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

* ''Gross written premiums & other revenues'' at EUR 116bn, up +6% vs. FY24 {{footnote|1=• Change in gross written premiums & other revenues, new business value ("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.}} ^{p. 1}

* ''Dividend'' of EUR 2.32 per share, up +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=Approvedof byup AXA'sto BoardEUR of Directors1.25bn 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 providing one-off guidance for the last year of the Group's current strategic plan, qualified by 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 Solvency Capital Requirement (SCR) and capital under Solvency II as of January 1, 2026, as if the Solvency IIassuming revision hadeffective come into force on the same date.}}then). ^{p. 1}

* AXA towill present its ''new strategic plan for 2027–20292027-2029'' on September 21, 2026. ^{p. 1}

<blockquote>“In"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"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>

<blockquote>"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA’sAXA'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 ^{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|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%, driven by: ^{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 prior year's total gross written premiums.}} 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%, driven by: ^{p. 2}

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

** ''Life & Health'' +7%, from improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from 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}

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

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

** Partially offset by unfavorable foreign exchange rate movements (-2%), notablymainly thedue depreciation of theto U.S. dollar depreciation against the Euro. ^{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 versusvs. December 31, 2024. ^{p. 3}

** Positive contributioncontributions from ''net income'' (EUR +9.8bn) and ''net OCI'' (EUR +1.3bn) was more thanwere 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 versusvs. 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 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 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 versusvs. December 31, 2024. ^{p. 3}

** 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 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 that the ''Solvency II revision'', to come into effect in(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 versusvs. 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 versusvs. 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 versusvs. December 31, 2024. ^{p. 3}

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

* A ''dividend of EUR 2.32 per share'' (up +8% versusvs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. ^{p. 4}

** 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 as soon as practicable and be allcompleted sharesby repurchasedyear-end. ^{p. 4}

* AXA is confident in achieving its main financial targets for itsthe 2024-2026 "'Unlock the Future"' plan, underpinned 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, by line;and the Group willexpects ensureto effectivebenefit cyclefrom managementearnthrough andof disciplinedhigher capitalpricing allocation,and growing where returns exceed the cost ofunderwriting capitalactions. ^{p. 4}

* The Group guidance for ''normalized natural catastrophe load'' {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at approximately 4.5 points of combined ratio for 2026. ^{p. 4}

* TheIn strategy''Life to& rejuvenateHealth'', salesearnings ingrowth theis longexpected from short-term business, coupleddue withto improveddisciplined persistency, should generate positive net flowspricing and drive CSM growth overclaims timemanagement. ^{p. 4}

* ''ResultsThe instrategy Holdings''to rejuvenate sales in 2026long-term arebusiness expectedand toimproved remainpersistency atshould agenerate similarpositive levelnet asflows inand drive CSM 2025growth. ^{p. 4}

** ''UnderlyingManagement earningsbelieves perAXA shareis growth''on attrack theto upper end ofdeliver the 6-8%main CAGRfinancial targettargets rangeof forthe both'Unlock the Future' plan period 2023-2026E and for 2026.: ^{p. 4}

** ''Underlying returnearnings onper equityshare growth'' betweenat 14%the andupper 16end of the 6-8% betweenCAGR 2024target andrange for 2023-2026E and for 2026. ^{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: gross written premiums and other revenues ^{p. 5}|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Reinsurance|wpkf9ycgxf|lht8rybaqk|kind=table|order=====4}}

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

! style="text-align:left" | ''Earnings (in Euro million, unless otherwise noted)''

* ''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, 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 (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}

* 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 -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}

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

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

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

** Driven by: ''Protection'' (EUR +4.9bn), mainly in Hong Kong, Japan, 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 Mexico (EUR -0.1bn). ^{p. 7}

** ''Short-termLower technicalincome resulttaxes'' (EUR +0.1bn) drivenreflecting byfavorable expansiontax ofeffects technicalin margin reflecting pricingGermany, underwritingFrance, and claims management actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -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=====8}}

|}-

* ''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 during the current year, consisting of the sum of (i) thecomprising NB CSM, (ii) the present value of 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 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 (value of newly issued contracts during the current year) to (ii) PVEP. ^{p. 8}

* ''TechnicalOperating experiencevariance'' consists ofis the impactsyear-end onCSM underlyingvariation earnings of (i) the difference betweenfrom expected anddue incurredto cash-flowsdifferences in therealized definedvs. period,expected (ii)operational the risk adjustment releaseassumptions, (iii) changes in onerousassumptions contracts(mortality, andlongevity, (ivlapses, expenses), otherand long-termmodel elementschanges, (mainlynet non-attributableof expenses)reinsurance. ^{p. 9}

* ''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. ^{p. 9}

* ''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 (excludingexcl. 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) are fully consolidated). ^{p. 10}

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

** ''AXA Mediterranean Holdings''. ^{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 (consolidated under the equity method). ^{p. 10}

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

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

* AXA's consolidated financial statements for the year ended December 31, 2025,FY25 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors. ^{p. 11}

* The AXA Group is a worldwide leader in insurance, with 156,000 employees serving more thanover 92 million clients in 52 countries. ^{p. 12}

* The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). ^{p. 12}

* AXA’s American Depository Share is quoted on the OTC QX platform under the ticker symbol AXAHY. ^{p. 12}

* 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}

* Individual Shareholder Relations: +33.1.40.75.48.43. ^{p. 12}

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

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

* InformationAdditional on SRI ratings and ethical indexes isinformation available at axa.com/en/investor/sri-ratings-ethical-indexes. ^{p. 12}

* This documentpress release contains forward-looking statements, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information. ^{p. 12}

* TheseAXA statementsdisclaims areany basedobligation onto Management’spublicly currentupdate viewsor andrevise intentionsthese andstatements, areexcept subjectas torequired by changelaw. ^{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}}

* Banking revenues amounted to EUR 99m in FY25 and EUR 118m in FY24. {{footnote|1=Including Banking revenues of Euro 99 million in FY25 and Euro 118 million in FY24.}} ^{p. 13}

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

* Underlying earnings by geography and business line include underlying earnings of Holdings and Banking. {{footnote|1=Including underlying earningsthose of Holdings and Banking.}} ^{p. 14}

====== {{Indexing|Property & Casualty gross written premiums and& 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}}

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

====== {{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}}

* Monthly average discount rates are calculated from January 2024 to December 2024. {{footnote|1=Calculated as monthly average from January 2024 to December 2024.}} ^{p. 15}

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

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

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

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

* Changes are on a comparable basis (constant forex, scope, and methodology). ^{p. 17}

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

* Short-term business refersmargin tois Life Pure Protection and Health when measuredanalyzed using the PAACombined periodRatio. ^{p. 17}

====== {{Indexing|Net flows by business 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}}

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

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

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

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

* Changes are on a comparable basis (constant forex, scope, and methodology). ^{p. 18}

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

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

|! 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 predominantly 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%. {{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}

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

== '''Main transactions in 2025: =='''

* Announced the execution of a ''share repurchase agreement'' for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025). ^{p. 20}

* Announced the completion of the ''acquisition of Nobis Group in Italy'' (April 1, 2025). ^{p. 20}

* Announced the ''placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes'' (May 28, 2025). ^{p. 20}

* Announced the execution of a ''share repurchase agreement'' for AXA's Shareplan and certain stock-based compensation (June 2, 2025). ^{p. 20}

* Announced the completion of the ''sale of AXA Investment Managers to BNP Paribas'' (July 1, 2025). ^{p. 20}

* Announced the execution of a ''share repurchase agreement of up to EUR 3.8bn'' following the sale of AXA IM (July 1, 2025). ^{p. 20}

* Announced the ''acquisition of Prima, the leading direct insurance player in Italy'' (August 1, 2025). ^{p. 20}

* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the ''2025 employee share offering program (Shareplan 2025)''. ^{p. 20}

* Announced the ''placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes'' (October 14, 2025). ^{p. 20}

* Announced the completion of the ''acquisition of a majority stake in Prima in Italy'' (November 28, 2025). ^{p. 20}

== '''Next main investor events =='''

* ''2026 Shareholder's Annual General Meeting'' (April 30, 2026). ^{p. 20}

* ''First quarter 2026 Activity Indicators'' (May 5, 2026). ^{p. 20}

* ''HY26 Earnings Release'' (July 31, 2026). ^{p. 20}

* ''AXA Investor Day'' (September 21, 2026). ^{p. 20}