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

| original_md = File:AXA-2025-FY-Earnings releaseEarnings_release-original.md

| docling_file = File:AXA-2025-FY-Earnings releaseEarnings_release-docling.txt

source_file: tmpwctf3tpjtmp7sa9cgqc.pdf

tables: 1918

parsed_at: '2026-07-19T0626T05:2358:44Z34Z'

| style="text-align:left" | 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" | 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).}}

{| id="t3" class="wikitable fintable"

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

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

Total gross written premiums and 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%, driven by:

* '''Property & Casualty (+5%)''', with growth in '''(i) Commercial lines''' {{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects {{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies, in '''(ii) Personal lines''' (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at '''(iii) AXA XL Reinsurance''' (+8%), with growth supported by alternative capital; and

'''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 Euro 8.4 billion, or +9% excluding 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.}}, driven by '''(i) Property & Casualty (+9%)''', from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and '''(ii) Life & Health (+7%)''', from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. '''(iii) Holdings''' {{fn ref|14|2=Including banking activities.}} underlying earnings remained broadly stable at Euro -1.2 billion. '''(iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management''' underlying earnings decreased by Euro 0.2 billion.

'''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 Euro 3.86, mainly driven by '''(i)''' the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and '''(ii)''' the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of '''(iii)''' foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).

'''Net income''' increased by 26% to Euro 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.

=== Balance sheet ===

=== Capital management ===

=== Outlook ===

=== Property & Casualty ===

=== Life & Health ===

| style="text-align:right" | —

==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====

| style="text-align:left" | —

| style="text-align:left" | —

* '''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%.

* '''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.

* '''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.

* '''Economic variance:''' the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.

* '''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.

* '''Gross written premiums and 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). 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.

'''France:''' includes insurance activities, banking activities and holding.

'''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){{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} and AXA Life Europe (insurance activities). '''AXA XL:''' includes insurance and reinsurance activities and holding.

'''Asia, Africa & EME-LATAM:''' includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and 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 which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.

'''Transversal & Other:''' includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity ) and other Central Holdings.

'''AXA Investment Managers{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}}:''' includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.

 Investor Relations: +33.1.40.75.48.42

 Media Relations: +33.1.40.75.46.74

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as ‘expects’, ‘anticipates’, ‘may’, ‘plan’ or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this press release regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements and the others contained in the “Outlook” section of this press release are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this press release. Please refer to Part 5 –- “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

! style="text-align:left" | inIn EuroEUR million

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! style="text-align:left" | inIn EuroEUR million

{| id="t14" class="wikitable fintable"

! 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" | AXA XL Reinsurance

| style="text-align:left" | <strong>France</strong>

| style="text-align:right" | <strong>+4.0%</strong>

| style="text-align:right" | <strong>+3.3%</strong>

| style="text-align:right" | —

| style="text-align:left" | <strong>Europe</strong>

| style="text-align:right" | <strong>+3.1%</strong>

| style="text-align:right" | <strong>+5.4%</strong>

| style="text-align:right" | —

| style="text-align:left" | —

| style="text-align:left" | <emi>Switzerland</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Germany</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Belgium &amp; Luxembourg</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>UK &amp; Ireland</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Spain</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Italy</emi>

| style="text-align:right" | —

| style="text-align:left" | <strong>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.}}</strong>

| style="text-align:right" | <strong>+0.2%</strong>

| style="text-align:right" | —

| style="text-align:right" | <strong>+0.3%</strong>

| style="text-align:left" | <strong>Asia, Africa &amp; EME-LATAM</strong>

| style="text-align:right" | <strong>+3.8%</strong>

| style="text-align:right" | <strong>+7.1%</strong>

| style="text-align:right" | —

| style="text-align:left" | <strong>Total</strong>

| style="text-align:right" | <strong>+1.9%</strong>

| style="text-align:right" | <strong>+5.2%</strong>

| style="text-align:right" | <strong>+0.3%</strong>

| style="text-align:left" | —

! style="text-align:left" | inIn EuroEUR million

| style="text-align:right" | —

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

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

| style="text-align:left" | <i>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%}}</i>

| style="text-align:right" | <i>+2.2</i>

| style="text-align:right" | <i>+1.2</i>

| style="text-align:left" | <i>o/w traditional G/A</i>

| style="text-align:right" | <i>-5.8</i>

| style="text-align:right" | <i>-5.0</i>

!| style="text-align:left" | Total Life &amp; Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} net flows

! class="col-m"| style="text-align:right" | +1.5

! class="col-m"| style="text-align:right" | +5.4

=== Next main investor events ===

* 2026 Shareholder’sShareholder's Annual General Meeting (April 30, 2026)