EPS'EME'': Earnings PerEmerging ShareMarkets

* '''EU'EPS'': EuropeanEarnings Per UnionShare

* '''FX'EU'': ForeignEuropean ExchangeUnion

* '''GBP'FX'': Great BritishForeign PoundExchange

* '''GWP'GBP'': GrossGreat WrittenBritish PremiumsPound

* '''HKD'GEP'': HongGross KongEarned DollarPremium

* '''HY'GWP'': HighGross Written YieldPremiums

* '''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'': PremiumNet AllocationPromoter ApproachScore

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

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

* '''RCG'PVEP'': RecurringPresent Value of CapitalExpected GainProfits

* '''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

* '''VAT'UK'': Value AddedUnited TaxKingdom

* '''VFA'US'': Variable FeeUnited ApproachStates