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

| summary_md = <!File:AXA-2025- ARCHIVE_MD_LINK_HERE FY-->Earnings_release.md

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

* The announcement was made in Paris on, February 26th, [[Definition:Year 2026, at|2026]] (6:45 am45am CET.)

======'''[[Definition:Gross written premiums|Gross written premiums]] and underlying[[Definition:Underlying earnings|underlying ======earnings]]'''

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

====== '''Solvency II 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 very strong performance, with +9% earnings growth in core businesses excluding [[Definition:AXA Investment Managers|AXA IM.]]

* The[[Definition:Property & casualty|P&C]] franchise posted stellar results, combiningwith a healthy balance between price and volume with, 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.

* The Solvency II ratio is at a very strong level.

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

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

! 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 &amp; other revenues]] {{fn ref|1|2=Change in gross written premiums &amp; 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 &amp; Casualty]]

| style="text-align:left" | o/w [[Definition:Life & health|Life &amp; 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" | —

{{chunk|doc=chq99br5nr|c=119|p=2}}

======'''[[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues ======]]'''

** Life &premiums: Health (+89%):.

*** Life premiums up 9%, driven by Protection: (+11%) from strong sales in Hong Kong, Switzerland, and Japan.

*** Unit-Linked: (+13%) from higher volumes across all geographies.

*** G/A{{fn ref|13|2=General account.}}: (+4%) from continued momentum in Italy and France.

*** Health premiums: up +5%, driven by price effects in all geographies.

** PositiveThese contributionnegative impacts on shareholders' equity were partly offset by positive contributions from net income (+EUR +9.8bn) and net OCI (+EUR +1.3bn).

{{chunk|doc=chq99br5nr|c=1513|p=3}}

{{chunk|doc=chq99br5nr|c=1614|p=3}}

=== Capital management ===

{{chunk|doc=chq99br5nr|c=2015|p=4}}

====== '''Shareholder returns ======'''

* 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.}}.

* 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 under this program.

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

=== Outlook ===

{{chunk|doc=chq99br5nr|c=2116|p=4}}

====== Outlook for ''''Unlock the Future' plan ======targets and strategy'''

* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.

* This confidenceConfidence is basedunderpinned onby: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.

* In [[Definition:Property & casualty|P&C]] Retail and SME & Mid-market, pricing remains favorable, pricingand isthe expectedGroup toexpects continueto benefitingbenefit from the earnthrough of higher pricing and underwriting actions.

* 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, despite varying pricing conditions.

* The Group guidance for normalized natural catastrophe{{fn loadref|18|2=Natural guidancecatastrophe forcharges AXAinclude XLnatural catastrophe losses regardless of event size.}} load remains at approximately 4.5 points of combined ratio for [[Definition:Year 2026|2026]].

* In [[Definition:Life & health|Life & Health]], earnings growth is expected from the short-term business due to disciplined pricing and claims management.

* The strategy to rejuvenate sales in the long-term business, combined withand improved persistency, is expected toshould generate positive net flows, and drivedriving CSM growth over time.

{{chunk|doc=chq99br5nr|c=2217|p=4}}

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

* ManagementAssuming believescurrent operating conditions persist and given strong 2025 operating performance, [[Definition:AXA|AXA]] is on track to deliver the main financial targets of theits 'Unlock the Future' plan, assuming current operating conditions persist and given the strong operating performance in 2025.

* TheMain 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.}}.

* AnotherMain targetfinancial istargets aninclude: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.

* TheMain Group alsofinancial targets include: (iii) cumulative organic cash upstream in excess ofexceeding EUR 21bn for 2024-2026E.

* ThisThe 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=2318|p=5}}

! style="text-align:left" | in Euro billion, unless otherwise noted

! 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, unless otherwise noted

! 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]]

{{chunk|doc=chq99br5nr|c=2519|p=5}}

====== '''[[Definition:Gross written premiums & other revenues|Gross ======written premiums & other revenues]]'''

* [[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 attractive margin lines (Property,) and 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 (higher average premiums) and Mexico (favorable volume and price effects).

** France: (+6%) from favorable price effects across all lines 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 after strong repricing in 2024.

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

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

* [[Definition:AXA XL|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.

{{chunk|doc=chq99br5nr|c=2620|p=5}}

====== '''Combined ratio ======'''

* 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 margin expansion in Commercial lines (-0.5pts)5pt, driven by SME & mid-market business (at -0.9pts9pt) inand aPersonal favorable pricing environment, while AXA XL Insurance margins were stable at attractive levelslines (+-0.1pts4pt).

** Lower expense ratio (-0.3pts3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.

** Lower natural catastrophe charges (-0.4pts4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pts7pt at -1.1%).

{{chunk|doc=chq99br5nr|c=2721|p=6}}

* [[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 and improved technical margin.

** HigherDriven by higher financial result (+EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, 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 ===

{{chunk|doc=chq99br5nr|c=2822|p=6}}

! style="text-align:left" | in Euro billion, unless otherwise noted

! 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 &amp; other revenues]]

| style="text-align:right" | —

! 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. ====

{{chunk|doc=chq99br5nr|c=3023|p=6}}

* Life GWP grew by +9% to EUR 37.5bn, mainly from Unit-Linked (+13%), G/A (+4%), and Protection (11%).:

** Unit-Linked: growth was+13% driven by successful sales initiatives across all geographies.

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

** Protection growthG/A was notablypartly fromoffset aby commercialnon-repeat campaignof onelevated sales of a Protectionsingle withpremium G/Awhole-life product in Hong KongJapan and continued goodlower sales of Protection with Unit-Linked product in JapanHong and Switzerland.Kong

{{chunk|doc=chq99br5nr|c=3124|p=76}}

====== '''Present value of expected premiums (PVEP) ======'''

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

* HealthLife PVEP: decreased+1%, byfrom -12%higher volumes in Hong Kong, mainlyFrance, fromand Switzerland, thepartly offset by impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.

{{chunk|doc=chq99br5nr|c=3225|p=7}}

====== '''NB CSM and NBV ======'''

* 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.

{{chunk|doc=chq99br5nr|c=3326|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.

** 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.

* 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).

{{chunk|doc=chq99br5nr|c=3427|p=7}}

======'''[[Definition:Life & health|Life & Health]] underlying[[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, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).

{{chunk|doc=chq99br5nr|c=3528|p=7}}

====== '''Holdings underlying[[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.

{{chunk|doc=chq99br5nr|c=3629|p=8}}

! 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" | —

{{chunk|doc=chq99br5nr|c=3730|p=8}}

====== '''Glossary of financial terms ======'''

* Capital-light G/A products: encompass all products with no guarantees, or 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 athe defined period, flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.

* [[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).

{{chunk|doc=chq99br5nr|c=3831|p=10}}

====== '''Scope of operations ======by geography'''

* 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 (equity method): 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 (equity method): Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.

** Other[[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.

{{chunk|doc=chq99br5nr|c=3932|p=10}}

! 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=4033|p=11}}

====== '''Notes ======'''

{{chunk|doc=chq99br5nr|c=4134|p=11}}

====== '''Basis of reporting and financial statementsstatement ======approval'''

* [[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 consolidated financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.

==* Important[[Definition:AXA|AXA]] legaldisclaims informationany andobligation cautionaryto statementspublicly concerningupdate or revise these forward-looking statements, andexcept theas userequired ofby non-gaapapplicable financiallaws measuresand ==regulations.

* “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 in ESMA’s guidelines and the AMF’s related position statement issued in 2015.

* AXA provides a reconciliationReconciliations of APMs to theIFRS mostfinancial closelystatements relatedand linetheir item,calculation subtotal,methodologies orare totalprovided in the financial statements 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”.

{{chunk|doc=chq99br5nr|c=4536|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 &amp; Casualty]]

! colspan="2" style="text-align:center" | o/w [[Definition:Life & health|Life &amp; 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 &amp; 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.}}

{{chunk|doc=chq99br5nr|c=4637|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 &amp; Casualty]]

! colspan="2" style="text-align:center" | o/w [[Definition:Life & health|Life &amp; 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 &amp; 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.}}

{{chunk|doc=chq99br5nr|c=4738|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&amp;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 &amp; 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}}

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

! 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" | —

{{chunk|doc=chq99br5nr|c=5040|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" | —

{{chunk|doc=chq99br5nr|c=5141|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}}

{{chunk|doc=chq99br5nr|c=5342|p=19}}

! 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

{{chunk|doc=chq99br5nr|c=5443|p=20}}

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

* 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 (February 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 (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)

=== Next main investor events ===

{{chunk|doc=chq99br5nr|c=5544|p=20}}

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

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

* First quarter [[Definition:Year 2026|2026]] Activity Indicators: May 5, [[Definition:Year 2026|2026]]

* HY26 [[Definition:Earnings release|Earnings Release]]: July 31, [[Definition:Year 2026|2026]]

* [[Definition:AXA|AXA]] Investor Day: September 21, [[Definition:Year 2026|2026]]