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

* ''Gross written premiums & other revenues'' {{footnote|1=•at ChangeEUR in gross written premiums & other revenues116bn, new+6% businessvs. valueFY24 ("NBV") and present value of expected premiums ("PVEP") is on a comparable basis: (constant forex, scope, and methodology), unless otherwise indicated.
• Terms, including contractual service margin ("CSM") and new business contractual service margin ("NB CSM"), are defined in the glossary section of this press release.}} at EUR 116bn, +6% vs. FY24 ^{p. 1}

** This includes aIncludes -2% headwind from foreign exchange movements. ^{p. 1}

** This includes aIncludes -1% headwind from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback {{footnote|1=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, for a maximum of Euro 3.8 billion to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025.}} ^{p. 1}

* ''Dividend'' of EUR 2.32 per share, +8% vs. FY24 {{footnote|1=Subject(subject to shareholder approval by the Shareholders' Annual General Meeting on April 30, 2026.}}) ^{p. 1}

* Launch of an ''annual share buyback program'' {{footnote|1=Asof approvedup byto AXA'sEUR Board1.25bn of Directors on(approved February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn.) ^{p. 1}

* ''Completion of ''EUR 3.8bn additional share buyback'' related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026. ^{p. 1}

* ''Underlying earnings per share growth'' for 2026 expected to be at the upper end of the 6-8% plan target range {{footnote|1=Expected underlying earnings per share ("UEPS") growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements.}} ^{p. 1}

* ''Expected impact of ''Solvency II revision'' at +17 points {{footnote|1=Estimated(estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency IIassuming revision hadeffective come into force on the same datethen).}} ^{p. 1}

<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 ^{p. 1})</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 ^{p. 1})</small></blockquote>

{{Indexing|FY25 key highlights: gross written premiums and& other revenues ^{p. 2}|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management|3pjfj4g9uv|wpkf9ycgxf|lht8rybaqk|kind=table|order=1}}

{{Indexing|FY25 key highlights: underlying earnings and net income ^{p. 2}|Underlying earnings, net income|3pjfj4g9uv|y30gelxv10|kind=table|order=2}}

{{Indexing|FY25 key highlights: Solvencysolvency II ratio ^{p. 2}|Solvency II ratio|3pjfj4g9uv|2k28wtsk07|kind=table|order=3}}

* ''Total gross written premiums and other revenues'' were up +6%, driven by: ^{p. 2}

** ''Property & Casualty'' (+5%), with growth in: ^{p. 2}

*** ''Commercial lines'' {{footnote|1=&quot;Commercial lines&quot; refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%), from higher volumes (notably at AXA XL Insurance) and favorable price effects {{footnote|1=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies. ^{p. 2}

*** ''Personal lines'' (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, and Asia & EME-LATAM. ^{p. 2}

*** ''AXA XL Reinsurance'' (+8%), with growth supported by alternative capital. ^{p. 2}

** ''Life & Health'' (+8%), with: ^{p. 2}

*** ''Life premiums'' premiums up +9%, driven by: ^{p. 2}

**** ''Protection'' (+11%), from strong sales in Hong Kong, Switzerland, and Japan. ^{p. 2}

**** ''Unit-Linked'' (+13%), from higher volumes across all geographies. ^{p. 2}

**** ''G/A'' {{footnote|1=General account.}} (+4%), from continued momentum in Italy and France. ^{p. 2}

*** ''Health premiums'' premiums up +5%, driven by price effects in all geographies. ^{p. 2}

* ''Underlying earnings'' increased by +6% to EUR 8.4bn, or +9% excluding AXA IM, driven by: ^{p. 2}

** ''LifeProperty & HealthCasualty'' (+79%), from anhigher improvementvolumes, inunderwriting short-termmargin technical results in Health & Protectionexpansion, and higherincreased earningsfinancial inresult long-term business, including early benefits from the strategydue to rejuvenatehigher theinvestment businessincome. ^{p. 2}

* ''Underlying earnings per share'' increased by +8% to EUR 3.86, mainly driven by: ^{p. 2}

** TheDriven increaseby inincreased underlying earnings (+6%) and a decrease indecreased interest expense on undated and deeply-subordinated debt. ^{p. 2}

** The impactImpact of share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IMbuybacks. ^{p. 2}

** Partially offset by the unfavorable impact of foreign exchange rate movements (-2%), notablymainly thedue depreciation of theto U.S. dollar depreciation against the Euro (-2%). ^{p. 2}

* The sale of AXA IM resulted in a ''temporary dilution of underlying earnings per share'' (-1%) due to the timing of the associated share buyback (-1%). ^{p. 2}

* ''Net income'' increased by +26% to EUR 9.8bn, mainly reflecting the increase inincreased underlying earnings and significantlysignificant positive exceptional items, notablyincluding the gain from the sale of AXA IM. ^{p. 2}

* ''Shareholders' equity'' was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024. ^{p. 3}

** Positive contributions from ''net income'' (EUR +9.8bn) and ''net OCI'' (EUR +1.3bn) were more than offset by: ^{p. 3}

*** FY24 ''dividend paid to shareholders'' (EUR -4.6bn). ^{p. 3}

*** Impact of share''Share buybacks'' executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback relatedfor toAXA theIM sale of AXA IM. ^{p. 3}

*** Unfavorable ''foreign exchange impact'' (EUR -3.5bn), notablymainly due to the depreciation of thefrom U.S. dollar depreciation. ^{p. 3}

* ''CSM'' was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024. ^{p. 3}

** ''New business contribution'' (EUR +2.2bn) combined withand ''underlying return on in-force'' (EUR +1.3bn) more than offset ''CSM release'' (EUR -3.0bn), resulting in +2% normalized growth in CSM. ^{p. 3}

** ''Market conditions'' had a favorable impact (EUR +0.6bn), mainly driven by the tightening of government spreads and positive equity market performance. ^{p. 3}

** This was more than offset by ''unfavorable foreign exchange impacts'' (EUR -1.5bn), mainly from the depreciation of Japanese yen and Hong Kong dollar depreciation, and a ''negative operating variance'' (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows. ^{p. 3}

* ''Solvency II ratio'' was 224% as of December 31, 2025, up +9 points vs. December 31, 2024. ^{p. 3}

** Driven by a strong operating''Operating return'' (+28 points) net of thedividend provision for dividend and annual share buyback (-24 points). ^{p. 3}

** Positive impact from ''net subordinated debt issuance'' (+6 points). ^{p. 3}

** Favorable impacts from ''financial markets'' (+4 points). ^{p. 3}

** PartlyPartially offset by the ''net impact of acquisitions'' of (Nobis and Prima,) and the disposal of AXA IM disposal including the associated EUR 3.8bn share buyback (-5 points). ^{p. 3}

* 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%. ^{p. 3}

* The Group estimates the ''Solvency II revision'' (effective Q1 2027) would result in a +17 points increase to the current Solvency II ratio by +17 points. ^{p. 3}

* ''Underlying return on equity'' was 16.0% as of December 31, 2025, up +0.8 point vs. December 31, 2024, notablydue fromto higher underlying earnings and lower shareholders' equity. ^{p. 3}

* ''Debt gearing'' was 22.3% as of December 31, 2025, up +1.7 points vs. December 31, 2024. ^{p. 3}

** Driven by lower shareholders' equity and CSM, as well as theand issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn). ^{p. 3}

** PartlyPartially offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). ^{p. 3}

** The Group's debtDebt gearing was in line with itsthe 19-23% plan guidance for 2024-2026. ^{p. 3}

* ''Cash at Holding'' {{footnote|1=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024. ^{p. 3}

** This reflectsReflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024. ^{p. 3}

** The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. ^{p. 4}

* AXA's Board of Directors approved on February 25, 2026, the launch of an ''annual share buyback program for up to EUR 1.25bn'' on February 25, 2026. ^{p. 4}

** AXAThe intendsshare buyback program is expected to cancelcommence allas sharessoon repurchasedas underpracticable thisand programbe completed by year-end. ^{p. 4}

* AXA is confident in achieving its main financial targets for itsthe 2024-2026 'Unlock the Future' plan, underpinned by:. ^{p. 4}

** ProfitableUnderpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. ^{p. 4}

** DrivingAt operational''AXA efficiencyXL'', throughpricing reinforcedconditions costvary by line; the Group will continue effective cycle management and disciplined capital allocation. ^{p. 4}

* In ''LifeHoldings & Healthresults'', earningsin growth2026 isare expected from short-term business reflecting disciplined pricingto andbe claimssimilar managementto initiatives2025. ^{p. 4}

** ''HoldingsUnderlying resultsearnings per share growth'' inat 2026the areupper expectedend toof remainthe similar6-8% toCAGR 2025target levelsrange for 2023-2026E and for 2026. ^{p. 4}

** This comprisesComprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. ^{p. 4}

** The proposed dividend per share in a given year is expected to be at least equal to the prior year's dividend per share paid in the prior year. ^{p. 4}

{{Indexing|Property & Casualty: keygross figureswritten premiums and other revenues ^{p. 5}|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Reinsurance, Combined ratio, Underlying earnings|cos78e4bviwpkf9ycgxf|wpkf9ycgxflht8rybaqk|kind=table|order=4}}

! colspan="5" style="text-align:centerleft" | Key figures (in Euro billion, unless otherwise noted)

! 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 %)

|-}

* ''Gross written premiums & other revenues'' were up +5% to EUR 58.0bn. ^{p. 5}

** ''Commercial lines'' grew by +4% to EUR 35.8bn, driven by: ^{p. 5}

*** ''AXA XL Insurance'' (+3%) from growth in attractive margin lines, including (Property, and in Casualty from favorable price effects and higher volumes,) partly offset by lower pricing and volumes in Financial lines. ^{p. 5}

*** ''Asia, Africa & EME-LATAM'' (+13%), mainly driven byfrom Türkiye from (higher average premiums,) alongand withMexico (favorable volume and price effects in Mexico). ^{p. 5}

*** ''France'' (+6%) from favorable price effects in all lines of business and higher volumes. ^{p. 5}

** ''Personal lines'' grew by +7% to EUR 19.7bn, driven by: ^{p. 5}

*** ''Europe'' (+5%) from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024. ^{p. 5}

*** ''Asia, Africa & EME-LATAM'' (+14%), driven by Türkiye from (higher average premiums and volumes). ^{p. 5}

*** ''France'' (+9%) with strong volume growth in all lines of business (direct and proprietary agent networks) combined with favorable price effects in Motor. ^{p. 5}

** ''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. ^{p. 5}

* The ''all-year combined ratio'' improved by 0.3 point to 90.6%, mainly driven by:. ^{p. 5}

** LowerDriven by ''lower undiscounted current year loss ratio'' excluding natural catastrophe (-0.3 point) from further margin expansion in Commercial lines (-0.5 point, driven by SME & mid-market business at -0.9 point) and Personal lines (-0.4 point). ^{p. 5}

*** LowerCommercial expense ratiolines (-0.35 point), primarilyspecifically fromSME lower& nonmid-commissionmarket expensebusiness ratio(-0.9 reflecting efficiency gainspoint). ^{p. 5}

*** LowerPersonal natural catastrophe chargeslines (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%). ^{p. 5}

*** ''P&CAXA underlyingXL earnings''Insurance weremargins upstable 9%(+0.1 to EUR 5point).9bn driven by: ^{p. 65}

** Increase''Lower inexpense technical resultratio'' (EUR +-0.5bn3 point) reflecting strong growth inprimarily volumesfrom andlower improvednon-commission technicalexpense marginratio. ^{p. 65}

{{Indexing|Life & Health: key figures ^{p. 6}|Gross written premiums, other revenues, Life, Health, PVEP, NB CSM, NBV, NBV margin, Net flows, Unit-Linked, G/A, Protection|wpkf9ycgxf|f4zcgwiyzm|fz8evycjst|f4zcgwiyzm|kind=table|order=56}}

! colspan="4" style="text-align:centerleft" | ''Key figures (in Euro billion, unless otherwise noted)''

{{Indexing|Life & Health: earnings ^{p. 6}|UnderlyingGross earningswritten premiums, other revenues, Life, Unit-Linked, G/A, Protection, Health, Present value of expected premiums (PVEP)|y30gelxv10|wpkf9ycgxf|kind=table|order=67}}

! colspan="4" style="text-align:centerleft" | ''Earnings (in Euro million)''

* '''Gross written premiums & other revenues'' were up 8% to EUREuro 56.5bn.5 ^{pbillion. 6}'''

*** ''Unit-LinkedLife'' (+13%) drivengrew by successful9% salesto initiativesEUR across37.5bn, allmainly geographies.from: ^{p. 6}

*** ''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. ^{p. 6}

** ''HealthProtection'' grew by 5(+11% to EUR 19.0bn), drivennotably byfrom favorablea pricecommercial effectscampaign in bothHong GroupKong and Individualgood businessessales acrossin mostJapan geographies, partly offset by lowerand volumesSwitzerland. ^{p. 6}

* ''Present value of expected premiums (PVEP)Health'' decreasedgrew by 25% to EUR 4919.4bn0bn, driven by: favorable price effects in Group and Individual businesses across most geographies, partly offset by lower volumes. ^{p. 6}

** ''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. ^{p. 7}

** ''NB CSMHealth'' increased by 3(-12%), tomainly EURfrom 2.2bnhigher driveninterest byrates strongimpacting sales in Savingsdiscounting and Protection,lower partlyvolumes offsetin byFrance thedue impactto ofunderwriting higher interest rates on discounting ofand futurepruning profitsactions. ^{p. 7}

* ''NBVNB (post-tax)CSM'' wasincreased stableby at3% to EUR 2.2bn, asdriven growthby strong sales in NBSavings CSMand wasProtection, partly offset by thehigher decreaseinterest inrates the contribution of short-term multinational business inimpacting Francediscounting. ^{p. 7}

* ''Net flows'' {{footnote|1=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were EUR +5.4bn compared to EUR +1.5bn in 2024. ^{p. 7}

** NetDriven flowsby ''Protection'' (EUR +4.9bn), mainly in 2025Hong wereKong, drivenJapan, by:and France. ^{p. 7}

*** ''ProtectionHealth'' (EUR +42.9bn7bn), mainly in Hong KongGermany, Japan, and France. ^{p. 7}

*** ''HealthUnit-Linked'' (EUR +21.7bn5bn), mainlyprimarily in Germany, Japan, and France. ^{p. 7}

*** Partially offset by ''Unit-LinkedG/A Savings'' (EUR -3.7bn), where inflows in G/A capital-light (EUR +1.5bn2bn), primarilywere more than offset by outflows in Francetraditional G/A Savings (EUR -5.0bn). ^{p. 7}

** ''LifeLong-term &technical Health underlying earningsresult'' increased(EUR +0.2bn) driven by 7%increased toCSM EURrelease, 3.5bngrowth in reserves, drivenand by:better margins. ^{p. 7}

** ''LongShort-term technical result'' (EUR +0.2bn1bn) driven by antechnical increasemargin inexpansion CSMfrom releasepricing, followingunderwriting, growthand inclaims reservesmanagement andactions, betteroffsetting marginsthe impact of legislative change on VAT recoverability in theMexico long-term(EUR business-0.1bn). ^{p. 7}

** ''Lower incomecontribution taxes''from (EURaffiliates +0.1bn(ICBC-AXA) reflectingand favorableimproved taxresults effectsat mainlyAXA inMPS Germany,led France,to andincreased earnings of minority Mexicoshareholders. ^{p. 7}

* ''Holdings underlying earnings'' remained broadly stable at EUR -1.2bn. ^{p. 7}

{{Indexing|Insurer financial strength and AXA's credit ratings ^{p. 8}|Insurer financial strength ratings, AXA's credit ratings, S&P Global Ratings, Moody's Investor Service, AM Best|u6q0bi3ei3|kind=table|order=78}}

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

! style="text-align:center" | Date of last review

* ''Capital-light G/A products:'' encompass all products with no guarantees, withor guarantees at maturity only, or with guarantees equal to or lower than 0%. ^{p. 8}

* ''Contractual service margin ("CSM"):'' is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders. ^{p. 8}

* ''CSM release:'' is the 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. 8}

* ''Economic variance:'' the variance ofis the year-end CSM arisingvariance from changes in market conditions, net of the underlying return on in-force. ^{p. 8}

* ''Financial result:'' is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts as well as assets backingand shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow). ^{p. 8}

* ''Gross written premiums and other revenues:'' include 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 feesrevenues collectedfrom onnon-insurance activities other than insurance (i.e. banking, services, and asset management activities). ^{p. 8}

* ''New business contractual service margin ("NB CSM"):'' is 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. 8}

* ''New business value ("NBV"):'' is the value of newly issued contracts, during the current year. It consists of the sum of (i) thecomprising NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pureIFRS 9 investment contracts accounted for under IFRS 9, net of (iv) thereinsurance cost of reinsurance, (v) taxes, and (vi) minority interests. ^{p. 8}

* ''New business value margin ("NBV Margin"):'' is the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP. ^{p. 8}

* ''France:'' includes insurance activities, banking activities, and holding. ^{p. 10}

* ''Europe:'' 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 holding), Italy (insurance activities),including Prima (insurance activities) {{footnote|1=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}), and AXA Life Europe (insurance activities). ^{p. 10}

* ''AXA XL:'' includes insurance and reinsurance activities and holding. ^{p. 10}

* ''Asia, Africa & EME-LATAM:'' includes: ^{p. 10}

** ''Asia:'': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding theexcl. bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated).; China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses are consolidated under the (equity method, and contribute onlycontributing to NBV, PVEP, underlying earnings, and net income). ^{p. 10}

** ''Africa:'': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) which are fully consolidated). ^{p. 10}

** ''EME-LATAM:'': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) which are fully consolidated.); Russia (Reso) (insurance activities) is consolidated under the equity method, and contributes onlycontributing to net income). ^{p. 10}

* ''Transversal & Other:'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings. ^{p. 10}

* ''AXA Investment Managers'' {{footnote|1=Disposal(disposal to BNP Paribas completed on July 1, 2025.}}:) includesincluded AXA Investment Managers, Select (previouslyformerly Architas), and Capza (fully consolidated)., and Asian joint ventures are consolidated under the (equity method). ^{p. 10}

{{Indexing|End of period and average exchange rates for 1 euro ^{p. 10}|EndExchange of period exchange rate, Average exchange raterates, USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=table|order=89}}

! style="text-align:left" | For 1 Euro—

* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually (half-year and full-year). ^{p. 11}

* AXA's consolidated financial statements for FY25 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure. ^{p. 11}

* The AXA Group is included in main international SRI indexes, such as (Dow Jones Sustainability Index, (DJSIFTSE4GOOD) and FTSE4GOOD. ^{p. 12}

* AXAIt 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. ^{p. 12}

* This documentpress release contains forward-looking statements, which areincluding predictions of future events, trends, plans, expectations, or objectives, and are subject to known and unknown risks and uncertainties outside AXA’s control. ^{p. 12}

* These APMs ("Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing") have no standardized meaning and may not be comparable to similar measures used by other companies' measures. ^{p. 12}

* APMs should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS. ^{p. 12}

* Reconciliations ofand APMsmethodologies tofor financial statementsAPMs are provided in AXA’s 2025 Activity Report. ^{p. 12}

{{Indexing|Gross written premiums and other revenues by geography and business line ^{p. 13}|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|wpkf9ycgxf|kynhd2bvm1|n13vjesiav|kind=table|order=910}}

{{Indexing|== APPENDIX 2: Underlying earnings by geography and by business line ^{p. 14}|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|iycymgpuon|pw41e8kn7m|kind=table|order=10}}

* Includes underlyingUnderlying earnings include those of Holdings and Banking. ^{p. 14}

{{Indexing|Property & Casualty gross written premiums and& other revenues by business line and discount rates ^{p. 15}|GrossProperty & Casualty gross written premiums, other revenues, Commercial lines, Personal Motor, Personal Non-Motor, AXA XL Reinsurance, France,Interest EuropeRates (5Y), AXADiscounting XLof P&C Claims Reserves|wpkf9ycgxf|n13vjesiav|kynhd2bvm1qfysbg8bas|kind=table|order=1112}}

{{Indexing|Interest ratesRates for(5Y) For the discountingDiscounting of P&C claimsClaims reserves ^{p. 15}Reserves|Interest ratesRates (5Y), discountingDiscounting of P&C claimsClaims reservesReserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=1213}}

! colspan="3" style="text-align:centerleft" | Interest Rates (5Y) For the Discounting of P&C Claims Reserves—

|! class="col-s" style="text-align:leftright" | —FY25 (ii)

* Calculated as monthlyMonthly average from January 2024 to December 2024. ^{p. 15}

* Price effect is calculated as a percentage of total gross written premiums in the prior year. ^{p. 16}

* Price increase on renewals atwas +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums. ^{p. 16}

== APPENDIX 5: LIFE & HEALTHHealth –-gross GROSSwritten WRITTEN PREMIUMSpremiums & Other revenues and growth by business line ==

* Short-term business refers to insurance activities measured using the Premium Allocation Approach ("'PAA"'). ^{p. 17}

* Short-term business refers toincludes Life Pure Protection and Health when measured using the PAA period. ^{p. 17}

{{Indexing|NBNet CSMflows toby NBVbusiness line ^{p. 18}|Life New Business Metrics, Health New Business Metrics, PVEP, NBV, NBV margin, Net flows, France, Europe|fz8evycjst|f4zcgwiyzm|kind=table|order=15}}

! colspan="4" style="text-align:centerleft" | ''NB CSM to NBV''

!| style="text-align:left" | in Euro million

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

! class="col-s"| style="text-align:right" | Health (i)

! class="col-s"| style="text-align:right" | Total (i)

* Includes Health business written predominantly written in Life entities. ^{p. 18}

! colspan="3" style="text-align:centerleft" | ''Net flows by business line''

* Includes Health business written predominantly written in Life entities. ^{p. 19}

* Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%. ^{p. 19}