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''This article summarizes [[Definition:AXA|AXA]]'s [[Definition:Earnings release|Earnings release]] published on 2026-02-26 (20 pages).''
 
== Press release ==
 
{{chunk|doc=chq99br5nr|c=1|p=1}}
'''Document metadata'''
{{Indexing|Announcement details||kind=prose|order=1}}
 
* The announcement was made in Paris on, February 26th, [[Definition:Year 2026, at|2026]] (6:45 am45am CET.)
 
== Full Year 2025 Earnings ==
 
{{chunk|doc=chq99br5nr|c=2|p=1}}
'''[[Definition:Underlying earnings per share|underlying EPS]] growth'''
{{Indexing|record results and EPS growth||kind=prose|order=2}}
 
* [[Definition:AXA|AXA]] reported record results with [[Definition:Underlying earnings per share|underlying EPS]] growth at the top end of the [[Definition:Target range|target range]].
* AXA reported record results.
* Underlying EPS growth was at the top end of the target range.
 
== Key FY25 highlights ==
 
{{chunk|doc=chq99br5nr|c=3|p=1}}
{{Indexing'''[[Definition:Gross written premiums|Gross written premiums]] and underlying[[Definition:Underlying earnings||kind=prose|order=3}}underlying earnings]]'''
 
* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}: EUR 116bn, up +6% vs. [[Definition:Full year 2024|FY24]]
* Gross written premiums & other revenues: EUR 116bn, up +6% vs. FY24
* [[Definition:Underlying earnings|Underlying earnings]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 8.4bn, up +6% vs. [[Definition:Full year 2024|FY24]]
* Underlying earnings: EUR 8.4bn, up +6% vs. FY24
* [[Definition:Underlying earnings|Underlying earnings]] excluding [[Definition:AXA Investment Managers|AXA IM]]{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}: up +9% vs. [[Definition:Full year 2024|FY24]]
* Underlying earnings (excluding AXA IM): up +9%
* [[Definition:Underlying earnings per share|Underlying earnings per share]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 3.86, up +8% vs. [[Definition:Full year 2024|FY24]]
* Underlying earnings per share: EUR 3.86, up +8% vs. FY24
* [[Definition:Underlying earnings per share|Underlying includedearnings per share]] was impacted by a -2% [[Definition:Headwind|headwind]] from [[Definition:Foreign exchange|foreign exchange movements]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] was impacted by a -1% temporary [[Definition:Earnings dilution|earnings dilution]] from the sale of [[Definition:AXA Investment Managers|AXA IM]] due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}
* Underlying earnings per share included a -1% headwind from temporary earnings dilution due to the sale of AXA IM, resulting from the timing of an anti-dilutive share buyback
 
{{chunk|doc=chq99br5nr|c=4|p=1}}
{{Indexing|'''Solvency II ratio||kind=prose|order=4}}'''
 
* Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}: 224% at December 31, 2025, up +9 points vs. [[Definition:Full year 2024|FY24]]
* Solvency II ratio: 224% at December 31, 2025, up +9 points vs. FY24
* 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.}}
 
== Capital Management ==
 
{{chunk|doc=chq99br5nr|c=5|p=1}}
'''Shareholder Returns and [[Definition:Share buyback|Buyback]] Programs'''
{{Indexing|Shareholder returns||kind=prose|order=5}}
 
* [[Definition:Dividend|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024|FY24]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}
* Launch of an annual [[Definition:Share buyback|share buyback]] program{{fn ref|8|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn
* Completion of EUR 3.8bn additional [[Definition:Share buyback|share buyback]] related to [[Definition:AXA Investment Managers|AXA IM]] disposal{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}, executed between July 2, 2025, and January 20, [[Definition:Year 2026|2026]]
* Completion of EUR 3.8bn additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026
 
== Outlook ==
 
{{chunk|doc=chq99br5nr|c=6|p=1}}
'''[[Definition:Year 2026|2026]] outlook and strategic plan'''
{{Indexing|Outlook and Strategic Plan||kind=prose|order=6}}
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:Year 2026|2026]] is expected to be at the upper end of the 6-8% plan [[Definition:Target range|target range]]{{fn ref|9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}
* Expected impact of Solvency II revision is +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
* The expected impact of Solvency II revision is +17 points.
* [[Definition:AXA|AXA]] will present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026.]]
 
{{chunk|doc=chq99br5nr|c=7|p=1}}
'''2025 performance commentary'''
{{Indexing|2025 Performance and Commentary||kind=prose|order=7}}
 
* In 2025, [[Definition:AXA|AXA]] delivered very strong performance, with +9% earnings growth in core businesses excluding [[Definition:AXA Investment Managers|AXA IM.]]
* Reserve prudence was enhanced following excellent results
* These results were used to further enhance reserve prudence.
* 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.
 
== FY25 key highlights ==
 
{{chunk|doc=chq99br5nr|c=8|p=2}}
{{Indexing|Key figures||kind=table|order=8}}
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Key figures – [[Definition:Full year 2025|FY25]] key highlights
|-
! 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]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at comparable basis
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &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:right" | 110,316
| style="text-align:right" | 115,524
Line 104 ⟶ 101:
| style="text-align:right" | +6%
|-
| style="text-align:left" | o/w [[Definition:Property & casualty|Property &amp; Casualty]]
| style="text-align:right" | 56,514
| style="text-align:right" | 58,038
Line 110 ⟶ 107:
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w [[Definition:Life & health|Life &amp; Health]]
| style="text-align:right" | 51,983
| style="text-align:right" | 56,512
Line 116 ⟶ 113:
| style="text-align:right" | +8%
|-
| style="text-align:left" | o/w [[Definition:AXA Investment Managers|Asset Management]]
| style="text-align:right" | 1,701
| style="text-align:right" | 875
Line 123 ⟶ 120:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=9|p=2}}
{{Indexing|FY25 key highlights||kind=table|order=9}}
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|-
! 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]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]] {{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
Line 149 ⟶ 143:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=10|p=2}}
{{Indexing|FY25 key highlights||kind=table|order=10}}
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|-
! 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]]
! 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" | 216%
| style="text-align:right" | 224%
| style="text-align:right" | +9 pts
| style="text-align:right" | —
|}
</div>
 
=== Activity indicators ===
 
{{chunk|doc=chq99br5nr|c=119|p=2}}
{{Indexing'''[[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues||kind=prose|order=11}}]]'''
 
* Total [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]]{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} were up 6%.
* Total gross written premiums and other revenues were up 6%.
* [[Definition:Property & casualty|Property & Casualty]]: +5%.
* This growth was driven by:
** Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}: +4% from higher volumes (notably at [[Definition:AXA XL|AXA XL]] Insurance) and favorable price effects{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies.
** Property & Casualty (+5%):
** Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia & EME-LATAM.
*** Commercial lines (+4%) due to higher volumes (notably at AXA XL Insurance) and favorable price effects across all geographies.
** [[Definition:AXA XL|AXA XL]] Reinsurance: +8% with growth supported by alternative capital.
*** Personal lines (+7%) due to favorable price effects and strong growth in net new contracts, particularly in France, Europe, Asia & EME-LATAM.
* [[Definition:Life & health|Life & Health]]: +8%.
*** AXA XL Reinsurance (+8%) with growth supported by alternative capital.
** 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.
 
{{chunk|doc=chq99br5nr|c=10|p=2}}
=== Earnings ===
'''[[Definition:Underlying earnings|Underlying earnings]] and EPS'''
 
* [[Definition:Underlying earnings|Underlying earnings]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 6% to EUR 8.4bn.
{{chunk|doc=chq99br5nr|c=12|p=2}}
* [[Definition:Underlying earnings|Underlying earnings]] increased by +9% excluding [[Definition:AXA Investment Managers|AXA IM]]{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}.
{{Indexing|Underlying earnings and EPS||kind=prose|order=12}}
* [[Definition:Property & casualty|Property & Casualty]]: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.
* [[Definition:Life & health|Life & Health]]: +7% from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business.
* Holdings{{fn ref|14|2=Including banking activities.}} [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2bn.
* Asset Management [[Definition:Underlying earnings|underlying earnings]] decreased by EUR 0.2bn due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.
* [[Definition:Underlying earnings per share|Underlying earnings per share]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 8% to EUR 3.86.
* This increase was mainly driven by:
** Increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** Impact of [[Definition:Share buyback|share buybacks]] (+3%), including the annual [[Definition:Share buyback|share buyback]] program and the anti-dilutive [[Definition:Share buyback|share buyback]] associated with the sale of [[Definition:AXA Investment Managers|AXA IM]].
* 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]].
 
{{chunk|doc=chq99br5nr|c=11|p=2}}
* Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM.
'''Net income'''
** Property & Casualty: +9% due to higher volumes, underwriting margin expansion, and increased financial result from higher investment income.
** Life & Health: +7% due to improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from business rejuvenation strategy.
** Holdings: broadly stable at EUR -1.2bn.
** Asset Management: decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025.
* Underlying earnings per share +8% to EUR 3.86.
** Driven by: increase in underlying earnings (+6%) and decrease in interest expense on undated and deeply-subordinated debt.
** Driven by: impact of share buybacks (+3%), including annual share buyback program and anti-dilutive share buyback from AXA IM sale.
** Partially offset by: unfavorable foreign exchange rate movements, notably USD depreciation against EUR (-2%).
* Sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to timing of associated share buyback.
 
* Net income increased by 26% to EUR 9.8bn.
{{chunk|doc=chq99br5nr|c=13|p=2}}
* This increase mainly reflects the increase in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
{{Indexing|Net income||kind=prose|order=13}}
 
=== Balance sheet ===
* Net income +26% to EUR 9.8bn.
* Reflects increase in underlying earnings and significantly positive exceptional items, including the gain from the sale of AXA IM.
 
{{chunk|doc=chq99br5nr|c=12|p=3}}
== Balance sheet ==
'''Shareholders' equity and CSM'''
 
{{chunk|doc=chq99br5nr|c=14|p=3}}
{{Indexing|Shareholders' equity||kind=prose|order=14}}
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
* The decrease in shareholders' equity was due to: [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid to shareholders (EUR -4.6bn), impact of [[Definition:Share buyback|share buybacks]] in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive [[Definition:Share buyback|share buyback]] related to the sale of [[Definition:AXA Investment Managers|AXA IM]], and an unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) notably from USD depreciation.
* The decrease was due to:
** PositiveThese contributionnegative impacts on shareholders' equity were partly offset by positive contributions from net income (+EUR +9.8bn) and net OCI (+EUR +1.3bn).
* CSM{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|15|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
** FY24 dividend paid to shareholders (-EUR 4.6bn).
* CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).
** Impact of share buybacks in 2025 (-EUR 4.7bn), including EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM.
* Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.
** Unfavorable foreign exchange impact (-EUR 3.5bn), notably from USD depreciation.
* These positive impacts on CSM were more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows.
 
{{chunk|doc=chq99br5nr|c=1513|p=3}}
'''Solvency II ratio'''
{{Indexing|Contractual Service Margin (CSM)||kind=prose|order=15}}
 
* Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
* The increase in Solvency II ratio was due to: strong operating return (+28 points) net of [[Definition:Dividend|dividend]] provision and annual [[Definition:Share buyback|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).
* New business contribution (+EUR 2.2bn) and underlying return on in-force (+EUR 1.3bn) more than offset CSM release (-EUR 3.0bn).
* These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima, and the disposal of [[Definition:AXA Investment Managers|AXA IM]] including the associated EUR 3.8bn [[Definition:Share buyback|share buyback]] (-5 points).
* Normalized growth in CSM was +2%.
* As of January 1, [[Definition:Year 2026|2026]], capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.
* Market conditions had a favorable impact (+EUR 0.6bn), mainly driven by tightening government spreads and positive equity market performance.
* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}.
* This was more than offset by unfavorable foreign exchange impacts (-EUR 1.5bn), mainly from the depreciation of JPY and HKD.
* A negative operating variance (-EUR 0.3bn) occurred as better margins and net flows were offset by a reduction in the duration of Group Life business in Switzerland.
 
{{chunk|doc=chq99br5nr|c=1614|p=3}}
'''Financial ratios and cash at holding'''
{{Indexing|Solvency II ratio||kind=prose|order=16}}
 
* Underlying return on equity{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, notably from higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.
* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
* Debt gearing{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* Drivers of the Solvency II ratio change:
* The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
** Strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points).
** Positive impact from net subordinated debt issuance (+6 points).
** Favorable impacts from financial markets (+4 points).
** Partly offset by the net impact of Nobis and Prima acquisitions, and AXA IM disposal including the associated EUR 3.8bn share buyback (-5 points).
* As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds.
* This change resulted in a -10 point decrease in the Solvency II ratio to 215% on January 1, 2026.
* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points.
 
{{chunk|doc=chq99br5nr|c=17|p=3}}
{{Indexing|Underlying return on equity||kind=prose|order=17}}
 
* Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024.
* This increase was notably from higher underlying earnings and lower shareholders' equity.
 
{{chunk|doc=chq99br5nr|c=18|p=3}}
{{Indexing|Debt gearing||kind=prose|order=18}}
 
* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* This was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn).
* This was partly offset by redemption of outstanding grandfathered Tier 1 debt (-EUR 1.9bn).
* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
* Cash at Holding{{fn ref|16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
 
* This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
{{chunk|doc=chq99br5nr|c=19|p=3}}
{{Indexing|Cash at Holding||kind=prose|order=19}}
 
* Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
* This reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
 
== Capital management and outlook ==
 
=== Capital management ===
 
{{chunk|doc=chq99br5nr|c=2015|p=4}}
{{Indexing|'''Shareholder returns||kind=prose|order=20}}'''
 
* 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}}
{{Indexing|Outlook for ''''Unlock the Future' plan||kind=prose|order=21}} 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}}
'''Holdings results and financial targets'''
{{Indexing|Financial targets and capital management||kind=prose|order=22}}
 
* 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.
* The Group is committed to its [[Definition:Capital management|capital management]] policy{{fn ref|19|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}, targeting a total [[Definition:Payout ratio|payout ratio]] of 75%{{fn ref|20|2=Payout ratio is calculated based on underlying earnings per share.}}.
* AXA is committed to a capital management policy targeting a total payout ratio of 75%.
* 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}}
{{Indexing|Key figures||kind=table|order=23}}
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Key figures – [[Definition:Property & casualty|Property &amp; Casualty]]
|-
! 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" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]] Price effect{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} (in %)
|-
| style="text-align:left" | [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
Line 335 ⟶ 302:
| style="text-align:right" | +5.2%
|-
| style="text-align:left" | o/w [[Definition:AXA XL|AXA XL]] Reinsurance
| style="text-align:right" | 2.5
| style="text-align:right" | 2.6
Line 342 ⟶ 309:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=24|p=5}}
{{Indexing|Earnings||kind=table|order=24}}
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|-
! 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]]
! class="col-s" style="text-align:right" | Change at constant Forex
|-
Line 359 ⟶ 323:
| style="text-align:right" | -0.3 pt
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]
| style="text-align:right" | 5,510
| style="text-align:right" | 5,872
Line 366 ⟶ 330:
</div>
 
{{chunk|doc=chq99br5nr|c=2519|p=5}}
'''[[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]'''
{{Indexing|Gross written premiums & other revenues|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Reinsurance, AXA XL Insurance, Asia, Africa & EME-LATAM, France, Europe, Türkiye, Mexico, UK & Ireland Motor|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=25|f1=Gross written premiums & other revenues|v1=up 5% to EUR 58.0bn|f2=Commercial lines growth|v2=4% to EUR 35.8bn|f3=Personal lines growth|v3=7% to EUR 19.7bn|f4=AXA XL Reinsurance growth|v4=8% to EUR 2.6bn}}
 
* [[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'''
{{Indexing|Combined ratio|Combined ratio, undiscounted current year loss ratio, natural catastrophe charges, prior years' reserve development, expense ratio, Commercial lines, Personal lines, SME & mid-market business, AXA XL Insurance|cos78e4bvi|rhstabgyn2|kind=prose|order=26|f1=Combined ratio|v1=improved by 0.3pts to 90.6%|f2=Undiscounted current year loss ratio excluding natural catastrophe|v2=-0.3pts|f3=Expense ratio|v3=-0.3pts|f4=Natural catastrophe charges|v4=-0.4pts to 3.4%|f5=Prior years' reserve development|v5=+0.7pts at -1.1%}}
 
* 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).
* [[Definition:AXA XL|AXA XL]] Insurance margins stable at attractive levels (+0.1pt).
** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from margin expansion in Personal lines (-0.4pts) in a conducive pricing environment.
** 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]]'''
{{Indexing|P&C underlying earnings|P&C underlying earnings, technical result, financial result, income taxes|y30gelxv10|irxh3hcbqz|kmocop7wiu|kind=prose|order=27|f1=P&C underlying earnings|v1=up 9% to EUR 5.9bn|f2=Increase in technical result|v2=EUR +0.5bn|f3=Higher financial result|v3=EUR +0.2bn|f4=Higher income taxes|v4=EUR -0.2bn}}
 
* [[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}}
{{Indexing|Key figures|Gross written premiums & other revenues, Life, Health, PVEP, NB CSM, NBV, NBV margin, Net flows|kind=table|order=28}}
 
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Key figures – [[Definition:Life & health|Life &amp; Health]]
|-
! 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" | Change on a comparable basis
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]]
| style="text-align:right" | 52.0
| style="text-align:right" | 56.5
Line 448 ⟶ 412:
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" | —
|}
</div>
 
{{chunk|doc=chq99br5nr|c=29|p=6}}
{{Indexing|Earnings|Underlying earnings, Life, Health|kind=table|order=29}}
 
<div style="overflow-x:auto">
Line 459 ⟶ 420:
|-
! 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]]
! class="col-s" style="text-align:right" | Change at constant forex
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]
| style="text-align:right" | 3,323
| style="text-align:right" | 3,501
Line 480 ⟶ 441:
</div>
 
==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====
 
{{chunk|doc=chq99br5nr|c=3023|p=6}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Gross written premiums|gross written premiums]]'''
{{Indexing|Life & Health GWP and other revenues|Life GWP, Health GWP, Unit-Linked, G/A, Protection, France, Italy, Japan, Hong Kong, Switzerland|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=30|f1=Life GWP growth|v1=9% to EUR 37.5bn|f2=Unit-Linked growth|v2=+13%|f3=G/A growth|v3=+4%|f4=Protection growth|v4=11%|f5=Health GWP growth|v5=5% to EUR 19.0bn}}
 
* 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
** Protection: +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland
* Health GWP grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.
* Health 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=3124|p=76}}
'''Present value of expected premiums (PVEP)'''
{{Indexing|Present value of expected premiums (PVEP)|Present value of expected premiums (PVEP), Life PVEP, Health PVEP, Hong Kong, France, Switzerland|fz8evycjst|kind=prose|order=31|f1=PVEP decrease|v1=2% to EUR 49.4bn|f2=Life PVEP increase|v2=+1%|f3=Health PVEP decrease|v3=-12%}}
 
* Present value of expected premiums (PVEP){{fn ref|1,21}} decreased by 2% to EUR 49.4bn.
{{chunk|doc=chq99br5nr|c=24|p=7|cont=1}}
* Life PVEP increased by +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums.
* 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.
* Health PVEP: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.
 
{{chunk|doc=chq99br5nr|c=3225|p=7}}
'''NB CSM and NBV'''
{{Indexing|NB CSM and NBV|NB CSM, NBV (post-tax), NBV margin (post tax), Savings, Protection, France|fz8evycjst|cqvs0n2z2e|kind=prose|order=32|f1=NB CSM increase|v1=3% to EUR 2.2bn|f2=NBV (post-tax)|v2=stable at EUR 2.2bn|f3=NBV margin (post tax) increase|v3=0.1 point to 4.5%}}
 
* NB CSM{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
* NBV (post-tax){{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} was stable at EUR 2.2bn, as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
* NBV margin (post tax){{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 0.1pt to 4.5%.
* NBV margin (post tax) increased by 0.1 point to 4.5%.
 
{{chunk|doc=chq99br5nr|c=3326|p=7}}
'''Net flows'''
{{Indexing|Net flows|Net flows, Protection, Health, Unit-Linked, G/A Savings, G/A capital-light, Hong Kong, Japan, France, Germany|f4zcgwiyzm|kind=prose|order=33|f1=Net flows|v1=EUR +5.4bn|f2=Protection net flows|v2=EUR +4.9bn|f3=Health net flows|v3=EUR +2.7bn|f4=Unit-Linked net flows|v4=EUR +1.5bn|f5=G/A Savings net flows|v5=EUR -3.7bn}}
 
* Net flows{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were EUR +5.4bn compared to EUR +1.5bn in 2024.
* Net flows in 2025 were driven by:
** Protection: (EUR +4.9bn), mainly in Hong Kong, Japan, and France.
** Health: (EUR +2.7bn), mainly in Germany, Japan, and France.
** Unit-Linked: (EUR +1.5bn), primarily in France.
* 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]] [[Definition:Underlying earnings|underlying earnings]]'''
{{Indexing|Life & Health underlying earnings|Life & Health underlying earnings, long-term technical result, short-term technical result, income taxes, ICBC-AXA, AXA MPS, Mexico, Germany, France|y30gelxv10|irxh3hcbqz|kmocop7wiu|kind=prose|order=34|f1=Life & Health underlying earnings increase|v1=7% to EUR 3.5bn|f2=Long-term technical result|v2=EUR +0.2bn|f3=Short-term technical result|v3=EUR +0.1bn|f4=Lower income taxes|v4=EUR +0.1bn}}
 
* [[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).
** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn)
** Lower income taxes (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France and Mexico.
** Lower income taxes: EUR +0.1bn reflecting favorable tax effects mainly in Germany, France and Mexico
** Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.
** Lower contribution from affiliates, notably ICBC-AXA and improved results at [[Definition:AXA|AXA]] MPS that resulted in an increase in earnings of minority shareholders
 
== Holdings ==
 
{{chunk|doc=chq99br5nr|c=3528|p=7}}
{{Indexing|'''Holdings underlying[[Definition:Underlying earnings|Holdings underlying earnings|y30gelxv10|kind=prose|order=35|f1=Holdings underlying earnings|v1=broadly stable at EUR -1.2bn}}]]'''
 
* Holdings [[Definition:Underlying earnings|underlying earnings]]{{fn ref|14|2=Including banking activities.}} remained broadly stable at EUR -1.2bn.
 
== Ratings and glossary ==
Line 535 ⟶ 499:
=== Ratings ===
 
{{chunk|doc=chq99br5nr|c=3629|p=8}}
{{Indexing|Ratings|S&P Global Ratings, Moody's Investor Service, AM Best, AXA SA, AXA's principal insurance subsidiaries, Senior debt, Short-term debt|u6q0bi3ei3|kind=table|order=36}}
 
<div style="overflow-x:auto">
{| id="t8" class="wikitable"
|+ Insurer financial strength ratings and [[Definition:AXA|AXA]]'s credit ratings by Agency
|-
! style="text-align:left" |
! style="text-align:right" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | [[Definition:AXA|AXA]]'s credit ratings {{fn ref|22|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}
|-
! style="text-align:left" | Agency
! style="text-align:right" | Date of last review
! style="text-align:left" | [[Definition:AXA|AXA]] SA
! style="text-align:left" | [[Definition:AXA|AXA]]'s principal insurance subsidiaries
! style="text-align:left" | Outlook
! style="text-align:right" | Senior debt of the Company
Line 573 ⟶ 537:
| style="text-align:right" | October 9, 2025
| style="text-align:left" | A+ Superior
| style="text-align:left" | —
| style="text-align:left" | Stable
| style="text-align:right" | aa Superior
| style="text-align:left" | —
|}
</div>
Line 584 ⟶ 548:
=== Glossary ===
 
{{chunk|doc=chq99br5nr|c=3730|p=8}}
'''Glossary of financial terms'''
{{Indexing|Glossary of terms|Capital-light G/A products, Contractual service margin (CSM), CSM release, Economic variance, Financial result, Gross written premiums and other revenues, Other Revenues, New business contractual service margin (NB CSM), New business value (NBV)|dsc5r029ax|kind=prose|order=37}}
 
* 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.
* 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.
* [[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).
* 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.
* New business value ("NBV"): the value of newly issued contracts during the current year, consisting 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.
** 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.
* New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.
{{chunk|doc=chq99br5nr|c=37|p=9|cont=1}}
{{chunk|doc=chq99br5nr|c=30|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM vs. the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses, and expenses, and (iii) impact of model changes, net of reinsurance.
* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.
* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing the Group share.
** Operating variance is net of reinsurance.
* Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows in the defined period, (ii) the risk adjustment release, (iii) changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses.
* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.
** PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
* Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
Line 607 ⟶ 574:
=== Scope ===
 
{{chunk|doc=chq99br5nr|c=3831|p=10}}
'''Scope of operations by geography'''
{{Indexing|Scope of operations|France, Europe, Switzerland, Germany, Belgium, Luxemburg, United Kingdom, Ireland, Spain, Italy, Prima, AXA Life Europe, AXA XL, Asia, Africa & EME-LATAM, Japan, Hong Kong, Thailand P&C, Indonesia L&S, China P&C, South Korea, Asia Holdings, China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, India, Egypt, Morocco, Nigeria, Mexico, Colombia, Brazil, Türkiye, Russia (Reso), AXA Mediterranean Holdings, Transversal & Other, AXA Assistance, AXA Liabilities Managers, AXA SA, AXA Investment Managers, Select, Architas, Capza|cmtswfs0go|kind=prose|order=38}}
 
* France: includes insurance activities, banking activities, and holding.
* 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.
** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** EME-LATAM (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.
* AXA Investment Managers (equity method): Asian joint ventures are consolidated under the equity method.
 
=== Exchange rates ===
 
{{chunk|doc=chq99br5nr|c=3932|p=10}}
{{Indexing|Exchange rates|USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=table|order=39}}
 
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Exchange rates
|-
! style="text-align:left" | For 1 Euro
Line 637 ⟶ 603:
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | USD
Line 676 ⟶ 642:
== Notes ==
 
{{chunk|doc=chq99br5nr|c=4033|p=11}}
'''Notes'''
{{Indexing|Notes|Gross written premiums & other revenues, new business value (NBV), present value of expected premiums (PVEP), contractual service margin (CSM), new business contractual service margin (NB CSM), Underlying earnings, underlying earnings per share, underlying return on equity, combined ratio, debt gearing, AXA IM, BNP Paribas, share repurchase agreement|tepp01g689|n63zd2qo95|kind=prose|order=40}}
 
{{fn note|1=1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}
Line 704 ⟶ 670:
{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
{{chunk|doc=chq99br5nr|c=4134|p=11}}
'''Basis of reporting and financial statement approval'''
{{Indexing|Basis of reporting and financial statements|Activity indicators, actuarial assumptions, financial assumptions, NBV, PVEP, consolidated financial statements, IFRS, audit procedure|ow7tevuxxr|ie3cmfrol3|kind=prose|order=41}}
 
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
* [[Definition:AXA|AXA]]'s consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026|2026]].
* The consolidated financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.
 
{{chunk|doc=chq99br5nr|c=35|p=12}}
== About the AXA group ==
'''Company overview and legal information'''
 
{{chunk|doc=chq99br5nr|c=42|p=12}}
{{Indexing|AXA Group overview and financials|AXA Group, employees, clients, countries, IFRS17 revenues, IFRS17 underlying earnings, Euronext Paris, ticker symbol CS, ISN FR 0000120628, Bloomberg CS FP, Reuters AXAF.PA, American Depository Share, OTC QX platform, ticker symbol AXAHY, Dow Jones Sustainability Index (DJSI), FTSE4GOOD, UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance, UN Principles for Responsible Investment|4cr8sbi842|cmtswfs0go|tq2q8ln3jw|kind=prose|order=42|f1=Employees|v1=156,000|f2=Clients|v2=92 million|f3=Countries|v3=52|f4=IFRS17 revenues|v4=EUR 115.5bn|f5=IFRS17 underlying earnings|v5=EUR 8.4bn|f6=Stock listing|v6=Euronext Paris|f7=Ticker|v7=CS}}
 
* AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* In 2025, IFRS17 revenues amounted to EUR 115.5bn.
* In 2025, IFRS17 underlying earnings amounted to EUR 8.4bn.
* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* AXA Group is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
* This press release and regulated information are available on the AXA Group website (axa.com).
 
{{chunk|doc=chq99br5nr|c=43|p=12}}
{{Indexing|Contact information|Investor Relations, Individual Shareholder Relations, Media Relations, Corporate Responsibility strategy, SRI ratings|snkw7cucpt|kind=prose|order=43}}
 
* The [[Definition:AXA|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bn.
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
* The [[Definition:AXA|AXA]] ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
* [[Definition:AXA|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* Individual Shareholder Relations contact: +33.1.40.75.48.43.
* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* The [[Definition:AXA|AXA Group]] is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.
* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.
* This press release contains forward-looking statements, including those regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“[[Definition:Underlying earnings per share|UEPS]]”) growth for [[Definition:Year 2026|2026]], which are based on Management’s current views and intentions and are subject to risks and uncertainties.
 
==* 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.
* The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from other companies.
 
{{chunk|doc=chq99br5nr|c=44|p=12}}
{{Indexing|Forward-looking statements and non-GAAP measures|Forward-looking statements, non-GAAP financial measures, alternative performance measures (APMs), underlying earnings per share (UEPS), underlying earnings, underlying return on equity, combined ratio, debt gearing, ESMA guidelines, AMF position statement, IFRS, Risk Factors and Risk Management, 2024 Universal Registration Document|tepp01g689|n63zd2qo95|w8ma8usdpx|kind=prose|order=44}}
 
* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs such as “would” and “could”.
* Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.
* These statements are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.
* Each forward-looking statement is valid only at the date of the press release.
* Important factors, risks, and uncertainties affecting AXA’s business are described in 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”).
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The press release refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management for analyzing operating trends, financial performance, and position.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
* “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”.
* Further information on non-GAAP financial measures is available in the Glossary in AXA’s 2025 Activity Report.
 
== Appendix 1: Gross written premiums et other revenues by geography and business line ==
 
{{chunk|doc=chq99br5nr|c=4536|p=13}}
{{Indexing|Gross written premiums et other revenues by geography and business line|Gross Written Premiums and Other Revenues, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|kind=table|order=45}}
 
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
! colspan="4" style="text-align:center" | [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]]
! colspan="2" style="text-align:center" | o/w [[Definition:Property & casualty|Property &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" | Change on a reported basis
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | France{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}
| style="text-align:right" | 28,996
| style="text-align:right" | 30,598
Line 790 ⟶ 732:
| style="text-align:right" | 20,852
| style="text-align:right" | +5%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 39,298
| style="text-align:right" | 43,005
Line 802 ⟶ 744:
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 19,383
| style="text-align:right" | 19,277
Line 814 ⟶ 756:
| style="text-align:right" | 118
| style="text-align:right" | -8%
| 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" | 19,083
| style="text-align:right" | 19,925
Line 826 ⟶ 768:
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Transversal
Line 838 ⟶ 780:
| style="text-align:right" | 126
| style="text-align:right" | -8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
| style="text-align:right" | 1,701
| style="text-align:right" | 875
| style="text-align:right" | -49%
| style="text-align:right" | +4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 875
| style="text-align:right" | +4%
|-
| style="text-align:left" | Total{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
Line 871 ⟶ 813:
== Appendix 2: Underlying earnings by geography and by business line ==
 
{{chunk|doc=chq99br5nr|c=4637|p=14}}
{{Indexing|Underlying earnings by geography and by business line|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|kind=table|order=46}}
 
<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] by geography and by [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
! colspan="3" style="text-align:center" | [[Definition:Underlying earnings|Underlying earnings]]
! colspan="2" style="text-align:center" | o/w [[Definition:Property & casualty|Property &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" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 2,071
| style="text-align:right" | 2,224
Line 902 ⟶ 844:
| style="text-align:right" | 1,039
| style="text-align:right" | +8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 3,187
| style="text-align:right" | 3,486
Line 913 ⟶ 855:
| style="text-align:right" | 1,264
| style="text-align:right" | +14%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 1,820
| style="text-align:right" | 1,893
Line 924 ⟶ 866:
| style="text-align:right" | 12
| style="text-align:right" | -49%
| 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" | 1,504
| style="text-align:right" | 1,493
Line 935 ⟶ 877:
| style="text-align:right" | 1,165
| style="text-align:right" | 0%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Transversal
Line 946 ⟶ 888:
| style="text-align:right" | 22
| style="text-align:right" | +16%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | -57%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 175
| style="text-align:right" | -57%
|-
| style="text-align:left" | Total{{fn ref|i|2=Including underlying earnings of Holdings and Banking.}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
Line 977 ⟶ 919:
== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
 
{{chunk|doc=chq99br5nr|c=4738|p=15}}
{{Indexing|Property & Casualty – gross written premiums & other revenues by business line and discount rates|Commercial lines, Personal lines, Personal Motor, Personal Non-Motor, AXA XL Reinsurance, Total P&C, France, Europe|kind=table|order=47}}
 
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Total [[Definition:Property & casualty|P&amp;C]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
! colspan="2" style="text-align:center" | Commercial lines
! colspan="4" style="text-align:center" | Personal lines
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]] Reinsurance
! colspan="2" style="text-align:center" | Total [[Definition:Property & casualty|P&amp;C]]
|-
! style="text-align:left" | inIn EuroEUR million
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
Line 1,000 ⟶ 942:
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 5,077
| style="text-align:right" | +6%
Line 1,017 ⟶ 959:
| style="text-align:right" | +7%
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 9,179
| style="text-align:right" | +1%
Line 1,031 ⟶ 973:
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 16,604
| style="text-align:right" | +3%
Line 1,045 ⟶ 987:
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 3,193
| style="text-align:right" | +13%
Line 1,090 ⟶ 1,032:
 
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
 
{{chunk|doc=chq99br5nr|c=48|p=15}}
{{Indexing|Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves|Interest Rates (5Y), Discounting of P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=48}}
 
<div style="overflow-x:auto">
Line 1,098 ⟶ 1,037:
|-
! style="text-align:left" |
! 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}}
|-
| style="text-align:left" | EUR
Line 1,132 ⟶ 1,071:
== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==
 
=== P&C: Price effects i by country and business line ===
{{chunk|doc=chq99br5nr|c=49|p=16}}
 
{{Indexing|P&amp;C: Price effects by country and business line|P&C price effects, 2026 market pricing trends, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|llbwb4tj3c|kynhd2bvm1|kind=table|order=49}}
{{chunk|doc=chq99br5nr|c=39|p=16}}
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ [[Definition:Property & casualty|P&amp;C]]: Price effects 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" | Moderation of price increase
|-
| 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" | +3.0%
| style="text-align:right" | +5.0%
| style="text-align:right" | —
| style="text-align:left" | Continued price increases both in Personal and Commercial lines
|-
| style="text-align:left" | <emi>Germany</emi>
| style="text-align:right" | +3.1%
| style="text-align:right" | +10.3%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
|-
| style="text-align:left" | <emi>Belgium &amp; Luxembourg</emi>
| style="text-align:right" | +2.5%
| style="text-align:right" | +4.4%
| style="text-align:right" | —
| style="text-align:left" | Price increase broadly in line with 2025
|-
| style="text-align:left" | <emi>UK &amp; Ireland</emi>
| style="text-align:right" | +1.4%
| style="text-align:right" | -2.6%
| style="text-align:right" | —
| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
|-
| style="text-align:left" | <emi>Spain</emi>
| style="text-align:right" | +8.8%
| style="text-align:right" | +8.6%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <emi>Italy</emi>
| style="text-align:right" | +5.2%
| style="text-align:right" | +5.3%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| 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" | Softening prices with conditions varying by lines
|-
| 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" | Moderation of price increase
|-
| 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" | —
|}
</div>
Line 1,217 ⟶ 1,158:
== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
 
{{chunk|doc=chq99br5nr|c=5040|p=17}}
{{Indexing|Life & Health – gross written premiums & other revenues and growth by business line|Gross written premiums, other revenues, growth, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|n13vjesiav|kind=table|order=50}}
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]]
! colspan="2" style="text-align:center" | Total
! colspan="2" style="text-align:center" | o/w Protection
Line 1,230 ⟶ 1,171:
! colspan="2" style="text-align:center" | o/w Health
|-
! 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:right" | 20,852
| style="text-align:right" | +5%
Line 1,254 ⟶ 1,195:
| style="text-align:right" | +2%
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
Line 1,266 ⟶ 1,207:
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 118
| style="text-align:right" | -8%
Line 1,278 ⟶ 1,219:
| style="text-align:right" | -
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
Line 1,314 ⟶ 1,255:
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w short-term{{fn ref|ii|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}}
| style="text-align:left" | o/w short-term{{fn ref|ii}}
| style="text-align:right" | 17,651
| style="text-align:right" | +6%
| style="text-align:right" | 4,337
| style="text-align:right" | +6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 13,314
| style="text-align:right" | +6%
Line 1,333 ⟶ 1,274:
== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
{{chunk|doc=chq99br5nr|c=5141|p=18}}
{{Indexing|New business volume (PVEP), new business value (NBV), and NBV margin|New business volume (PVEP), new business value (NBV), NBV margin, Life, Health, France|fz8evycjst|kind=table|order=51}}
 
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ PVEP, NBV, and NBV margin by geography
|-
! colspan="7" style="text-align:center" | Life New Business Metrics [[Definition:Full year 2025|FY25]]
! colspan="6" style="text-align:center" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} New Business Metrics [[Definition:Full year 2025|FY25]]
! colspan="6" style="text-align:center" | Total{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}} New Business Metrics [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 14,971
| style="text-align:right" | -4%
Line 1,383 ⟶ 1,324:
| style="text-align:right" | +0.4pts
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 10,102
| style="text-align:right" | +3%
Line 1,403 ⟶ 1,344:
| style="text-align:right" | -0.5pts
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]
| style="text-align:right" | 12,029
| style="text-align:right" | +7%
Line 1,444 ⟶ 1,385:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=52|p=18}}
{{Indexing|New business volume (PVEP), new business value (NBV), and NBV margin|NB CSM, NBV, Life, Health, Tax & Other|fz8evycjst|cqvs0n2z2e|kind=table|order=52}}
 
<div style="overflow-x:auto">
Line 1,455 ⟶ 1,393:
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
! class="col-s" style="text-align:right" | Total{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,485 ⟶ 1,423:
== Appendix 7: Life & Health – net flows ==
 
{{chunk|doc=chq99br5nr|c=5342|p=19}}
{{Indexing|Net flows by business line|Net flows, Health, Protection, G/A Savings, capital light, traditional G/A, Unit-Linked, Investment contracts, Mutual Funds & Other, Total Life & Health|f4zcgwiyzm|kind=table|order=53}}
 
<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Net flows by [[Definition:Business mix|business line]]
|-
! style="text-align:left" | in Euro billion
! class="col-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:right" | +2.7
| style="text-align:right" | +2.7
Line 1,507 ⟶ 1,445:
| style="text-align:right" | -3.7
|-
| 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" | Unit-Linked{{fn ref|iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}
Line 1,523 ⟶ 1,461:
| style="text-align:right" | 0.0
|-
!| 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
|}
</div>
Line 1,535 ⟶ 1,473:
== Appendix 8: Main transactions and next main investor events ==
 
{{chunk|doc=chq99br5nr|c=5443|p=20}}
'''Main transactions in 2025'''
{{Indexing|Main transactions in 2025|Main transactions, share repurchase agreement, Nobis Group, Restricted Tier 1 Notes, Tier 2 Notes, AXA's Shareplan, stock-based compensation, AXA Investment Managers, BNP Paribas, Prima, employee share offering program|c5r2rmwxo6|70zdwfnrmi|ch7st6ifed|bhnpa5y4f0|kind=prose|order=54|f1=Share buyback program|v1=up to EUR 1.2bn (February 28, 2025)|f2=Acquisition|v2=Nobis Group in Italy (April 1, 2025)|f3=Placement|v3=EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)|f4=Sale|v4=AXA Investment Managers to BNP Paribas (July 1, 2025)|f5=Share repurchase agreement|v5=up to EUR 3.8bn (July 1, 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 completion of the acquisition of Nobis Group in Italy (April 1, 2025)
* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement 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)
* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
Line 1,549 ⟶ 1,487:
* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)
 
=== Next main investor events ===
 
{{chunk|doc=chq99br5nr|c=5544|p=20}}
'''Upcoming investor events'''
{{Indexing|Next main investor events|Main investor events, Shareholder’s Annual General Meeting, Activity Indicators, Earnings Release, Investor Day|snkw7cucpt|kind=prose|order=55|f1=Shareholder’s Annual General Meeting|v1=April 30, 2026|f2=First quarter 2026 Activity Indicators|v2=May 5, 2026|f3=HY26 Earnings Release|v3=July 31, 2026|f4=AXA Investor Day|v4=September 21, 2026}}
 
* [[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]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_release"