|
''This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).''
* [Chart/image description:] AXA Logo is in the top left corner <sup>p. 1</sup>.
== Press release ==
* The report was released in Paris on, February 26th, 2026, at (6:45 am45am CET) <sup>p. 1</sup>.
== Full Year 2025 Earnings ==
'''AXA reports record results with underlying EPS growth at the top end of the target range'''
==== Key FY25 highlights ====
* ''Gross written premiums & other revenues'' were EUR 116bn, +6% vs. FY24 <sup>p. 1</sup>.
* ''Underlying earnings'' were EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM <sup>p. 1</sup>.
* ''Underlying earnings per share'' were EUR 3.86, +8% vs. FY24 <sup>p. 1</sup>.
** This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback following the sale of AXA IM <sup>p. 1</sup>.
* ''Solvency II ratio'' was 224% at December 31, 2025, +9 points vs. FY24 <sup>p. 1</sup>.
** The ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period <sup>p. 1</sup>.
* ''Dividend'' of EUR 2.32 per share, +8% vs. FY24 <sup>p. 1</sup>.
* An ''annual share buyback program'' of up to EUR 1.25bn was launched <sup>p. 1</sup>.
* ''Completion of EUR 3.8bn additional share buyback'' related to the AXA IM disposal, executed between July 2, 2025, and January 20, 2026 <sup>p. 1</sup>.
* ''Underlying earnings per share growth'' for 2026 is expected to be at the upper end of the 6-8% plan target range <sup>p. 1</sup>.
* ''Expected impact of Solvency II revision'' is +17 points <sup>p. 1</sup>.
* AXA will present its ''new strategic plan for 2027–2029'' on September 21, 2026 <sup>p. 1</sup>.
* ''Gross written premiums & other revenues'' at EUR 116bn, +6% vs. FY24 (comparable basis: constant forex, scope, and methodology) <sup>p. 1</sup>
<blockquote>"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
* ''Underlying earnings'' at EUR 8.4bn, +6% vs. FY24 <sup>p. 1</sup>
** Excluding AXA IM, underlying earnings +9% (at constant foreign exchange rates) <sup>p. 1</sup>
* ''Underlying earnings per share'' at EUR 3.86, +8% vs. FY24 <sup>p. 1</sup>
** Includes -2% headwind from foreign exchange movements. <sup>p. 1</sup>
** Includes -1% temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback. <sup>p. 1</sup>
** The share buyback related to AXA IM disposal commenced on July 2, 2025, and ended on January 20, 2026. <sup>p. 1</sup>
* ''Solvency II ratio'' at 224% as of December 31, 2025, +9 points vs. FY24 <sup>p. 1</sup>
** Solvency II ratio at 215% on January 1, 2026, reflecting the end of the grandfathering period for capital instruments and subordinated debt. <sup>p. 1</sup>
==== Capital Management ====
<blockquote>"Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level." <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
* ''Dividend'' of EUR 2.32 per share, +8% vs. FY24 (subject to shareholder approval on April 30, 2026) <sup>p. 1</sup>
* Launch of an ''annual share buyback program'' of up to EUR 1.25bn (approved February 25, 2026, expected to commence soon, subject to market conditions) <sup>p. 1</sup>
* ''Completion of EUR 3.8bn additional share buyback'' related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026 <sup>p. 1</sup>
==== Outlook ====
* ''Underlying earnings per share growth'' for 2026 expected to be at the upper end of the 6-8% plan target range. <sup>p. 1</sup>
* Expected impact of ''Solvency II revision'' at +17 points (estimated based on SCR and capital as of January 1, 2026, assuming revision effective then). <sup>p. 1</sup>
* AXA will present its ''new strategic plan for 2027-2029'' on September 21, 2026. <sup>p. 1</sup>
<blockquote>"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
<blockquote>"Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level." <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
<blockquote>"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
== FY25 key highlights ==
{{Indexing|FY25 key highlights: gross written premiums & other revenues <sup>p. 2</sup>|Gross written premiums, underlyingother earningsrevenues, netProperty income& Casualty, SolvencyLife II& ratioHealth, Asset Management|wpkf9ycgxf|3pjfj4g9uvlht8rybaqk|kind=table|order=1}}
<div style="overflow-x:auto">
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at comparable basis
|-
| style="text-align:left" | Gross written premiums & other revenues (1)
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
| style="text-align:right" | n.m.
| style="text-align:right" | n.m.
|}
</div>
{{Indexing|FY25 key highlights: underlying earnings and net income <sup>p. 2</sup>|Underlying earnings, net income|y30gelxv10|kind=table|order=2}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | Underlying earnings (2)
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
| style="text-align:right" | +24%
| style="text-align:right" | +26%
|}
</div>
{{Indexing|FY25 key highlights: solvency II ratio <sup>p. 2</sup>|Solvency II ratio|2k28wtsk07|kind=table|order=3}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
|-
| style="text-align:left" | —Solvency II ratio (%) (5)
| style="text-align:right" | FY24
| style="text-align:right" | FY25
| style="text-align:right" | Change on a reported basis
| style="text-align:right" | —
|-
| style="text-align:left" | Solvency II ratio (%)
| style="text-align:right" | 216%
| style="text-align:right" | 224%
| style="text-align:right" | +9 pts
| style="text-align:right" | —
|}
</div>
== Activity indicators ==
* ''Total gross written premiums and other revenues'' were up +6% <sup>p. 2</sup>.
** ''Property & Casualty'' +5% <sup>p. 2</sup>.
*** ''Commercial lines'' +4%, from higher volumes at(notably AXA XL Insurance) and favorable price effects across all geographies. <sup>p. 2</sup>.
*** ''Personal lines'' +7%, driven by favorable price effects and strong growth in net new contracts in France, Europe, and Asia & EME-LATAM. <sup>p. 2</sup>.
*** ''AXA XL Reinsurance'' +8%, with growth supported by alternative capital. <sup>p. 2</sup>.
** ''Life & Health'' +8% <sup>p. 2</sup>.
*** ''Life premiums'' +9% <sup>p. 2</sup>.
**** ''Protection'' +11%, from strong sales in Hong Kong, Switzerland, and Japan. <sup>p. 2</sup>.
**** ''Unit-Linked'' +13%, from higher volumes across all geographies. <sup>p. 2</sup>.
**** ''G/A'' +4%, from continued momentum in Italy and France. <sup>p. 2</sup>.
*** ''Health premiums'' +5%, driven by price effects in all geographies. <sup>p. 2</sup>.
== Earnings ==
* ''Underlying earnings'' increased by +6% to EUR 8.4bn, or +9% excluding AXA IM <sup>p. 2</sup>.
** Excluding AXA IM, underlying earnings +9%. <sup>p. 2</sup>
** ''Property & Casualty'' +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income <sup>p. 2</sup>.
** ''LifeProperty & HealthCasualty'' +79%, from improvedhigher short-termvolumes, technicalunderwriting resultsmargin in Health & Protectionexpansion, and higherincreased earningsfinancial inresult long-termdue business,to includinghigher earlyinvestment benefits of business rejuvenation strategyincome. <sup>p. 2</sup>.
** ''Life & Health'' +7%, from improved short-term technical results in Health & Protection and higher earnings in long-term business. <sup>p. 2</sup>
** ''Holdings'' underlying earnings remained broadly stable at EUR -1.2bn <sup>p. 2</sup>.
** ''Asset ManagementHoldings'' underlying earnings decreasedremained bystable at EUR 0-1.2bn due to the disposal of AXA IM on July 1, 2025. <sup>p. 2</sup>.
** ''UnderlyingAsset earnings per shareManagement'' increasedunderlying earnings decreased by 8%EUR 0.2bn due to EURthe 3disposal of AXA IM on July 1, 2025.86 <sup>p. 2</sup>.
* ''Underlying earnings per share'' +8% to EUR 3.86 <sup>p. 2</sup>
** This was mainly driven by the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt <sup>p. 2</sup>.
** Also impactedDriven by shareincreased underlying buybacksearnings (+36%), including the annual program and thedecreased anti-dilutiveinterest buybackexpense fromon theundated AXAand IMdeeply-subordinated saledebt. <sup>p. 2</sup>.
** Impact of share buybacks (+3%), including annual and anti-dilutive buybacks. <sup>p. 2</sup>
** Partially offset by unfavorable foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%) <sup>p. 2</sup>.
** ThePartially saleoffset ofby AXAunfavorable IMforeign resultedexchange inrate a ''temporary dilution of underlying earnings per share''movements (-12%), mainly due to theU.S. timingdollar ofdepreciation against the associated share buybackEuro. <sup>p. 2</sup>.
* ''NetThe income''sale increasedof byAXA 26%IM toresulted EURin 9.8bn,a reflecting''temporary increaseddilution of underlying earnings andper significantlyshare'' positive(-1%) exceptionaldue items, particularlyto the gaintiming fromof the saleassociated ofshare AXA IMbuyback. <sup>p. 2</sup>.
* ''Net income'' +26% to EUR 9.8bn, reflecting increased underlying earnings and significant positive exceptional items, including the gain from the sale of AXA IM. <sup>p. 2</sup>
* [Chart/image description:] AXA logo in the top-left corner <sup>p. 2</sup>.
== Balance sheet ==
* ''Shareholders' equity'' was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024. <sup>p. 3</sup>.
** Positive contributions from ''net income'' (EUR +9.8bn) and ''net OCI'' (EUR +1.3bn) were more than offset by the FY24 dividend paid (EUR -4.6bn), share buybacks in 2025 (EUR -4.7bn, including EUR 3.5bn anti-dilutive buyback for AXA IM sale), and an unfavorable foreign exchange impact (EUR -3.5bn) due to U.S. dollar depreciation: <sup>p. 3</sup>.
*** FY24 ''CSMdividend paid'' was (EUR 33.3bn at December 31, 2025, down EUR 0-4.6bn vs). December 31, 2024 <sup>p. 3</sup>.
*** New''Share businessbuybacks'' contributionexecuted (EURin +2.2bn) and underlying return on in-force2025 (EUR +1-4.3bn7bn), moreincluding thanthe offset CSM release (EUR -3.0bn),5bn resultinganti-dilutive inbuyback +2%for normalizedAXA growthIM in CSMsale. <sup>p. 3</sup>.
*** Favorable market conditions (EUR +0.6bn) from tightening government spreads and positive equity market performance were more than offset by unfavorableUnfavorable ''foreign exchange impactsimpact'' (EUR -13.5bn), mainly from Japanese yen and Hong KongU.S. dollar depreciation, and a negative operating variance (EUR -0.3bn) <sup>p. 3</sup>.
* ''Solvency II ratioCSM'' was 224%EUR as33.3bn ofat December 31, 2025, updown +9EUR points0.6bn vs. December 31, 2024. <sup>p. 3</sup>.
** ''New business contribution'' (EUR +2.2bn) and ''underlying return on in-force'' (EUR +1.3bn) offset ''CSM release'' (EUR -3.0bn), resulting in +2% normalized growth. <sup>p. 3</sup>
** This was driven by a strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets (+4 points) <sup>p. 3</sup>.
** Partly''Market offsetconditions'' byhad thea netfavorable impact of acquisitions (NobisEUR and Prima+0.6bn), anddriven theby disposaltightening ofgovernment AXAspreads IMand includingpositive theequity EURmarket 3performance.8bn share buyback (-5 points) <sup>p. 3</sup>.
** This was offset by ''unfavorable foreign exchange impacts'' (EUR -1.5bn), mainly from Japanese yen and Hong Kong dollar depreciation, and a ''negative operating variance'' (EUR -0.3bn). <sup>p. 3</sup>
* As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a ''-10 point decrease in Solvency II ratio'' to 215% <sup>p. 3</sup>.
* The Group estimates the ''Solvency II revisionratio'' (effectivewas Q1224% 2027)as wouldof resultDecember in31, a2025, +179 pointpoints increasevs. toDecember the31, current Solvency II ratio2024. <sup>p. 3</sup>.
** ''Operating return'' (+28 points) net of dividend provision and annual share buyback (-24 points). <sup>p. 3</sup>
* ''Underlying return on equity'' was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity <sup>p. 3</sup>.
** ''DebtPositive impact from gearing''net wassubordinated 22.3%debt asissuance'' of December 31, 2025, up 1.7(+6 points vs). December 31, 2024 <sup>p. 3</sup>.
** Favorable impacts from ''financial markets'' (+4 points). <sup>p. 3</sup>
** This was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) <sup>p. 3</sup>.
** ThePartially Groupoffset by ''snet debtimpact gearingof wasacquisitions'' in(Nobis lineand withPrima) itsand 19-23%AXA planIM guidancedisposal forincluding 2024EUR 3.8bn share buyback (-20265 points). <sup>p. 3</sup>.
* As of January 1, 2026, ''Cash atgrandfathered Holdingdebt'' amountedno tolonger EUR 5.6bnqualified as ofeligible Decemberown 31funds, 2025,resulting upin EURa 1.6bn-10 vs.point Decemberdecrease 31,in 2024Solvency II ratio to 215%. <sup>p. 3</sup>.
** ThisThe reflectsGroup organicestimates cashthe remittance''Solvency fromII subsidiariesrevision'' of(effective EURQ1 7.5bn,2027) upwould EURincrease 0.4bnthe vs.current DecemberSolvency 31,II 2024ratio by +17 points. <sup>p. 3</sup>.
* ''Underlying return on equity'' was 16.0% as of December 31, 2025, +0.8 point vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity. <sup>p. 3</sup>
* [Chart/image description:] AXA logo in the top-left corner <sup>p. 3</sup>.
* ''Debt gearing'' was 22.3% as of December 31, 2025, +1.7 points vs. December 31, 2024. <sup>p. 3</sup>
** Driven by lower shareholders' equity and CSM, and issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn). <sup>p. 3</sup>
** Partially offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). <sup>p. 3</sup>
** Debt gearing was in line with the 19-23% plan guidance for 2024-2026. <sup>p. 3</sup>
* ''Cash at Holding'' amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024. <sup>p. 3</sup>
** Reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024. <sup>p. 3</sup>
== Capital management and outlook ==
'''Capital management'''
* A ''dividend of EUR 2.32 per share'' (+8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. <sup>p. 4</sup>.
** The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. <sup>p. 4</sup>.
* AXA's Board of Directors approved an ''annual share buyback program for up to EUR 1.25bn'' on February 25, 2026. <sup>p. 4</sup>.
** AXA intends to cancel all shares repurchased under this program. <sup>p. 4</sup>.
** The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end. <sup>p. 4</sup>.
'''Outlook'''
* AXA is confident in achieving its main financial targets for itsthe 2024-2026 'Unlock the Future' plan. <sup>p. 4</sup>.
** This confidence is underpinnedUnderpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. <sup>p. 4</sup>.
* In ''P&C Retail and SME & Mid-market'', pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions. <sup>p. 4</sup>.
* At ''AXA XL'', pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. <sup>p. 4</sup>.
* The Group guidance for ''normalized natural catastrophe load'' remains at approximately 4.5 points of combined ratio for 2026. <sup>p. 4</sup>.
* In ''Life & Health'', earnings growth is expected to be driven by thefrom short-term business, reflectingdue to disciplined pricing and claims management initiatives. <sup>p. 4</sup>.
* The strategy to rejuvenate sales in the long-term business, coupled withand improved persistency, should continue to generate positive net flows, drivingand drive CSM growth over time. <sup>p. 4</sup>.
* ''Holdings results'' in 2026 are expected to remain at abe similar level as into 2025. <sup>p. 4</sup>.
* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist: <sup>p. 4</sup>.
** ''Underlying earnings per share growth'' at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026. <sup>p. 4</sup>.
** ''Underlying return on equity'' between 14% and 16% betweenfor 2024 and -2026E. <sup>p. 4</sup>.
** ''Cumulative organic cash upstream'' in excess of EUR 21bn for 2024-2026E. <sup>p. 4</sup>.
* The Group is committed to its ''capital management policy'', targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. <sup>p. 4</sup>.
** The proposed ''dividend per share'' inComprising a given60% yeardividend ispayout expectedratio toand bean atadditional least15% equalfrom to the dividend perannual share paid in the prior yearbuybacks. <sup>p. 4</sup>.
** The proposed dividend per share in a given year is expected to be at least equal to the prior year's dividend per share. <sup>p. 4</sup>
== Property & Casualty ==
{{Indexing|Property & Casualty: keygross figureswritten premiums and other revenues <sup>p. 5</sup>|Gross written premiums, earnings,other combined ratiorevenues, Commercial lines, Personal lines, AXA XL Reinsurance|cos78e4bvi|wpkf9ycgxf|y30gelxv10lht8rybaqk|kind=table|order=24}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="5" style="text-align:centerleft" | Key figures (in Euro billion, unless otherwise noted)
! class="col-s" style="text-align:right" | FY24
|-
! class="col-s" style="text-align:leftright" | —FY25
! class="col-ms" style="text-align:right" | FY24Change on a comparable basis
! class="col-ms" style="text-align:right" | FY25 Price effect (12) (in %)
! class="col-m" style="text-align:right" | Change on a comparable basis
! class="col-m" style="text-align:right" | FY25 Price effect (in %)
|-
| style="text-align:left" | Gross written premiums and other revenues
| style="text-align:right" | +2.9%
|-
| class="wt-indent-1" style="text-align:left" | o/w Commercial lines (11)
| style="text-align:right" | 34.9
| style="text-align:right" | 35.8
| style="text-align:right" | +8%
| style="text-align:right" | +0.3%
|-}
</div>
| style="text-align:left" | Earnings (in Euro million, unless otherwise noted)
| style="text-align:right" | Earnings (in Euro million, unless otherwise noted)
{{Indexing|Property & Casualty: earnings <sup>p. 5</sup>|Gross written premiums, other revenues, Commercial lines, AXA XL Insurance, Asia, Africa & EME-LATAM, France, Personal lines, Europe, AXA XL Reinsurance, combined ratio, undiscounted current year loss ratio|y30gelxv10|cos78e4bvi|wpkf9ycgxf|kind=table|order=5}}
| style="text-align:right" | Earnings (in Euro million, unless otherwise noted)
| style="text-align:right" | Earnings (in Euro million, unless otherwise noted)
<div style="overflow-x:auto">
| style="text-align:right" | Earnings (in Euro million, unless otherwise noted)
{| class="wikitable fintable"
! style="text-align:left" | Earnings (in Euro million, unless otherwise noted)
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | All-Year Combined ratio
| style="text-align:right" | 90.6%
| style="text-align:right" | -0.3 pt
| style="text-align:right" | —
|-
| style="text-align:left" | Underlying earnings
| style="text-align:right" | 5,872
| style="text-align:right" | +9%
| style="text-align:right" | —
|}
</div>
* ''Gross written premiums & other revenues'' were up +5% to EUR 58.0bn. <sup>p. 5</sup>.
** ''Commercial lines'' grew by +4% to EUR 35.8bn, driven by: <sup>p. 5</sup>.
*** ''AXA XL Insurance'' +3% from growth in attractive margin lines (Property, Casualty), partly offset by lower pricing and volumes in Financial lines. <sup>p. 5</sup>.
*** ''Asia, Africa & EME-LATAM'' +13%, mainly driven byfrom Türkiye (higher average premiums) and Mexico (favorable volume and price effects). <sup>p. 5</sup>.
*** ''France'' +6% from favorable price effects in all lines and higher volumes. <sup>p. 5</sup>.
** ''Personal lines'' grew by +7% to EUR 19.7bn, driven by: <sup>p. 5</sup>.
*** ''Europe'' +5% from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024. <sup>p. 5</sup>.
*** ''Asia, Africa & EME-LATAM'' +14%, driven by Türkiye (higher average premiums and volumes). <sup>p. 5</sup>.
*** ''France'' +9% with strong volume growth in all lines (direct and agent networks) and favorable price effects in Motor. <sup>p. 5</sup>.
** ''AXA XL Reinsurance'' grew by +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines. <sup>p. 5</sup>.
* The ''all-year combined ratio'' improved by 0.3 point to 90.6%. <sup>p. 5</sup>.
** Mainly drivenDriven by a ''lower undiscounted current year loss ratio'' excluding natural catastrophe (-0.3 point). <sup>p. 5</sup>.
*** This includes further margin expansion in Commercial lines (-0.5 point), driven byspecifically SME & mid-market business (-0.9 point), with stable margins at AXA XL Insurance (+0.1 point) <sup>p. 5</sup>.
*** Also includes margin expansion in Personal lines (-0.4 point). <sup>p. 5</sup>.
*** LowerAXA expenseXL ratioInsurance margins stable (-+0.31 point) primarily from lower non-commission expense ratio reflecting efficiency gains. <sup>p. 5</sup>.
** ''Lower naturalexpense catastrophe chargesratio'' (-0.43 point to 3.4%) moreprimarily than offset byfrom lower priornon-commission years'expense reserve development (+0ratio.7 point at -1.1%) <sup>p. 5</sup>.
** ''Lower natural catastrophe charges'' (-0.4 point to 3.4%) offset by lower prior years' reserve development (+0.7 point at -1.1%). <sup>p. 5</sup>
* [Chart/image description:] AXA logo top left. "LINES OF BUSINESS / Press release" top right <sup>p. 5</sup>.
* ''P&C underlying earnings'' were up 9% to EUR 5.9bn <sup>p. 6</sup>.
'''P&C underlying earnings were up 9% to Euro 5.9 billion driven by:'''
** Driven by an increase in technical result (EUR +0.5bn) reflecting strong volume growth and improved technical margin <sup>p. 6</sup>.
** Higher financial result (EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves <sup>p. 6</sup>.
** Partly''Technical offsetresult'' increased by higher income taxes (EUR -+0.2bn)5bn, duereflecting tostrong highervolume pre-taxgrowth underlyingand earningsimproved technical margin. <sup>p. 6</sup>.
* ''Financial result'' increased by EUR +0.2bn due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves. <sup>p. 6</sup>
* Partially offset by ''higher income taxes'' (EUR -0.2bn) due to higher pre-tax underlying earnings. <sup>p. 6</sup>
== Life & Health ==
{{Indexing|Life & Health: key figures <sup>p. 6</sup>|Gross written premiums, earningsother revenues, Life, Health, PVEP, NB CSM, NBV, NBV margin, netNet flows, Life, Health|wpkf9ycgxf|y30gelxv10f4zcgwiyzm|fz8evycjst|f4zcgwiyzm|kind=table|order=36}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="4" style="text-align:centerleft" | ''Key figures (in Euro billion, unless otherwise noted)''
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-m" style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | +5%
|-
| style="text-align:left" | PVEP (1,21)
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
| style="text-align:right" | -2%
|-
| style="text-align:left" | NB CSM (1,21)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:right" | +3%
|-
| style="text-align:left" | NBV (post-tax) (1,21)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:right" | 0%
|-
| style="text-align:left" | NBV margin (1,21)
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | +0.1 pt
|-
| style="text-align:left" | Net flows (21)
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" | —
|}
</div>
{{Indexing|Life & Health: earnings <sup>p. 6</sup>|Gross written premiums, other revenues, Life, Unit-Linked, G/A, Protection, Health, Present value of expected premiums (PVEP)|y30gelxv10|wpkf9ycgxf|kind=table|order=7}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | ''Earnings (in Euro million)''
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-m" style="text-align:right" | —
|-
| style="text-align:left" | —
</div>
* '''Gross written premiums & other revenues'' were up 8% to EUREuro 56.5bn5 <sup>p. 6</sup>billion.'''
** ''Life'' grew by 9% to EUR 37.5bn <sup>p. 6</sup>.
*** ''Unit-LinkedLife'' +13% drivengrew by successful9% salesto initiativesEUR across37.5bn, allmainly geographiesfrom: <sup>p. 6</sup>.
** ''Unit-Linked'' (+13%) due to successful sales initiatives across all geographies. <sup>p. 6</sup>
*** ''G/A'' +4%, notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of single premium whole-life product sales in Japan and lower sales in Hong Kong <sup>p. 6</sup>.
*** ''ProtectionG/A'' (+114%), notably fromin aFrance commercial(+4%) campaignand onelevated asales Protectionof witha G/Acapital-light product in HongItaly, Kongpartly andoffset continuedby good salesnon-repeat of Protectionsingle withpremium Unitwhole-Linkedlife product sales in Japan and Switzerlandlower sales in Hong Kong. <sup>p. 6</sup>.
** ''HealthProtection'' grew by 5(+11% to EUR 19.0bn), drivennotably byfrom favorablea pricecommercial effectscampaign in bothHong GroupKong and Individualgood businessessales acrossin mostJapan geographies,and partly offset by lower volumesSwitzerland. <sup>p. 6</sup>.
* ''Health'' grew by 5% to EUR 19.0bn, driven by favorable price effects in Group and Individual businesses across most geographies, partly offset by lower volumes. <sup>p. 6</sup>
* ''Present value of expected premiums (PVEP)'' decreased by 2% to EUR 49.4bn <sup>p. 6, 7</sup>.
* ''Present value of expected premiums (PVEP)'' decreased by 2% to EUR 49.4bn. <sup>p. 7</sup>
** ''Life'' +1% from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums <sup>p. 7</sup>.
** ''HealthLife'' -12(+1%), mainly from the impact of higher interestvolumes ratesin onHong discountingKong, of future premiumsFrance, and lowerSwitzerland, volumespartly inoffset Franceby followinghigher underwritinginterest andrates pruningimpacting actionsdiscounting. <sup>p. 7</sup>.
** ''Health'' (-12%), mainly from higher interest rates impacting discounting and lower volumes in France due to underwriting and pruning actions. <sup>p. 7</sup>
* ''NB CSM'' increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits <sup>p. 7</sup>.
* ''NBVNB (post-tax)CSM'' wasincreased stableby 3% atto EUR 2.2bn, asdriven growthby strong sales in NBSavings CSMand Protection, waspartly offset by thehigher decreaseinterest inrates theimpacting contribution of short-term multinational business in Francediscounting. <sup>p. 7</sup>.
* ''NBV margin (post -tax)'' increasedwas bystable 0at EUR 2.12bn, pointas toNB 4CSM growth was offset by decreased contribution from short-term multinational business in France.5% <sup>p. 7</sup>.
* ''NetNBV flowsmargin (post tax)'' wereincreased EURby +50.4bn1 comparedpoint to EUR +14.5%.5bn in 2024 <sup>p. 7</sup>.
** Driven''Net byflows'' Protectionwere (EUR +45.9bn),4bn mainlycompared into HongEUR Kong,+1.5bn Japan,in and France2024. <sup>p. 7</sup>.
** HealthDriven by ''Protection'' (EUR +24.7bn9bn), mainly in GermanyHong Kong, Japan, and France. <sup>p. 7</sup>.
** Unit-Linked''Health'' (EUR +12.5bn7bn), primarilymainly in Germany, Japan, and France. <sup>p. 7</sup>.
** ''Unit-Linked'' (EUR +1.5bn), primarily in France. <sup>p. 7</sup>
** Partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn) <sup>p. 7</sup>.
** Partially offset by ''G/A Savings'' (EUR -3.7bn), where inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn). <sup>p. 7</sup>
* ''Life & Health underlying earnings'' increased by 7% to EUR 3.5bn <sup>p. 7</sup>.
* ''Life & Health underlying earnings'' increased by 7% to EUR 3.5bn. <sup>p. 7</sup>
** ''Long-term technical result'' (EUR +0.2bn) driven by increased CSM release, following growth in reserves and better margins in the long-term business <sup>p. 7</sup>.
** ''ShortLong-term technical result'' (EUR +0.1bn2bn) driven by technicalincreased marginCSM expansionrelease, reflectinggrowth pricing,in underwritingreserves, and claimsbetter management actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0margins.1bn) <sup>p. 7</sup>.
** ''LowerShort-term incometechnical taxesresult'' (EUR +0.1bn) reflectingdriven favorableby taxtechnical effectsmargin mainlyexpansion infrom Germanypricing, Franceunderwriting, and claims management actions, offsetting the impact of legislative change on VAT recoverability in Mexico (EUR -0.1bn). <sup>p. 7</sup>.
** ''Lower contributionincome from affiliatestaxes'', notably(EUR ICBC-AXA,+0.1bn) andreflecting improvedfavorable resultstax ateffects AXAin MPSGermany, resultingFrance, inand increased earnings of minority shareholdersMexico. <sup>p. 7</sup>.
** Lower contribution from affiliates (ICBC-AXA) and improved results at AXA MPS led to increased earnings of minority shareholders. <sup>p. 7</sup>
== Holdings ==
* ''Holdings underlying earnings'' remained broadly stable at EUR -1.2bn. <sup>p. 7</sup>.
== Ratings ==
{{Indexing|Insurer financial strength and AXA's credit ratings <sup>p. 8</sup>|Insurer financial strength ratings, AXA's credit ratings, S&P Global Ratings, Moody's Investor Service, AM Best, AXA SA, AXA's principal insurance subsidiaries, senior debt, short-term debt|u6q0bi3ei3|kind=table|order=48}}
<div style="overflow-x:auto">
! style="text-align:center" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | AXA's credit ratings (22)
|-
! style="text-align:left" | Agency
|}
</div>
* AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings. <sup>p. 8</sup>
== Glossary ==
* ''Capital-light G/A products'' encompass products with no guarantees, or guarantees at maturity only, or guarantees equal to or lower than 0%. <sup>p. 8</sup>.
* ''Contractual service margin ("CSM")'' is a component of the carrying amount for a group of insurance contracts, representing unearned profit to be recognized as services are provided. <sup>p. 8</sup>.
* ''CSM release'' is the portion of CSM stock (net of reinsurance at the end of a defined period) flowing through profit and loss, representing estimated profit earned for providing insurance services. <sup>p. 8</sup>.
* ''Economic variance'' is the year-end CSM variance from changes in market conditions, net of the underlying return on in-force. <sup>p. 8</sup>.
* ''Financial result'' is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, and shareholder's equity, net of insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow). <sup>p. 8</sup>.
* ''Gross written premiums and other revenues'' areinclude insurance premiums collected (including, risk premiums, premiums from pure investment contracts with no discretionary participating features, fees, and revenues, (net of commissions on assumed reinsurance), and premiums/feesrevenues from non-insurance activities (banking, services, asset management). <sup>p. 8</sup>.
* ''New business contractual service margin ("NB CSM")'' is a component of the carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided. <sup>p. 8</sup>.
* ''New business value ("NBV")'' is the value of newly issued contracts, duringcomprising theNB currentCSM, yearpresent value of future profits of Short-Term Business, present value of future profits of IFRS 9 investment contracts, net of reinsurance cost, taxes, and minority interests. <sup>p. 8</sup>.
* ''New business value margin ("NBV Margin")'' is the ratio of NBV to PVEP. <sup>p. 8</sup>
** It consists of NB CSM, present value of future profits of newly issued Short-Term Business contracts (considering expected renewals), and present value of future profits of pure investment contracts accounted for under IFRS 9 <sup>p. 8</sup>.
** Net of reinsurance cost, taxes, and minority interests <sup>p. 8</sup>.
== RATINGS AND GLOSSARY ==
* ''New business value margin ("NBV Margin")'' is the ratio of NBV to PVEP <sup>p. 8</sup>.
* [Chart/image description:] AXA logo <sup>p. 8</sup>.
'''Press release'''
* ''Operating variance'' is the year-end CSM variation vs. expected at opening due to differences between realized and expected operational assumptions, changes in assumptions (mortality, longevity, lapses, expenses), and model changes, net of reinsurance <sup>p. 9</sup>.
* ''Present value of expected premiums ("PVEP")'' is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate, and is Group share <sup>p. 9</sup>.
* ''TechnicalOperating experiencevariance'' consistsis ofthe impacts onyear-end underlyingCSM earningsvariation from differencesexpected betweendue expectedto anddifferences incurredin cash-flows,realized riskvs. adjustmentexpected releaseoperational assumptions, changes in onerousassumptions contracts(mortality, andlongevity, otherlapses, long-termexpenses), elementsand (mainlymodel non-attributablechanges, expenses)net of reinsurance. <sup>p. 9</sup>.
* ''UnderlyingPresent returnvalue of expected onpremiums in-force("PVEP")'' is the releasenew ofbusiness volume, equal to the timepresent value of optionstotal &premiums guaranteesexpected plusover the unwindpolicy ofterm, CSMdiscounted at the reference interest rate, plusand theis underlyingGroup financial over-performanceshare. <sup>p. 9</sup>.
* ''Technical experience'' consists of impacts on underlying earnings from differences between expected and incurred cash-flows, risk adjustment release, changes in onerous contracts, and other long-term elements (mainly non-attributable expenses). <sup>p. 9</sup>
* [Chart/image description:] AXA logo in the top left corner. Scope and exchange rates Press release <sup>p. 9</sup>.
* ''Underlying return on in-force'' is the release of time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. <sup>p. 9</sup>
== Scope ==
* ''France'' includes insurance activities, banking activities, and holding. <sup>p. 10</sup>.
* ''Europe'' includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), United Kingdom and Ireland (insurance and holding), Spain, Italy (insuranceincluding andPrima holding),acquisition Italyon (insurance)November 28, Prima (insurance2025), and AXA Life Europe (insurance). <sup>p. 10</sup>.
* ''AXA XL'' includes insurance and reinsurance activities and holding. <sup>p. 10</sup>.
* ''Asia, Africa & EME-LATAM'' includes: <sup>p. 10</sup>.
** ''Asia'': Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, Indonesia L&S (excl. bancassurance), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024) (equity method, contributing to NBV, PVEP, underlying earnings, net income). <sup>p. 10</sup>.
** ''Africa'': Egypt, Morocco, and Nigeria (fully consolidated). <sup>p. 10</sup>
** China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024, and holding) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income <sup>p. 10</sup>.
** ''AfricaEME-LATAM'': EgyptMexico, (insuranceColombia, Brazil, and holding), MoroccoTürkiye (insurancefully and holdingconsolidated),; andRussia Nigeria(Reso) (insuranceequity andmethod, holding)contributing areto fullynet consolidatedincome). <sup>p. 10</sup>.
** ''AXA Mediterranean Holdings''. <sup>p. 10</sup>
** ''EME-LATAM'': Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) are fully consolidated <sup>p. 10</sup>.
* ''Transversal & Other'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance), and other Central Holdings. <sup>p. 10</sup>
** Russia (Reso) (insurance) is consolidated under the equity method and contributes only to net income <sup>p. 10</sup>.
* ''AXA Investment Managers'' (disposal to BNP Paribas completed July 1, 2025) included AXA Investment Managers, Select (formerly Architas), Capza (fully consolidated), and Asian joint ventures (equity method). <sup>p. 10</sup>
** AXA Mediterranean Holdings <sup>p. 10</sup>.
* ''Transversal & Other'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings <sup>p. 10</sup>.
* ''AXA Investment Managers'' includes AXA Investment Managers, Select (formerly Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method) <sup>p. 10</sup>.
== Exchange rates ==
{{Indexing|End of period and average exchange rates for 1 euro <sup>p. 10</sup>|Exchange rates, USD, CHF, GBP, JPY, HKD exchange rates for Euro|2g0bi52xlo|kind=table|order=59}}
<div style="overflow-x:auto">
! colspan="2" style="text-align:center" | Average Exchange rate
|-
|! style="text-align:left" | —
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | USD
== Notes ==
* ''GrossAll written premiums & other revenues'', new business value ('NBV'),comments and presentchanges valuefor ofactivity expected premiums ('PVEP') changesindicators are on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated. <sup>p. 11</sup>.
* Actuarial and financial assumptions for NBV and PVEP are updated semi-annually. <sup>p. 11</sup>
* Terms like contractual service margin ('CSM') and new business contractual service margin ('NB CSM') are defined in the glossary section of this press release <sup>p. 11</sup>.
* AXA's consolidated financial statements for FY25 were examined by the Board on February 25, 2026, and are subject to audit. <sup>p. 11</sup>
* ''Underlying earnings'', underlying earnings per share, underlying return on equity, combined ratio, and debt gearing are Alternative Performance Measures (APMs) as defined by ESMA's guidelines and AMF's 2015 position statement <sup>p. 11</sup>.
* AXA provides reconciliation of APMs to financial statements in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report') <sup>p. 11</sup>.
== About the AXA group ==
* AXA's 2025 Activity Report is available on AXA's website (www.axa.com) <sup>p. 11</sup>.
* AXA completed the ''disposal of AXA IM'' to BNP Paribas on July 1, 2025 <sup>p. 11</sup>.
* The AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries. <sup>p. 12</sup>
* All figures excluding AXA IM are given at constant foreign exchange rates <sup>p. 11</sup>.
* On July 1,In 2025, AXA executed a ''shareIFRS17 repurchase agreementrevenues'' for upamounted to EUR 3115.8bn5bn toand ''IFRS17 offsetunderlying earnings dilution from the sale of AXA Investment Managers'' to BNPEUR Paribas8.4bn. <sup>p. 1112</sup>.
* The AXA ordinary share buybackis commencedlisted on Julycompartment 2,A 2025,of andEuronext endedParis onunder Januaryticker 20,symbol 2026,CS causing(ISN temporaryFR earnings0000120628 dilution– asBloomberg: ofCS DecemberFP 31,– 2025Reuters: AXAF.PA). <sup>p. 1112</sup>.
* TheAXA’s ''SolvencyAmerican IIDepository ratio''Share is estimatedquoted usingon AXA'sthe internalOTC model,QX calibratedplatform basedunder onticker ansymbol adverse 1/200 years shockAXAHY. <sup>p. 1112</sup>.
* For Solvency II disclosures, refer toThe AXA Group's Solvencyis andincluded Financialin Conditionmain Reportinternational (SFCR)SRI asindexes of(Dow DecemberJones 31,Sustainability 2024Index, on AXA's websiteFTSE4GOOD). <sup>p. 1112</sup>.
* It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. <sup>p. 12</sup>
* The Solvency II ratio as of December 31, 2025, is adjusted for the full up to EUR 1.25bn annual share buyback program and the proposed EUR 2.32 per share dividend <sup>p. 11</sup>.
* This press release and regulated information are available on the AXA Group website (axa.com). <sup>p. 12</sup>
* ''Capital instruments and subordinated debt'' subject to Solvency II transitional measures ceased to qualify as capital under Solvency II on January 1, 2026 <sup>p. 11</sup>.
* The proposed dividend is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 <sup>p. 11</sup>.
== FOR MORE INFORMATION: ==
* The share buyback program was approved by AXA's Board of Directors on February 25, 2026, and is expected to commence soon, subject to market conditions <sup>p. 11</sup>.
* ''Expected underlying earnings per share ('UEPS') growth for 2026'' is a forward-looking statement providing one-off guidance for the last year of the current strategic plan <sup>p. 11</sup>.
=== Investor Relations: ===
* The Solvency II ratio as of January 1, 2026, is estimated based on the Solvency Capital Requirement (SCR) and capital amount, assuming the Solvency II revision was in force then <sup>p. 11</sup>.
* ''Commercial lines'' refers to P&C Commercial lines excluding AXA XL Reinsurance <sup>p. 11</sup>.
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 12</sup>
* ''Price effects'' are calculated as a percentage of total gross written premiums of the prior year <sup>p. 11</sup>.
* FootnoteIndividual 13Shareholder refersRelations: to a ''General account''+33.1.40.75.48.43 <sup>p. 1112</sup>.
* Footnote 14 indicates ''banking activities'' are included <sup>p. 11</sup>.
'''Media Relations:'''
* Footnote 15 indicates ''P&C'' is included <sup>p. 11</sup>.
* Sensitivities impacting CSM are available in the Appendices of the FY25 earnings presentation on www.axa.com <sup>p. 11</sup>.
* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 12</sup>
* These sensitivities are based on management's current assessment for FY25 results and are not audited or subject to limited review by AXA's statutory auditors <sup>p. 11</sup>.
* Footnote 16 includes ''cash and liquid invested assets'' at AXA SA Holding and other central holdings <sup>p. 11</sup>.
'''Corporate Responsibility strategy:'''
* Share buybacks are to be executed according to the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or expected on April 30, 2026 <sup>p. 11</sup>.
* ''Natural catastrophe charges'' include losses regardless of event size <sup>p. 11</sup>.
* Additional information available at axa.com/en/about-us/strategy-commitments <sup>p. 12</sup>
* Share buybacks and dividends are subject to annual Board and Shareholders' Annual General Meeting approvals <sup>p. 11</sup>.
* Share buybacks are contingent on no significant earnings event (deviation in underlying earnings) <sup>p. 11</sup>.
=== SRI ratings: ===
* Dividends are contingent on no significant capital event (deterioration in Group solvency) <sup>p. 11</sup>.
* Board discretion considers AXA's earnings, financial condition, capital/solvency requirements, market conditions, and economic environment <sup>p. 11</sup>.
* Additional information available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 12</sup>
* ''Payout ratio'' is calculated based on underlying earnings per share <sup>p. 11</sup>.
* This press release is available on the AXA Group website axa.com. <sup>p. 12</sup>
* ''Life & Health net flows'', PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities <sup>p. 11</sup>.
* ''Restricted Tier 1'' is rated 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's <sup>p. 11</sup>.
* ''Tier 2'' is rated 'A-/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's <sup>p. 11</sup>.
* AXA completed its ''acquisition of a majority stake in Prima in Italy'' on November 28, 2025 <sup>p. 11</sup>.
* The ''disposal to BNP Paribas'' was completed on July 1, 2025 <sup>p. 11</sup>.
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) <sup>p. 11</sup>.
* ''Actuarial and financial assumptions'' for NBV and PVEP calculation are updated semi-annually <sup>p. 11</sup>.
* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026, and are subject to audit <sup>p. 11</sup>.
* The ''AXA Group'' is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries <sup>p. 12</sup>.
* In 2025, ''IFRS17 revenues'' amounted to EUR 115.5bn <sup>p. 12</sup>.
* In 2025, ''IFRS17 underlying earnings'' amounted to EUR 8.4bn <sup>p. 12</sup>.
* The ''AXA ordinary share'' is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628) <sup>p. 12</sup>.
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY <sup>p. 12</sup>.
* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 12</sup>.
* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment <sup>p. 12</sup>.
* This press release and regulated information are available on the AXA Group website (axa.com) <sup>p. 12</sup>.
* ''Investor Relations'' can be reached at investor.relations@axa.com or +33.1.40.75.48.42 <sup>p. 12</sup>.
* ''Individual Shareholder Relations'' can be reached at +33.1.40.75.48.43 <sup>p. 12</sup>.
* ''Media Relations'' can be reached at ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com, or +33.1.40.75.46.74 <sup>p. 12</sup>.
* ''Corporate Responsibility strategy'' information is available at axa.com/en/about-us/strategy-commitments <sup>p. 12</sup>.
* ''SRI ratings'' information is available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 12</sup>.
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ==
* Certain statements in thisThis press release arecontains ''forward-looking statements'', including predictions of future events, trends, plans, expectations, or objectives. <sup>p. 12</sup>.
* Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking guidance for the last year of the current strategic plan. <sup>p. 12</sup>
* Forward-looking statements are identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like ‘would’ and ‘could’ <sup>p. 12</sup>.
* Forward-looking statements are subject to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially. <sup>p. 12</sup>
* Statements regarding ''expected underlying earnings per share (‘UEPS’) growth for 2026'' are forward-looking statements providing one-off guidance for the last year of the Group’s current strategic plan <sup>p. 12</sup>.
* TheseAXA statementsdisclaims areany basedobligation onto Management’spublicly currentupdate viewsor andrevise intentionsthese andstatements, areexcept subjectas torequired changeby law. <sup>p. 12</sup>.
* This press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position. <sup>p. 12</sup>
* Reliance on forward-looking statements should be limited due to known and unknown risks and uncertainties outside AXA’s control <sup>p. 12</sup>.
* These APMs (Underlying earnings, UEPS, underlying return on equity, combined ratio, debt gearing) have no standardized meaning and may not be comparable to other companies' measures. <sup>p. 12</sup>
* These risks can cause actual results to differ materially from forward-looking statements <sup>p. 12</sup>.
* APMs should not be considered in isolation from or as a substitute for the Group’s consolidated financial statements prepared in accordance with IFRS. <sup>p. 12</sup>
* Each forward-looking statement is valid only at the date of this press release <sup>p. 12</sup>.
* Reconciliations and methodologies for APMs are provided in AXA’s 2025 Activity Report. <sup>p. 12</sup>
* Refer to Part 5 ‘Risk Factors and Risk Management’ of AXA’s Universal Registration Document for the year ended December 31, 2024, for a description of factors affecting AXA’s business and results <sup>p. 12</sup>.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law <sup>p. 12</sup>.
* This press release refers to ''non-GAAP financial measures'' or alternative performance measures (‘APMs’) used by Management <sup>p. 12</sup>.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies <sup>p. 12</sup>.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS <sup>p. 12</sup>.
* ''Underlying earnings'', UEPS, underlying return on equity, combined ratio, and debt gearing are APMs defined by ESMA’s guidelines and the AMF’s 2015 position statement <sup>p. 12</sup>.
* AXA provides reconciliation of APMs in its Activity Report as of December 31, 2025 (‘AXA’s 2025 Activity Report’) <sup>p. 12</sup>.
* Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report <sup>p. 12</sup>.
== APPENDIX 1: Gross written premiums et other revenues by geography and business line ==
{{Indexing|Gross written premiums and other revenues by geography and business line <sup>p. 13</sup>|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|wpkf9ycgxf|kynhd2bvm1|n13vjesiav|kind=table|order=610}}
<div style="overflow-x:auto">
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | France (i)
| style="text-align:right" | 28,996
| style="text-align:right" | 30,598
| style="text-align:right" | +4%
|-
| style="text-align:left" | '''Total (i)'''
| style="text-align:right" | '''110,316'''
| style="text-align:right" | '''115,524'''
</div>
* ThisBanking sectionrevenues isamounted ''APPENDIXto 2:EUR Underlying99m earningsin by geographyFY25 and byEUR business118m LINE''in FY24. <sup>p. 1413</sup>.
{{Indexing|== APPENDIX 2: Underlying earnings by geography and by business line <sup>p. 14</sup>|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|iycymgpuon|pw41e8kn7m|kind=table|order=7}}
{{Indexing|Underlying earnings by geography and by business line <sup>p. 14</sup>|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|pw41e8kn7m|iycymgpuon|kind=table|order=11}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —
! colspan="3" style="text-align:center" | Underlying earnings
! colspan="2" style="text-align:center" | o/w Property & Casualty
! colspan="2" style="text-align:center" | o/w Asset Management
|-
|! style="text-align:left" | in Euro million
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | France
| style="text-align:right" | -57%
|-
| style="text-align:left" | '''Total (i)'''
| style="text-align:right" | '''8,078'''
| style="text-align:right" | '''8,368'''
</div>
* Underlying earnings include those of Holdings and Banking. <sup>p. 14</sup>
* This section is ''APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount RATES'' <sup>p. 15</sup>.
== APPENDIX 3: PROPERTY & Casualty -gross written premiums & Other revenues by business line and discount rates ==
== APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount rates ==
{{Indexing|Property & Casualty gross written premiums & other revenues by business line and discount rates <sup>p. 15</sup>|GrossProperty & Casualty gross written premiums, other revenues, Commercial lines, Personal Motor, Personal Non-Motor, AXA XL Reinsurance, P&C,Interest France,Rates Europe(5Y), AXA XL, interest rates forDiscounting discountingof P&C claimsClaims reservesReserves|wpkf9ycgxf|n13vjesiav|qfysbg8bas|kind=table|order=812}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | in Euro million
! colspan="2" style="text-align:center" | Commercial lines
! colspan="64" style="text-align:center" | Personal lines
! colspan="24" style="text-align:center" | AXA XL Reinsurance
! colspan="2" style="text-align:center" | Total P&C
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change (i)
|-
| style="text-align:left" | France
</div>
* Changes are on a comparable basis (constant forex, scope, and methodology). <sup>p. 15</sup>
{{Indexing|Interest Rates (5Y) For the Discounting of P&C Claims Reserves|Price effects, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, Italy, 2026 Market pricing trends|llbwb4tj3c|kind=table|order=9}}
{{Indexing|Interest Rates (5Y) For the Discounting of P&C Claims Reserves|Interest Rates (5Y), Discounting of P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=13}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY24 (i)
! class="col-s" style="text-align:right" | FY25 (ii)
|-
| style="text-align:left" | EUR
</div>
* ThisMonthly sectionaverage isfrom ''APPENDIXJanuary 4:2024 PROPERTYto &December CASUALTY – COMBINED RATIO''2024. <sup>p. 1615</sup>.
* Average of monthly opening discount rates of 2025. <sup>p. 15</sup>
{{Indexing|'''P&C: Price effects i by country and business line|Gross written premiums, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL, Asia, Africa & EME-LATAM|wpkf9ycgxf|n13vjesiav|kind=table|order=10}}'''
{{Indexing|P&C: Price effects (i) by country and business line|P&C Price effects, Commercial lines, Personal lines, AXA XL Reinsurance, Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, Italy|llbwb4tj3c|kind=table|order=14}}
<div style="overflow-x:auto">
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | AXA XL (ii)
| style="text-align:right" | +0.2%
| style="text-align:right" | —
</div>
* ThisPrice sectioneffect is ''APPENDIXcalculated 5:as LIFEa &percentage HEALTHof –total GROSSgross WRITTENwritten PREMIUMSpremiums &in Otherthe revenuesprior and growth by business LINE''year. <sup>p. 1716</sup>.
* Price increase on renewals was +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums. <sup>p. 16</sup>
== APPENDIX 5: LIFE & Health -gross written premiums & Other revenues and growth by business line ==
== APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business line ==
{{Indexing|Life & Health gross written premiums & other revenues and growth by business line <sup>p. 17</sup>|Life new business metrics, Health new business metrics, PVEP, NBV, NBV margin, France, Europe|fz8evycjst|kind=table|order=11}}
<div style="overflow-x:auto">
| style="text-align:left" | in Euro million
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
|-
| style="text-align:left" | France
| style="text-align:right" | '''+5%'''
|-
| class="wt-indent-1" style="text-align:left" | o/w short-term (ii)
| style="text-align:right" | 17,651
| style="text-align:right" | +6%
</div>
* ThisChanges sectionare ison ''APPENDIXa 6:comparable LIFEbasis &(constant HEALTHforex, – New business value (NBV)scope, and contractual service margin (CSMmethodology)''. <sup>p. 1817</sup>.
* Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). <sup>p. 17</sup>
* Short-term business margin is analyzed using the Combined Ratio. <sup>p. 17</sup>
* Short-term business includes Life Pure Protection and Health when measured using the PAA period. <sup>p. 17</sup>
== APPENDIX 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
{{Indexing|LifeNet andflows Health newby business metrics FY25line <sup>p. 18</sup>|NBLife New Business CSMMetrics, Health New Business Metrics, PVEP, NBV, LifeNBV margin, HealthNet flows, France, Europe|fz8evycjst|c9uq82u1iyf4zcgwiyzm|kind=table|order=1215}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="7" style="text-align:center" | Life New Business Metrics FY25
! colspan="6" style="text-align:center" | Health (i) New Business Metrics FY25
! colspan="6" style="text-align:center" | Total (ii) New Business Metrics FY25
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change (ii)
|-
| style="text-align:left" | France
|}
</div>
{{Indexing|NB CSM to NBV <sup>p. 18</sup>|Net flows, Health, Protection, G/A Savings, Unit-Linked, Mutual Funds & Other, Life & Health|f4zcgwiyzm|kind=table|order=13}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="4" style="text-align:centerleft" | ''NB CSM to NBV''
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | in Euro million
| style="text-align:right" | Life
| style="text-align:right" | Health (i)
| style="text-align:right" | Total (i)
|-
| style="text-align:left" | NB CSM (pre-tax)
</div>
* ThisIncludes sectionHealth isbusiness ''APPENDIXpredominantly 7:written LIFEin &Life HEALTH – NET FLOWS''entities. <sup>p. 1918</sup>.
* Changes are on a comparable basis (constant forex, scope, and methodology). <sup>p. 18</sup>
{{Indexing|Life & Health net flows by business line <sup>p. 19</sup>|Share repurchase agreements, acquisition of Nobis Group, placement of Restricted Tier 1 Notes and Tier 2 Notes, sale of AXA Investment Managers|70zdwfnrmi|c5r2rmwxo6|bhnpa5y4f0|kind=table|order=14}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="3" style="text-align:centerleft" | ''Net flows by business line''
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Health (i)
| style="text-align:right" | +2.7
| style="text-align:right" | +2.7
| style="text-align:right" | -3.7
|-
| class="wt-indent-1" style="text-align:left" | o/w capital light (ii)
| style="text-align:right" | +2.2
| style="text-align:right" | +1.2
| style="text-align:right" | -5.0
|-
| style="text-align:left" | Unit-Linked (iii)
| style="text-align:right" | -0.8
| style="text-align:right" | +1.5
| style="text-align:right" | 0.0
|-
| style="text-align:left" | '''Total Life & Health (i) net flows'''
| style="text-align:right" | '''+1.5'''
| style="text-align:right" | '''+5.4'''
</div>
* Includes Health business predominantly written in Life entities. <sup>p. 19</sup>
* AXA announced the execution of a ''share repurchase agreement'' for up to EUR 1.2bn on February 28, 2025 <sup>p. 20</sup>.
* Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%. <sup>p. 19</sup>
* AXA announced the completion of the ''acquisition of Nobis Group in Italy'' on April 1, 2025 <sup>p. 20</sup>.
* Includes Investment contracts with no discretionary participation features ("DPF"). <sup>p. 19</sup>
* AXA announced the ''placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes'' on May 28, 2025 <sup>p. 20</sup>.
* AXA announced the execution of a ''share repurchase agreement'' for its Shareplan and stock-based compensation on June 2, 2025 <sup>p. 20</sup>.
== APPENDIX 8: Main transactions and next main investor events ==
* AXA announced the completion of the ''sale of AXA Investment Managers to BNP Paribas'' on July 1, 2025 <sup>p. 20</sup>.
* AXA announced the execution of a ''share repurchase agreement of up to EUR 3.8bn'' following the sale of AXA IM on July 1, 2025 <sup>p. 20</sup>.
* Press release <sup>p. 20</sup>
* AXA announced the ''acquisition of Prima'', a direct insurance player in Italy, on August 1, 2025 <sup>p. 20</sup>.
* AXA announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the ''2025 employee share offering program (Shareplan 2025)'' <sup>p. 20</sup>.
'''Main transactions in 2025:'''
* AXA announced the ''placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes'' on October 14, 2025 <sup>p. 20</sup>.
* AXA announced the completion of the ''acquisition of a majority stake in Prima in Italy'' on November 28, 2025 <sup>p. 20</sup>.
* TheAnnounced ''2026the Shareholder'sexecution Annualof Generala Meeting''share isrepurchase scheduledagreement'' for Aprilup 30to EUR 1.2bn (February 28, 20262025). <sup>p. 20</sup>.
* ''FirstAnnounced quarterthe 2026completion Activityof the Indicators''acquisition areof expectedNobis onGroup Mayin 5Italy'' (April 1, 20262025). <sup>p. 20</sup>.
* ''HY26Announced Earningsthe Release''placement isof expectedEUR on1bn JulyRestricted 31Tier 1 Notes and EUR 1bn Tier 2 Notes'' (May 28, 20262025). <sup>p. 20</sup>.
* Announced the execution of a ''AXAshare Investorrepurchase Dayagreement'' isfor scheduledAXA's forShareplan Septemberand 21stock-based compensation (June 2, 20262025). <sup>p. 20</sup>.
* Announced the completion of the ''sale of AXA Investment Managers to BNP Paribas'' (July 1, 2025). <sup>p. 20</sup>
* Announced the execution of a ''share repurchase agreement of up to EUR 3.8bn'' following the sale of AXA IM (July 1, 2025). <sup>p. 20</sup>
* Announced the ''acquisition of Prima in Italy'' (August 1, 2025). <sup>p. 20</sup>
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the ''2025 employee share offering program (Shareplan 2025)''. <sup>p. 20</sup>
* Announced the ''placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes'' (October 14, 2025). <sup>p. 20</sup>
* Announced the completion of the ''acquisition of a majority stake in Prima in Italy'' (November 28, 2025). <sup>p. 20</sup>
'''Next main investor events'''
== Abbreviations ==
* ''2026 Shareholder's Annual General Meeting'' (April 30, 2026). <sup>p. 20</sup>
* ''AMF'': Autorité des marchés financiers
* ''First quarter 2026 Activity Indicators'' (May 5, 2026). <sup>p. 20</sup>
* ''APMs'': Alternative Performance Measures
* ''HY26 Earnings Release'' (July 31, 2026). <sup>p. 20</sup>
* ''BBA'': Building Block Approach
* ''AXA Investor Day'' (September 21, 2026). <sup>p. 20</sup>
* ''CAGR'': Compound Annual Growth Rate
* ''CSM'': Contractual Service Margin
* ''DJSI'': Dow Jones Sustainability Index
* ''EME'': Europe, Middle East
* ''EPS'': Earnings Per Share
* ''ESMA'': European Securities and Markets Authority
* ''FY'': Fiscal Year
* ''GAAP'': Generally Accepted Accounting Principles
* ''IFRS'': International Financial Reporting Standards
* ''NB CSM'': New Business Contractual Service Margin
* ''NBV'': New Business Value
* ''OCI'': Other Comprehensive Income
* ''OTC QX'': Over The Counter QX
* ''P&C'': Property & Casualty
* ''PAA'': Premium Allocation Approach
* ''PVEP'': Present Value of Expected Premiums
* ''SCR'': Solvency Capital Requirement
* ''SFCR'': Solvency and Financial Condition Report
* ''SME'': Small and Medium-sized Enterprises
* ''SRI'': Socially Responsible Investing
* ''UEPS'': Underlying Earnings Per Share
* ''UNEP FI'': United Nations Environment Programme’s Finance Initiative
* ''VAT'': Value Added Tax
|