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

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* ''Gross written premiums & other revenues'' at EUR 116bn, +6% vs. FY24 (comparable basis: constant forex, scope, and methodology) ^{p. 1}

** ''UnderlyingExcluding earnings''AXA atIM, EURunderlying 8.4bn,earnings +69% vs.(at FY24,constant orforeign +9%exchange excluding AXA IMrates) ^{p. 1}

** This includes aIncludes -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of anti-dilutive share buyback related to the sale of AXA IM. ^{p. 1}

** TheSolvency II ratio wasat 215% on January 1, 2026, reflecting the end of the grandfathering period for capital instruments and subordinated debt. ^{p. 1}

* ''Dividend'' of EUR 2.32 per share, +8% vs. FY24. (subject to shareholder approval on April 30, 2026) ^{p. 1}

* Launch''Completion of anEUR ''annual3.8bn additional share buyback program'' of uprelated to EURAXA 1.25bn.IM disposal, executed between July 2, 2025, and January 20, 2026 ^{p. 1}

* ''Underlying earnings per share growth'' for 2026 is expected to be at the upper end of the 6-8% plan target range. ^{p. 1}

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

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

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

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

** ''Property & Casualty'' +5%. ^{p. 2}

*** ''Commercial lines'' {{footnote|1=&quot;Commercial lines&quot; refers to P&C Commercial lines excluding AXA XL Reinsurance.}} +4%, driven byfrom higher volumes at(notably AXA XL Insurance) and favorable price effects across all geographies. ^{p. 2}

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

** ''Life & Health'' +8%. ^{p. 2}

*** ''Life'' premiums'' +9%. ^{p. 2}

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

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

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

** ''Life & Health'' +7%, from improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits of business rejuvenation strategy. ^{p. 2}

** ''Holdings'' {{footnote|1=Including banking activities.}} underlying earnings remained broadly stable at EUR -1.2bn. ^{p. 2}

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

** This was mainly drivenDriven by the increase inincreased underlying earnings (+6%) and a decrease indecreased interest expense on undated and deeply-subordinated debt. ^{p. 2}

** AlsoImpact impacted byof share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback from the AXA IM salebuybacks. ^{p. 2}

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

* ''Net income'' increased by +26% to EUR 9.8bn, mainly reflecting the increase inincreased underlying earnings and significantlysignificant positive exceptional items, including 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) and ''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 tightening 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 the 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. ^{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 dividend provision 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}

** Partially 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 the Solvency II ratio to 215%''. ^{p. 3}

* The Group estimates the ''Solvency II revision'' (effective Q1 2027) would result in an increase of +17 points 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, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn). ^{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, supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. ^{p. 4}

* AtIn ''AXAP&C XLRetail and SME & Mid-market'', pricing conditionsremains varyfavorable, and the Group willexpects continueto effectivebenefit cyclefrom managementearnthrough andof disciplinedhigher pricing and capitalunderwriting allocationactions. ^{p. 4}

* The strategy to rejuvenate sales in long-term business and improved persistency should drivegenerate positive net flows and drive CSM growth. ^{p. 4}

** ''Underlying earnings per share growth'' at the upper end of the 6-8% CAGR target range for both 2023-2026E and for 2026. ^{p. 4}

** ''Underlying return on equity'' between 14% and 16% betweenfor 2024 and -2026E. ^{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}

! 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 (Property, Casualty) due to 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 (higher average premiums) and Mexico (favorable volume and price effects). ^{p. 5}

*** ''France'' +6%, from favorable price effects in all lines 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}

*** ''France'' +9%, with strong volume growth in all lines (direct business and proprietary agent networks) and 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}

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

*** LowerCommercial expense ratiolines (-0.35 point), primarilyspecifically fromSME lower& nonmid-commissionmarket expensebusiness ratio due(-0.9 to 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}

* ''Financial result'' increased by EUR +0.2bn due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in theincreased unwind of the discount of claims reserves. ^{p. 6}

* Partially offset by ''higher income taxes'' (EUR -0.2bn) mainly due to higher pre-tax underlying earnings. ^{p. 6}

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

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

* ''Life'' grew by 9% to EUR 37.5bn., mainly from: ^{p. 6}

** ''Unit-Linked'' (+13%,) drivendue byto successful sales initiatives across all geographies. ^{p. 6}

** ''G/A'' (+4%), notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product sales in Japan and lower sales in Hong Kong. ^{p. 6}

** ''Protection'' (+11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland. ^{p. 6}

* ''Health'' grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes. ^{p. 6}

* ''Present value of expected premiums (PVEP)'' decreased by 2% to EUR 49.4bn. ^{p. 67}

** ''Life'' (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates onimpacting discounting of future premiums. ^{p. 7}

** ''Health'' (-12%), mainly from the impact of higher interest rates onimpacting discounting of future premiums, and lower volumes in France followingdue to underwriting and pruning actions. ^{p. 7}

* ''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 onimpacting discounting of future profits. ^{p. 7}

* ''NBV (post-tax)'' was stable at EUR 2.2bn, as growth in NB CSM growth was offset by the decrease in thedecreased contribution offrom short-term multinational business in France. ^{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}

** Partially offset by ''G/A Savings'' (EUR -3.7bn), aswhere inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn). ^{p. 7}

** ''Long-term technical result'' (EUR +0.2bn) driven by an increase inincreased CSM release, following growth in reserves, and better margins. ^{p. 7}

** ''Short-term technical result'' (EUR +0.1bn) driven by expansion of technical margin reflectingexpansion from pricing, underwriting, and claims management actions, which more than offsetoffsetting the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn). ^{p. 7}

** ''Lower income taxes'' (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France, and Mexico. ^{p. 7}

** ''Lower contribution from affiliates'', notably (ICBC-AXA,) and improved results at AXA MPS, leadingled to an increase inincreased earnings of minority shareholders. ^{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=====8}}

! 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'' is the variance of 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'' areinclude 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, 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. ^{p. 8}

* ''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}

** ''Asia'': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. bancassurance entity), 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 on March 11, 2024, and holding) 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) (fully consolidated). ^{p. 10}

** ''EME-LATAM'': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (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 (incl.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 (consolidated under the equity method). ^{p. 10}

====== {{Indexing|End of period and average exchange rates for 1 euro ^{p. 10}|Exchange rates, USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=table|order=====9}}

* AllAXA's commentsconsolidated andfinancial changesstatements arefor onFY25 awere comparableexamined basisby forthe activityBoard indicatorson (constantFebruary forex25, scope2026, and methodology)are subject to audit. ^{p. 11}

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

* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com ^{p. 12}

=== '''Media Relations: ==='''

* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 12}

* Additional information available at axa.com/en/about-us/strategy-commitments ^{p. 12}

'''=== SRI ratings:''' ===

* Additional information available at axa.com/en/investor/sri-ratings-ethical-indexes ^{p. 12}

=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ===

* CertainThis statementspress inrelease this document arecontains forward-looking statements, identifiedincluding bypredictions wordsof likefuture 'expects'events, 'anticipates'trends, 'may'plans, 'plan'expectations, or conditional verbsobjectives. ^{p. 12}

* Statements regarding expected underlying earnings per share (‘UEPS’UEPS) growth for 2026 are oneforward-offlooking guidance for the last year of the current strategic plan. ^{p. 12}

* TheseForward-looking statements are basedsubject on Management’sto current viewsknown and intentionsunknown risks and areuncertainties, subjectmany tooutside change,AXA’s riskscontrol, andwhich uncertaintiescould outsidecause AXA’sactual controlresults to differ materially. ^{p. 12}

* AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by law. ^{p. 12}

* These APMs, including ‘Underlying(Underlying earnings’earnings, UEPS, ‘underlyingunderlying return on equity’equity, ‘combinedcombined ratio’ratio, and ‘debt gearing’,debt generallygearing) have no standardized meaning and may not be comparable to 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=====10}}

* {{footnote|1=Including Banking revenues amountingamounted to EuroEUR 99 million99m in FY25 and Euro 118EUR million118m in FY24.}} ^{p. 13}

====== APPENDIX 2: Underlying earnings by geography and by business line ^{p. 14} ======

! style="text-align:left" | —

|! 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

* {{footnote|1=Including underlyingUnderlying earnings include those of Holdings and Banking.}} ^{p. 14}

====== {{Indexing|Property & casualtyCasualty gross written premiums & other revenues by business line and discount rates ^{p. 15}|Property & Casualty gross written premiums, other revenues, Commercial lines, Personal Motor, Personal Non-Motor, AXA XL Reinsurance, Interest Rates (5Y), Discounting of P&C Claims Reserves|wpkf9ycgxf|n13vjesiav|qfysbg8bas|kind=table|order=====12}}

* {{footnote|1=Changes are aton a comparable basis (constant forex, scope, and methodology).}} ^{p. 15}

! 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)

* {{footnote|1=Calculated as monthlyMonthly average from January 2024 to December 2024.}} ^{p. 15}

* {{footnote|1=Average of monthly opening discount rates of 2025.}} ^{p. 15}

== '''P&C: Price effects i by country and business line =='''

* {{footnote|1=Price effect is calculated as a percentage of total gross written premiums in the prior year.}} ^{p. 16}

* {{footnote|1=Price increase on renewals atwas +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals, calculated as a percentage of renewed premiums.}} ^{p. 16}

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

* {{footnote|1=• Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA').&#10;• Short-term business margin is analyzed using the Combined Ratio.&#10;• Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.}} ^{p. 17}

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

* {{footnote|1=Includes Health business written predominantly written in Life entities.}} ^{p. 18}

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

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

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

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

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

* {{footnote|1=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}

* {{footnote|1=IncludingIncludes Investment contracts with no discretionary participation features (&quot;"DPF&quot;").}} ^{p. 19}

== APPENDIX 8: Main transactions inand 2025:next main investor events ==

* 2026Announced the execution of a Shareholder's'share repurchase agreement'' for up Annualto GeneralEUR Meeting1.2bn (AprilFebruary 3028, 20262025). ^{p. 20}

* FirstAnnounced quarterthe 2026completion Activityof Indicatorsthe ''acquisition of Nobis Group in Italy'' (MayApril 51, 20262025). ^{p. 20}

* HY26Announced Earningsthe Release''placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes'' (JulyMay 3128, 20262025). ^{p. 20}

* Announced the execution of a ''share repurchase agreement'' for AXA's Shareplan and Investorstock-based Daycompensation (SeptemberJune 212, 20262025). ^{p. 20}