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

''This article summarizes [[Definition:AXA|AXA]]'s [[Definition:Earnings release|Earnings release]] published on 2026-02-26 (20 pages).''

* Paris, February 26th, [[Definition:Year 2026|2026]] (6:45am CET)

* [[Definition:Underlying earnings per share|Underlying includedearnings per share]] was impacted by a -2% [[Definition:Headwind|headwind]] from [[Definition:Foreign exchange|foreign exchange movements]]

{{Indexing|'''Solvency II Ratio||kind=prose|order=4}}ratio'''

* 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.}}

* [[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

* [[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.}}

* [[Definition:AXA|AXA]] will present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026.]]

* In 2025, [[Definition:AXA|AXA]] delivered +9% earnings growth in core businesses excluding [[Definition:AXA Investment Managers|AXA IM.]]

* Reserve prudence was further enhanced usingfollowing theseexcellent results.

* [[Definition:Property & casualty|P&C]] franchise posted strongstellar 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 reflectreflected 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.

* TheseThomas Buberl, CEO of [[Definition:AXA|AXA]], stated that the results demonstrate the earnings power of AXA'sthe well-diversified franchise and reinforce confidence in generating[[Definition:AXA|AXA]]'s ability to generate sustainable, long-term value.

|+ Key figures (in– Euro[[Definition:Full million,year unless2025|FY25]] otherwisekey noted)highlights

! style="text-align:left" | 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]]

| 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" | o/w [[Definition:Property & casualty|Property & Casualty]]

| style="text-align:left" | o/w [[Definition:Life & health|Life & Health]]

| style="text-align:left" | o/w [[Definition:AXA Investment Managers|Asset Management]]

! style="text-align:left" | 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]]

| 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" | 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]]

| 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" | —

** The +6% increaseIncrease in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.

** The impactImpact of [[Definition:Share buyback|share buybacks]] (+3%), including both 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]].

* 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%).

* 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]].

* Net income increased by +26% to EUR 9.8bn.

* This primarilyincrease 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]].

=== Balance sheet ===

{{Indexing|'''Shareholders' Equityequity and CSM||kind=prose|order=12}}'''

* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs.versus December 31, 2024.

{{Indexing|'''Solvency II Ratio||kind=prose|order=13}}ratio'''

{{Indexing|'''Financial Ratiosratios and Cash||kind=prose|order=14}}cash at holding'''

* The increase in debt gearing was driven by lower shareholders' equity and CSM, andas well as the issuance of EUR 3.5bn in Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).

* CashThis increase in cash at Holding amountedreflects toorganic EURcash 5.6bnremittance asfrom subsidiaries of DecemberEUR 31, 20257.5bn, up EUR 10.6bn4bn vs.versus December 31, 2024.

=== Capital management ===

* A [[Definition:Dividend|dividend]] of EUR 2.32 per share (+8% versusvs [[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.}}.

* 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]], the launch of 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 terms of the applicable Shareholders' Annual General Meeting authorization.

* [[Definition:AXA|AXA]] intends to cancel all shares repurchased pursuant tounder this share buyback program.

* The [[Definition:Share buyback|share buyback]] program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.

=== Outlook ===

{{Indexing|Outlook for ''''Unlock the Future' Plan||kind=prose|order=16}}plan targets and strategy'''

* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan, supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.

* Results in Holdings forin [[Definition:Year 2026|2026]] are expected to be similar to 2025 levels.

* BasedAssuming on strongcurrent operating performanceconditions in 2025persist and persistentgiven strong 2025 operating conditionsperformance, management believes [[Definition:AXA|AXA]] is on track to meetdeliver the main financial targets of theits '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 the 2023-2026E planand period[[Definition:Year and2026|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.}}.

** UnderlyingMain financial targets include: (ii) underlying return on equity between 14% and 16% forbetween 2024- and 2026E.

** CumulativeMain financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.

=== Property & Casualty ===

|+ Key figures (in– Euro[[Definition:Property billion,& unlesscasualty|Property otherwise& noted)Casualty]]

! 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]]

! 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:left" | o/w [[Definition:AXA XL|AXA XL]] Reinsurance

! style="text-align:left" | 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]]

| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]

* [[Definition:Gross written premiums & other revenues|Gross werewritten uppremiums & other revenues]] +5% to EUR 58.0bn.

* Commercial lines: grew by +4% to EUR 35.8bn, driven by:.

** [[Definition:AXA XL|AXA XL]] Insurance: (+3%) from growth in lines with attractive margins,margin includinglines (Property,) and in Casualty from (favorable price effects and, higher volumes,); partly offset by lower pricing and volumes in Financial lines.

** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: (+13%) mainly driven byfrom Türkiye from (higher average premiums,) alongand withMexico (favorable volume and price effects in Mexico).

** France: (+6%) from favorable price effects inacross all lines of business and higher volumes.

* Personal lines: grew by +7% to EUR 19.7bn, driven by:.

** Europe: (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened followingafter strong repricing in 2024.

** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: (+14%) driven byfrom Türkiye from (higher average premiums and volumes).

** France: (+9%) withfrom strong volume growth in all lines of(direct business, both from direct business and proprietary agent networks,) combined withand favorable price effects in Motor.

* [[Definition:AXA XL|AXA ReinsuranceXL]] grew byReinsurance: +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty,; partly offset by a softening in other lines.

* The allAll-year combined ratio improved by 0.3pts3pt to 90.6%, mainly driven by:.

** LowerDriven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts3pt) from further margin expansion in Commercial lines (-0.5pts)5pt, driven by the SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+-0.1pts9pt), as well as inand Personal lines (-0.4pts4pt) in a conducive pricing environment.

* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]] were up +9% to EUR 5.9bn driven by:.

** IncreaseDriven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth inand volumes, combined with an improvement inimproved technical margin.

** HigherDriven by higher financial result (+EUR 0.2bn) thanksdue to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in theincreased unwind of the 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 ===

|+ Key figures (in– Euro[[Definition:Life billion,& unlesshealth|Life otherwise& noted)Health]]

! 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" | [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]

| style="text-align:right" | —

! style="text-align:left" | 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]]

| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]

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

* Life GWP grew +9% to EUR 37.5bn, mainly from:

** G/A{{fn ref|13|2=General account.}}: +4%, notably in France (+4%), and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong

* Health GWP grew +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.

{{chunk|doc=chq99br5nr|c=24|p=76}}

{{Indexing|'''Present Valuevalue of Expectedexpected Premiumspremiums (PVEP)||kind=prose|order=24}}'''

* Present value of expected premiums (PVEP){{fn ref|1,21}} decreased -by 2% to EUR 49.4bn, driven by:.

* 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.

* 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.

* TheseNet 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).

* [[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, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn)

{{Indexing|'''Holdings [[Definition:Underlying Earnings|Holdings underlying earnings|y30gelxv10|1smvf6a29l|kind=prose|order=28|f1=Holdings underlying earnings|v1=EUR -1.2bn}}]]'''

* Holdings [[Definition:Underlying earnings|underlying earnings]]{{fn ref|14|2=Including banking activities.}} remained broadly stable at EUR -1.2bn.

== RATINGSRatings ANDand GLOSSARYglossary ==

! 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" | [[Definition:AXA|AXA]] SA

! style="text-align:left" | [[Definition:AXA|AXA]]'s principal insurance subsidiaries

| style="text-align:left" | —

| style="text-align:left" | —

* [[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).

** [[Definition:Other revenue|Other Revenues:]] represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).

* 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) the impact of model changes, net of reinsurance.

== SCOPEScope ANDand EXCHANGEexchange RATESrates ==

* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxemburgLuxembourg (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) businesses are consolidated under the equity method and contribute only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.

** EME-LATAM[[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.

! 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]]

{{chunk|doc=chq99br5nr|c=35|p=1112}}

* “Underlying"[[Definition:Underlying earnings”,earnings|Underlying UEPSearnings]]", (“underlying[[Definition:Underlying earnings per share”)share|UEPS]], “underlying"underlying return on equity”equity", “combined"combined ratio”ratio", and “debt"debt gearing”gearing" are APMs as defined byin ESMA’s guidelines and the AMF’s related position statement issued in 2015.

* AXA provides a reconciliationReconciliations of APMs to relatedIFRS financial statement itemsstatements and/or their calculation methodologymethodologies are provided in its[[Definition:AXA|AXA]]’s Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.

== APPENDIXAppendix 1: GROSSGross WRITTENwritten PREMIUMSpremiums ETet OTHERother REVENUESrevenues BYby GEOGRAPHYgeography ANDand BUSINESSbusiness LINEline ==

{{chunk|doc=chq99br5nr|c=3836|p=13}}

! 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 EuroEUR 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" | [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

| 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" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA Europe|Europe]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA XL|AXA XL]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| 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.}}

== APPENDIXAppendix 2: UNDERLYINGUnderlying EARNINGSearnings BYby GEOGRAPHYgeography ANDand BYby BUSINESSbusiness LINEline ==

{{chunk|doc=chq99br5nr|c=3937|p=14}}

! 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 EuroEUR 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" | [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

| style="text-align:left" | [[Definition:AXA France|France]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA Europe|Europe]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA XL|AXA XL]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | Total{{fn ref|i|2=Including underlying earnings of Holdings and Banking.}}

== APPENDIXAppendix 3: PROPERTYProperty & CASUALTYCasualty – GROSSgross WRITTENwritten PREMIUMSpremiums & OTHERother REVENUESrevenues BYby BUSINESSbusiness LINEline ANDand DISCOUNTdiscount RATESrates ==

{{chunk|doc=chq99br5nr|c=4038|p=15}}

! 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 EuroEUR million

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]

| style="text-align:left" | [[Definition:AXA France|France]]

| style="text-align:left" | [[Definition:AXA Europe|Europe]]

| style="text-align:left" | [[Definition:AXA XL|AXA XL]]

| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]

! class="col-s" style="text-align:right" | [[Definition:Full 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}}

== APPENDIXAppendix 4: PROPERTYProperty & CASUALTYCasualty – PRICEprice EFFECTeffect & 2026 MARKETmarket PRICINGpricing TRENDStrends ==

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

|+ [[Definition:Property & casualty|P&C]]: Price effects{{fn ref|i}} by country and [[Definition:Business mix|business line]]

! 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

! style="text-align:left" | [[Definition:Year 2026|2026]] Market pricing trends

| style="text-align:left" | <strong>[[Definition:AXA France</strong>|France]]

| 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>[[Definition:AXA Europe</strong>|Europe]]

| 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>[[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.}}</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>[[Definition:AXA Asia, Africa & EME-LATAM|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" | —

== APPENDIXAppendix 5: LIFELife & HEALTHHealth – GROSSgross WRITTENwritten PREMIUMSpremiums & OTHERother REVENUESrevenues ANDand GROWTHgrowth BYby BUSINESSbusiness LINEline ==

{{chunk|doc=chq99br5nr|c=4240|p=17}}

! style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]]

! style="text-align:left" | inIn EuroEUR 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:left" | [[Definition:AXA Europe|Europe]]

| style="text-align:left" | [[Definition:AXA XL|AXA XL]]

| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

== APPENDIXAppendix 6: NEWNew BUSINESSbusiness VOLUMEvolume (PVEP), NEWnew BUSINESSbusiness VALUEvalue (NBV), ANDand NBV MARGINmargin ==

{{chunk|doc=chq99br5nr|c=4341|p=18}}

! colspan="7" style="text-align:center" | 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]]

! 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" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! 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" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! 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" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! 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" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! 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:left" | [[Definition:AXA Europe|Europe]]

| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]

! 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}}

== APPENDIXAppendix 7: LIFELife & HEALTHHealth – NETnet FLOWSflows ==

{{chunk|doc=chq99br5nr|c=4442|p=19}}

|+ Net flows by [[Definition:Business mix|business line]]

! class="col-ms" style="text-align:right" | [[Definition:Full year 2024|FY24]]

! class="col-ms" 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: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 [[Definition:Life & health|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

== APPENDIXAppendix 8: MAINMain TRANSACTIONStransactions ANDand NEXTnext MAINmain INVESTORinvestor EVENTSevents ==

{{chunk|doc=chq99br5nr|c=4543|p=20}}

* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement forrelated to [[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn on (February 28, 2025.)

* Announced the completion of the acquisition of Nobis Group in Italy on (April 1, 2025.)

* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes on (May 28, 2025.)

* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement forrelated to [[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation on (June 2, 2025.)

* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas on (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 IMInvestment onManagers|AXA IM]] (July 1, 2025.)

* Announced the acquisition of Prima, a direct insurance player in Italy, on (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 on (October 14, 2025.)

* Announced the completion of the acquisition of a majority stake in Prima in Italy on (November 28, 2025.)

=== Next main investor events ===

{{chunk|doc=chq99br5nr|c=4644|p=20}}

* [[Definition:Year 2026|2026]] Shareholder’sShareholder's Annual General Meeting is scheduled for: April 30, [[Definition:Year 2026|2026.]]

* First quarter [[Definition:Year 2026|2026]] Activity Indicators will be released on: May 5, [[Definition:Year 2026|2026.]]

* HY26 [[Definition:Earnings release|Earnings Release is scheduled for]]: July 31, [[Definition:Year 2026|2026.]]

* [[Definition:AXA|AXA]] Investor Day is scheduled for: September 21, [[Definition:Year 2026|2026.]]