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''This article summarizes [[Definition:AXA|AXA]]'s [[Definition:Earnings release|Earnings release]] published on [[Definition:Year 2026|2026]]-02-26 (20 pages).''
 
== Press release ==
 
{{chunk|doc=chq99br5nr|c=1|p=1}}
'''Document metadata'''
{{Indexing|Press release dateline||kind=prose|order=1}}
 
* Paris, February 2626th, [[Definition:Year 2026|2026]] (6:45am CET)
 
== Full Year 2025 Earnings ==
 
{{chunk|doc=chq99br5nr|c=2|p=1}}
'''[[Definition:Underlying earnings per share|underlying EPS]] growth'''
{{Indexing|Underlying EPS growth and record results||kind=prose|order=2}}
 
* [[Definition:AXA|AXA]] reported record results with [[Definition:Underlying earnings per share|Underlyingunderlying EPS]] growth at the top end of the [[Definition:Target range|target range]].
* Record results reported
 
== 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 atref|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]]
* [[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]]
* [[Definition:Underlying earnings|Underlying earnings]] at EUR 8.4bn, +6% vs. FY24, +9% excluding [[Definition:AXA Investment Managers|AXA IM]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] at EUR 3.86, +8% vs. FY24 including -2%excluding [[Definition:HeadwindAXA Investment Managers|headwindAXA IM]]{{fn fromref|3|2=AXA [[Definition:Foreigncompleted exchange|foreignthe exchangedisposal movements]]of andAXA -1%IM fromto temporaryBNP [[Definition:EarningsParibas dilution|earningson dilution]]July from1, the2025. saleAll offigures excluding AXA IM dueare togiven timingat ofconstant anti-dilutiveforeign shareexchange buybackrates.}}: up +9% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 3.86, up +8% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] was impacted by a -2% [[Definition:Headwind|headwind]] from [[Definition:Foreign exchange|foreign exchange movements]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] was impacted by a -1% temporary [[Definition:Earnings dilution|earnings dilution]] from the sale of [[Definition:AXA Investment Managers|AXA IM]] due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}
 
{{chunk|doc=chq99br5nr|c=4|p=1}}
{{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 at 224% at December 31, 2025, +9pts vs. FY24, and 215% on January 1, [[Definition:Year 2026|2026]], reflecting the end of the grandfathering period
* 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|Dividend and share buyback actions||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]]
 
== Outlook ==
 
{{chunk|doc=chq99br5nr|c=6|p=1}}
'''[[Definition:Year 2026|2026]] outlook and strategic plan'''
{{Indexing|2026 earnings and Solvency II outlook||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 atis +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
* [[Definition:AXA|AXA]] towill present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026]]
 
{{chunk|doc=chq99br5nr|c=7|p=1}}
{{Indexing|'''2025 performance and business line results||kind=prose|order=7}}commentary'''
 
* In 2025, earnings[[Definition:AXA|AXA]] growthdelivered +9% earnings growth in core businesses excluding [[Definition:AXA Investment Managers|AXA IM]]
* Reserve prudence was enhanced following 2025excellent results
* [[Definition:Property & casualty|P&C]] franchise posted stellar results: with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income
* [[Definition:AXA XL|AXA XL]] Insurance earnings increased earnings with stable underlying margins
* [[Definition:Life & health|Life & Health]] earnings +rose by 7%
* Life segmentearnings reflectingreflected early benefits of the strategy to rejuvenate the business
* Health segmentgrew earningsby +17% even after absorbing the adverse change on VAT treatment in Mexico
* Investments in automation and Artificial Intelligence are driving efficiency gains
* Solvency II ratio is at a very strong level
* "TheseThomas Buberl, CEO of [[Definition:AXA|AXA]], stated that the results demonstrate the earnings power of ourthe well-diversified franchise and reinforce our confidence in [[Definition:AXA |AXA]]' s ability to generate sustainable, long -term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," said Thomas Buberl, Chief Executive Officer of AXA
 
== FY25 key highlights ==
 
{{chunk|doc=chq99br5nr|c=8|p=2}}
{{Indexing|Gross written premiums & other revenues by lines of business||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
! 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 100 ⟶ 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 106 ⟶ 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 112 ⟶ 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 119 ⟶ 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 145 ⟶ 143:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=10|p=2}}
{{Indexing|Solvency II ratio (%)||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|Total grossGross written premiums]] and [[Definition:Other revenue|other revenues by business line||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%.
* [[Definition:Property & casualty|Property & Casualty]]: +5%.
** 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.
** Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and, Asia & EME-LATAM.
** [[Definition:AXA XL|AXA XL]] Reinsurance: +8% with growth supported by alternative capital.
* [[Definition:Life & health|Life & Health]]: +8%.
** Life premiums: +9%.
*** 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: +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 by business line||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}}
* [[Definition:Underlying earnings|Underlying earnings]] +6% to EUR 8.4bn; +9% excluding [[Definition:AXA Investment Managers|AXA IM]]
'''Net income'''
* Property & Casualty +9% on higher volumes, underwriting margin expansion, and higher financial result from higher investment income
* Life & Health +7% on improved short-term technical results in Health & Protection and higher earnings in long-term business including early benefits of strategy to rejuvenate the business
* Holdings underlying earnings broadly stable at EUR -1.2bn
* Asset Management underlying earnings -EUR 0.2bn following disposal of AXA IM on July 1, 2025
 
* 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|Underlying earnings per share drivers||kind=prose|order=13}}
 
=== Balance sheet ===
* [[Definition:Underlying earnings per share|Underlying earnings per share]] +8% to EUR 3.86
* Driven by underlying earnings increase (+6%) and decrease in interest expense on undated and deeply-subordinated debt
* Driven by share buybacks (+3%) including annual share buyback program and anti-dilutive share buyback associated with sale of AXA IM
* Partially offset by [[Definition:Foreign exchange|foreign exchange]] rate movements (-2%), notably depreciation of U.S. dollar against Euro
* Sale of AXA IM resulted in temporary dilution of underlying earnings per share due to timing of associated share buyback (-1%)
 
{{chunk|doc=chq99br5nr|c=1412|p=23}}
'''Shareholders' equity and CSM'''
{{Indexing|Net income and exceptional items||kind=prose|order=14}}
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
* Net income +26% to EUR 9.8bn
* 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.
* Reflects increase in underlying earnings and significantly positive exceptional items, notably gain from sale of AXA IM
* These negative 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.
* 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).
* Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.
* 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=13|p=3}}
== Balance sheet ==
'''Solvency II ratio'''
 
* Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
{{chunk|doc=chq99br5nr|c=15|p=3}}
* 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).
{{Indexing|Shareholders' equity movements||kind=prose|order=15}}
* 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).
* 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%.
* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}.
 
{{chunk|doc=chq99br5nr|c=14|p=3}}
* Shareholders' equity EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs December 31, 2024
'''Financial ratios and cash at holding'''
* Positive contribution from net income EUR +9.8bn and net OCI EUR +1.3bn
* [[Definition:Full year 2024|FY24]] dividend paid to shareholders EUR -4.6bn
* Share buybacks executed in 2025 EUR -4.7bn, including EUR 3.5bn anti-dilutive buyback related to sale of [[Definition:AXA Investment Managers|AXA IM]]
* Unfavorable [[Definition:Foreign exchange|foreign exchange]] impact EUR -3.5bn, notably due to depreciation of U.S. dollar
 
* 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.
{{chunk|doc=chq99br5nr|c=16|p=3}}
* 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.
{{Indexing|CSM growth and drivers||kind=prose|order=16}}
* 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).
 
* CSMThe EURGroup's 33.3bndebt atgearing Decemberwas 31,in 2025,line downwith EURits 0.6bn19-23% vsplan Decemberguidance 31,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.
* New business contribution EUR +2.2bn and underlying return on in-force EUR +1.3bn offset CSM release EUR -3.0bn
* This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
* +2% normalized growth in CSM
* Favorable market conditions impact EUR +0.6bn, driven by tightening of government spreads and positive equity market performance
* Unfavorable foreign exchange impacts EUR -1.5bn, mainly from depreciation of Japanese yen and Hong Kong dollar
* Negative operating variance EUR -0.3bn as better margins and net flows offset by reduction in duration of Group Life business in Switzerland
 
{{chunk|doc=chq99br5nr|c=17|p=3}}
{{Indexing|Solvency II ratio components||kind=prose|order=17}}
 
* Solvency II ratio 224% as of December 31, 2025, up +9pts vs December 31, 2024
* Strong operating return +28pts net of provision for dividend and annual share buyback -24pts
* Positive impact from net subordinated debt issuance +6pts
* Favorable impacts from financial markets +4pts
* Net impact of acquisitions of Nobis and Prima and disposal of AXA IM including associated EUR 3.8bn share buyback -5pts
 
{{chunk|doc=chq99br5nr|c=18|p=3}}
{{Indexing|Solvency II transitional measures and revision||kind=prose|order=18}}
 
* 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
* -10pts decrease in Solvency II ratio to 215% on January 1, 2026
* Solvency II revision to come into effect in first quarter of 2027 estimated to result in +17pts increase to current Solvency II ratio
 
{{chunk|doc=chq99br5nr|c=19|p=3}}
{{Indexing|Underlying return on equity||kind=prose|order=19}}
 
* Underlying return on equity 16.0% as of December 31, 2025, up 0.8pts vs December 31, 2024
* Increase notably from higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity
 
{{chunk|doc=chq99br5nr|c=20|p=3}}
{{Indexing|Debt gearing and cash at Holding||kind=prose|order=20}}
 
* Debt gearing 22.3% as of December 31, 2025, up 1.7pts vs December 31, 2024
* Driven by lower shareholders' equity and CSM, 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
* Debt gearing in line with 19-23% plan guidance for 2024-2026
* Cash at Holding EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs December 31, 2024
* Organic cash remittance from subsidiaries EUR 7.5bn, up EUR 0.4bn vs December 31, 2024
 
== Capital management and outlook ==
 
=== Capital management ===
 
{{chunk|doc=chq99br5nr|c=21|p=4}}
{{Indexing|Dividend proposal and share buyback program||kind=prose|order=21}}
 
* Dividend of EUR 2.32 per share proposed (+8% vs [[Definition:Full year 2024|FY24]]) at Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026|2026]].
* Dividend payment date May 13, 2026; ex-dividend date May 11, 2026.
* Board of Directors approved annual share buyback program for up to EUR 1.25bn on February 25, 2026.
* Program execution subject to Shareholders' Annual General Meeting authorization; all repurchased shares to be cancelled.
* Buyback expected to commence as soon as reasonably practicable subject to market conditions and complete by year-end.
 
== Outlook ==
 
{{chunk|doc=chq99br5nr|c=22|p=4}}
{{Indexing|Unlock the Future plan drivers||kind=prose|order=22}}
 
{{chunk|doc=chq99br5nr|c=15|p=4}}
* 2024-[[Definition:Year 2026|2026]] 'Unlock the Future' plan entering final year with confidence to achieve main financial targets
'''Shareholder returns'''
* Targets underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities across businesses, (iii) driving operational efficiency via reinforced cost management
 
* 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.}}.
{{chunk|doc=chq99br5nr|c=23|p=4}}
* 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]].
{{Indexing|P&C and Life & Health outlook||kind=prose|order=23}}
* [[Definition:AXA|AXA]]'s Board of Directors approved on February 25, [[Definition:Year 2026|2026]], an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.
* The [[Definition:Share buyback|share buyback]] program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization.
* [[Definition:AXA|AXA]] intends to cancel all shares repurchased under this program.
* The [[Definition:Share buyback|share buyback]] program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end.
 
=== Outlook ===
* P&C Retail and SME & Mid-market: favorable pricing; expect continued benefit from earnthrough of higher pricing and underwriting actions
* AXA XL: pricing conditions vary by line; focus on effective cycle management and disciplined capital allocation to grow where returns exceed cost of capital
* Normalized natural catastrophe load guidance remains at ca. 4.5 points of combined ratio for 2026
* Life & Health: earnings growth driven by short-term business via disciplined pricing and claims management initiatives
* Life & Health: long-term business strategy to rejuvenate sales coupled with improved persistency expected to generate positive net flows driving CSM growth over time
 
{{chunk|doc=chq99br5nr|c=2416|p=4}}
''''Unlock the Future' plan targets and strategy'''
{{Indexing|Holdings results outlook||kind=prose|order=24}}
 
* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
* Holdings results in 2026 expected to remain at similar level as in 2025
* Confidence is underpinned by: (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, and the Group expects to benefit from 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.
* The Group guidance for normalized natural catastrophe{{fn ref|18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at approximately 4.5 points of combined ratio for [[Definition:Year 2026|2026]].
* 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 and improved persistency should generate positive net flows, driving CSM growth over time.
 
{{chunk|doc=chq99br5nr|c=2517|p=4}}
'''Holdings results and financial targets'''
{{Indexing|Financial targets and capital management||kind=prose|order=25}}
 
* Results in Holdings in [[Definition:Year 2026|2026]] are expected to be similar to 2025 levels.
* Management on track to deliver 'Unlock the Future' plan targets assuming current operating conditions persist
* Assuming current operating conditions persist and given strong 2025 operating performance, [[Definition:AXA|AXA]] is on track to deliver the main financial targets of its 'Unlock the Future' plan.
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth target: upper end of 6-8% CAGR for plan period 2023-2026E and for 2026
* Main financial targets include: (i) [[Definition:Underlying earnings per share|underlying earnings per share]] growth at the upper end of the 6-8% CAGR [[Definition:Target range|target range]] for both 2023-2026E and [[Definition:Year 2026|2026]]{{fn ref|9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}.
* Underlying return on equity target: between 14% and 16% between 2024 and 2026E
* Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.
* Cumulative organic cash upstream target: in excess of EUR 21bn for 2024-2026E
* Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.
* Capital management policy targets total payout ratio of 75%
* 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.}}.
* Payout composition: 60% dividend payout ratio and additional 15% from annual share buybacks
* The total [[Definition:Payout ratio|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]] and an additional 15% from annual [[Definition:Share buyback|share buybacks]].
* Proposed dividend per share expected to be at least equal to prior year dividend per share
* 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=2618|p=5}}
{{Indexing|Gross written premiums and other revenues by lines of business||kind=table|order=26}}
 
<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
! 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 339 ⟶ 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 346 ⟶ 309:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=27|p=5}}
{{Indexing|All-Year Combined ratio and Underlying earnings by FY||kind=table|order=27}}
 
<div style="overflow-x:auto">
Line 354 ⟶ 314:
|-
! 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
|-
Line 363 ⟶ 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 370 ⟶ 330:
</div>
 
{{chunk|doc=chq99br5nr|c=2819|p=5}}
{{Indexing|'''[[Definition:Gross written premiums by& lineother and geographyrevenues||kind=prose|order=28}}Gross written premiums & other revenues]]'''
 
* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] +5% to EUR 58.0bn.
* Commercial lines: +4% to EUR 35.8bn.
** [[Definition:AXA XL|AXA XL]] Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes),; partly offset by lower pricing and volumes in Financial lines.
** [[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 in Mexico).
** France: +6% from favorable price effects inacross all lines and higher volumes.
* Personal lines: +7% to EUR 19.7bn.
** Europe: +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened followingafter strong repricing in 2024.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: +14% driven byfrom Türkiye (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: +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=2920|p=5}}
{{Indexing|'''Combined ratio drivers by component||kind=prose|order=29}}'''
 
* All-year combined ratio improved by 0.3pts3pt to 90.6%.
* LowerDriven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME & mid-market business at -0.9pt) and Personal lines (-0.3pts4pt).
* Commercial lines loss ratio -0.5pts driven by SME & mid-market business -0.9pts in a favorable pricing environment;[[Definition:AXA XL|AXA XL]] Insurance margins stable at attractive levels (+0.1pts1pt).
* Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.
* Personal lines loss ratio -0.4pts in a conducive pricing environment.
* Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%).
* Lower expense ratio -0.3pts primarily from lower non-commission expense ratio reflecting efficiency gains.
* Lower natural catastrophe charges -0.4pts to 3.4%.
* Lower prior years' reserve development +0.7pts at -1.1%.
 
{{chunk|doc=chq99br5nr|c=3021|p=6}}
'''[[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]'''
{{Indexing|Underlying earnings by result component||kind=prose|order=30}}
 
* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]] +9% to EUR 5.9bn.
* IncreaseDriven by an increase in technical result (+EUR +0.5bn) reflecting strong volume growth in volumes and improvement inimproved technical margin.
* HigherDriven by higher financial result (+EUR +0.2bn) thanksdue to higher volumes and reinvestment yields on fixed income assets, more than offsetting increase inincreased unwind of discount of claims reserves.
* Partly offset by higher income taxes (-EUR -0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].
 
=== Life & Health ===
 
{{chunk|doc=chq99br5nr|c=3122|p=6}}
{{Indexing|Gross written premiums & other revenues by lines of business||kind=table|order=31}}
 
<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
! 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 454 ⟶ 412:
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" | —
|}
</div>
 
{{chunk|doc=chq99br5nr|c=32|p=6}}
{{Indexing|Underlying earnings by Life and Health||kind=table|order=32}}
 
<div style="overflow-x:auto">
Line 465 ⟶ 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 486 ⟶ 441:
</div>
 
==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====
 
{{chunk|doc=chq99br5nr|c=3323|p=6}}
{{Indexing'''[[Definition:Life & health|Life & Health]] gross[[Definition:Gross written premiums|gross bywritten product||kind=prose|order=33}}premiums]]'''
 
* Life [[Definition:Gross written premiums|GWP]]grew +9% to EUR 37.5bn, mainly from:
** Unit-Linked: +13% driven by successful sales initiatives across all geographies
** G/A{{fn ref|13|2=General account.}}: +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong
* Protection +11% notably from a commercial campaign on a Protection with* G/A productwas inpartly Hongoffset Kongby andnon-repeat continuedof goodelevated sales of Protectiona withsingle Unitpremium whole-Linkedlife product in Japan and Switzerlandlower sales in Hong 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 +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=3424|p=76}}
{{Indexing|'''Present value of expected premiums by line||kind=prose|order=34}}(PVEP)'''
 
* 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 +1% from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums
* Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums.
* Health PVEP -12% mainly from 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=3525|p=7}}
'''NB CSM and NBV'''
{{Indexing|New business value and margin||kind=prose|order=35}}
 
* 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 (post-tax) stable at EUR 2.2bn as growth in NB CSM offset by decrease in 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) +0.1pts to 4.5%
 
{{chunk|doc=chq99br5nr|c=3626|p=7}}
'''Net flows'''
{{Indexing|Net flows by product and geography||kind=prose|order=36}}
 
* 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 vscompared to EUR +1.5bn in 2024.
* Net flows in 2025 were driven by:
* Protection net flows EUR +4.9bn mainly in Hong Kong, Japan, and France
** Health net flowsProtection: EUR +24.7bn9bn, mainly in GermanyHong Kong, Japan, and France
** Unit-Linked net flowsHealth: EUR +12.5bn7bn, primarilymainly in Germany, Japan, and France
** Unit-Linked: EUR +1.5bn, primarily in France
* G/A Savings net flows EUR -3.7bn as inflows in G/A capital-light (EUR +1.2bn) more than offset by outflows in traditional G/A Savings (EUR -5.0bn)
* Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).
 
{{chunk|doc=chq99br5nr|c=3727|p=7}}
{{Indexing'''[[Definition:Life & health|Life & Health]] underlying[[Definition:Underlying earnings drivers||kind=prose|order=37}}underlying earnings]]'''
 
* [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] +increased by 7% to EUR 3.5bn, driven by:
** Long-term technical result: EUR +0.2bn driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business
** Short-term technical result: EUR +0.1bn driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset impact of legislative change on 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=3828|p=7}}
{{Indexing|'''Holdings [[Definition:Underlying earnings|underlying earnings||kind=prose|order=38}}]]'''
 
* Holdings [[Definition:Underlying earnings|underlying earnings]]{{fn ref|14|2=Including banking activities.}} remained broadly stable at EUR -1.2bn.
 
== Ratings and glossary ==
Line 540 ⟶ 499:
=== Ratings ===
 
{{chunk|doc=chq99br5nr|c=3929|p=8}}
{{Indexing|Insurer financial strength ratings and AXA's credit ratings by Agency||kind=table|order=39}}
 
<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 578 ⟶ 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 589 ⟶ 548:
=== Glossary ===
 
{{chunk|doc=chq99br5nr|c=4030|p=8}}
'''Glossary of financial terms'''
{{Indexing|Glossary definitions for insurance metrics||kind=prose|order=40}}
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
* Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* [[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=40|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) 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, 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 Group share
** Operating variance is net of reinsurance.
* 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
* 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.
* 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
** PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
* Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
== Scope and exchange rates ==
Line 612 ⟶ 574:
=== Scope ===
 
{{chunk|doc=chq99br5nr|c=4131|p=10}}
'''Scope of operations by geography'''
{{Indexing|Scope by geographic and business segment||kind=prose|order=41}}
 
* 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, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the [[Definition:Underlying earnings|underlying earnings]] and net income.
** Asia,: AfricaJapan &(insurance EME-LATAM:activities includesand (iiholding), Africa:Hong EgyptKong (insurance activities), andThailand holding)[[Definition:Property & casualty|P&C]], MoroccoIndonesia L&S (insuranceexcluding activitiesthe andbancassurance holdingentity), andChina Nigeria[[Definition:Property (insurance& activitiescasualty|P&C]], South Korea, and holding)Asia whichHoldings are fully consolidated.
** Asia: China L&S, AfricaThailand L&S, EME-LATAM:the includesPhilippines (iii)L&S and EME-LATAM[[Definition:Property Mexico& (insurance activities)casualty|P&C]], ColombiaIndonesia (insurance activities)L&S, Braziland India (insuranceLife activities anddisposed holding)on andMarch Türkiye11, (insurance activities2024 and holding) which are fully consolidated asunder wellthe asequity Russiamethod (Reso)and (insurancecontribute activities)to whichNBV, isPVEP, consolidated[[Definition:Underlying underearnings|underlying the equity methodearnings]], and contributes only to the net income.
** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
* Asia, Africa & EME-LATAM: includes (iv) AXA Mediterranean Holdings.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity) and other Central Holdings.
** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
* [[Definition:AXA Investment Managers|AXA Investment Managers]]: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
** [[Definition:AXA|AXA]] Mediterranean Holdings is included.
* [[Definition:AXA Transversal & Other|Transversal & Other]]: includes [[Definition:AXA|AXA]] Assistance, [[Definition:AXA|AXA]] Liabilities Managers, [[Definition:AXA|AXA]] SA (including Group's internal reinsurance activity), and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]]{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}}: includes [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.
 
=== Exchange rates ===
 
{{chunk|doc=chq99br5nr|c=4232|p=10}}
{{Indexing|Exchange rates||kind=table|order=42}}
 
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Exchange rates
|-
! style="text-align:left" | For 1 Euro
Line 638 ⟶ 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 677 ⟶ 642:
== Notes ==
 
{{chunk|doc=chq99br5nr|c=4333|p=11}}
'''Notes'''
{{Indexing|Notes||kind=prose|order=43}}
 
{{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 705 ⟶ 670:
{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
{{chunk|doc=chq99br5nr|c=4434|p=11}}
'''Basis of reporting and financial statement approval'''
{{Indexing|Reporting basis and audit status||kind=prose|order=44}}
 
* Activity indicatorsAll comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
* Actuarial and financial assumptions for NBV and PVEP calculationcalculations are updated semi-annually at half -year and full -year.
* Consolidated[[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]].
* FinancialThe 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'''
 
* The [[Definition:AXA|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
{{chunk|doc=chq99br5nr|c=45|p=12}}
* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bn.
{{Indexing|Group profile and financials||kind=prose|order=45}}
* 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).
* 156,000 employees serving more than 92 million clients in 52 countries
* [[Definition:AXA|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* 2025 IFRS17 revenues: EUR 115.5bn
* Individual Shareholder Relations contact: +33.1.40.75.48.43.
* 2025 IFRS17 [[Definition:Underlying earnings|underlying earnings]]: EUR 8.4bn
* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* AXA ordinary share listed on compartment A of Euronext Paris under ticker CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA)
* The [[Definition:AXA|AXA Group]] is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* AXA American Depository Share quoted on OTC QX platform under ticker AXAHY
* [[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.
* Included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD
* 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.
* Founding member of UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance
* [[Definition:AXA|AXA]] disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations.
* Signatory of UN Principles for Responsible Investment
* 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.
* Press release and regulated information pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation available on axa.com
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
 
* "[[Definition:Underlying earnings|Underlying earnings]]", [[Definition:Underlying earnings per share|UEPS]], "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.
{{chunk|doc=chq99br5nr|c=46|p=12}}
* Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in [[Definition:AXA|AXA]]’s Activity Report as of December 31, 2025.
{{Indexing|Contact information||kind=prose|order=46}}
 
* Investor Relations: +33.1.40.75.48.42, investor.relations@axa.com
* Individual Shareholder Relations: +33.1.40.75.48.43
* Media Relations: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com
* Corporate Responsibility strategy: axa.com/en/about-us/strategy-commitments
* SRI ratings: axa.com/en/investor/sri-ratings-ethical-indexes
 
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==
 
{{chunk|doc=chq99br5nr|c=47|p=12}}
{{Indexing|Forward-looking statements and non-GAAP measures||kind=prose|order=47}}
 
* Forward-looking statements include predictions of future events, trends, plans, expectations, or objectives, identified by terms such as 'expects', 'anticipates', 'may', 'plan', 'would', or 'could'.
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] ("UEPS") growth for [[Definition:Year 2026|2026]] and those in the "Outlook" section are forward-looking, based on Management's current views and intentions, and subject to change.
* Forward-looking statements are subject to known and unknown risks and uncertainties outside AXA's control that could cause actual results to differ materially from projections.
* Refer to Part 5 – "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 (the "2024 Universal Registration Document") for important factors, risks, and uncertainties.
* 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 to analyze operating trends, financial performance, and financial position.
* Non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labelled measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, consolidated financial statements prepared in accordance with IFRS.
* "[[Definition:Underlying earnings|Underlying earnings]]", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015.
* Reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements is provided in 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=4836|p=13}}
{{Indexing|Gross Written Premiums and Other Revenues by geography and business line||kind=table|order=48}}
 
<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 789 ⟶ 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 801 ⟶ 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 813 ⟶ 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 825 ⟶ 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 837 ⟶ 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 870 ⟶ 813:
== Appendix 2: Underlying earnings by geography and by business line ==
 
{{chunk|doc=chq99br5nr|c=4937|p=14}}
{{Indexing|Underlying earnings by geography and by business line|Underlying earnings, geography, business line, Property & Casualty, Life & Health, Asset Management|y30gelxv10|iycymgpuon|pw41e8kn7m|kind=table|order=49}}
 
<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 901 ⟶ 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 912 ⟶ 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 923 ⟶ 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 934 ⟶ 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 945 ⟶ 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 976 ⟶ 919:
== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
 
{{chunk|doc=chq99br5nr|c=5038|p=15}}
{{Indexing|Total P&C by Commercial lines, Personal lines, and AXA XL Reinsurance|P&C gross written premiums, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe|wpkf9ycgxf|kynhd2bvm1|n13vjesiav|kind=table|order=50}}
 
<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 999 ⟶ 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 1,016 ⟶ 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 1,030 ⟶ 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 1,044 ⟶ 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 1,089 ⟶ 1,032:
 
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
 
{{chunk|doc=chq99br5nr|c=51|p=15}}
{{Indexing|Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves|Interest rates, discounting P&C claims reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|rmmhubj8mh|kind=table|order=51}}
 
<div style="overflow-x:auto">
Line 1,097 ⟶ 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 1,131 ⟶ 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=52|p=16}}
 
{{Indexing|P&C: Price effects by country and business line|P&C price effects, country, business line, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, 2026 market pricing trends|llbwb4tj3c|z5ugm9vp33|kind=table|order=52}}
{{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 1,216 ⟶ 1,158:
== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
 
{{chunk|doc=chq99br5nr|c=5340|p=17}}
{{Indexing|Gross written premiums & other revenues by geography and business line|Life & Health gross written premiums, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|kynhd2bvm1|n13vjesiav|kind=table|order=53}}
 
<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 1,229 ⟶ 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 1,253 ⟶ 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 1,265 ⟶ 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 1,277 ⟶ 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 1,313 ⟶ 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 1,332 ⟶ 1,274:
== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
{{chunk|doc=chq99br5nr|c=5441|p=18}}
{{Indexing|PVEP, NBV, and NBV margin by geography|Life new business metrics, Health new business metrics, PVEP, NBV, NBV margin, France|fz8evycjst|kynhd2bvm1|kind=table|order=54}}
 
<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 1,382 ⟶ 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 1,402 ⟶ 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 1,443 ⟶ 1,385:
|}
</div>
 
{{chunk|doc=chq99br5nr|c=55|p=18}}
{{Indexing|NB CSM to NBV by Life, Health, Total|NB CSM to NBV, Life, Health, Total, NB CSM, Other NBV, Tax & Other|cqvs0n2z2e|c9uq82u1iy|fz8evycjst|kind=table|order=55}}
 
<div style="overflow-x:auto">
Line 1,454 ⟶ 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 1,484 ⟶ 1,423:
== Appendix 7: Life & Health – net flows ==
 
{{chunk|doc=chq99br5nr|c=5642|p=19}}
{{Indexing|Total Life & Health net flows by business line|Life & Health net flows, Health, Protection, G/A Savings, Unit-Linked, Mutual Funds & Other|f4zcgwiyzm|n13vjesiav|kind=table|order=56}}
 
<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 1,506 ⟶ 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 1,522 ⟶ 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 1,534 ⟶ 1,473:
== Appendix 8: Main transactions and next main investor events ==
 
{{chunk|doc=chq99br5nr|c=5743|p=20}}
'''Main transactions in 2025'''
{{Indexing|Main transactions in 2025|Main transactions, share repurchase agreement, acquisition, notes placement, sale, employee share offering program|c5r2rmwxo6|70zdwfnrmi|b3bc9gy5x7|ch7st6ifed|kind=prose|order=57|f1=Share repurchase program|v1=EUR 1.2bn (February 28, 2025)|f2=Acquisition|v2=Nobis Group in Italy (April 1, 2025)|f3=Notes 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=EUR 3.8bn (July 1, 2025)|f6=Acquisition announced|v6=Prima in Italy (August 1, 2025)|f7=Employee share offering program|v7=Shareplan 2025 (September 10, 2025)|f8=Acquisition completed|v8=majority stake in Prima in Italy (November 28, 2025)}}
 
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement executedrelated forto [[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn (February 28, 2025)
* AcquisitionAnnounced the completion of the acquisition of Nobis Group in Italy completed (April 1, 2025)
* PlacementAnnounced 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 executedrelated forto [[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025)
* SaleAnnounced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas completed (July 1, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement executed forof up to EUR 3.8bn following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025)
* AcquisitionAnnounced the acquisition of Prima, the leadinga direct insurance player in Italy, announced (August 1, 2025)
* 2025Announced employeethe share offering program (Shareplan 2025) launchedlaunch (September 10, 2025) and successfullysuccessful completedcompletion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
* PlacementAnnounced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)
* AcquisitionAnnounced the completion of the acquisition of a majority stake in Prima in Italy completed (November 28, 2025)
 
=== Next main investor events ===
 
{{chunk|doc=chq99br5nr|c=5844|p=20}}
'''Upcoming investor events'''
{{Indexing|Upcoming investor events|Upcoming investor events, Shareholder's Annual General Meeting, Activity Indicators, Earnings Release, Investor Day|snkw7cucpt|kind=prose|order=58|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's Annual General Meeting on: April 30, [[Definition:Year 2026|2026]]
* First quarter [[Definition:Year 2026|2026]] Activity Indicators on: May 5, [[Definition:Year 2026|2026]]
* HY26 [[Definition:Earnings release|Earnings Release]] on: July 31, [[Definition:Year 2026|2026]]
* [[Definition:AXA|AXA]] Investor Day on: September 21, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_release"