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

Browse history interactively

← Older edit

Content deleted Content added

VisualWikitext

Revision as of 20:47, 18 July 2026 view source Wikilah admin (talk \| contribs) Bots, Bureaucrats, Editors, emailconfirmed, Interface administrators, Administrators (Semantic MediaWiki), Curators (Semantic MediaWiki), Editors (Semantic MediaWiki), Suppressors, Administrators, Widget editors 9,557 edits doc_archive: publish chq99br5nr Tag: Removed redirect ← Older edit		Latest revision as of 23:48, 27 July 2026 view source Wikilah admin (talk \| contribs) Bots, Bureaucrats, Editors, emailconfirmed, Interface administrators, Administrators (Semantic MediaWiki), Curators (Semantic MediaWiki), Editors (Semantic MediaWiki), Suppressors, Administrators, Widget editors 9,557 edits doc_archive: relink chq99br5nr (vocabulary update, 302 links)
(56 intermediate revisions by the same user not shown)
Line 10: \| pages = 20 \| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf \| summary_md = <!File:AXA-2025- ~~ARCHIVE_MD_LINK_HERE~~ FY-->Earnings_release.md \| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages). \| wide = yes \| document = Document:AXA/2025/FY/Earnings release \| doc_id = chq99br5nr }} ''This article summarizes [[Definition:AXA\|AXA]]'s [[Definition:Earnings release\|Earnings release]] published on 2026-02-26 (20 pages).'' {{chunk\|doc=chq99br5nr\|c=1\|p=1}} ~~== Press release ==~~ '''Document metadata''' * Paris, February 26th, [[Definition:Year 2026\|2026]] (6:45am CET) ~~<sup>p. 1</sup>~~ == Full Year 2025 Earnings == {{chunk\|doc=chq99br5nr\|c=2\|p=1}} ~~'''AXA reports record results with underlying EPS growth at the top end of the target range'''~~ '''[[Definition:Underlying earnings per share\|underlying EPS]] growth''' * [[Definition:AXA\|AXA]] reported record results with [[Definition:Underlying earnings per share\|underlying EPS]] growth at the top end of the [[Definition:Target range\|target range]]. ~~==== Key FY25 highlights ====~~ == Key FY25 highlights == * ''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 section of this press release.}} <sup>p. 1</sup> * ''Underlying earnings'' {{footnote\|1=• "Underlying earnings", "underlying earnings per share", "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. • AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), on the pages indicated under "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". • For further information on the above-mentioned and other non-GAAP financial measures, see the Glossary in AXA's 2025 Activity Report, available on AXA's website (www.axa.com).}} at EUR 8.4bn, up 6% vs. FY24, or +9% excluding AXA IM {{footnote\|1=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are at constant foreign exchange rates.}} <sup>p. 1</sup> * ''Underlying earnings per share'' at EUR 3.86, up +8% vs. FY24 <sup>p. 1</sup> ** This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback related to the sale of AXA IM {{footnote\|1=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider to buy back its own shares 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.}} <sup>p. 1</sup> * ''Solvency II ratio'' {{footnote\|1=• The Solvency II ratio is estimated primarily using AXA's internal model calibrated on an adverse 1/200 year shock. • For information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). • The Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} at 224% as of December 31, 2025, up +9 points vs. FY24 <sup>p. 1</sup> ** The ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period {{footnote\|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, when they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} <sup>p. 1</sup> {{chunk\|doc=chq99br5nr\|c=3\|p=1}} ~~==== Capital Management ====~~ '''[[Definition:Gross written premiums\|Gross written premiums]] and [[Definition:Underlying earnings\|underlying earnings]]''' * [[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]]{{fn ref\|1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}: EUR 116bn, up +6% vs. [[Definition:Full year 2024\|FY24]] * ''Dividend'' of EUR 2.32 per share, up +8% vs. FY24 {{footnote\|1=Subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.}} <sup>p. 1</sup> * [[Definition:Underlying earnings\|Underlying earnings]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 8.4bn, up +6% vs. [[Definition:Full year 2024\|FY24]] * Launch of an ''annual share buyback program'' {{footnote\|1=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn <sup>p. 1</sup> * [[Definition:Underlying earnings\|Underlying earnings]] excluding [[Definition:AXA Investment Managers\|AXA IM]]{{fn ref\|3\|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}: up +9% vs. [[Definition:Full year 2024\|FY24]] * ''Completion of EUR 3.8bn additional share buyback'' related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026 <sup>p. 1</sup> * [[Definition:Underlying earnings per share\|Underlying earnings per share]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 3.86, up +8% vs. [[Definition:Full year 2024\|FY24]] * [[Definition:Underlying earnings per share\|Underlying earnings per share]] was impacted by a -2% [[Definition:Headwind\|headwind]] from [[Definition:Foreign exchange\|foreign exchange movements]] * [[Definition:Underlying earnings per share\|Underlying earnings per share]] was impacted by a -1% temporary [[Definition:Earnings dilution\|earnings dilution]] from the sale of [[Definition:AXA Investment Managers\|AXA IM]] due to timing of anti-dilutive [[Definition:Share buyback\|share buyback]]{{fn ref\|4\|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the 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 a temporary earnings dilution as of December 31, 2025.}} {{chunk\|doc=chq99br5nr\|c=4\|p=1}} ~~==== Outlook ====~~ '''Solvency II ratio''' * Solvency II ratio{{fn ref\|5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}: 224% at December 31, 2025, up +9 points vs. [[Definition:Full year 2024\|FY24]] * ''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.}} <sup>p. 1</sup> * Solvency II ratio: 215% on January 1, [[Definition:Year 2026\|2026]], reflecting the end of the grandfathering period{{fn ref\|6\|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} * Expected ''impact of Solvency II revision'' at +17 points {{footnote\|1=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 II revision had come into force on the same date.}} <sup>p. 1</sup> * AXA to present its ''new strategic plan for 2027-2029'' on September 21, 2026 <sup>p. 1</sup> == Capital Management == <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." <sup>p. 1</sup></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." <sup>p. 1</sup></blockquote> {{chunk\|doc=chq99br5nr\|c=5\|p=1}} <blockquote>"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote> '''Shareholder Returns and [[Definition:Share buyback\|Buyback]] Programs''' * [[Definition:Dividend\|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024\|FY24]]{{fn ref\|7\|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} * Launch of an annual [[Definition:Share buyback\|share buyback]] program{{fn ref\|8\|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn * Completion of EUR 3.8bn additional [[Definition:Share buyback\|share buyback]] related to [[Definition:AXA Investment Managers\|AXA IM]] disposal{{fn ref\|4\|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the 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 a temporary earnings dilution as of December 31, 2025.}}, executed between July 2, 2025, and January 20, [[Definition:Year 2026\|2026]] == Outlook == {{chunk\|doc=chq99br5nr\|c=6\|p=1}} '''[[Definition:Year 2026\|2026]] outlook and strategic plan''' * [[Definition:Underlying earnings per share\|Underlying earnings per share]] growth for [[Definition:Year 2026\|2026]] is expected to be at the upper end of the 6-8% plan [[Definition:Target range\|target range]]{{fn ref\|9\|2=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 rel ease regarding forward-looking statements.}} * Expected impact of Solvency II revision is +17 points{{fn ref\|10\|2=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 II revision had come into force on the same date.}} * [[Definition:AXA\|AXA]] will present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026\|2026]] {{chunk\|doc=chq99br5nr\|c=7\|p=1}} '''2025 performance commentary''' * In 2025, [[Definition:AXA\|AXA]] delivered +9% earnings growth in core businesses excluding [[Definition:AXA Investment Managers\|AXA IM]] * Reserve prudence was enhanced following excellent results * [[Definition:Property & casualty\|P&C]] franchise posted stellar results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income * [[Definition:AXA XL\|AXA XL]] Insurance increased earnings with stable underlying margins * [[Definition:Life & health\|Life & Health]] earnings rose by 7% * Life earnings reflected early benefits of the strategy to rejuvenate the business * Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico * Investments in automation and Artificial Intelligence are driving efficiency gains * Solvency II ratio is at a very strong level * Thomas Buberl, CEO of [[Definition:AXA\|AXA]], stated that the results demonstrate the earnings power of the diversified franchise and reinforce confidence in [[Definition:AXA\|AXA]]'s ability to generate sustainable, long-term value == FY25 key highlights == {{chunk\|doc=chq99br5nr\|c=8\|p=2}} ~~====== Key figures (in Euro million, unless otherwise noted) ======~~ <div style="overflow-x:auto"> {\| id="t1" class="wikitable fintable" \|+ Key figures – [[Definition:Full year 2025\|FY25]] key highlights ~~! style="text-align:left" \| —~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~in Euro million ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a reported basis ! class="col-s" style="text-align:right" \| Change at comparable basis \|- \| style="text-align:left" \| [[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]] {{fn ref\|1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} ~~\| style="text-align:left" \| Gross written premiums & other revenues (1)~~ \| style="text-align:right" \| 110,316 \| style="text-align:right" \| 115,524 Line 67 ⟶ 101: \| style="text-align:right" \| +6% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w [[Definition:Property & casualty\|Property & Casualty]] \| style="text-align:right" \| 56,514 \| style="text-align:right" \| 58,038 Line 73 ⟶ 107: \| style="text-align:right" \| +5% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w [[Definition:Life & health\|Life & Health]] \| style="text-align:right" \| 51,983 \| style="text-align:right" \| 56,512 Line 79 ⟶ 113: \| style="text-align:right" \| +8% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w [[Definition:AXA Investment Managers\|Asset Management]] \| style="text-align:right" \| 1,701 \| style="text-align:right" \| 875 Line 86 ⟶ 120: \|} </div> ~~====== FY25 key highlights: Solvency II ratio <sup>p. 2</sup> ======~~ <div style="overflow-x:auto"> {\| id="t2" class="wikitable fintable" \|- ~~! style="text-align:left" \| —~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY24~~in Euro million ! class="col-s" style="text-align:right" \| ~~FY25~~[[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a reported basis ! class="col-s" style="text-align:right" \| Change at constant Forex \|- \| style="text-align:left" \| [[Definition:Underlying earnings\|Underlying earnings]] {{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} ~~\| style="text-align:left" \| Underlying earnings (2)~~ \| style="text-align:right" \| 8,078 \| style="text-align:right" \| 8,368 Line 112 ⟶ 145: <div style="overflow-x:auto"> {\| id="t3" class="wikitable fintable" \|- ~~! style="text-align:left" \| —~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY24~~in Euro million ! class="col-s" style="text-align:right" \| ~~FY25~~[[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a reported basis ! class="col-s" style="text-align:right" \| \|- \| style="text-align:left" \| Solvency II ratio (%) {{fn ref\|5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} ~~\| style="text-align:left" \| Solvency II ratio (%) (5)~~ \| style="text-align:right" \| 216% \| style="text-align:right" \| 224% \| style="text-align:right" \| +9 pts \| style="text-align:right" \| — \|} </div> === Activity indicators === {{chunk\|doc=chq99br5nr\|c=9\|p=2}} ~~== Activity indicators ==~~ '''[[Definition:Gross written premiums\|Gross written premiums]] and [[Definition:Other revenue\|other revenues]]''' * Total [[Definition:Gross written premiums\|gross written premiums]] and [[Definition:Other revenue\|other revenues]]{{fn ref\|1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} were up 6%. * ''Total gross written premiums and other revenues'' were up 6%, driven by: <sup>p. 2</sup> ''[[Definition:Property & casualty\|Property & Casualty'']]: (+5%~~), with growth in: <sup>p~~. ~~2</sup>~~ * ''Commercial lines'' {{~~footnote~~fn ref\|111\|2=~~"~~'Commercial lines~~"~~' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}: (+4%) from higher volumes (notably at [[Definition:AXA XL\|AXA XL]] Insurance) and favorable price effects {{~~footnote~~fn ref\|112\|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies ~~<sup>p~~. ~~2</sup>~~ * ''Personal lines'': (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, ~~and~~ Asia & EME-LATAM ~~<sup>p~~. ~~2</sup>~~ * ''[[Definition:AXA XL\|AXA XL]] Reinsurance'': (+8%), with growth supported by alternative capital ~~<sup>p~~. ~~2</sup>~~ ''[[Definition:Life & health\|Life & Health'']]: (+8%~~), with: <sup>p~~. ~~2</sup>~~ * ''Life premiums~~'' up~~: +9%~~, driven by: <sup>p~~. ~~2</sup>~~ ** ''Protection'': (+11%) from strong sales in Hong Kong, Switzerland, and Japan ~~<sup>p~~. ~~2</sup>~~ ''Unit-Linked'': (+13%) from higher volumes across all geographies ~~<sup>p~~. ~~2</sup>~~ ''G/A'' {{~~footnote~~fn ref\|113\|2=General account.}}: (+4%), from continued momentum in Italy and France ~~<sup>p~~. ~~2</sup>~~ * ''Health premiums~~'' up~~: +5%, driven by price effects in all geographies ~~<sup>p~~. ~~2</sup>~~ {{chunk\|doc=chq99br5nr\|c=10\|p=2}} ~~== Earnings ==~~ '''[[Definition:Underlying earnings\|Underlying earnings]] and EPS''' * [[Definition:Underlying earnings\|Underlying earnings]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 6% to EUR 8.4bn. * ''Underlying earnings'' increased by 6% to EUR 8.4bn, or +9% excluding AXA IM, driven by: <sup>p. 2</sup> * [[Definition:Underlying earnings\|Underlying earnings]] increased by +9% excluding [[Definition:AXA Investment Managers\|AXA IM]]{{fn ref\|3\|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}. ** ''Property & Casualty'' (+9%), from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income <sup>p. 2</sup> * [[Definition:Property & casualty\|Property & Casualty]]: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income. ** ''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 <sup>p. 2</sup> * [[Definition:Life & health\|Life & Health]]: +7% from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business. ** ''Holdings'' {{footnote\|1=Including banking activities.}} underlying earnings remained broadly stable at EUR -1.2bn <sup>p. 2</sup> * Holdings{{fn ref\|14\|2=Including banking activities.}} [[Definition:Underlying earnings\|underlying earnings]] remained broadly stable at EUR -1.2bn. ** ''Asset Management'' underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025 <sup>p. 2</sup> * Asset Management [[Definition:Underlying earnings\|underlying earnings]] decreased by EUR 0.2bn due to the disposal of [[Definition:AXA Investment Managers\|AXA IM]] on July 1, 2025. * ''Underlying earnings per share'' increased by 8% to EUR 3.86, mainly driven by: <sup>p. 2</sup> * [[Definition:Underlying earnings per share\|Underlying earnings per share]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 8% to EUR 3.86. ** Increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt <sup>p. 2</sup> * This increase was mainly driven by: Impact of share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback from the AXA IM sale <sup>p. 2</sup> Increase in [[Definition:Underlying earnings\|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. Partially offset by unfavorable foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%) <sup>p. 2</sup> Impact of [[Definition:Share buyback\|share buybacks]] (+3%), including the annual [[Definition:Share buyback\|share buyback]] program and the anti-dilutive [[Definition:Share buyback\|share buyback]] associated with the sale of [[Definition:AXA Investment Managers\|AXA IM]]. * 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 <sup>p. 2</sup> * This was partially offset by the unfavorable impact of [[Definition:Foreign exchange\|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). * ''Net income'' increased by 26% to EUR 9.8bn, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM <sup>p. 2</sup> * The sale of [[Definition:AXA Investment Managers\|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share\|underlying earnings per share]] (-1%) due to the timing of the associated [[Definition:Share buyback\|share buyback]]. {{chunk\|doc=chq99br5nr\|c=11\|p=2}} ~~== Balance sheet ==~~ '''Net income''' * Net income increased by 26% to EUR 9.8bn. * ''Shareholders' equity'' was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024 <sup>p. 3</sup> * This increase mainly reflects the increase in [[Definition:Underlying earnings\|underlying earnings]] and significantly positive exceptional items, notably the gain from the sale of [[Definition:AXA Investment Managers\|AXA IM]]. This was due to the positive contribution from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being more than offset by: <sup>p. 3</sup> * FY24 dividend paid to shareholders (EUR -4.6bn) <sup>p. 3</sup> === Balance sheet === * Impact of share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM <sup>p. 3</sup> * Unfavorable foreign exchange impact (EUR -3.5bn), notably from the depreciation of the U.S. dollar <sup>p. 3</sup> {{chunk\|doc=chq99br5nr\|c=12\|p=3}} * ''CSM'' {{footnote\|1=• Including P&C. • See Appendices of the FY25 earnings presentation at www.axa.com for indicative sensitivities impacting CSM. • These sensitivities, and any other sensitivities in the Appendices, are based on management's current assessment in connection with the full-year 2025 annual results. • These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward-looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024 <sup>p. 3</sup> '''Shareholders' equity and CSM''' New business contribution (EUR +2.2bn) combined with underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM <sup>p. 3</sup> Market conditions had a favorable impact (EUR +0.6bn), mainly driven by tightening government spreads and positive equity market performance <sup>p. 3</sup> * Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024. ** 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, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland <sup>p. 3</sup> * The decrease in shareholders' equity was due to: [[Definition:Full year 2024\|FY24]] [[Definition:Dividend\|dividend]] paid to shareholders (EUR -4.6bn), impact of [[Definition:Share buyback\|share buybacks]] in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive [[Definition:Share buyback\|share buyback]] related to the sale of [[Definition:AXA Investment Managers\|AXA IM]], and an unfavorable [[Definition:Foreign exchange\|foreign exchange]] impact (EUR -3.5bn) notably from USD depreciation. * ''Solvency II ratio'' was 224% as of December 31, 2025, up +9 points vs. December 31, 2024, with: <sup>p. 3</sup> * These negative impacts on shareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn). ** Strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points) <sup>p. 3</sup> * CSM{{fn ref\|1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|15\|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024. ** Positive impact from net subordinated debt issuance (+6 points) <sup>p. 3</sup> * CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn). ** Favorable impacts from financial markets (+4 points) <sup>p. 3</sup> * Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance. ** Partially offset by the net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points) <sup>p. 3</sup> * These positive impacts on CSM were more than offset by unfavorable [[Definition:Foreign exchange\|foreign exchange]] impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, 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. * 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% <sup>p. 3</sup> * The Group estimates the Solvency II revision, effective Q1 2027, would result in an increase of +17 points to the current Solvency II ratio <sup>p. 3</sup> {{chunk\|doc=chq99br5nr\|c=13\|p=3}} * ''Underlying return on equity'' was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity <sup>p. 3</sup> '''Solvency II ratio''' * ''Debt gearing'' was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024 <sup>p. 3</sup> ** This was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn) <sup>p. 3</sup> * Solvency II ratio{{fn ref\|5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} was 224% as of December 31, 2025, up +9 points versus December 31, 2024. ** Partially offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) <sup>p. 3</sup> * The increase in Solvency II ratio was due to: strong operating return (+28 points) net of [[Definition:Dividend\|dividend]] provision and annual [[Definition:Share buyback\|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points). ** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026 <sup>p. 3</sup> * These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima, and the disposal of [[Definition:AXA Investment Managers\|AXA IM]] including the associated EUR 3.8bn [[Definition:Share buyback\|share buyback]] (-5 points). * ''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 <sup>p. 3</sup> * As of January 1, [[Definition:Year 2026\|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%. ** This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024 <sup>p. 3</sup> * The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points{{fn ref\|10\|2=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 II revision had come into force on the same date.}}. {{chunk\|doc=chq99br5nr\|c=14\|p=3}} '''Financial ratios and cash at holding''' * Underlying return on equity{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, notably from higher [[Definition:Underlying earnings\|underlying earnings]] and lower shareholders' equity. * Debt gearing{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024. * The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). * The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026. * Cash at Holding{{fn ref\|16\|2=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 versus December 31, 2024. * This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024. == Capital management and outlook == ~~'''~~=== Capital management~~'''~~ === {{chunk\|doc=chq99br5nr\|c=15\|p=4}} * A ''dividend of EUR 2.32 per share'' (up 8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 <sup>p. 4</sup> '''Shareholder returns''' ** The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026 <sup>p. 4</sup> * AXA's Board of Directors approved, on February 25, 2026, the launch of an ''annual share buyback program for up to EUR 1.25bn'' <sup>p. 4</sup> This will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization {{footnote\|1=To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.}} <sup>p. 4</sup> AXA intends to cancel all shares repurchased under this program <sup>p. 4</sup> * The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end <sup>p. 4</sup> * A [[Definition:Dividend\|dividend]] of EUR 2.32 per share (+8% vs [[Definition:Full year 2024\|FY24]]) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026\|2026]]{{fn ref\|7\|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}. ~~'''Outlook'''~~ * The [[Definition:Dividend\|dividend]] is expected to be paid on May 13, [[Definition:Year 2026\|2026]], with an ex-dividend date on May 11, [[Definition:Year 2026\|2026]]. * [[Definition:AXA\|AXA]]'s Board of Directors approved on February 25, [[Definition:Year 2026\|2026]], an annual [[Definition:Share buyback\|share buyback]] program for up to EUR 1.25bn. * The [[Definition:Share buyback\|share buyback]] program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization. * [[Definition:AXA\|AXA]] intends to cancel all shares repurchased under this program. * The [[Definition:Share buyback\|share buyback]] program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end. === Outlook === * AXA is confident in achieving its main financial targets for the 2024-2026 "Unlock the Future" plan, underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management <sup>p. 4</sup> * In ''P&C Retail and SME & Mid-market'', pricing remains favorable, and the Group expects to benefit from the earn-through of higher pricing and underwriting actions <sup>p. 4</sup> {{chunk\|doc=chq99br5nr\|c=16\|p=4}} * At ''AXA XL'', pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital <sup>p. 4</sup> ''''Unlock the Future' plan targets and strategy''' * The Group guidance for ''normalized natural catastrophe'' {{footnote\|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca. 4.5 points of combined ratio for 2026 <sup>p. 4</sup> * In ''Life & Health'', earnings growth is expected to be driven by the short-term business, reflecting disciplined pricing and claims management initiatives <sup>p. 4</sup> * [[Definition:AXA\|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan. * The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows expected to drive CSM growth over time <sup>p. 4</sup> * Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management. * ''Holdings results'' in 2026 are expected to remain at a similar level as in 2025 <sup>p. 4</sup> * In [[Definition:Property & casualty\|P&C]] Retail and SME & Mid-market, pricing remains favorable, and the Group expects to benefit from earnthrough of higher pricing and underwriting actions. * Management believes AXA is on track to deliver the main financial targets of the "Unlock the Future" plan, assuming current operating conditions persist: <sup>p. 4</sup> * At [[Definition:AXA XL\|AXA XL]], pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. ** ''Underlying earnings per share growth'' at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026 <sup>p. 4</sup> * The Group guidance for normalized natural catastrophe{{fn ref\|18\|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at approximately 4.5 points of combined ratio for [[Definition:Year 2026\|2026]]. ** ''Underlying return on equity'' between 14% and 16% between 2024 and 2026E <sup>p. 4</sup> * In [[Definition:Life & health\|Life & Health]], earnings growth is expected from the short-term business due to disciplined pricing and claims management. ** ''Cumulative organic cash upstream'' in excess of EUR 21bn for 2024-2026E <sup>p. 4</sup> * The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time. * The Group is committed to its ''capital management policy'' {{footnote\|1=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions, and the general economic environment.}}, targeting a total payout ratio of 75% {{footnote\|1=Payout ratio is calculated based on underlying earnings per share.}} <sup>p. 4</sup> This comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks <sup>p. 4</sup> {{chunk\|doc=chq99br5nr\|c=17\|p=4}} The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year <sup>p. 4</sup> '''Holdings results and financial targets''' * Results in Holdings in [[Definition:Year 2026\|2026]] are expected to be similar to 2025 levels. * Assuming current operating conditions persist and given strong 2025 operating performance, [[Definition:AXA\|AXA]] is on track to deliver the main financial targets of its 'Unlock the Future' plan. * Main financial targets include: (i) [[Definition:Underlying earnings per share\|underlying earnings per share]] growth at the upper end of the 6-8% CAGR [[Definition:Target range\|target range]] for both 2023-2026E and [[Definition:Year 2026\|2026]]{{fn ref\|9\|2=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 rel ease regarding forward-looking statements.}}. * Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E. * Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E. * The Group is committed to its [[Definition:Capital management\|capital management]] policy{{fn ref\|19\|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}, targeting a total [[Definition:Payout ratio\|payout ratio]] of 75%{{fn ref\|20\|2=Payout ratio is calculated based on underlying earnings per share.}}. * The total [[Definition:Payout ratio\|payout ratio]] comprises a 60% [[Definition:Dividend\|dividend]] [[Definition:Payout ratio\|payout ratio]] and an additional 15% from annual [[Definition:Share buyback\|share buybacks]]. * The proposed [[Definition:Dividend\|dividend]] per share in a given year is expected to be at least equal to the [[Definition:Dividend\|dividend]] per share paid in the prior year. == Property & Casualty == {{chunk\|doc=chq99br5nr\|c=18\|p=5}} ~~====== Key figures (in Euro billion, unless otherwise noted) ======~~ <div style="overflow-x:auto"> {\| id="t4" class="wikitable fintable" \|+ Key figures – [[Definition:Property & casualty\|Property & Casualty]] ~~! style="text-align:left" \| —~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~in Euro billion ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a comparable basis ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] Price effect{{fn (ref\|12)\|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} (in %) \|- \| style="text-align:left" \| [[Definition:Gross written premiums\|Gross written premiums]] and [[Definition:Other revenue\|other revenues]] \| style="text-align:right" \| 56.5 \| style="text-align:right" \| 58.0 Line 225 ⟶ 290: \| style="text-align:right" \| +2.9% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Commercial lines{{fn (ref\|11)\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} \| style="text-align:right" \| 34.9 \| style="text-align:right" \| 35.8 Line 231 ⟶ 296: \| style="text-align:right" \| +1.9% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Personal lines \| style="text-align:right" \| 19.1 \| style="text-align:right" \| 19.7 Line 237 ⟶ 302: \| style="text-align:right" \| +5.2% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w [[Definition:AXA XL\|AXA XL]] Reinsurance \| style="text-align:right" \| 2.5 \| style="text-align:right" \| 2.6 Line 244 ⟶ 309: \|} </div> ~~====== Earnings (in Euro million, unless otherwise noted) ======~~ <div style="overflow-x:auto"> {\| id="t5" class="wikitable fintable" \|- ~~! style="text-align:left" \| —~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY24~~in Euro million ! class="col-s" style="text-align:right" \| ~~FY25~~[[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change at constant Forex \|- Line 259 ⟶ 323: \| style="text-align:right" \| -0.3 pt \|- \| style="text-align:left" \| [[Definition:Underlying earnings\|Underlying earnings]] \| style="text-align:right" \| 5,510 \| style="text-align:right" \| 5,872 Line 266 ⟶ 330: </div> {{chunk\|doc=chq99br5nr\|c=19\|p=5}} * ''Gross written premiums & other revenues'' were up 5% to EUR 58.0bn <sup>p. 5</sup> '''[[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]]''' ''Commercial lines'' grew by 4% to EUR 35.8bn, driven by: <sup>p. 5</sup> * ''AXA XL Insurance'' (+3%) from growth in attractive margin lines, including Property and Casualty (from favorable price effects and higher volumes), partly offset by lower pricing and volumes in Financial lines <sup>p. 5</sup> * [[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]] +5% to EUR 58.0bn. *** ''Asia, Africa & EME-LATAM'' (+13%) mainly driven by Türkiye from higher average premiums, and favorable volume and price effects in Mexico <sup>p. 5</sup> * Commercial lines: +4% to EUR 35.8bn. * ''France'' (+6%) from favorable price effects in all lines and higher volumes <sup>p. 5</sup> [[Definition:AXA XL\|AXA XL]] Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines. ''Personal lines'' grew by 7% to EUR 19.7bn, driven by: <sup>p. 5</sup> [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]]: +13% mainly from Türkiye (higher average premiums) and Mexico (favorable volume and price effects). * ''Europe'' (+5%) from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024 <sup>p. 5</sup> France: +6% from favorable price effects across all lines and higher volumes. *** ''Asia, Africa & EME-LATAM'' (+14%) driven by Türkiye from higher average premiums and volumes <sup>p. 5</sup> * Personal lines: +7% to EUR 19.7bn. * ''France'' (+9%) with strong volume growth in all lines, from both direct business and proprietary agent networks, combined with favorable price effects in Motor <sup>p. 5</sup> Europe: +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened after strong repricing in 2024. ''AXA XL Reinsurance'' grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines <sup>p. 5</sup> [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]]: +14% from Türkiye (higher average premiums and volumes). * The ''all-year combined ratio'' improved by 0.3 point to 90.6%, mainly driven by: <sup>p. 5</sup> France: +9% from strong volume growth in all lines (direct business, proprietary agent networks) and favorable price effects in Motor. 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) <sup>p. 5</sup> * [[Definition:AXA XL\|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. Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains <sup>p. 5</sup> Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%) <sup>p. 5</sup> {{chunk\|doc=chq99br5nr\|c=20\|p=5}} * ''P&C underlying earnings'' were up 9% to EUR 5.9bn, driven by: <sup>p. 6</sup> '''Combined ratio''' Increase in technical result (EUR +0.5bn) reflecting strong volume growth and improved technical margin <sup>p. 6</sup> Higher financial result (EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves <sup>p. 6</sup> * All-year combined ratio improved by 0.3pt to 90.6%. ** Partially offset by higher income taxes (EUR -0.2bn) mainly due to higher pre-tax underlying earnings <sup>p. 6</sup> * Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME & mid-market business at -0.9pt) and Personal lines (-0.4pt). * [[Definition:AXA XL\|AXA XL]] Insurance margins stable at attractive levels (+0.1pt). * Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains. * Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%). {{chunk\|doc=chq99br5nr\|c=21\|p=6}} '''[[Definition:Property & casualty\|P&C]] [[Definition:Underlying earnings\|underlying earnings]]''' * [[Definition:Property & casualty\|P&C]] [[Definition:Underlying earnings\|underlying earnings]] +9% to EUR 5.9bn. * Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin. * Driven by higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves. * Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings\|underlying earnings]]. == Life & Health == {{chunk\|doc=chq99br5nr\|c=22\|p=6}} ~~====== Key figures (in Euro billion, unless otherwise noted) ======~~ <div style="overflow-x:auto"> {\| id="t6" class="wikitable fintable" \|+ Key figures – [[Definition:Life & health\|Life & Health]] ~~! style="text-align:left" \| —~~ \|- ~~! class="col-s" style="text-align:right" \| FY24~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY25~~in Euro billion ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a comparable basis \|- \| style="text-align:left" \| [[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]] \| style="text-align:right" \| 52.0 \| style="text-align:right" \| 56.5 \| style="text-align:right" \| +8% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Life \| style="text-align:right" \| 34.5 \| style="text-align:right" \| 37.5 \| style="text-align:right" \| +9% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Health \| style="text-align:right" \| 17.5 \| style="text-align:right" \| 19.0 \| style="text-align:right" \| +5% \|- \| style="text-align:left" \| PVEP{{fn (ref\|1,21)}} \| style="text-align:right" \| 50.9 \| style="text-align:right" \| 49.4 \| style="text-align:right" \| -2% \|- \| style="text-align:left" \| NB CSM{{fn (ref\|1,21)}} \| style="text-align:right" \| 2.2 \| style="text-align:right" \| 2.2 \| style="text-align:right" \| +3% \|- \| style="text-align:left" \| NBV (post-tax){{fn (ref\|1,21)}} \| style="text-align:right" \| 2.3 \| style="text-align:right" \| 2.2 \| style="text-align:right" \| 0% \|- \| style="text-align:left" \| NBV margin{{fn (ref\|1,21)}} \| style="text-align:right" \| 4.4% \| style="text-align:right" \| 4.5% \| style="text-align:right" \| +0.1 pt \|- \| style="text-align:left" \| Net flows{{fn (ref\|21)\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} \| style="text-align:right" \| +1.5 \| style="text-align:right" \| +5.4 Line 337 ⟶ 415: \|} </div> ~~====== Earnings (in Euro million) ======~~ <div style="overflow-x:auto"> {\| id="t7" class="wikitable fintable" \|- ~~! style="text-align:left" \| —~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY24~~in Euro million ! class="col-s" style="text-align:right" \| ~~FY25~~[[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change at constant forex \|- \| style="text-align:left" \| [[Definition:Underlying earnings\|Underlying earnings]] \| style="text-align:right" \| 3,323 \| style="text-align:right" \| 3,501 \| style="text-align:right" \| +7% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Life \| style="text-align:right" \| 2,636 \| style="text-align:right" \| 2,715 \| style="text-align:right" \| +4% \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w Health \| style="text-align:right" \| 687 \| style="text-align:right" \| 787 Line 364 ⟶ 441: </div> ~~'''~~=== Gross written premiums & other revenues were up 8% to Euro 56.5 billion.~~'''~~ === {{chunk\|doc=chq99br5nr\|c=23\|p=6}} * ''Life'' grew by 9% to EUR 37.5bn, mainly from: <sup>p. 6</sup> '''[[Definition:Life & health\|Life & Health]] [[Definition:Gross written premiums\|gross written premiums]]''' ''Unit-Linked'' (+13%) driven by successful sales initiatives across all geographies <sup>p. 6</sup> ''G/A'' (+4%) notably in France (+4%) and elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong <sup>p. 6</sup> * Life grew +9% to EUR 37.5bn, mainly from: ''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 <sup>p. 6</sup> Unit-Linked: +13% driven by successful sales initiatives across all geographies * ''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 <sup>p. 6</sup> ** G/A{{fn ref\|13\|2=General account.}}: +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy * ''Present value of expected premiums (PVEP)'' {{footnote\|1=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} decreased by 2% to EUR 49.4bn, driven by: <sup>p. 7</sup> G/A was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong ''Life'' (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums <sup>p. 7</sup> 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 ''Health'' (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions <sup>p. 7</sup> * ~~''NB~~Health ~~CSM''~~grew ~~increased by 3~~+5% to EUR 219.~~2bn~~0bn, driven by ~~strong~~favorable ~~sales~~price effects in ~~Savings~~both Group and ~~Protection~~Individual businesses across most geographies, partly offset by ~~the~~lower ~~impact of higher interest rates on discounting of future profits <sup>p~~volumes. ~~7</sup>~~ * ''NBV (post-tax)'' was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France <sup>p. 7</sup> {{chunk\|doc=chq99br5nr\|c=24\|p=6}} * ''NBV margin (post tax)'' increased by 0.1 point to 4.5% <sup>p. 7</sup> '''Present value of expected premiums (PVEP)''' * ''Net flows'' were EUR +5.4bn compared to EUR +1.5bn in 2024, driven by: <sup>p. 7</sup> ** ''Protection'' (EUR +4.9bn), mainly in Hong Kong, Japan, and France <sup>p. 7</sup> * Present value of expected premiums (PVEP){{fn ref\|1,21}} decreased by 2% to EUR 49.4bn. ''Health'' (EUR +2.7bn), mainly in Germany, Japan, and France <sup>p. 7</sup> {{chunk\|doc=chq99br5nr\|c=24\|p=7\|cont=1}} ''Unit-Linked'' (EUR +1.5bn), primarily in France <sup>p. 7</sup> * Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums. ** Partially offset by ''G/A Savings'' (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn) <sup>p. 7</sup> * Health PVEP: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions. * ''Life & Health underlying earnings'' increased by 7% to EUR 3.5bn, driven by: <sup>p. 7</sup> ''Long-term technical result'' (EUR +0.2bn) driven by an increase in CSM release, following growth in reserves and better margins in the long-term business <sup>p. 7</sup> {{chunk\|doc=chq99br5nr\|c=25\|p=7}} ''Short-term technical result'' (EUR +0.1bn) driven by expansion of technical margin reflecting pricing, underwriting, and claims management actions, which offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn) <sup>p. 7</sup> '''NB CSM and NBV''' ''Lower income taxes'' (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France, and Mexico <sup>p. 7</sup> Lower contribution from affiliates, notably ICBC-AXA, and improved results at AXA MPS, which increased earnings of minority shareholders <sup>p. 7</sup> * NB CSM{{fn ref\|1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. * NBV (post-tax){{fn ref\|1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France. * NBV margin (post tax){{fn ref\|1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 0.1pt to 4.5%. {{chunk\|doc=chq99br5nr\|c=26\|p=7}} '''Net flows''' * Net flows{{fn ref\|21\|2=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. * Net flows in 2025 were driven by: Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France Health: EUR +2.7bn, mainly in Germany, Japan, and France ** Unit-Linked: EUR +1.5bn, primarily in France * Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn). {{chunk\|doc=chq99br5nr\|c=27\|p=7}} '''[[Definition:Life & health\|Life & Health]] [[Definition:Underlying earnings\|underlying earnings]]''' * [[Definition:Life & health\|Life & Health]] [[Definition:Underlying earnings\|underlying earnings]] increased by 7% to EUR 3.5bn, driven by: Long-term technical result: EUR +0.2bn driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business Short-term technical result: EUR +0.1bn driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn) Lower income taxes: EUR +0.1bn reflecting favorable tax effects mainly in Germany, France and Mexico ** Lower contribution from affiliates, notably ICBC-AXA and improved results at [[Definition:AXA\|AXA]] MPS that resulted in an increase in earnings of minority shareholders == Holdings == {{chunk\|doc=chq99br5nr\|c=28\|p=7}} * ''Holdings underlying earnings'' remained broadly stable at EUR -1.2bn <sup>p. 7</sup> '''Holdings [[Definition:Underlying earnings\|underlying earnings]]''' * Holdings [[Definition:Underlying earnings\|underlying earnings]]{{fn ref\|14\|2=Including banking activities.}} remained broadly stable at EUR -1.2bn. == Ratings and glossary == ~~'''~~=== Ratings~~'''~~ === {{chunk\|doc=chq99br5nr\|c=29\|p=8}} ~~<div style="overflow-x:auto">~~ ~~{\| class="wikitable"~~ ~~! colspan="3" style="text-align:center" \| Insurer financial strength ratings~~ ~~! colspan="2" style="text-align:center" \| AXA's credit ratings (22)~~ \|} ~~</div>~~ <div style="overflow-x:auto"> {\| id="t8" class="wikitable" \|+ Insurer financial strength ratings and [[Definition:AXA\|AXA]]'s credit ratings by Agency \|- ! style="text-align:left" \| ! style="text-align:right" \| ! colspan="3" style="text-align:center" \| Insurer financial strength ratings ! colspan="2" style="text-align:center" \| [[Definition:AXA\|AXA]]'s credit ratings {{fn ref\|22\|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}} \|- ! style="text-align:left" \| Agency ! ~~class="col-m"~~ style="text-align:right" \| Date of last review ! ~~class="col-m"~~ style="text-align:~~right~~left" \| [[Definition:AXA\|AXA]] SA ! ~~class="col-m"~~ style="text-align:~~right~~left" \| [[Definition:AXA\|AXA]]'s principal insurance subsidiaries ! ~~class="col-m"~~ style="text-align:~~right~~left" \| Outlook ! ~~class="col-m"~~ style="text-align:right" \| Senior debt of the Company ! ~~class="col-m"~~ style="text-align:~~right~~left" \| Short-term debt of the Company \|- \| style="text-align:left" \| S&P Global Ratings \| ~~class="col-m"~~ style="text-align:right" \| October 3, 2025 \| ~~class="col-m"~~ style="text-align:~~right~~left" \| A+ \| ~~class="col-m"~~ style="text-align:~~right~~left" \| AA- \| ~~class="col-m"~~ style="text-align:~~right~~left" \| Positive \| ~~class="col-m"~~ style="text-align:right" \| A+ \| ~~class="col-m"~~ style="text-align:~~right~~left" \| A-1+ \|- \| style="text-align:left" \| Moody's Investor Service \| ~~class="col-m"~~ style="text-align:right" \| October 8, 2025 \| ~~class="col-m"~~ style="text-align:~~right~~left" \| Aa2 \| ~~class="col-m"~~ style="text-align:~~right~~left" \| Aa2 \| ~~class="col-m"~~ style="text-align:~~right~~left" \| Stable \| ~~class="col-m"~~ style="text-align:right" \| Aa3 \| ~~class="col-m"~~ style="text-align:~~right~~left" \| P-1 \|- \| style="text-align:left" \| AM Best \| ~~class="col-m"~~ style="text-align:right" \| October 9, 2025 \| ~~class="col-m"~~ style="text-align:~~right~~left" \| A+ Superior \| ~~class="col-m"~~ style="text-align:~~right~~left" \| — \| ~~class="col-m"~~ style="text-align:~~right~~left" \| Stable \| ~~class="col-m"~~ style="text-align:right" \| aa Superior \| ~~class="col-m"~~ style="text-align:~~right~~left" \| — \|} </div> {{fn note\|1=22\|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings ~~<sup>p~~. ~~8</sup>~~}} ~~'''~~=== Glossary~~'''~~ === {{chunk\|doc=chq99br5nr\|c=30\|p=8}} ''Capital-light G/A products'' encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% <sup>p. 8</sup> '''Glossary of financial terms''' * ''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 <sup>p. 8</sup> * ''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 <sup>p. 8</sup> * ''Economic variance'' is the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force <sup>p. 8</sup> * ''Financial result'' is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow <sup>p. 8</sup> * ''Gross written premiums and other revenues'' are 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) <sup>p. 8</sup> ** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) <sup>p. 8</sup> * ''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 <sup>p. 8</sup> * ''New business value ("NBV")'' is the value of newly issued contracts during the current year <sup>p. 8</sup> ** It consists of the sum of (i) the 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 pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 8</sup> * ''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 <sup>p. 8</sup> * Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%. * ''Operating variance'' is the variation of the year-end CSM vs. the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes <sup>p. 9</sup> * Contractual service margin ("CSM"): 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. ** Operating variance is net of reinsurance <sup>p. 9</sup> * CSM release: 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. * ''Present value of expected premiums ("PVEP")'' is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term <sup>p. 9</sup> * Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. ** PVEP is discounted at the reference interest rate and is Group share <sup>p. 9</sup> * Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow. * ''Technical experience'' consists of the impacts on the underlying earnings of (i) the difference between expected and incurred cash-flows in the defined period, (ii) the risk adjustment release, (iii) changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses <sup>p. 9</sup> * [[Definition:Gross written premiums\|Gross written premiums]] and [[Definition:Other revenue\|other revenues]]: 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). * ''Underlying return on in-force'' is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance <sup>p. 9</sup> ** [[Definition:Other revenue\|Other Revenues]] represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities). * New business contractual service margin ("NB CSM"): 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. * New business value ("NBV"): the value of newly issued contracts during the current year. ** It consists of the sum of (i) the 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 pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests. * New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP. {{chunk\|doc=chq99br5nr\|c=30\|p=9\|cont=1}} * Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. ** Operating variance is net of reinsurance. * Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. ** PVEP is discounted at the reference interest rate and PVEP is Group share. * Technical experience: consists of the impacts on the [[Definition:Underlying earnings\|underlying earnings]] of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses. * Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. == Scope and exchange rates == ~~'''~~=== Scope~~'''~~ === {{chunk\|doc=chq99br5nr\|c=31\|p=10}} * ''France'' includes insurance activities, banking activities, and holding <sup>p. 10</sup> '''Scope of operations by geography''' * ''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), 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) <sup>p. 10</sup> * ''AXA XL'' includes insurance and reinsurance activities and holding <sup>p. 10</sup> * ''Asia, Africa & EME-LATAM'' includes: <sup>p. 10</sup> ''Asia'': Japan (insurance 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) <sup>p. 10</sup> 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 only to NBV, PVEP, underlying earnings, and net income <sup>p. 10</sup> ''Africa'': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (fully consolidated) <sup>p. 10</sup> ''EME-LATAM'': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated) <sup>p. 10</sup> Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income <sup>p. 10</sup> AXA Mediterranean Holdings <sup>p. 10</sup> * ''Transversal & Other'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity), and other Central Holdings <sup>p. 10</sup> * ''AXA Investment Managers'' {{footnote\|1=Disposal to BNP Paribas completed on July 1, 2025.}} includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method) <sup>p. 10</sup> * France: includes insurance activities, banking activities, and holding. ~~'''Exchange rates'''~~ * Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities){{fn ref\|23\|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}, and [[Definition:AXA\|AXA]] Life Europe (insurance activities). * [[Definition:AXA XL\|AXA XL]]: includes insurance and reinsurance activities and holding. * [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]]: Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty\|P&C]], Indonesia L&S (excluding the bancassurance entity), China [[Definition:Property & casualty\|P&C]], South Korea, and Asia Holdings are fully consolidated. Asia: China L&S, Thailand L&S, the Philippines L&S and [[Definition:Property & casualty\|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, [[Definition:Underlying earnings\|underlying earnings]], and net income. Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated. EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated. EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income. [[Definition:AXA\|AXA]] Mediterranean Holdings is included. * [[Definition:AXA Transversal & Other\|Transversal & Other]]: includes [[Definition:AXA\|AXA]] Assistance, [[Definition:AXA\|AXA]] Liabilities Managers, [[Definition:AXA\|AXA]] SA (including Group's internal reinsurance activity), and other Central Holdings. * [[Definition:AXA Investment Managers\|AXA Investment Managers]]{{fn ref\|24\|2=Disposal to BNP Paribas completed on July 1, 2025.}}: includes [[Definition:AXA Investment Managers\|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method. === Exchange rates === {{chunk\|doc=chq99br5nr\|c=32\|p=10}} <div style="overflow-x:auto"> {\| id="t9" class="wikitable fintable" \|+ Exchange rates \|- ! style="text-align:left" \| For 1 Euro ! colspan="2" style="text-align:center" \| End of Period Exchange rate ! colspan="2" style="text-align:center" \| Average Exchange rate \|- \|! style="text-align:left" \| — \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| USD Line 527 ⟶ 642: == Notes == {{chunk\|doc=chq99br5nr\|c=33\|p=11}} * All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) <sup>p. 11</sup> '''Notes''' * Actuarial and financial assumptions for NBV and PVEP calculation are updated semi-annually at half year and full year <sup>p. 11</sup> * AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors <sup>p. 11</sup> {{fn note\|1=1\|2=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. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} ~~== About the AXA group ==~~ {{fn note\|1=2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} {{fn note\|1=3\|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}} {{fn note\|1=4\|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the 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 a temporary earnings dilution as of December 31, 2025.}} {{fn note\|1=5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} {{fn note\|1=6\|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} {{fn note\|1=7\|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} {{fn note\|1=8\|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} {{fn note\|1=9\|2=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 rel ease regarding forward-looking statements.}} {{fn note\|1=10\|2=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 II revision had come into force on the same date.}} {{fn note\|1=11\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} {{fn note\|1=12\|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} {{fn note\|1=13\|2=General account.}} {{fn note\|1=14\|2=Including banking activities.}} {{fn note\|1=15\|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} {{fn note\|1=16\|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} {{fn note\|1=17\|2=To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.}} {{fn note\|1=18\|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} {{fn note\|1=19\|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}} {{fn note\|1=20\|2=Payout ratio is calculated based on underlying earnings per share.}} {{fn note\|1=21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} {{fn note\|1=22\|2=Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's.}} {{fn note\|1=23\|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} {{fn note\|1=24\|2=Disposal to BNP Paribas completed on July 1, 2025.}} {{chunk\|doc=chq99br5nr\|c=34\|p=11}} * The AXA Group is a worldwide leader in insurance, with 156,000 employees serving over 92 million clients in 52 countries <sup>p. 12</sup> '''Basis of reporting and financial statement approval''' * In 2025, ''IFRS17 revenues'' amounted to EUR 115.5bn and ''IFRS17 underlying earnings'' to EUR 8.4bn <sup>p. 12</sup> * The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA) <sup>p. 12</sup> * AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY <sup>p. 12</sup> * The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 12</sup> * It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment <sup>p. 12</sup> * This press release and regulated information are available on the AXA Group website (axa.com) <sup>p. 12</sup> * Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 12</sup> * Individual Shareholder Relations contact: +33.1.40.75.48.43 <sup>p. 12</sup> * Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 12</sup> * Corporate Responsibility strategy information: axa.com/en/about-us/strategy-commitments <sup>p. 12</sup> * SRI ratings information: axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 12</sup> * All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology). ~~== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ==~~ * Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year. * [[Definition:AXA\|AXA]]'s consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026\|2026]]. * The financial statements are subject to completion of an audit procedure by [[Definition:AXA\|AXA]]'s statutory auditors. {{chunk\|doc=chq99br5nr\|c=35\|p=12}} * Certain statements in this document are forward-looking and subject to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially <sup>p. 12</sup> '''Company overview and legal information''' * AXA specifically disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations <sup>p. 12</sup> * This press release refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management for analyzing operating trends, financial performance, and position <sup>p. 12</sup> * These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies <sup>p. 12</sup> * None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS <sup>p. 12</sup> * "Underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015 <sup>p. 12</sup> * AXA provides a reconciliation of such APMs in its Activity Report as of December 31, 2025 ("AXA’s 2025 Activity Report"), on pages indicated under "Use of non-GAAP and alternative performance measures" <sup>p. 12</sup> * Further information on non-GAAP financial measures is available in the Glossary in AXA’s 2025 Activity Report <sup>p. 12</sup> * The [[Definition:AXA\|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries. ~~== Appendix 1: gross written premiums ET other revenues by geography and business line ==~~ * In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 [[Definition:Underlying earnings\|underlying earnings]] to EUR 8.4bn. * Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com. * The [[Definition:AXA\|AXA]] ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). * [[Definition:AXA\|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY. * Individual Shareholder Relations contact: +33.1.40.75.48.43. * Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com. * The [[Definition:AXA\|AXA Group]] is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. * [[Definition:AXA\|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. * This press release contains forward-looking statements, including those regarding expected [[Definition:Underlying earnings per share\|underlying earnings per share]] (“[[Definition:Underlying earnings per share\|UEPS]]”) growth for [[Definition:Year 2026\|2026]], which are based on Management’s current views and intentions and are subject to risks and uncertainties. * [[Definition:AXA\|AXA]] disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations. * The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from other companies. * Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS. * "[[Definition:Underlying earnings\|Underlying earnings]]", [[Definition:Underlying earnings per share\|UEPS]], "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement. * Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in [[Definition:AXA\|AXA]]’s Activity Report as of December 31, 2025. == Appendix 1: Gross written premiums et other revenues by geography and business line == {{chunk\|doc=chq99br5nr\|c=36\|p=13}} <div style="overflow-x:auto"> {\| id="t10" class="wikitable fintable" \|+ [[Definition:Gross written premiums\|Gross written premiums]] and [[Definition:Other revenue\|other revenues]] by geography and [[Definition:Business mix\|business line]] \|- ! style="text-align:left" \| ! colspan="4" style="text-align:center" \| [[Definition:Gross written premiums\|Gross Written Premiums]] and [[Definition:Other revenue\|Other Revenues]] ! colspan="2" style="text-align:center" \| o/w [[Definition:Property & casualty\|Property & Casualty]] ! colspan="2" style="text-align:center" \| o/w [[Definition:Life & health\|Life & Health]] ! colspan="2" style="text-align:center" \| o/w [[Definition:AXA Investment Managers\|Asset Management]] \|- ! style="text-align:left" \| inIn ~~Euro~~EUR million ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a reported basis ! class="col-s" style="text-align:right" \| Change on a comparable basis ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a comparable basis ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a comparable basis ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change on a comparable basis \|- \| style="text-align:left" \| France{{fn (ref\|i)\|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}} \| style="text-align:right" \| 28,996 \| style="text-align:right" \| 30,598 Line 591 ⟶ 735: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA Europe\|Europe]] \| style="text-align:right" \| 39,298 \| style="text-align:right" \| 43,005 Line 603 ⟶ 747: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA XL\|AXA XL]] \| style="text-align:right" \| 19,383 \| style="text-align:right" \| 19,277 Line 615 ⟶ 759: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] \| style="text-align:right" \| 19,083 \| style="text-align:right" \| 19,925 Line 639 ⟶ 783: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA Investment Managers\|AXA Investment Managers]] \| style="text-align:right" \| 1,701 \| style="text-align:right" \| 875 Line 651 ⟶ 795: \| style="text-align:right" \| +4% \|- \| style="text-align:left" \| ~~'''~~Total{{fn (ref\|i~~)'''~~\|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}} \| style="text-align:right" \| ~~'''~~110,316~~'''~~ \| style="text-align:right" \| ~~'''~~115,524~~'''~~ \| style="text-align:right" \| ~~'''~~+5%~~'''~~ \| style="text-align:right" \| ~~'''~~+6%~~'''~~ \| style="text-align:right" \| ~~'''~~58,038~~'''~~ \| style="text-align:right" \| ~~'''~~+5%~~'''~~ \| style="text-align:right" \| ~~'''~~56,512~~'''~~ \| style="text-align:right" \| ~~'''~~+8%~~'''~~ \| style="text-align:right" \| ~~'''~~875~~'''~~ \| style="text-align:right" \| ~~'''~~+4%~~'''~~ \|} </div> {{fn note\|1=i\|2=Including Banking revenues ~~amounted~~amounting to ~~EUR~~Euro ~~99m~~99 million in FY25 and ~~EUR~~Euro ~~118m~~118 million in FY24 ~~<sup>p~~. ~~13</sup>~~}} == Appendix 2: ~~underlying~~Underlying earnings by geography and by business line == {{chunk\|doc=chq99br5nr\|c=37\|p=14}} <div style="overflow-x:auto"> {\| id="t11" class="wikitable fintable" \|+ [[Definition:Underlying earnings\|Underlying earnings]] by geography and by [[Definition:Business mix\|business line]] \|- ! style="text-align:left" \| ! colspan="3" style="text-align:center" \| [[Definition:Underlying earnings\|Underlying earnings]] ! colspan="2" style="text-align:center" \| o/w [[Definition:Property & casualty\|Property & Casualty]] ! colspan="2" style="text-align:center" \| o/w [[Definition:Life & health\|Life & Health]] ! colspan="2" style="text-align:center" \| o/w [[Definition:AXA Investment Managers\|Asset Management]] \|- ! style="text-align:left" \| inIn ~~Euro~~EUR million ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change at constant Forex ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change at constant Forex ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change at constant Forex ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change at constant Forex \|- \| style="text-align:left" \| [[Definition:AXA France\|France]] \| style="text-align:right" \| 2,071 \| style="text-align:right" \| 2,224 Line 699 ⟶ 847: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA Europe\|Europe]] \| style="text-align:right" \| 3,187 \| style="text-align:right" \| 3,486 Line 710 ⟶ 858: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA XL\|AXA XL]] \| style="text-align:right" \| 1,820 \| style="text-align:right" \| 1,893 Line 721 ⟶ 869: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] \| style="text-align:right" \| 1,504 \| style="text-align:right" \| 1,493 Line 743 ⟶ 891: \| style="text-align:right" \| — \|- \| style="text-align:left" \| [[Definition:AXA Investment Managers\|AXA Investment Managers]] \| style="text-align:right" \| 402 \| style="text-align:right" \| 175 Line 754 ⟶ 902: \| style="text-align:right" \| -57% \|- \| style="text-align:left" \| ~~'''~~Total{{fn (ref\|i~~)'''~~\|2=Including underlying earnings of Holdings and Banking.}} \| style="text-align:right" \| ~~'''~~8,078~~'''~~ \| style="text-align:right" \| ~~'''~~8,368~~'''~~ \| style="text-align:right" \| ~~'''~~+6%~~'''~~ \| style="text-align:right" \| ~~'''~~5,872~~'''~~ \| style="text-align:right" \| ~~'''~~+9%~~'''~~ \| style="text-align:right" \| ~~'''~~3,501~~'''~~ \| style="text-align:right" \| ~~'''~~+7%~~'''~~ \| style="text-align:right" \| ~~'''~~175~~'''~~ \| style="text-align:right" \| ~~'''~~-57%~~'''~~ \|} </div> {{fn ~~Underlying~~note\|1=i\|2=Including underlying earnings ~~include those~~ of Holdings and Banking ~~<sup>p~~. ~~14</sup>~~}} == Appendix 3: ~~property~~Property & ~~casualty~~Casualty – gross written premiums & other revenues by business line and discount rates == {{chunk\|doc=chq99br5nr\|c=38\|p=15}} <div style="overflow-x:auto"> {\| id="t12" class="wikitable fintable" \|+ Total [[Definition:Property & casualty\|P&C]] by geography and [[Definition:Business mix\|business line]] \|- ! style="text-align:left" \| ! colspan="2" style="text-align:center" \| Commercial lines ! colspan="4" style="text-align:center" \| Personal lines ! colspan="4" style="text-align:center" \| [[Definition:AXA XL\|AXA XL]] Reinsurance ! colspan="2" style="text-align:center" \| Total [[Definition:Property & casualty\|P&C]] \|- ! style="text-align:left" \| inIn ~~Euro~~EUR million ! class="col-s" style="text-align:right" \| Total Commercial ! class="col-s" style="text-align:right" \| Change{{fn (ref\|i)}} ! class="col-s" style="text-align:right" \| Personal Motor ! class="col-s" style="text-align:right" \| Change{{fn (ref\|i)}} ! class="col-s" style="text-align:right" \| Personal Non-Motor ! class="col-s" style="text-align:right" \| Change{{fn (ref\|i)}} ! class="col-s" style="text-align:right" \| Total Personal ! class="col-s" style="text-align:right" \| Change{{fn (ref\|i)}} ! class="col-s" style="text-align:right" \| Total Reinsurance ! class="col-s" style="text-align:right" \| Change{{fn (ref\|i)}} ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] ! class="col-s" style="text-align:right" \| Change{{fn (ref\|i)}} \|- \| style="text-align:left" \| [[Definition:AXA France\|France]] \| style="text-align:right" \| 5,077 \| style="text-align:right" \| +6% Line 807 ⟶ 959: \| style="text-align:right" \| +7% \|- \| style="text-align:left" \| [[Definition:AXA Europe\|Europe]] \| style="text-align:right" \| 9,179 \| style="text-align:right" \| +1% Line 821 ⟶ 973: \| style="text-align:right" \| +4% \|- \| style="text-align:left" \| [[Definition:AXA XL\|AXA XL]] \| style="text-align:right" \| 16,604 \| style="text-align:right" \| +3% Line 835 ⟶ 987: \| style="text-align:right" \| +4% \|- \| style="text-align:left" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] \| style="text-align:right" \| 3,193 \| style="text-align:right" \| +13% Line 863 ⟶ 1,015: \| style="text-align:right" \| -1% \|- \| style="text-align:left" \| ~~'''~~Total~~'''~~ \| style="text-align:right" \| ~~'''~~35,771~~'''~~ \| style="text-align:right" \| ~~'''~~+4%~~'''~~ \| style="text-align:right" \| ~~'''~~12,443~~'''~~ \| style="text-align:right" \| ~~'''~~+8%~~'''~~ \| style="text-align:right" \| ~~'''~~7,269~~'''~~ \| style="text-align:right" \| ~~'''~~+7%~~'''~~ \| style="text-align:right" \| ~~'''~~19,712~~'''~~ \| style="text-align:right" \| ~~'''~~+7%~~'''~~ \| style="text-align:right" \| ~~'''~~2,555~~'''~~ \| style="text-align:right" \| ~~'''~~+8%~~'''~~ \| style="text-align:right" \| ~~'''~~58,038~~'''~~ \| style="text-align:right" \| ~~'''~~+5%~~'''~~ \|} </div> {{fn note\|1=i\|2=Changes are ~~on a~~at comparable basis (constant forex, scope, and methodology) ~~<sup>p. 15</sup>~~}} ~~====== Interest Rates (5Y) For the Discounting of P&C Claims Reserves ======~~ <div style="overflow-x:auto"> {\| id="t13" class="wikitable fintable" \|- ~~! style="text-align:left" \| —~~ ! ~~class="col-s"~~ style="text-align:~~right~~left" \| ~~FY24 (i)~~ ! class="col-s" style="text-align:right" \| ~~FY25~~[[Definition:Full ~~(ii)~~year 2024\|FY24]]{{fn ref\|i}} ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]]{{fn ref\|ii\|2=Average of monthly opening discount rates of 2025}} \|- \| style="text-align:left" \| EUR Line 915 ⟶ 1,066: </div> {{fn ~~Monthly~~note\|1=i\|2=Calculated as monthly average ~~calculated~~ from January 2024 to December 2024 ~~<sup>p. 15</sup>~~}} {{fn note\|1=ii\|2=Average of monthly opening discount rates of 2025 ~~<sup>p. 15</sup>~~}} == Appendix 4: ~~property~~Property & ~~casualty~~Casualty – price effect & 2026 market pricing trends == ~~'''~~=== P&C: Price effects i by country and business line~~'''~~ === {{chunk\|doc=chq99br5nr\|c=39\|p=16}} ~~====== P&C: Price effects (i) by country and business line ======~~ <div style="overflow-x:auto"> {\| id="t14" class="wikitable fintable" \|+ [[Definition:Property & casualty\|P&C]]: Price effects by country and [[Definition:Business mix\|business line]] ~~! style="text-align:left" \| FY25 (in %)~~ \|- ! style="text-align:left" \| [[Definition:Full year 2025\|FY25]] (in %) ! class="col-s" style="text-align:right" \| Commercial lines ! class="col-s" style="text-align:right" \| Personal lines ! class="col-s" style="text-align:right" \| [[Definition:AXA XL\|AXA XL]] Reinsurance ! ~~class="col-m"~~ style="text-align:left" \| [[Definition:Year 2026\|2026]] Market pricing trends \|- \| style="text-align:left" \| [[Definition:AXA France\|France]] \| style="text-align:right" \| +4.0% \| style="text-align:right" \| +3.3% Line 938 ⟶ 1,091: \| style="text-align:left" \| Moderation of price increase \|- \| style="text-align:left" \| [[Definition:AXA Europe\|Europe]] \| style="text-align:right" \| +3.1% \| style="text-align:right" \| +5.4% Line 944 ⟶ 1,097: \| style="text-align:left" \| — \|- \| style="text-align:left" \| <i>Switzerland</i> \| style="text-align:right" \| +3.0% \| style="text-align:right" \| +5.0% Line 950 ⟶ 1,103: \| style="text-align:left" \| Continued price increases both in Personal and Commercial lines \|- \| style="text-align:left" \| <i>Germany</i> \| style="text-align:right" \| +3.1% \| style="text-align:right" \| +10.3% Line 956 ⟶ 1,109: \| style="text-align:left" \| Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation \|- \| style="text-align:left" \| <i>Belgium & Luxembourg</i> \| style="text-align:right" \| +2.5% \| style="text-align:right" \| +4.4% Line 962 ⟶ 1,115: \| style="text-align:left" \| Price increase broadly in line with 2025 \|- \| style="text-align:left" \| <i>UK & Ireland</i> \| style="text-align:right" \| +1.4% \| style="text-align:right" \| -2.6% Line 968 ⟶ 1,121: \| style="text-align:left" \| In UK Personal lines, continuation of current trend, continued moderation in Commercial lines \|- \| style="text-align:left" \| <i>Spain</i> \| style="text-align:right" \| +8.8% \| style="text-align:right" \| +8.6% Line 974 ⟶ 1,127: \| style="text-align:left" \| Moderation of price increase \|- \| style="text-align:left" \| <i>Italy</i> \| style="text-align:right" \| +5.2% \| style="text-align:right" \| +5.3% Line 980 ⟶ 1,133: \| style="text-align:left" \| Moderation of price increase \|- \| style="text-align:left" \| [[Definition:AXA XL\|AXA XL]]{{fn ref\|ii\|2=ii. 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.}} ~~\| style="text-align:left" \| AXA XL (ii)~~ \| style="text-align:right" \| +0.2% \| style="text-align:right" \| — Line 986 ⟶ 1,139: \| style="text-align:left" \| Softening prices with conditions varying by lines \|- \| style="text-align:left" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] \| style="text-align:right" \| +3.8% \| style="text-align:right" \| +7.1% Line 992 ⟶ 1,145: \| style="text-align:left" \| Moderation of price increase \|- \| style="text-align:left" \| ~~'''~~Total~~'''~~ \| style="text-align:right" \| ~~'''~~+1.9%~~'''~~ \| style="text-align:right" \| ~~'''~~+5.2%~~'''~~ \| style="text-align:right" \| ~~'''~~+0.3%~~'''~~ \| style="text-align:left" \| ~~'''~~—~~'''~~ \|} </div> {{fn note\|1=i\|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year ~~<sup>p~~. ~~16</sup>~~}} {{fn note\|1=ii\|2=ii. 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 ~~<sup>p~~. ~~16</sup>~~}} == Appendix 5: ~~life~~Life & ~~health~~Health – gross written premiums & other revenues and growth by business line == {{chunk\|doc=chq99br5nr\|c=40\|p=17}} <div style="overflow-x:auto"> {\| id="t15" class="wikitable fintable" !\|+ ~~style="text-align~~[[Definition:~~left"~~Gross \|written premiums & other revenues\|Gross written premiums & other revenues]] by geography and [[Definition:Business mix\|business line]] \|- ! style="text-align:left" \| [[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]] ! colspan="2" style="text-align:center" \| Total ! colspan="2" style="text-align:center" \| o/w Protection Line 1,014 ⟶ 1,171: ! colspan="2" style="text-align:center" \| o/w Health \|- \|! style="text-align:left" \| inIn ~~Euro~~EUR million \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|! class="col-s" style="text-align:right" \| Change{{fn (ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|! class="col-s" style="text-align:right" \| Change{{fn (ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|! class="col-s" style="text-align:right" \| Change{{fn (ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|! class="col-s" style="text-align:right" \| Change{{fn (ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|! class="col-s" style="text-align:right" \| Change{{fn (ref\|i\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|- \| style="text-align:left" \| [[Definition:AXA France\|France]] \| style="text-align:right" \| 20,852 \| style="text-align:right" \| +5% Line 1,038 ⟶ 1,195: \| style="text-align:right" \| +2% \|- \| style="text-align:left" \| [[Definition:AXA Europe\|Europe]] \| style="text-align:right" \| 21,748 \| style="text-align:right" \| +8% Line 1,050 ⟶ 1,207: \| style="text-align:right" \| +4% \|- \| style="text-align:left" \| [[Definition:AXA XL\|AXA XL]] \| style="text-align:right" \| 118 \| style="text-align:right" \| -8% Line 1,062 ⟶ 1,219: \| style="text-align:right" \| - \|- \| style="text-align:left" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] \| style="text-align:right" \| 13,668 \| style="text-align:right" \| +13% Line 1,086 ⟶ 1,243: \| style="text-align:right" \| -8% \|- \| style="text-align:left" \| ~~'''~~Total~~'''~~ \| style="text-align:right" \| ~~'''~~56,512~~'''~~ \| style="text-align:right" \| ~~'''~~+8%~~'''~~ \| style="text-align:right" \| ~~'''~~17,253~~'''~~ \| style="text-align:right" \| ~~'''~~+11%~~'''~~ \| style="text-align:right" \| ~~'''~~10,957~~'''~~ \| style="text-align:right" \| ~~'''~~+4%~~'''~~ \| style="text-align:right" \| ~~'''~~9,289~~'''~~ \| style="text-align:right" \| ~~'''~~+13%~~'''~~ \| style="text-align:right" \| ~~'''~~19,014~~'''~~ \| style="text-align:right" \| ~~'''~~+5%~~'''~~ \|- \| style="text-align:left" \| o/w short-term{{fn ref\|ii\|2=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}} ~~\| class="wt-indent-1" style="text-align:left" \| o/w short-term (ii)~~ \| style="text-align:right" \| 17,651 \| style="text-align:right" \| +6% Line 1,112 ⟶ 1,269: </div> {{fn note\|1=i\|2=Changes are ~~on a~~at comparable basis (constant forex, scope, and methodology) ~~<sup>p. 17</sup>~~}} {{fn note\|1=ii\|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). ~~<sup>p~~Short-term business margin is analyzed using the Combined Ratio. ~~17</sup>~~Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}} Short-term business margin is analyzed using the Combined Ratio <sup>p. 17</sup> * Short-term business here refers to Life Pure Protection and Health when measured using the PAA period <sup>p. 17</sup> == Appendix 6: ~~new~~New business volume (PVEP), new business value (NBV), and NBV margin == {{chunk\|doc=chq99br5nr\|c=41\|p=18}} <div style="overflow-x:auto"> {\| id="t16" class="wikitable fintable" \|+ PVEP, NBV, and NBV margin by geography ~~! colspan="7" style="text-align:center" \| Life New Business Metrics FY25~~ \|- ~~! colspan="6" style="text-align:center" \| Health (i) New Business Metrics FY25~~ ! colspan="67" style="text-align:center" \| ~~Total (ii)~~Life New Business Metrics [[Definition:Full year 2025\|FY25]] ! colspan="6" style="text-align:center" \| Health{{fn ref\|i\|2=Includes Health business written predominantly in Life entities}} New Business Metrics [[Definition:Full year 2025\|FY25]] ! colspan="6" style="text-align:center" \| Total{{fn ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} New Business Metrics [[Definition:Full year 2025\|FY25]] \|- ! style="text-align:left" \| in Euro million ! class="col-s" style="text-align:right" \| PVEP ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV margin ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| PVEP ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV margin ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| PVEP ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} ! class="col-s" style="text-align:right" \| NBV margin ! class="col-s" style="text-align:right" \| Change{{fn (ref\|ii\|2=Changes are at comparable basis (constant forex, scope and methodology)}} \|- \| style="text-align:left" \| [[Definition:AXA France\|France]] \| style="text-align:right" \| 14,971 \| style="text-align:right" \| -4% Line 1,165 ⟶ 1,324: \| style="text-align:right" \| +0.4pts \|- \| style="text-align:left" \| [[Definition:AXA Europe\|Europe]] \| style="text-align:right" \| 10,102 \| style="text-align:right" \| +3% Line 1,185 ⟶ 1,344: \| style="text-align:right" \| -0.5pts \|- \| style="text-align:left" \| [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] \| style="text-align:right" \| 12,029 \| style="text-align:right" \| +7% Line 1,205 ⟶ 1,364: \| style="text-align:right" \| -0.3pts \|- \| style="text-align:left" \| ~~'''~~Total~~'''~~ \| style="text-align:right" \| ~~'''~~37,103~~'''~~ \| style="text-align:right" \| ~~'''~~+1%~~'''~~ \| style="text-align:right" \| ~~'''~~1,747~~'''~~ \| style="text-align:right" \| ~~'''~~-1%~~'''~~ \| style="text-align:right" \| ~~'''~~4.7%~~'''~~ \| style="text-align:right" \| ~~'''~~-0.1pt~~'''~~ \| style="text-align:right" \| ~~'''~~12,254~~'''~~ \| style="text-align:right" \| ~~'''~~-12%~~'''~~ \| style="text-align:right" \| ~~'''~~486~~'''~~ \| style="text-align:right" \| ~~'''~~+4%~~'''~~ \| style="text-align:right" \| ~~'''~~4.0%~~'''~~ \| style="text-align:right" \| ~~'''~~+0.6pt~~'''~~ \| style="text-align:right" \| ~~'''~~49,357~~'''~~ \| style="text-align:right" \| ~~'''~~-2%~~'''~~ \| style="text-align:right" \| ~~'''~~2,233~~'''~~ \| style="text-align:right" \| ~~'''~~0%~~'''~~ \| style="text-align:right" \| ~~'''~~4.5%~~'''~~ \| style="text-align:right" \| ~~'''~~+0.1pt~~'''~~ \|} </div> <div style="overflow-x:auto"> {\| id="t17" class="wikitable fintable" \|- ~~! style="text-align:left" \| ''NB CSM to NBV''~~ ! colspan="4" style="text-align:center" \| NB CSM to NBV ~~! style="text-align:center" \|~~ ~~! style="text-align:center" \|~~ \|- ! style="text-align:left" \| in Euro million ! class="col-s" style="text-align:right" \| Life ! class="col-s" style="text-align:right" \| Health{{fn (ref\|i)\|2=Includes Health business written predominantly in Life entities}} ! class="col-s" style="text-align:right" \| Total{{fn (ref\|i)\|2=Includes Health business written predominantly in Life entities}} \|- \| style="text-align:left" \| NB CSM (pre-tax) Line 1,249 ⟶ 1,406: \| style="text-align:right" \| 757 \|- \| style="text-align:left" \| Tax & Other \| style="text-align:right" \| -567 \| style="text-align:right" \| -157 Line 1,261 ⟶ 1,418: </div> {{fn note\|1=i\|2=Includes Health business written predominantly in Life entities ~~<sup>p. 18</sup>~~}} {{fn note\|1=ii\|2=Changes are ~~on a~~at comparable basis (constant forex, scope, and methodology) ~~<sup>p. 18</sup>~~}} == Appendix 7: ~~life~~Life & ~~health~~Health – net flows == {{chunk\|doc=chq99br5nr\|c=42\|p=19}} ~~====== Net flows by business line ======~~ <div style="overflow-x:auto"> {\| id="t18" class="wikitable fintable" \|+ Net flows by [[Definition:Business mix\|business line]] \|- ! style="text-align:left" \| in Euro billion ! class="col-s" style="text-align:right" \| [[Definition:Full year 2024\|FY24]] ! class="col-s" style="text-align:right" \| [[Definition:Full year 2025\|FY25]] \|- \| style="text-align:left" \| Health{{fn (ref\|i)\|2=Includes Health business written predominantly in Life entities}} \| style="text-align:right" \| +2.7 \| style="text-align:right" \| +2.7 Line 1,286 ⟶ 1,445: \| style="text-align:right" \| -3.7 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w capital light{{fn (ref\|ii)\|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%}} \| style="text-align:right" \| +2.2 \| style="text-align:right" \| +1.2 \|- \| ~~class="wt-indent-1"~~ style="text-align:left" \| o/w traditional G/A \| style="text-align:right" \| -5.8 \| style="text-align:right" \| -5.0 \|- \| style="text-align:left" \| Unit-Linked{{fn (ref\|iii\|2=Including Investment contracts with no discretionary participation features ("DPF")}} \| style="text-align:right" \| -0.8 \| style="text-align:right" \| +1.5 \|- \| style="text-align:left" \| Mutual Funds & Other \| style="text-align:right" \| 0.0 \| style="text-align:right" \| 0.0 \|- \| style="text-align:left" \| ~~'''~~Total [[Definition:Life & health\|Life & Health]]{{fn (ref\|i)\|2=Includes Health business written predominantly in Life entities}} net flows~~'''~~ \| style="text-align:right" \| ~~'''~~+1.5~~'''~~ \| style="text-align:right" \| ~~'''~~+5.4~~'''~~ \|} </div> {{fn note\|1=i\|2=Includes Health business written predominantly in Life entities ~~<sup>p. 19</sup>~~}} {{fn note\|1=ii\|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% ~~<sup>p. 19</sup>~~}} {{fn ~~Includes~~note\|1=iii\|2=Including Investment contracts with no discretionary participation features (""DPF"") ~~<sup>p. 19</sup>~~}} == Appendix 8: Main transactions and next main investor events == {{chunk\|doc=chq99br5nr\|c=43\|p=20}} '''Main transactions in 2025''' Announced the execution of a [[Definition:Share buyback\|share repurchase]] agreement related to [[Definition:AXA\|AXA]]'s [[Definition:Share buyback\|share buyback]] program of up to EUR 1.2bn (February 28, 2025) ~~== Appendix 8: main transactions and next main investor events ==~~ * Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025) * Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025) * Announced the execution of a [[Definition:Share buyback\|share repurchase]] agreement related to [[Definition:AXA\|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025) * Announced the completion of the sale of [[Definition:AXA Investment Managers\|AXA Investment Managers]] to BNP Paribas (July 1, 2025) * Announced the execution of a [[Definition:Share buyback\|share repurchase]] agreement of up to EUR 3.8bn following the sale of [[Definition:AXA Investment Managers\|AXA IM]] (July 1, 2025) * Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025) * Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025) * Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025) * Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025) === Next main investor events === * ''Main transactions in 2025'': <sup>p. 20</sup> Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025) <sup>p. 20</sup> Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025) <sup>p. 20</sup> Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025) <sup>p. 20</sup> Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025) <sup>p. 20</sup> Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025) <sup>p. 20</sup> Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025) <sup>p. 20</sup> Announced the acquisition of Prima, the leading direct insurance player in Italy (August 1, 2025) <sup>p. 20</sup> Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025) <sup>p. 20</sup> Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025) <sup>p. 20</sup> Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025) <sup>p. 20</sup> {{chunk\|doc=chq99br5nr\|c=44\|p=20}} ~~'''Next main investor events'''~~ '''Upcoming investor events''' * [[Definition:Year 2026\|2026]] Shareholder's Annual General Meeting: (April 30, ~~2026)~~[[Definition:Year ~~<sup>p. 20</sup>~~2026\|2026]] * First quarter [[Definition:Year 2026\|2026]] Activity Indicators: (May 5, ~~2026)~~[[Definition:Year ~~<sup>p. 20</sup>~~2026\|2026]] * HY26 [[Definition:Earnings release\|Earnings Release]]: (July 31, ~~2026)~~[[Definition:Year ~~<sup>p. 20</sup>~~2026\|2026]] * [[Definition:AXA\|AXA]] Investor Day: (September 21, ~~2026)~~[[Definition:Year ~~<sup>p. 20</sup>~~2026\|2026]]