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

==== Key FY25 highlights ====

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

* ''Underlying earnings'' at EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM ^{p. 1}

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

** This also includesIncludes -1% from temporary earnings dilution from the sale of AXA IM due to the timing of anti-dilutive share buyback related to the sale of AXA IM. ^{p. 1}

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

==== Capital Management ====

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

* 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) ^{p. 1}

==== Outlook ====

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

* ''Expected impact of ''Solvency II revision'' at +17 points (estimated based on SCR and capital as of January 1, 2026, assuming revision effective then). ^{p. 1}

* AXA towill present its ''new strategic plan for 2027-2029'' on September 21, 2026. ^{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 & other revenues ^{p. 2}|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management|wpkf9ycgxf|ed0t39ch3flht8rybaqk|kind=table|order=1}}

{{Indexing|FY25 key highlights: underlying earnings and net income ^{p. 2}|Underlying earnings, net income|y30gelxv10|utcfjac7ow|kind=table|order=2}}

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

=== Activity indicators ===

*** ''Commercial lines'' +4%, driven byfrom higher volumes (notably at AXA XL Insurance) and favorable price effects 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 premiums'' +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'' +4%, from continued momentum in Italy and France. ^{p. 2}

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

=== Earnings ===

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

** ''LifeProperty & HealthCasualty'' +79%, from improvedhigher short-termvolumes, technicalunderwriting resultsmargin in Health & Protectionexpansion, and higherincreased earningsfinancial inresult long-term business, including early benefits from strategydue to rejuvenatehigher theinvestment businessincome. ^{p. 2}

** ''HoldingsLife & Health'' underlying+7%, earningsfrom remainedimproved broadlyshort-term stabletechnical atresults EURin Health & Protection and higher earnings in long-1term business.2bn ^{p. 2}

** ''Asset ManagementHoldings'' underlying earnings decreasedremained bystable at EUR 0-1.2bn due to the disposal of AXA IM on July 1, 2025. ^{p. 2}

** ''UnderlyingAsset earnings per shareManagement'' +8%underlying toearnings decreased by EUR 30.86,2bn mainlydue drivento by:the disposal of AXA IM on July 1, 2025. ^{p. 2}

** ImpactDriven ofby shareincreased buybacksunderlying earnings (+36%), includingand bothdecreased theinterest annualexpense shareon buyback programundated and the antideeply-dilutive share buyback associated with the sale of AXAsubordinated IMdebt. ^{p. 2}

** 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. ^{p. 2}

* ''NetThe income''sale +26%of toAXA EURIM 9.8bn,resulted mainlyin reflectinga the''temporary increasedilution inof underlying earnings andper significantlyshare'' positive(-1%) exceptionaldue items, notablyto the gaintiming fromof the saleassociated ofshare AXA IMbuyback. ^{p. 2}

=== Balance sheet ===

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

** ''SolvencyOperating II ratioreturn'' was(+28 224%points) asnet of Decemberdividend 31,provision 2025,and +9annual pointsshare vs.buyback December(-24 31, 2024points). ^{p. 3}

** StrongPositive operatingimpact return (+28 points)from ''net ofsubordinated thedebt provision for dividend and annual share buybackissuance'' (-24+6 points). ^{p. 3}

** PositiveFavorable impactimpacts from net''financial subordinated debt issuancemarkets'' (+64 points). ^{p. 3}

** FavorablePartially impactsoffset fromby financial''net marketsimpact of acquisitions'' (Nobis and Prima) and AXA IM disposal including EUR 3.8bn share buyback (+4-5 points). ^{p. 3}

* AsThe ofGroup Januaryestimates 1, 2026, capital instruments and subordinated debt subject tothe ''Solvency II transitional measuresrevision'' ("grandfatheredeffective debt"Q1 2027) nowould longerincrease qualifiedthe as eligible own funds, resulting in a ''-10 point decrease incurrent Solvency II ratio toby 215%''+17 points. ^{p. 3}

* ''UnderlyingDebt return on equitygearing'' was 1622.03% as of December 31, 2025, +01.87 pointpoints vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity. ^{p. 3}

** ''DebtDriven by lower gearing'shareholders' wasequity 22.3%and asCSM, and issuance of DecemberRestricted 31,Tier 2025, +1.7 pointsand vs.Tier December2 31,subordinated debt (EUR 20243.5bn). ^{p. 3}

** DrivenPartially offset by lowerredemption shareholders'of equityoutstanding and CSM, as well as the issuance of Restrictedgrandfathered Tier 1 and Tier 2 subordinated debt (EUR 3-1.5bn9bn). ^{p. 3}

** PartiallyDebt offsetgearing bywas redemptionin ofline outstandingwith grandfatheredthe Tier19-23% 1plan debtguidance (EURfor 2024-12026.9bn) ^{p. 3}

** The''Cash Groupat Holding's' amounted to EUR 5.6bn debtas gearingof wasDecember in31, line2025, withup itsEUR 19-23%1.6bn planvs. guidanceDecember for31, 2024-2026. ^{p. 3}

** ''CashReflects atorganic Holding''cash amountedremittance tofrom EUR 5.6bn assubsidiaries of DecemberEUR 31, 20257.5bn, up EUR 10.6bn4bn vs. December 31, 2024. ^{p. 3}

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

** ExpectedThe 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}

** AXA intends to cancel all shares repurchased under this program. ^{p. 4}

** ExpectedThe share buyback program is expected to commence as soon as reasonably practicable and be completed by year-end. ^{p. 4}

* AXA is confident in achieving its main financial targets for the 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}

* AtIn ''AXALife XL& Health'', pricingearnings conditionsgrowth varyis byexpected line;from theshort-term Groupbusiness willdue continueto effectivedisciplined cycle managementpricing and disciplinedclaims capital allocationmanagement. ^{p. 4}

* The Groupstrategy guidanceto forrejuvenate ''normalizedsales naturalin catastrophelong-term load''business remainsand atimproved ca.persistency 4.5should pointsgenerate ofpositive combinednet ratioflows forand 2026drive CSM growth. ^{p. 4}

* In ''LifeHoldings & Healthresults'', earningsin growth2026 isare expected to be drivensimilar by short-term business reflecting disciplined pricing and claims managementto initiatives2025. ^{p. 4}

** ''HoldingsUnderlying resultsearnings per share growth'' inat 2026the areupper expectedend toof remainthe at6-8% aCAGR similartarget levelrange asfor in2023-2026E 2025and for 2026. ^{p. 4}

** Management''Underlying believes AXA isreturn on track to deliver the main financial targetsequity'' ofbetween the14% "Unlockand the16% Future"for plan:2024-2026E. ^{p. 4}

** ''UnderlyingCumulative earningsorganic percash share growthupstream'' atin the upper endexcess of theEUR 6-8% CAGR target range21bn for both 20232024-2026E and for 2026. ^{p. 4}

** ''UnderlyingThe returnGroup onis committed to its equity''capital betweenmanagement 14%policy'', andtargeting 16%a betweentotal 2024payout andratio 2026Eof 75%. ^{p. 4}

** ''CumulativeComprising organica cash60% upstream''dividend inpayout excessratio ofand EURan 21bnadditional for15% 2024-2026Efrom annual share buybacks. ^{p. 4}

** The Groupproposed dividend per share in a given year is committedexpected to itsbe ''capitalat managementleast policy'',equal targetingto athe totalprior payoutyear's ratiodividend ofper 75%share. ^{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|n13vjesiavlht8rybaqk|kind=table|order=4}}

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

{{Indexing|Property & Casualty: earnings ^{p. 5}|CombinedGross ratiowritten premiums, underlyingother earningsrevenues, Commercial lines, AXA XL Insurance, Property, Casualty, Financial lines, Asia, Africa & EME-LATAM, Türkiye, Mexico, France, Personal lines, Europe, UKAXA &XL IrelandReinsurance, combined ratio, undiscounted current Motor|cos78e4bviyear loss ratio|y30gelxv10|n13vjesiavcos78e4bvi|wpkf9ycgxf|kind=table|order=5}}

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

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

*** ''AXA XL Insurance'' +3% from growth in linesattractive withmargin attractive marginslines (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 (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}

*** ''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 (higher average premiums and volumes). ^{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'' +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:. ^{p. 5}

*** Commercial lines (-0.5 point), driven byspecifically SME & mid-market business (-0.9 point) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 point) ^{p. 5}

*** Personal lines (-0.4 point) in a conducive pricing environment. ^{p. 5}

*** LowerAXA expenseXL ratioInsurance margins stable (-+0.31 point) primarily from lower non-commission expense ratio reflecting efficiency gains. ^{p. 5}

** ''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%) ^{p. 5}

* ''Increase in technicalTechnical result'' (increased by EUR +0.5bn), reflecting strong volume growth and improved technical margin. ^{p. 6}

* ''Higher financialFinancial 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}

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

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

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

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

! class="col-sm" style="text-align:right" | Change on a comparable basis—

{{Indexing|Life & Health: earnings ^{p. 6}|UnderlyingGross earningswritten premiums, Lifeother revenues, HealthLife, Unit-Linked, G/A, Protection, Health, Present value of expected premiums (PVEP), Hong Kong, France, Switzerland, Italy, Japan|y30gelxv10|pw41e8kn7mwpkf9ycgxf|kind=table|order=7}}

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

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

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

! class="col-sm" style="text-align:right" | Change at constant forex—

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

** ''G/A'' (+4%), notably in France (+4%) and elevated sales of a capital-light product in Italy, partly offset by the 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, driven by:. ^{p. 7}

** ''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}

* ''NBV margin (post tax)'' increased by 0.1 point to 4.5%. ^{p. 7}

* ''Net flows'' 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}

** ''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, bothand growthclaims inmanagement reservesactions, andoffsetting betterthe impact of legislative change on VAT marginsrecoverability 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 Franceto andincreased Mexicoearnings of minority shareholders. ^{p. 7}

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

{{Indexing|Ratings: insurerInsurer 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, AXA SA, AXA's principal insurance subsidiaries, Senior debt, Short-term debt|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), and revenues from non-insurance activities (banking, services, asset businessmanagement). ^{p. 8}

* ''New business contractual service marginvalue ("NB CSMNBV")'' is athe componentvalue of thenewly carryingissued amountcontracts, ofcomprising theNB assetCSM, orpresent liabilityvalue forof newlyfuture issuedprofits insuranceof contractsShort-Term duringBusiness, thepresent period,value representingof thefuture unearnedprofits profitof toIFRS be9 recognizedinvestment ascontracts, insurancenet contractof reinsurance cost, taxes, servicesand areminority providedinterests. ^{p. 8}

* ''New business value margin ("NBV Margin")'' is the valueratio of newly issued contracts during theNBV currentto yearPVEP. ^{p. 8}

* ''Operating variance'' is the variation of the year-end CSM vsvariation thefrom expected at opening due to (i) the differences betweenin realized andvs. expected operational assumptions, (ii) changes in assumptions such as (mortality, longevity, lapses and, expenses), and (iii)model impactchanges, net of model changesreinsurance. ^{p. 9}

** PVEP''Underlying return on in-force'' is discountedthe release of time value of options & guarantees plus the unwind of CSM at the reference interest rate andplus PVEPthe isunderlying Groupfinancial shareover-performance. ^{p. 9}

* ''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, Italy (insuranceincluding activitiesPrima andacquisition holding),on ItalyNovember (insurance28, activities2025), Prima (insurance activities) and AXA Life Europe (insurance activities). ^{p. 10}

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

** ''Asia'': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are (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). ^{p. 10}

** ''AfricaEME-LATAM'': EgyptMexico, (insuranceColombia, activitiesBrazil, and holding), MoroccoTürkiye (insurancefully activitiesconsolidated); andRussia holding(Reso) and(equity Nigeriamethod, (insurancecontributing activitiesto andnet holdingincome) which are fully consolidated. ^{p. 10}

* ChangeAll in gross written premiums & other revenues, new business value ("NBV")comments and presentchanges valuefor ofactivity expectedindicators premiums ("PVEP") isare on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated. ^{p. 11}

* AXA's providesconsolidated afinancial reconciliationstatements offor APMsFY25 towere financialexamined statementsby inthe itsBoard Activityon ReportFebruary as25, of December 312026, 2025and ("AXA'sare 2025subject Activityto Report")audit. ^{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}

* In 2025, ''IFRS17 revenues'' amounted to EUR 115.5bn and ''IFRS17 underlying earnings'' to EUR 8.4bn. ^{p. 12}

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

* AXA'sAXA’s American Depository Share is quoted on the OTC QX platform under 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}

* It is a founding member of the UN Environment Programme'sProgramme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. ^{p. 12}

* This press release and regulated information are available on the AXA Group website (axa.com). ^{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 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}

* This documentpress release contains forward-looking statements, thatincluding arepredictions subjectof tofuture knownevents, and unknowntrends, risks and uncertaintiesplans, many outsideexpectations, AXA'sor controlobjectives. ^{p. 12}

* TheseAXA APMsdisclaims haveany noobligation standardizedto meaningpublicly andupdate mayor notrevise bethese comparablestatements, toexcept similarlyas labeled measures usedrequired by other companieslaw. ^{p. 12}

* APMsThis shouldpress notrelease berefers consideredto innon-GAAP isolationfinancial from,measures or(APMs) asused aby substituteManagement for, theanalyzing Group'soperating consolidatedtrends, financial statements prepared in accordanceperformance, withand IFRSposition. ^{p. 12}

* "These APMs (Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing") arehave APMsno asstandardized definedmeaning inand ESMA'smay guidelinesnot andbe thecomparable AMF'sto relatedother positioncompanies' statementmeasures. ^{p. 12}

* Banking revenues amounted to EUR 99m in FY25 and EUR 118m in FY24. ^{p. 13}

{{Indexing|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|y30gelxv10pw41e8kn7m|iycymgpuon|pw41e8kn7m|kind=table|order=11}}

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

{{Indexing|Property & Casualty gross written premiums & 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, P&C, Interest Rates (5Y), Discounting of P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|wpkf9ycgxf|n13vjesiav|qfysbg8bas|kind=table|order=12}}

* 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, P&CEUR, PriceUSD, effectsJPY, countryGBP, businessCHF, lineHKD|qfysbg8bas|llbwb4tj3c|kind=table|order=13}}

* Monthly average from January 2024 to December 2024. ^{p. 15}

* Average of monthly opening discount rates of 2025. ^{p. 15}

{{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}}

* 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}

* 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"'). ^{p. 17}

* Short-term business margin is analyzed using the Combined Ratio. ^{p. 17}

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

{{Indexing|Net flows by business line ^{p. 18}|NewLife businessNew volumeBusiness (PVEP)Metrics, newHealth businessNew valueBusiness Metrics, PVEP, (NBV), NBV margin, Net flows, Life, Health, France, Europe|fz8evycjst|f4zcgwiyzm|kind=table|order=15}}

* Includes Health business written predominantly written 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 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}

* Includes Investment contracts with no discretionary participation features ("DPF"). ^{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}