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''This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).''
 
{{chunk|doc=snjra2xp9r|c=1|p=1}}
== Full Year 2025 Earnings Presentation ==
=== Full Year 2025 Earnings Presentation ===
 
* February 26, [[Definition:Year 2026|2026]]
== Importantlegalinformationandcautionarystatementsconcerningforward-lookingstatementsandtheuseof non-gaapfinancialmeasures ==
 
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==
 
{{chunk|doc=snjra2xp9r|c=1|p=2}}
====== Forward-looking statements and risks ======
 
* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] ("UEPS") growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group's current strategic plan.
* These statements are based on Management's current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially.
* Each forward-looking statement is valid only at the date of the presentation.
* Important factors, risks, and uncertainties affecting AXA's business and/or results are described in Part 5 - "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 (the "2024 Universal Registration Document").
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
 
{{chunk|doc=snjra2xp9r|c=2|p=2}}
=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ===
====== Non-GAAP financial measures (APMs) ======
 
'''Forward-looking statements'''
* The presentation refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management to analyze operating trends, financial performance, and position.
* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information.
* These APMs provide investors with additional information deemed useful and relevant by Management.
* Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”.
* Non-GAAP financial measures generally lack standardized meaning and may not be comparable to similarly labeled measures from other companies.
* In particular, the statements in this presentation regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan.
* APMs should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS.
* These statements in this presentation are based on Management’s current views and intentions and are subject to change.
* "[[Definition:Underlying earnings|Underlying earnings]]", [[Definition:Underlying earnings per share|UEPS]] ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined by ESMA's guidelines and the AMF's related position statement issued in 2015.
* Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.
* AXA provides a reconciliation of APMs to the most closely related financial statement items (and/or their calculation methodology) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES".
* Each forward-looking statement speaks only at the date of this presentation.
* Further information on non-GAAP financial measures is available in the Glossary of AXA's 2025 Activity Report.
* Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations.
* AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
 
'''Non-GAAP financial measures'''
{{chunk|doc=snjra2xp9r|c=3|p=2}}
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.
====== Financial statements audit ======
* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
* As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes 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.
* 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 presentation, see the Glossary in AXA’s 2025 Activity Report.
 
'''Additional information'''
* 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]].
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.
* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.
 
{{chunk|doc=snjra2xp9r|c=43|p=23}}
=== Contents ===
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
 
* 1. [[Definition:Full year 2025|FY25]] Highlights
<div class="ed-chart-desc">
* Thomas Buberl, Group CEO
[Chart/image description:]
* p.04
A small blue square logo with the word "AXA" in white text, where the "X" is stylized with a red slash.
* 2. FY25 Business Performance
</div>
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
* p.09
* 3. FY25 Financial Performance
* Alban de Mailly Nesle, Group CFO
* p.13
 
== FY25 Highlights ==
{{chunk|doc=snjra2xp9r|c=5|p=3}}
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
 
{{chunk|doc=snjra2xp9r|c=4|p=4}}
<div class="ed-chart-desc">
=== Section ===
[Chart/image description:]
Decorative teal corner bracket graphic (top-right area of the content region)
</div>
 
'''Thomas Buberl, Group CEO'''
{{chunk|doc=snjra2xp9r|c=6|p=3}}
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
<div class="ed-chart-desc">
=== Full Year 2025 – Excellent performance ===
[Chart/image description:]
Decorative teal corner bracket graphic (bottom-left area of the content region)
</div>
 
'''[[Definition:Full year 2025|Full Year 2025]] Key Performance Indicators'''
{{chunk|doc=snjra2xp9r|c=7|p=3}}
* +6% Revenues vs. [[Definition:Full year 2024|FY24]]
====== FY25 presentation sections ======
* +8% [[Definition:Underlying earnings per share|Underlying EPS]] vs. FY24
* 16% ROE FY25
* 224% Solvency II ratio FY25
 
'''Delivering value for shareholders'''
* [[Definition:Full year 2025|FY25]] Highlights are on page 04, presented by Thomas Buberl, Group CEO.
* +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
* FY25 Business Performance is on page 09, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* FY25 Financial Performance is on page 13, presented by Alban de Mailly Nesle, Group CFO.
 
'''Outlook'''
== 1 FY25 Highlights ==
* Confident to deliver underlying EPS growth at the upper end of 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=8|p=4}}
====== CEO statement ======
 
* Thomas Buberl is the Group CEO.
 
=== Full Year 2025 | Excellent performance ===
 
{{chunk|doc=snjra2xp9r|c=9|p=5}}
====== Financial performance and shareholder returns ======
 
* Revenues +6% vs. [[Definition:Full year 2024|FY24]]
* Return on Equity (ROE) 16% in [[Definition:Full year 2025|FY25]]
* [[Definition:Underlying earnings per share|Underlying EPS]] +8% vs. FY24
* Solvency II ratio 224% in FY25
* [[Definition:Dividend|Dividend]] Per Share (DPS) growth +8%
* Annual [[Definition:Share buyback|share buyback]] of EUR 1.25bn
* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=10|p=5}}
====== Full Year 2025 | Excellent performance ======
 
{{fn note|1=1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
 
{{chunk|doc=snjra2xp9r|c=6|p=6}}
=== Executing the plan on growth, margin and efficiency ===
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=11|p=6}}
{| id="t1" class="wikitable fintable"
====== Executing the plan on growth, margin and efficiency ======
|+ Underlying earnings
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! class="col-s" style="text-align:right" | Underlying earnings
Bar chart showing [[Definition:Underlying earnings|Underlying earnings]] in Euro billion for [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]].
|-
- FY24: 8.1 (light blue bar)
| style="text-align:left" | FY24
- FY25: 8.4 (dark blue bar)
| style="text-align:right" | 8.1
- Growth from FY24 to FY25 is labeled as +6%.
|-
- A callout box next to the FY25 bar states: +9% excluding [[Definition:AXA Investment Managers|AXA IM]].
| style="text-align:left" | FY25
| style="text-align:right" | 8.4
|-
| style="text-align:left" | Change
| style="text-align:right" | +6%
|-
| style="text-align:left" | Change excluding AXA IM
| style="text-align:right" | +9%
|}
</div>
 
'''High organic growth'''
{{chunk|doc=snjra2xp9r|c=12|p=6}}
* +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
====== Organic growth and profitability ======
 
* Top line growth: +6%, balanced across lines
** P&C: +5%
** Life: +9%
** Health: +5%
* Record profitability achieved
* Margin expansion in P&C and L&H
* Efficiency improved
 
'''Record profitability'''
{{chunk|doc=snjra2xp9r|c=13|p=6}}
* Further margin expansion in P&C and L&H; improvement in efficiency
====== Business scaling and earnings ======
 
'''Scaling the business'''
* Continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
'''Consistent earnings growth while enhancing reserve prudence'''
=== Diversified franchise, well positioned in an attractive industry ===
 
<div class="ed-fn-notes" style="display:none">
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=14|p=7}}
====== Secular trends fueling demand across businesses ======
 
<div class="ed-chart-desc">
[Chart/image description:]
A central donut chart showing the FY23 [[Definition:Gross written premiums|gross written premium]] split, excluding [[Definition:AXA Investment Managers|AXA IM]] and holdings. The chart is divided into five segments:
- Life: 33%
- Health: 17%
- Large & Specialty: 17%
- SME & Mid-market: 16%
- Retail: 17%
The AXA logo is in the center of the donut.
To the left of the chart is the text: "Protection gaps and emerging corporate risks".
To the right of the chart is the text: "Demographics driving demand for private retirement and healthcare".
</div>
 
{{chunk|doc=snjra2xp9r|c=7|p=7}}
==== Our right to win ====
=== Diversified franchise, well positioned in an attractive industry ===
 
'''Secular trends fueling demand across businesses'''
{{chunk|doc=snjra2xp9r|c=15|p=7}}
* Protection gaps and emerging corporate risks
====== Our right to win ======
* Demographics driving demand for private retirement and healthcare
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t2" class="wikitable fintable"
[Chart/image description:]
|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
Four horizontal capsules, each containing a checkmark icon and a key strength:
|-
- Leading brand & high customer NPS
! style="text-align:left" | Business Segment
- Strong and diversified distribution
! class="col-s" style="text-align:right" | Share (%)
- Technical expertise to price & underwrite risks
|-
- Scale offering cost advantage
| style="text-align:left" | Life
@@ORIG_0@@
| style="text-align:right" | 33%
|-
| style="text-align:left" | Health
| style="text-align:right" | 17%
|-
| style="text-align:left" | Large &amp; Specialty
| style="text-align:right" | 17%
|-
| style="text-align:left" | SME &amp; Mid-market
| style="text-align:right" | 16%
|-
| style="text-align:left" | Retail
| style="text-align:right" | 17%
|}
</div>
 
'''Our right to win'''
* Leading brand & high customer NPS
* Strong and diversified distribution
* Technical expertise to price & underwrite risks
* Scale offering cost advantage
 
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
 
{{chunk|doc=snjra2xp9r|c=8|p=8}}
=== Laying the foundation for the next plan ===
 
* Clear tech and AI roadmap
{{chunk|doc=snjra2xp9r|c=16|p=8}}
* Driving efficiency
====== Strategic initiatives ======
* Enhancing capital allocation discipline
* Building resilience
 
'''Confidence in sustaining earnings growth'''
* Clear tech and AI roadmap is driving efficiency.
* Enhancing capital allocation discipline.
 
== FY25 Business Performance ==
=== Confidence in sustaining earnings growth ===
 
{{chunk|doc=snjra2xp9r|c=179|p=89}}
====== BuildingSection resilience ======
 
* Guillaume Borie
* GIE_AXA_Internal is focused on building resilience.
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
{{chunk|doc=snjra2xp9r|c=17|p=9|cont=1}}
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* Guillaume Borie presented on [[Definition:Full year 2025|FY25]] Business Performance.
 
{{chunk|doc=snjra2xp9r|c=10|p=10}}
== Strong delivery across our businesses ==
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=18|p=10}}
====== Gross written premiums & underlying earnings by geography ======
 
<div style="overflow-x:auto">
{| id="t1t3" class="wikitable"
|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
|-
! style="text-align:left" |
Line 208 ⟶ 194:
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | <b>France</b><br/>(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6%<br/>to €31bn
| style="text-align:right" | +7%<br/>to €2.2bn
|-
| style="text-align:left" | <b>Europe</b><br/>(38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6%<br/>to €43bn
| style="text-align:right" | +9%<br/>to €3.5bn
|-
| style="text-align:left" | <b>AXA XL</b><br/>(17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4%<br/>to €19bn
| style="text-align:right" | +9%<br/>to €1.9bn
|-
| style="text-align:left" | <b>Asia, Africa &amp; EME-LATAM</b><br/>(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13%<br/>to €20bn
| style="text-align:right" | +6%<br/>to €1.5bn
Line 226 ⟶ 212:
</div>
 
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
{{chunk|doc=snjra2xp9r|c=19|p=10}}
====== Strong delivery across our businesses ======
 
{{chunk|doc=snjra2xp9r|c=11|p=11}}
<div class="ed-chart-desc">
=== P&C – Strong margins, confidence in sustaining growth ===
[Chart/image description:]
A visual representation of the table above, showing four business segments (France, Europe, AXA XL, Asia, Africa & EME-LATAM) with their respective [[Definition:Gross written premiums|GWP]] and [[Definition:Underlying earnings|Underlying earnings]] growth percentages and absolute values, each row accompanied by a blue checkmark icon on the right.
</div>
 
* €58bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=20|p=10}}
* GWP mix: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty) — shares not printed
====== Strong delivery across our businesses ======
* [[Definition:Underlying earnings|Underlying earnings]] +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
 
'''Retail and SME & Mid-market'''
{{fn note|1=1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
* 2025: Growing volumes while expanding margins
* Beyond 2025: Investing to improve customer retention & expanding distribution footprint
 
'''AXA XL (Large & Specialty)'''
== P&C | Strong margins, confidence in sustaining growth ==
* 2025: Profitable growth with stable margins
 
* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
{{chunk|doc=snjra2xp9r|c=21|p=11}}
====== P&C | Strong margins, confidence in sustaining growth ======
 
<div class="ed-chart-desc">
[Chart/image description:]
A donut chart titled "[[Definition:Gross written premiums|GWP]]" with a central value of "€58bn". The chart is divided into three segments:
- "Retail" (light blue, largest segment)
- "SME & Mid-market" (medium blue, second largest)
- "AXA XL (Large & Specialty)" (dark blue, smallest segment)
The segment "AXA XL (Large & Specialty)" has a superscript "1" next to "AXA XL".
</div>
 
{{chunk|doc=snjra2xp9r|c=22|p=11}}
====== P&C GWP ======
 
* P&C [[Definition:Gross written premiums|GWP]] increased +9% to EUR 5.9bn.
 
{{chunk|doc=snjra2xp9r|c=23|p=11}}
====== P&C | Strong margins, confidence in sustaining growth ======
 
<div class="ed-chart-desc">
[Chart/image description:]
A table-like diagram with two main columns: "2025" and "Beyond 2025". Rows:
- Row 1: "Retail and SME & Mid-market" — "Growing volumes while expanding margins" under 2025; "Investing to improve customer retention & expanding distribution footprint" under Beyond 2025.
- Row 2: "AXA XL (Large & Specialty)" — "Profitable growth with stable margins" under 2025; "Capitalizing on attractive growth opportunities and continued cycle management" under Beyond 2025.
Below the table, a plus icon is centered, followed by three rounded rectangular boxes:
- "Continued progress on efficiency"
- "Higher investment income"
- "Data & AI to further enhance customer experience & technical excellence"
</div>
 
'''Key drivers'''
{{chunk|doc=snjra2xp9r|c=24|p=11}}
* Continued progress on efficiency
====== P&C | Strong margins, confidence in sustaining growth ======
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=12|p=12}}
=== L&H| Good momentum, well positioned to capture growth opportunities ===
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
* €57bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=25|p=12}}
* Short-term
====== L&H| Good momentum, well positioned to capture growth opportunities ======
* Long-term
* [[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t4" class="wikitable"
[Chart/image description:]
|+ Strategic Priorities
A donut chart labeled "€57bn [[Definition:Gross written premiums|GWP]]" in the center. The chart is divided into two segments: a dark blue segment labeled "Short-term" and a light blue segment labeled "Long-term". The dark blue segment occupies approximately one-third of the chart, while the light blue segment occupies the remaining two-thirds.
|-
! style="text-align:left" |
! style="text-align:left" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Long-term business
| style="text-align:left" | Accelerating net flows in Savings at attractive margins
| style="text-align:left" | Capturing savings &amp; retirement opportunity, sourcing best asset management products for our customers
|-
| style="text-align:left" | Short-term business
| style="text-align:left" | Growing technical results while absorbing Mexico VAT impact
| style="text-align:left" | Capitalizing on demand for health &amp; protection while further improving our margins
|}
</div>
 
* Focus on cost reduction
{{chunk|doc=snjra2xp9r|c=26|p=12}}
* Increasing penetration of Protection riders in Savings offerings
====== L&H| Good momentum, well positioned to capture growth opportunities ======
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
 
<div class="ed-chart-desc">
[Chart/image description:]
A two-column table with headers "2025" and "Beyond 2025". Under "2025", two rows: "Long-term business" with text "Accelerating net flows in Savings at attractive margins", and "Short-term business" with text "Growing technical results while absorbing Mexico VAT impact". Under "Beyond 2025", two rows: "Capturing savings & retirement opportunity, sourcing best asset management products for our customers", and "Capitalizing on demand for health & protection while further improving our margins". Below the table, three rounded rectangular boxes: "Focus on cost reduction", "Increasing penetration of Protection riders in Savings offerings", and "Leveraging AI to reduce claims leakage & improve customer outcomes in Health". A blue circle with a white plus sign is centered below the table and above the three boxes. At the bottom left, text reads "[[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1}} to €3.5bn". At the bottom right, text reads "[[Definition:Full year 2025|Full Year 2025]] Earnings" next to an AXA logo.
</div>
 
{{chunk|doc=snjra2xp9r|c=27|p=12}}
====== Group CFO and FY25 Financial Performance ======
 
* GIE_AXA_Internal Alban de Mailly Nesle is the Group CFO for [[Definition:Full year 2025|FY25]] Financial Performance.
 
{{chunk|doc=snjra2xp9r|c=28|p=12}}
====== L&H| Good momentum, well positioned to capture growth opportunities ======
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
 
== FY25 Financial Performance ==
== 3 ==
 
{{chunk|doc=snjra2xp9r|c=13|p=13}}
=== FY25 Financial Performance ===
=== Section ===
 
* Alban de Mailly Nesle
{{chunk|doc=snjra2xp9r|c=29|p=13}}
======* Group CFO commentary ======
 
{{chunk|doc=snjra2xp9r|c=14|p=14}}
* Alban de Mailly Nesle is the Group CFO.
=== P&C – Continued disciplined growth ===
 
<div style="overflow-x:auto">
=== P&C| Continued disciplined growth ===
{| id="t5" class="wikitable fintable"
 
|+ GWP &amp; Other Revenues (In Euro billion)
=== P&C | Continued disciplined growth ===
|-
 
! style="text-align:left" | In Euro billion
=== GWP & Other Revenues ===
! class="col-m" style="text-align:right" | FY24
 
! class="col-m" style="text-align:right" | FY25
{{chunk|doc=snjra2xp9r|c=30|p=14}}
! class="col-s" style="text-align:right" | Change
====== GWP & Other Revenues ======
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1|2=Price effect.}}
 
! class="col-s" style="text-align:right" | o/w volume{{fn ref|2|2=Includes exposure adjustments and mix &amp; other effects.}}
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | Commercial lines
A bar chart and table showing [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] for [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]], broken down by segment, with change metrics.
| style="text-align:right" | —
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
| style="text-align:right" | +2%
| style="text-align:right" | +2%
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" | —
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
| style="text-align:right" | +0.3%
| style="text-align:right" | +7%
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | —
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
| style="text-align:right" | +5%
| style="text-align:right" | +2%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>56.5</b>
| style="text-align:right" | <b>58.0</b>
| style="text-align:right" | <b>+5%</b>
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
'''Commercial lines'''
{{chunk|doc=snjra2xp9r|c=31|p=14}}
====== GWP & Other Revenues by segment ======
 
* Total [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]: EUR 58.0bn in [[Definition:Full year 2025|FY25]] (+5% overall)
** Commercial lines: EUR 35.8bn
** AXA XL Reinsurance: EUR 2.6bn
** Retail lines: EUR 19.7bn
* Commercial lines GWP & Other Revenues change: +4% (o/w pricing +2%, o/w volume +2%)
* AXA XL Reinsurance GWP & Other Revenues change: +8% (o/w pricing +0.3%, o/w volume +7%)
* Retail lines GWP & Other Revenues change: +7% (o/w pricing +5%, o/w volume +2%)
* Continued pricing momentum and volume growth in Mid-market and SME
* GrowthGrowing in lines of business with attractive margins, maintainingwhile focusremaining focused on retention at AXA XL Insurance
 
'''AXA XL Reinsurance'''
* Growth supported by alternative capital
* Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)
 
'''Retail lines'''
{{chunk|doc=snjra2xp9r|c=32|p=14}}
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
====== GWP & Other Revenues ======
 
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
{{chunk|doc=snjra2xp9r|c=15|p=15}}
=== P&C| Delivering further margin expansion while enhancing reserve prudence ===
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
 
<div style="overflow-x:auto">
=== P&C | Delivering further margin expansion while enhancing reserve prudence ===
{| id="t6" class="wikitable fintable"
 
====|+ Combined ratio ====
|-
 
! style="text-align:left" |
{{chunk|doc=snjra2xp9r|c=33|p=15}}
! class="col-m" style="text-align:right" | FY24
====== Combined ratio ======
! class="col-m" style="text-align:right" | FY25
 
|-
<div class="ed-chart-desc">
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
[Chart/image description:]
| style="text-align:right" | 67.4%
Stacked bar chart comparing the Combined ratio for [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]].
| style="text-align:right" | 67.0%
- FY24 Total: 91.0%
|-
- FY25 Total: 90.6%
| style="text-align:left" | Expense ratio
The bars are composed of the following components:
| style="text-align:right" | 25.0%
- Undiscounted CY loss ratio (ex Nat Cat): 67.4% in FY24; 67.0% in FY25.
| style="text-align:right" | 24.8%
- Expense ratio: 25.0% in FY24; 24.8% in FY25.
|-
- Nat Cat: 3.8% in FY24; 3.4% in FY25.
| style="text-align:left" | Nat Cat
- Prior year reserve development: -1.6% in FY24; -1.1% in FY25.
| style="text-align:right" | 3.8%
- Discount: -3.6% in FY24; -3.5% in FY25.
| style="text-align:right" | 3.4%
|-
| style="text-align:left" | Prior year reserve development
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Discount
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" | <b>Combined ratio</b>
| style="text-align:right" | <b>91.0%</b>
| style="text-align:right" | <b>90.6%</b>
|}
</div>
 
* Better undiscounted current year loss ratio excluding Nat Cat from:
{{chunk|doc=snjra2xp9r|c=34|p=15}}
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
====== Undiscounted current year loss ratio ======
* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
* Nat Cat charges below normalized load
* Lower reliance on prior year reserve development
* Taking advantage of a good year to enhance reserve prudence
 
{{chunk|doc=snjra2xp9r|c=16|p=16}}
* Undiscounted current year loss ratio (excluding Nat Cat) improved due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment.
=== P&C – Earnings growth from higher underwriting and financial result ===
* Stable AXA XL Insurance margins at attractive levels reflected disciplined cycle management.
* Improvement in expense ratio reflected the impact of efficiency measures, while continuing investment in growth initiatives and technology.
* Nat Cat charges were below the normalized load.
* Lower reliance on prior year reserve development.
* Enhanced reserve prudence.
 
'''[[Definition:Underlying earnings|Underlying Earnings]]'''
=== P&C| Earnings growth from higher underwriting and financial result ===
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
 
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
=== P&C | Earnings growth from higher underwriting and financial result ===
* Higher unwind of discount of claims reserves, in line with guidance
* Unfavorable forex impact notably due to USD depreciation vs. EUR
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=35|p=16}}
{| id="t7" class="wikitable fintable"
====== P&C earnings growth ======
|+ Underlying Earnings
 
|-
* All figures are in EUR million.
! style="text-align:left" | In Euro million
 
! class="col-m" style="text-align:right" | Value
{{chunk|doc=snjra2xp9r|c=36|p=16}}
|-
====== P&C | Earnings growth from higher underwriting and financial result ======
| style="text-align:left" | FY24
 
| style="text-align:right" | 5,510
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | Volume growth
The image shows a bridge chart for P&C [[Definition:Underlying earnings|Underlying Earnings]] from [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]].
| style="text-align:right" | +292
- FY24: 5,510 (light blue bar)
|-
- Volume growth: +292
| style="text-align:left" | Margin improvement: +189
| style="text-align:right" | +189
- Underwriting result{{fn ref|1}}: (bracket grouping Volume growth and Margin improvement)
|-
- Investment income: +435
| style="text-align:left" | Investment income
- Insurance finance expenses: -235
| style="text-align:right" | +435
- Financial result: (bracket grouping Investment income and Insurance finance expenses)
|-
- Tax: -169
| style="text-align:left" | Insurance finance expenses
- Affiliates, [[Definition:Foreign exchange|FX]] & other: -150
| style="text-align:right" | -235
- FY25: 5,872 (dark blue bar)
|-
- Total change from FY24 to FY25: +9% (indicated by an arrow above the bridge)
| style="text-align:left" | Tax
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, FX &amp; other
| style="text-align:right" | -150
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>5,872</b>
|-
| style="text-align:left" | Change at constant FX
| style="text-align:right" | +9%
|}
</div>
 
'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}}'''
{{chunk|doc=snjra2xp9r|c=37|p=16}}
* Volume growth
====== P&C earnings drivers ======
* Margin improvement
 
* Better underwriting result from strong volume growth and improved all-year combined ratio, while enhancing reserve prudence
* Investment income increased due to higher volumes and better reinvestment yields on fixed income assets
* Higher unwind of discount of claims reserves, in line with guidance
* Unfavorable forex impact, notably due to USD depreciation vs. EUR
 
'''Financial result'''
{{chunk|doc=snjra2xp9r|c=38|p=16}}
* Investment income
====== P&C | Earnings growth from higher underwriting and financial result ======
* Insurance finance expenses
 
Change at constant [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Underwriting result includes expenses.}}
 
{{chunk|doc=snjra2xp9r|c=17|p=17}}
=== Life & Health | Strong growth in premiums, positive net flows ===
=== Life & Health – Strong growth in premiums, positive net flows ===
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== Life & Health premiums and net flows ======
 
<div style="overflow-x:auto">
* Life & Health premiums and net flows are presented in EUR billion.
{| id="t8" class="wikitable fintable"
|+ Life GWP &amp; Other Revenues
|-
! style="text-align:left" | In Euro billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Protection
| style="text-align:right" | —
| style="text-align:right" | 17.3
| style="text-align:right" | +11%
|-
| style="text-align:left" | Unit-linked
| style="text-align:right" | —
| style="text-align:right" | 9.3
| style="text-align:right" | +13%
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" | —
| style="text-align:right" | 9.0
| style="text-align:right" | +7%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | —
| style="text-align:right" | 1.9
| style="text-align:right" | -7%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>34.5</b>
| style="text-align:right" | <b>37.5</b>
| style="text-align:right" | <b>+9%</b>
|}
</div>
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=40|p=17}}
{| id="t9" class="wikitable"
====== Life & Health | Strong growth in premiums, positive net flows ======
|+ Health GWP &amp; Other Revenues
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! style="text-align:right" | FY24
Life [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] bar chart: [[Definition:Full year 2024|FY24]] total 34.5, [[Definition:Full year 2025|FY25]] total 37.5 (+9%). FY24 breakdown: Protection 17.3 (+11%), Unit-linked 9.3 (+13%), Capital light G/A 9.0 (+7%), Traditional G/A 1.9 (-7%). FY25 breakdown: Protection 17.3, Unit-linked 9.3, Capital light G/A 9.0, Traditional G/A 1.9.
! style="text-align:right" | FY25
Health GWP & Other Revenues bar chart: FY24 total 17.5, FY25 total 19.0 (+5%). FY24 breakdown: Individual 10.5 (+6%), Group 8.5 (+4%). FY25 breakdown: Individual 10.5, Group 8.5.
! style="text-align:right" | Change
Net flows bar chart: Protection +4.9, Health +2.7, Unit-Linked +1.5, Capital light G/A +1.2, Traditional G/A -5.0. Total net flows: €+5.4bn vs. €+1.5bn in FY24.
|-
Footnote below charts: o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs. FY24)
| style="text-align:left" | Individual
Footnote 1: Including both short-term and long-term Employee Benefits [[Definition:Gross written premiums|GWP]] and [[Definition:Other revenue|other revenues]].
| style="text-align:right" | —
| style="text-align:right" | 10.5
| style="text-align:right" | +6%
|-
| style="text-align:left" | Group
| style="text-align:right" | —
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>17.5</b>
| style="text-align:right" | <b>19.0</b>
| style="text-align:right" | <b>+5%</b>
|}
</div>
 
* o/w [[Definition:Full year 2025|FY25]] Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
{{chunk|doc=snjra2xp9r|c=41|p=17}}
* Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])
====== Life & Health | Strong growth in premiums, positive net flows ======
 
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Protection
| style="text-align:right" | +4.9
|-
| style="text-align:left" | Health
| style="text-align:right" | +2.7
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | +1.5
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" | +1.2
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | -5.0
|}
</div>
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
 
{{chunk|doc=snjra2xp9r|c=18|p=18}}
== Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ==
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=42|p=18}}
====== Life & Health Gross Written Premiums ======
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) for Life & Health were EUR 3.8bn.
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=43|p=18}}
{| id="t11" class="wikitable fintable"
====== Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
|+ PVEP
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! class="col-m" style="text-align:right" | FY24
Bar chart showing PVEP (Present Value of Expected Premiums) comparison between [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]].
! class="col-m" style="text-align:right" | FY25
- Total FY24: 50.9
! class="col-s" style="text-align:right" | Change
- Total FY25: 49.4 (-2% change)
|-
Breakdown of PVEP:
| style="text-align:left" | Protection &amp; Health: FY25 is 31.4 (-4% change)
| style="text-align:right" | —
- Unit-Linked: FY25 is 8.5 (+18% change)
| style="text-align:right" | 31.4
- Capital-light G/A: FY25 is 7.8 (-10% change)
| style="text-align:right" | -4%
- Traditional G/A: FY25 is 1.7 (-10% change)
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | —
| style="text-align:right" | 8.5
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" | —
| style="text-align:right" | 7.8
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | —
| style="text-align:right" | 1.7
| style="text-align:right" | -10%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>50.9</b>
| style="text-align:right" | <b>49.4</b>
| style="text-align:right" | <b>-2%</b>
|}
</div>
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=44|p=18}}
{| id="t12" class="wikitable fintable"
====== Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
|+ NB CSM (pre-tax)
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! class="col-s" style="text-align:right" | FY24
Bar chart showing NB CSM (pre-tax) comparison between [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]].
! class="col-s" style="text-align:right" | FY25
- FY24: 2.2
! class="col-s" style="text-align:right" | Change
- FY25: 2.2 (+3% change)
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:right" | +3%
|}
</div>
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=45|p=18}}
{| id="t13" class="wikitable fintable"
====== Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
|+ NBV (post-tax)
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! class="col-s" style="text-align:right" | FY24
Bar chart showing NBV (post-tax) comparison between [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]].
! class="col-s" style="text-align:right" | FY25
- FY24: 2.3
! class="col-s" style="text-align:right" | Change
- FY25: 2.2 (stable)
|-
NBV margin:
| style="text-align:left" | NBV (post-tax)
- FY24: 4.4%
| style="text-align:right" | 2.3
- FY25: 4.5%
| style="text-align:right" | 2.2
| style="text-align:right" | stable
|-
| style="text-align:left" | NBV margin
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | —
|}
</div>
 
Change at constant scope and [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== PVEP and NB CSM ======
 
{{chunk|doc=snjra2xp9r|c=19|p=19}}
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
=== Life & Health – Growth in new business driving Normalized CSM growth ===
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.
 
<!-- furniture -->
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== NBV ======
 
<div style="overflow-x:auto">
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.
{| id="t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward
|-
! style="text-align:left" | In Euro billion
! class="col-m" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
| style="text-align:right" | 33.6
|-
| style="text-align:left" | New business CSM
| style="text-align:right" | +2.2
|-
| style="text-align:left" | Underlying return on in-force
| style="text-align:right" | +1.3
|-
| style="text-align:left" | CSM release
| style="text-align:right" | -3.0
|-
| style="text-align:left" | Economic variance
| style="text-align:right" | +0.6
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Affiliates, FX &amp; other
| style="text-align:right" | -1.4
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>33.0</b>
|}
</div>
 
=== Life & Health | Growth in new business driving '''Normalized CSM growth ===+2%'''
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
* Economic variance reflecting government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation
 
'''CSM breakdown'''
==== Contractual Service Margin rollforward ====
* [[Definition:Full year 2024|FY24]] o/w Life: 25.8
* FY24 o/w Health: 7.7
* [[Definition:Full year 2025|FY25]] o/w Life: 25.4
* FY25 o/w Health: 7.6
 
{{fn note|1=1|2=Change at constant scope and FX.}}
{{chunk|doc=snjra2xp9r|c=48|p=19}}
====== Contractual Service Margin rollforward ======
 
<!-- furniture -->
<div class="ed-chart-desc">
[Chart/image description:]
Waterfall bar chart showing Contractual Service Margin rollforward from [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]]. FY24 bar: 33.6. New business CSM: +2.2. Underlying return on in-force: +1.3. CSM release: -3.0. A dashed box groups these three bars labeled "Normalized CSM growth +2%". Economic variance: +0.6. Operating variance: -0.3. Affiliates, [[Definition:Foreign exchange|FX]] & other: -1.4. FY25 bar: 33.0. Below the chart: o/w Life FY24: 25.8, FY25: 25.4; o/w Health FY24: 7.7, FY25: 7.6.
- **Normalized CSM up by +2%,** with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
- **Economic variance** reflecting government spreads tightening and positive equity market returns
- **Operating variance** driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
- **FX** impact mainly from JPY and HKD depreciation
</div>
 
{{chunk|doc=snjra2xp9r|c=4920|p=1920}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
====== Contractual Service Margin rollforward ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t15" class="wikitable fintable"
[Chart/image description:]
|+ Underlying Earnings +7%
No additional chart content visible beyond what is described in P019_B04.
|-
! style="text-align:left" | In Euro million
! class="col-s" style="text-align:right" | FY24
! style="text-align:left" | Short-term technical margin
! style="text-align:left" | Long-term result incl. CSM release
! class="col-s" style="text-align:right" | Financial result
! class="col-s" style="text-align:right" | Tax, FX and others
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | —
| style="text-align:right" | 3,323
| style="text-align:left" | +60
| style="text-align:left" | +156
| style="text-align:right" | -11
| style="text-align:right" | -27
| style="text-align:right" | 3,501
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others
| style="text-align:right" | -748
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -728
|}
</div>
 
&#42;in billions*
=== Life & Health | Strong momentum in both short-term and long-term business ===
 
* o/w Life: 2.6 → 2.7, +4% vs. [[Definition:Full year 2024|FY24]]
{{chunk|doc=snjra2xp9r|c=50|p=20}}
* o/w Health: 0.7 → 0.8, +17% vs. FY24
====== Financial metrics currency ======
 
Change at constant [[Definition:Foreign exchange|FX]].
* All financial figures are presented in EUR million.
 
* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)
{{chunk|doc=snjra2xp9r|c=51|p=20}}
* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
====== Life & Health | Strong momentum in both short-term and long-term business ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Waterfall chart showing the bridge of [[Definition:Underlying earnings|Underlying Earnings]] from [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]].
- FY24 Total: 3,323
- Short-term technical margin: 415
- Long-term result incl. CSM release: 2,680
- Financial result: 975
- Tax & others: -748
- Bridge steps:
- Short-term technical margin: +60
- Long-term result incl. CSM release: +156
- Financial result: -11
- Tax, [[Definition:Foreign exchange|FX]] and others: -27
- FY25 Total: 3,501 (+7% change)
- Short-term technical margin: 479
- Long-term result incl. CSM release: 2,804
- Financial result: 946
- Tax & others: -728
</div>
 
{{chunk|doc=snjra2xp9r|c=52|p=20}}
====== Life & Health technical margin ======
 
* Life technical margin: EUR 2.7bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]])
* Health technical margin: EUR 0.8bn in FY25 (+17% vs. FY24)
* All figures are in billions.
* Change at constant [[Definition:Foreign exchange|FX]].
* Strong short-term technical margin reflects underwriting and claims initiatives.
* Initiatives more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
* Higher long-term results from an 8% increase in CSM release.
* CSM release increase reflects growth in reserve base, including from favorable equity market performance, and better margins.
 
{{chunk|doc=snjra2xp9r|c=21|p=21}}
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=53|p=21}}
====== Net income by business segment ======
 
<div style="overflow-x:auto">
{| id="t2t16" class="wikitable fintable"
|+ In Euro billion
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change
|-
Line 602 ⟶ 768:
| style="text-align:right" | -
|-
| style="text-align:left" | <strongb>Underlying earnings</strongb>
| style="text-align:right" | <strongb>8.1</strongb>
| style="text-align:right" | <strongb>8.4</strongb>
| style="text-align:right" | <strongb>+6%</strongb>
|-
| style="text-align:left" | Non-financial flows
| style="text-align:right" | -0.5
| style="text-align:right" | +2.1
| style="text-align:right" | —
|-
| style="text-align:left" | <emi>o/w capital gains from AXA IM disposal</emi>
| style="text-align:right" | -—
| style="text-align:right" | +2.2
| style="text-align:right" | —
|-
| style="text-align:left" | Financial flows (incl. RCG)
| style="text-align:right" | +0.3
| style="text-align:right" | -0.7
| style="text-align:right" | —
|-
| style="text-align:left" | <strongb>Net income</strongb>
| style="text-align:right" | <strongb>7.9</strongb>
| style="text-align:right" | <strongb>9.8</strongb>
| style="text-align:right" | <strongb>+26%</strongb>
|}
</div>
 
'''[[Definition:Underlying earnings|Underlying earnings]]'''
{{chunk|doc=snjra2xp9r|c=54|p=21}}
* Strong performance from insurance businesses
====== Net income drivers ======
* Stable holding cost, expected to remain at current level in [[Definition:Year 2026|2026]]
 
'''Net Income'''
* Insurance businesses showed strong performance.
* HoldingHigher costnet wasincome stablemainly andreflecting ishigher expectedunderlying toearnings remain atand the currentgain levelfrom inthe sale of [[Definition:YearAXA 2026Investment Managers|2026AXA IM]].
* Lower financial flows reflecting unfavorable forex impact
* Net income was higher, mainly reflecting higher [[Definition:Underlying earnings|underlying earnings]] and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Financial flows were lower, reflecting an unfavorable forex impact.
 
<div style="overflow-x:auto">
=== Underlying earnings per share In Euro ===
{| id="t17" class="wikitable fintable"
 
===|+ Underlying earnings per share ===
|-
 
! style="text-align:left" | In Euro
{{chunk|doc=snjra2xp9r|c=55|p=21}}
! class="col-s" style="text-align:right" | FY24
====== Currency basis ======
! class="col-s" style="text-align:right" | FY25
 
|-
* All figures are presented in Euro.
| style="text-align:left" | Underlying earnings per share
 
| style="text-align:right" | 3.59
{{chunk|doc=snjra2xp9r|c=56|p=21}}
| style="text-align:right" | 3.86
====== Underlying earnings per share ======
|-
 
| style="text-align:left" | Change
<div class="ed-chart-desc">
| style="text-align:right" | —
[Chart/image description:]
| style="text-align:right" | +8%
Bar chart showing [[Definition:Underlying earnings per share|Underlying earnings per share]] in Euro. [[Definition:Full year 2024|FY24]] bar (light blue): 3.59. [[Definition:Full year 2025|FY25]] bar (dark navy): 3.86. A bracket above indicates +8% overall change between FY24 and FY25.
|}
</div>
 
* +6% from earnings growth
{{chunk|doc=snjra2xp9r|c=57|p=21}}
* including -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from AXA IM sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]]
====== Underlying earnings per share growth drivers ======
* +3% from [[Definition:Capital management|capital management]]
* -2% from forex
 
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth was +6% from earnings growth.
* Underlying earnings per share growth was +3% from [[Definition:Capital management|capital management]].
* Underlying earnings per share growth was -2% from forex.
* Underlying earnings per share growth included -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of the anti-dilutive [[Definition:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale.
 
{{chunk|doc=snjra2xp9r|c=58|p=21}}
====== Underlying earnings per share ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Dashed-border callout box reiterating the note about -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from [[Definition:AXA Investment Managers|AXA IM]] sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]].
</div>
 
{{chunk|doc=snjra2xp9r|c=22|p=22}}
=== Shareholders’ Equity ===
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=59|p=22}}
====== Shareholders' Equity ======
 
<div style="overflow-x:auto">
* Shareholders' Equity in Euro billion.
{| id="t18" class="wikitable fintable"
 
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
{{chunk|doc=snjra2xp9r|c=60|p=22}}
|-
====== Shareholders’ Equity ======
! style="text-align:left" | In Euro billion
 
<div! class="edcol-chartm" style="text-descalign:right"> | FY24
! class="col-m" style="text-align:right" | HY25
[Chart/image description:]
! class="col-m" style="text-align:right" | FY25
The image shows a bar chart and key metrics for Shareholders' equity{{fn ref|1}}.
|-
The bar chart has three columns representing [[Definition:Full year 2024|FY24]], HY25, and [[Definition:Full year 2025|FY25]].
| style="text-align:left" | SHE (excl. OCI)
- FY24: Total Shareholders' equity is 49.9. This is composed of SHE (excl. OCI) of 58.0 and Net OCI of -8.1.
| style="text-align:right" | 58.0
- HY25: Total Shareholders' equity is 45.5. This is composed of SHE (excl. OCI) of 52.7 and Net OCI of -7.2.
| style="text-align:right" | 52.7
- FY25: Total Shareholders' equity is 47.2. This is composed of SHE (excl. OCI) of 54.0 and Net OCI of -6.8.
| style="text-align:right" | 54.0
|-
| style="text-align:left" | Net OCI
| style="text-align:right" | -8.1
| style="text-align:right" | -7.2
| style="text-align:right" | -6.8
|-
| style="text-align:left" | <b>Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
| style="text-align:right" | <b>47.2</b>
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
| style="text-align:right" | 53.2
| style="text-align:right" | 47.0
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 23.4%
| style="text-align:right" | 22.3%
|-
| style="text-align:left" | Underlying ROE
| style="text-align:right" | 15.2%
| style="text-align:right" | 17.5%
| style="text-align:right" | 16.0%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=61|p=22}}
====== Key financial metrics ======
 
* SHE (excl. OCI & undated subordinated debt): EUR 53.2bn in [[Definition:Full year 2024|FY24]]; EUR 47.0bn in HY25; EUR 49.4bn in [[Definition:Full year 2025|FY25]]
* Debt gearing: 20.6% in FY24; 23.4% in HY25; 22.3% in FY25
* Underlying ROE: 15.2% in FY24; 17.5% in HY25; 16.0% in FY25
 
{{chunk|doc=snjra2xp9r|c=62|p=22}}
====== Shareholders' equity by FY24 to FY25 and HY25 to FY25 ======
 
<div style="overflow-x:auto">
{| id="t3t19" class="wikitable fintable"
|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24 to FY25
! class="col-sm" style="text-align:right" | HY25 to FY25
|-
| style="text-align:left" | <b>Opening Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
|-
| style="text-align:left" | Change in Net OCI
Line 720 ⟶ 896:
| style="text-align:left" | Dividend
| style="text-align:right" | -4.6
| style="text-align:right" | -—
|-
| style="text-align:left" | Annual share buyback
| style="text-align:right" | -1.2
| style="text-align:right" | -—
|-
| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM
Line 742 ⟶ 918:
| style="text-align:right" | 0.3
|-
| style="text-align:left" | <b>Closing Shareholders' equity</b>
| style="text-align:right" | <b>47.2</b>
| style="text-align:right" | <b>47.2</b>
|}
</div>
 
{{fn note|1=1|2=1. Shareholders'Shareholders’ equity Group share.}}
 
{{chunk|doc=snjra2xp9r|c=23|p=23}}
=== Higher organic cash remittance and robust cash position at Holding ===
 
<div style="overflow-x:auto">
=== Net Cash Remittance ===
{| id="t20" class="wikitable fintable"
 
|+ Net Cash Remittance (In Euro billion)
{{chunk|doc=snjra2xp9r|c=63|p=23}}
|-
====== Net Cash Remittance ======
! style="text-align:left" | In Euro billion
 
<div! class="edcol-charts" style="text-descalign:right"> | FY24
! class="col-s" style="text-align:right" | FY25
[Chart/image description:]
|-
Bar chart showing Net Cash Remittance for [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]].
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
- FY24 total is 7.7, consisting of:
| style="text-align:right" | 0.6
- 7.1 (light blue bar)
| style="text-align:right" | —
- 0.6 (patterned bar at the top, labeled "Proceeds related to in-force treaties²")
|-
- FY25 total is 7.5 (dark blue bar)
| style="text-align:left" | Ordinary cash remittance
- Below the bars, "Remittance ratio¹" is shown:
| style="text-align:right" | 7.1
- FY24: 82% (grey oval)
| style="text-align:right" | 7.5
- FY25: 82% (dark blue oval)
|-
| style="text-align:left" | <b>Total Net Cash Remittance</b>
| style="text-align:right" | <b>7.7</b>
| style="text-align:right" | <b>7.5</b>
|-
| style="text-align:left" | Remittance ratio{{fn ref|1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=64|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t4t21" class="wikitable fintable"
|+ FY24 to FY25 Cash Position (In Euro billion)
|-
| style="text-align:left" | <b>FY24 Cash position</b>
Line 805 ⟶ 989:
 
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
{{chunk|doc=snjra2xp9r|c=24|p=24}}
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=65|p=24}}
====== Solvency II at 224% ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Left column: Three stacked bar charts titled "Solvency II at 224%" with unit "In Euro billion".
Top chart: "Eligible Own Funds (EOF)". [[Definition:Full year 2024|FY24]] bar at 55.9, [[Definition:Full year 2025|FY25]] bar at 56.4. Between them, a waterfall of changes: +0.2, +8.8, -0.4, -2.1, -6.0, -0.1. A note above the -6.0 bar reads: "Foreseeable [[Definition:Dividend|dividends]]: €4.8bn Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: €1.25bn".
Middle chart: "Solvency II ratio". FY24 value 216%, FY25 value 224%. Between them, a flow of changes: +0pt (Regulatory & model changes), +28pts (Normalized capital generation), -1pt (Operating variance), +4pts (Economic variance & [[Definition:Foreign exchange|FX]]), -24pts (Dividend & annual share buyback), +2pts (Management actions, debt & other).
Bottom chart: "Solvency Capital Requirement (SCR)". FY24 bar at 25.9, FY25 bar at 25.2. Between them, a waterfall: 0.0, +0.6, 0.0, -1.2, 0.0, -0.2.
</div>
 
=== Key sensitivities ===
 
{{chunk|doc=snjra2xp9r|c=66|p=24}}
====== Key sensitivities ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Right column: Horizontal bar chart titled "Key sensitivities". Subtitle: "Ratio as of December 31, 2025" with value 224% shown in a dark blue bar.
Bars (left to right, light blue):
- Interest rate +50bps: +2 pts
- Interest rate -50bps: -1 pt
- Corporate spreads +50bps: -1 pt
- Euro Sovereign spreads +50bps{{fn ref|1}}: -7 pts
- Credit migration{{fn ref|2}}: -4 pts
- Listed Equity (excl. PE & Infra) +25%: -1 pt
- Listed Equity (excl. PE & Infra) -25%: +2 pts
- PE & Infra +25%: +14 pts
- PE & Infra -25%: -19 pts
- Inflation swap curve +50bps: -5 pts
</div>
 
{{chunk|doc=snjra2xp9r|c=67|p=24}}
====== Key sensitivities ======
 
{{fn note|1=1|2=Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
{{fn note|1=2|2=Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
 
== Solvency II – impact of the end of grandfathering period and Solvency II revision ==
 
{{chunk|doc=snjra2xp9r|c=68|p=25}}
====== Solvency II – impact of the end of grandfathering period and Solvency II revision ======
 
<div class="ed-chart-desc">
[Chart/image description:]
A visual representation of Solvency II ratio impacts:
- Ratio as of 31/12/2025: represented by a dark blue bar, showing 224%
- Impact of the end of grandfathering period on January 1, [[Definition:Year 2026|2026]]: represented by a light blue bar, showing -10pts to 215%
- Impact of Solvency II revision to come into effect in 1Q27: represented by a light blue bar, showing +17pts
</div>
 
{{chunk|doc=snjra2xp9r|c=69|p=25}}
====== Ratio as of 31/12/2025 by impact of the end of grandfathering period and Solvency II revision ======
 
<div style="overflow-x:auto">
{| id="t5t22" class="wikitable fintable"
|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges
|-
|! style="text-align:left" | Ratio asIn ofEuro 31/12/2025billion
|! class="col-s" style="text-align:right" | 224%FY24
|! class="col-s" style="text-align:leftright" | Regulatory &amp; model changes
! class="col-s" style="text-align:right" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance &amp; FX
! class="col-s" style="text-align:right" | Dividend &amp; annual share buyback
! class="col-s" style="text-align:right" | Management actions, debt &amp; other
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:left" | ImpactEligible ofOwn theFunds end of grandfathering period on January 1, 2026(EOF)
| style="text-align:right" | -10pts to 215%55.9
| style="text-align:leftright" | ▶ Euro +0.2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
| style="text-align:right" | +8.8
| style="text-align:right" | -0.4
| style="text-align:right" | -2.1
| style="text-align:right" | -6.0
| style="text-align:right" | -0.1
| style="text-align:right" | <b>56.4</b>
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27ratio
| style="text-align:right" | +17pts{{fn ref|1}}216%
| style="text-align:leftright" | +0pt
| style="text-align:right" | +28pts
| style="text-align:right" | -1pt
| style="text-align:right" | +4pts
| style="text-align:right" | -24pts
| style="text-align:right" | +2pts
| style="text-align:right" | <b>224%</b>
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)
| style="text-align:right" | 25.9
| style="text-align:right" | 0.0
| style="text-align:right" | +0.6
| style="text-align:right" | 0.0
| style="text-align:right" | -1.2
| style="text-align:right" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | <b>25.2</b>
|}
</div>
▶ No change expected in organic capital generation<br/>
▶ Additional capital flexibility
</td>
</tr>
</table>
 
{{fn note|1=1|2=1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
 
== Thomas Buberl, Group CEO Conclusion ==
 
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=70|p=26}}
====== Group CEO statement ======
 
* Thomas Buberl is the Group CEO.
 
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=71|p=27}}
====== Business performance and outlook ======
 
* Record results achieved at the top end of the [[Definition:Target range|target range]], while enhancing reserve prudence.
* All businesses are in excellent shape, delivering strong growth and profitability.
* The diversified franchise is well-positioned to capture future growth opportunities.
* Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.
 
=== February 26, 2026 Q&A Full Year 2025 Earnings ===
 
=== Q&A ===
 
=== Full Year 2025 Earnings ===
 
=== AXA Investor Relations | Keep in touch ===
 
{{chunk|doc=snjra2xp9r|c=72|p=29}}
====== AXA Investor Relations | Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Icon of a person/headset representing "Meet our management"
</div>
 
{{chunk|doc=snjra2xp9r|c=73|p=29}}
====== AXA Investor Relations | Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Handshake icon next to the "Meet our management" heading.
</div>
 
* [[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]] details
{{chunk|doc=snjra2xp9r|c=74|p=29}}
* Foreseeable dividends: €-4.8bn
====== AXA Investor Relations | Keep in touch ======
* Provision for annual share buyback for [[Definition:Year 2026|2026]]: €-1.25bn
 
<div style="overflow-x:auto">
{| id="t6t23" class="wikitable fintable"
|+ Key sensitivities
|-
!| style="text-align:left" | MarchRatio as of December 31, 2025
!| style="text-align:right" | Roadshows<b>224%</b>
|-
! style="text-align:right" | Europe and US
| style="text-align:left" | Interest rate +50bps
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest rate -50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate spreads +50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit migration{{fn ref|2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25%
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | PE &amp; Infra +25%
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | PE &amp; Infra -25%
| style="text-align:right" | -19 pts
|-
| style="text-align:left" | Inflation swap curve +50bps
| style="text-align:right" | -5 pts
|}
</div>
<tr><td>May 5</td><td>1Q25 Activity Indicators</td><td>Paris</td></tr>
<tr><td>June 2</td><td>BNP Paribas Exane CEO Conference</td><td>Paris</td></tr>
<tr><td>June 2-4</td><td>Goldman Sachs European Financials Conference</td><td>Zurich</td></tr>
<tr><td>July 31</td><td>HY26 [[Definition:Earnings release|Earnings Release]]</td><td>Paris</td></tr>
<tr><td>September 21</td><td>AXA Investor Day</td><td>London</td></tr>
</table>
 
{{fn note|1=1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
{{chunk|doc=snjra2xp9r|c=75|p=29}}
{{fn note|1=2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
====== Investor Relations contact information ======
 
{{chunk|doc=snjra2xp9r|c=25|p=25}}
* Investor Relations contact number: +33 1 40 75 48 42
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
* Investor Relations email: investor.relations@axa.com
 
* Ratio as of 31/12/2025: 224%
=== Follow us ===
* Impact of the end of grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts to 215%
* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
* No change expected in organic capital generation
* Additional capital flexibility
 
{{fn note|1=1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
{{chunk|doc=snjra2xp9r|c=76|p=29}}
====== Follow us ======
 
== Conclusion ==
<div class="ed-chart-desc">
[Chart/image description:]
www.axa.com link next to "Follow us" heading.
</div>
 
{{chunk|doc=snjra2xp9r|c=7726|p=2926}}
====== FollowSection us ======
 
'''Thomas Buberl, Group CEO'''
<div class="ed-chart-desc">
[Chart/image description:]
YouTube icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=7827|p=2927}}
====== FollowConclusion us ======
 
* Record results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence
* Follow AXA on Twitter: @AXA.
* All businesses in excellent shape, delivering strong growth and profitability
* Follow AXA on LinkedIn: AXA.
* Diversified franchise, well-positioned to capture future growth opportunities
* Follow AXA on Instagram: @AXA.
* Laying foundations for the next plan and confident in delivering sustainable earnings growth
* Follow AXA on YouTube: AXA.
 
== Q&A Full Year 2025 Earnings February 26, 2026 ==
{{chunk|doc=snjra2xp9r|c=79|p=29}}
====== Follow us ======
 
{{chunk|doc=snjra2xp9r|c=28|p=29}}
<div class="ed-chart-desc">
=== AXA Investor Relations – Keep in touch ===
[Chart/image description:]
Instagram icon.
</div>
 
'''Meet our management'''
{{chunk|doc=snjra2xp9r|c=80|p=29}}
* March: Roadshows — Europe and US
====== Follow us ======
* May 5: 1Q25 Activity Indicators — Paris
* June 2: BNP Paribas Exane CEO Conference — Paris
* June 2-4: Goldman Sachs European Financials Conference — Zurich
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] — Paris
* September 21: AXA Investor Day — London
 
'''Contact us'''
<div class="ed-chart-desc">
* Investor Relations
[Chart/image description:]
* +33 1 40 75 48 42
Twitter/X icon.
* investor.relations@axa.com
</div>
 
'''Follow us'''
{{chunk|doc=snjra2xp9r|c=81|p=29}}
* www.axa.com
====== Follow us ======
 
== Appendices ==
* Follow AXA on LinkedIn, X, Instagram, and YouTube.
* Visit AXA's website at axa.com.
 
{{chunk|doc=snjra2xp9r|c=8229|p=2931}}
====== FollowContents us ======
 
* 1. Debt and Invested Assets p.31
<div class="ed-chart-desc">
* 2. Additional P&C disclosures p.36
[Chart/image description:]
* 3. Additional IFRS17 disclosures p.41
Sustainability/leaf icon.
* 4. Sustainability p.44
</div>
 
{{chunk|doc=snjra2xp9r|c=8330|p=2932}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
====== Follow us ======
 
In Euro billion
* "O"
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=84|p=29}}
{| id="t24" class="wikitable fintable"
====== Follow us ======
|+ Gross financial debt{{fn ref|1,2}}
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! class="col-m" style="text-align:right" | FY24
Additional social/web icon.
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Jan 1st 2026 End of the grandfathering period
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | 10.8
| style="text-align:right" | 12.2
| style="text-align:right" | 11.3
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>19.2</b>
| style="text-align:right" | <b>20.3</b>
| style="text-align:right" | <b>20.3</b>
|}
</div>
 
* Jan 1st [[Definition:Year 2026|2026]]: o/w €0.4bn redeemed in Jan 2026
{{chunk|doc=snjra2xp9r|c=85|p=29}}
====== Follow us ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t25" class="wikitable fintable"
[Chart/image description:]
|+ Contractual maturity breakdown
Additional icon.
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.7
| style="text-align:right" | —
| style="text-align:right" | 10.8
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | —
| style="text-align:right" | 4.6
|-
| style="text-align:left" | <b>o/w Grandfathered debt</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1.4
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.7
| style="text-align:right" | —
| style="text-align:right" | 0.2
| style="text-align:right" | —
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=86|p=29}}
====== Follow us ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Additional icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=87|p=30}}
====== Follow us ======
 
<div class="ed-chart-desc">
[Chart/image description:]
The image is a section divider page with a dark blue background. In the top left corner is the AXA logo, which consists of the word "AXA" in white within a white-outlined square, with a red diagonal slash through the top right corner of the square. The background features large, diagonal, translucent bands of purple and magenta. In the center of the page, the word "Appendices" is written in large, white, sans-serif font with a slight drop shadow. To the left of the word "Appendices" is a solid red diagonal parallelogram.
</div>
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=88|p=31}}
====== Additional P&C disclosures ======
 
<div style="overflow-x:auto">
{| id="t7t26" class="wikitable fintable"
|+ Economic maturity breakdown{{fn ref|3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
|-
|! style="text-align:left" | 1.In Euro billion
|! class="col-s" style="text-align:leftright" | Debt and Invested Assets2025
|! class="col-s" style="text-align:right" | p.312026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | 2.Senior debt
| style="text-align:leftright" | Additional P&amp;C disclosures—
| style="text-align:right" | p.36—
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
|-
| style="text-align:left" | 3.Tier 2
| style="text-align:leftright" | Additional IFRS17 disclosures—
| style="text-align:right" | p.41—
| style="text-align:right" | 2.4
| style="text-align:right" | —
| style="text-align:right" | 2.0
| style="text-align:right" | 0.7
| style="text-align:right" | 6.4
| style="text-align:right" | —
| style="text-align:right" | 0.7
|-
| style="text-align:left" | 4.Tier 1
| style="text-align:leftright" | Sustainability—
| style="text-align:right" | p0.441
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | —
| style="text-align:right" | 4.0
|-
| style="text-align:left" | <b>o/w Grandfathered debt</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.4
| style="text-align:right" | —
| style="text-align:right" | 0.8
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.7
| style="text-align:right" | 0.2
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
=== Gross financial debt and maturity breakdown as of December 31 st , 2025 ===
 
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
=== Gross financial debt ===
 
{{chunk|doc=snjra2xp9r|c=89|p=32}}
====== Gross financial debt ======
 
<div class="ed-chart-desc">
[Chart/image description:]
The chart displays "Gross financial debt" with two vertical bar stacks labeled "[[Definition:Full year 2024|FY24]]" and "[[Definition:Full year 2025|FY25]]", and a third labeled "Jan 1st [[Definition:Year 2026|2026]] End of the grandfathering period". Each bar is segmented into three tiers: Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The FY24 bar totals 19.2, with segments 3.5 (Senior), 10.8 (Tier 2), and 4.8 (Tier 1). The FY25 bar totals 20.3, with segments 3.5 (Senior), 12.2 (Tier 2), and 4.6 (Tier 1). The Jan 1st 2026 bar totals 20.3, with segments 5.8 (Senior), 11.3 (Tier 2), and 3.2 (Tier 1). A note in a dashed box points to the Jan 1st 2026 bar, stating "o/w €0.4bn redeemed in Jan 2026". Above the FY24 and FY25 bars, two ovals show "Debt gearing" percentages: 20.6% for FY24 and 22.3% for FY25. A legend at the bottom identifies the colors: dark blue for Tier 1, medium blue for Tier 2, and light blue for Senior debt.
</div>
 
=== Contractual maturity breakdown ===
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
====== Contractual maturity breakdown ======
 
<div class="ed-chart-desc">
[Chart/image description:]
This bar chart shows debt maturity by year from 2025 to ≥2040 and "Undated", broken down by Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The total for each year is shown above the stacked bars. 2025: 0.5 (all Senior). [[Definition:Year 2026|2026]]: 0.7 (all Tier 2). 2027: 0.9 (all Tier 2). 2028: 1.5 (all Senior). 2029: 0.7 (all Tier 2). 2030: 0.9 (all Tier 2). 2031-2039: 1.5 (all Senior). ≥2040: 0.5 (all Senior). Undated: 0.7 (all Tier 2) and 4.6 (all Tier 1). Below the main chart, a section titled "o/w Grandfathered debt" shows two rows for Tier 1 and Tier 2, with dashed boxes for each year. Tier 1: 1.4 in "Undated". Tier 2: 0.7 in 2029, 0.2 in ≥2040. A legend on the right identifies the colors.
</div>
 
=== Economic maturity breakdown ===
 
{{chunk|doc=snjra2xp9r|c=91|p=32}}
====== Economic maturity breakdown ======
 
<div class="ed-chart-desc">
[Chart/image description:]
This bar chart shows economic maturity by year from 2025 to ≥2040 and "Undated", broken down by Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The total for each year is shown above the stacked bars. 2025: 0.1 (all Tier 2). [[Definition:Year 2026|2026]]: 2.4 (all Tier 2). 2027: 0.1 (all Tier 1) and 0.5 (all Tier 2). 2028: 2.0 (all Tier 2). 2029: 0.7 (all Tier 2). 2030: 0.9 (all Tier 2). 2031-2039: 1.5 (all Senior) and 6.4 (all Tier 2). ≥2040: 0.5 (all Senior). Undated: 0.7 (all Tier 2) and 4.0 (all Tier 1). Below the main chart, a section titled "o/w Grandfathered debt" shows two rows for Tier 1 and Tier 2, with dashed boxes for each year. Tier 1: 0.1 in 2026, 0.1 in 2028, 0.4 in 2031-2039, 0.8 in "Undated". Tier 2: 0.7 in 2029, 0.2 in ≥2040. A legend on the right identifies the colors.
</div>
 
{{chunk|doc=snjra2xp9r|c=92|p=32}}
====== Economic maturity breakdown ======
 
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable January 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}
{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
 
{{chunk|doc=snjra2xp9r|c=31|p=33}}
== General Account Invested Assets ==
=== General Account Invested Assets ===
 
'''[[Definition:Full year 2025|FY25]] Total General Account invested assets'''
{{chunk|doc=snjra2xp9r|c=93|p=33}}
* Duration gap at -0.4 year
====== General Account Invested Assets ======
* Euro 450 billion
 
<div class="ed-chart-desc">
[Chart/image description:]
A donut chart showing the breakdown of [[Definition:Full year 2025|FY25]] Total General Account invested assets.
The center of the donut chart reads:
Euro
450
billion
</div>
 
{{chunk|doc=snjra2xp9r|c=94|p=33}}
====== FY25 General Account Invested Assets Composition ======
 
* Duration gap for General Account invested assets was -0.4 years.
* Total General Account invested assets composition:
** Fixed income: ~77%
** Real estate: ~9%
** Private equity and hedge funds: ~5%
** Cash: ~4%
** Infrastructure equity: ~2%
** Listed equities: ~2%
** Policy loans: ~0%
 
{{chunk|doc=snjra2xp9r|c=95|p=33}}
====== Invested assets (100%)<br/>In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t8t27" class="wikitable fintable"
|+ Invested assets (100%)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | %
|-
| style="text-align:left" | Fixed income
Line 1,163 ⟶ 1,384:
| style="text-align:right" | 27%
|-
| style="text-align:left" | o/w Other fixed income {{fn ref|1|2=Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
| style="text-align:right" | 56
| style="text-align:right" | 13%
Line 1,175 ⟶ 1,396:
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities {{fn ref|2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds {{fn ref|3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 1,191 ⟶ 1,412:
| style="text-align:right" | 0%
|-
| style="text-align:left" | <b>Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | <b>100%</b>
|}
</div>
 
{{fn note|1=1|2=1. Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
{{fn note|1=2|2=2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
{{fn note|1=3|2=3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
{{fn note|1=4|2=4. Please refer to the financial supplement for more details.}}
 
{{chunk|doc=snjra2xp9r|c=32|p=34}}
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=96|p=34}}
====== Structured and Private Credit assets ======
 
<div style="overflow-x:auto">
{| id="t9t28" class="wikitable fintable"
|+ Structured and Private Credit assets
|-
! style="text-align:left" | Invested assets (100%)<br/> In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1|2=G/A: General Account}}<br/> portfolio
! style="text-align:left" | Comments
|-
Line 1,243 ⟶ 1,463:
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" | —
|-
!| style="text-align:left" | <b>Total Structured and Private Credit Assets</b>
! class="col-s"| style="text-align:right" | <b>69</b>
! class="col-s"| style="text-align:right" | <b>15%</b>
!| style="text-align:left" | o/w 54% participating
|}
</div>
Line 1,254 ⟶ 1,474:
{{fn note|1=1|2=G/A: General Account}}
 
{{chunk|doc=snjra2xp9r|c=33|p=35}}
=== Investment portfolio | Fixed Income reinvestment ===
=== Investment portfolio – Fixed Income reinvestment ===
 
<div style="overflow-x:auto">
==== FY25 Fixed Income Reinvestment ====
{| id="t29" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment
|-
! style="text-align:left" | Asset Class
! class="col-m" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Government bonds &amp; related (Average rating: AA)
| style="text-align:right" | 32%
|-
| style="text-align:left" | Investment grade credit (Average rating: A)
| style="text-align:right" | 40%
|-
| style="text-align:left" | ABS/CLO/IG fund financing
| style="text-align:right" | 21%
|-
| style="text-align:left" | Below investment grade credit
| style="text-align:right" | 7%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>Euro 57 billion</b>
|}
</div>
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=97|p=35}}
{| id="t30" class="wikitable fintable"
====== FY25 Fixed Income Reinvestment ======
|+ FY25 Fixed Income Reinvestment Yield
 
|-
[Chart/image description: ]
! style="text-align:left" | Category
A donut chart showing the breakdown of [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment, totaling Euro 57 billion.
! class="col-s" style="text-align:right" | Yield
* Government bonds & related (dark blue): 32%
|-
* Investment grade credit (medium blue): 40%
| style="text-align:left" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}
* ABS/CLO/IG fund financing (light blue-grey): 21%
| style="text-align:right" | 3.5%
* Below investment grade credit (lightest blue): 7%
|-
 
| style="text-align:left" | Private &amp; Structured fixed income{{fn ref|2|2=Private &amp; Structured credit (CLOs, ABS, Infra &amp; CRE debt, Fund financing and Private hybrid).}}
{{chunk|doc=snjra2xp9r|c=98|p=35}}
| style="text-align:right" | 4.7%
====== FY25 fixed income reinvestment allocation ======
|-
 
| style="text-align:left" | Total fixed income
* Government bonds & related: 32% of allocation, with an average rating of AA.
| style="text-align:right" | 3.9%
* Investment grade credit: 40% of allocation, with an average rating of A.
|}
* ABS/CLO/IG fund financing: 21% of allocation.
</div>
* Below investment grade credit: 7% of allocation.
 
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=99|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
[Chart/image description: ]
A bar chart showing reinvestment yields:
* Public fixed income: 3.5%
* Private & Structured fixed income: 4.7%
* Total fixed income: 3.9%
 
=== ▶ Euro 57 billion fixed income invested at 3.9% ===
 
{{chunk|doc=snjra2xp9r|c=100|p=35}}
====== Fixed income portfolio characteristics ======
 
'''Euro 57 billion fixed income invested at 3.9%'''
* Average duration of 9 years
* EURIncludes Euro 19.7bn7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
* Private & Structured Credit includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=101|p=35}}
====== ▶ Euro 57 billion fixed income invested at 3.9% ======
 
{{fn note|1=1|2=Government and Corporate bonds and related.}}
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
 
{{chunk|doc=snjra2xp9r|c=10234|p=36}}
=== Contents ===
====== Debt and invested assets ======
 
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=35|p=37}}
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
'''Well diversified across lines of business and geographies'''
 
<div style="overflow-x:auto">
{| id="t10t31" class="wikitable fintable"
|+ $19bn FY25 GWP by line of business
|-
! style="text-align:left" | Line of business
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | 1.Casualty
| style="text-align:leftright" | Debt and Invested Assets35%
| style="text-align:right" | p.31
|-
| style="text-align:left" | 2.Property
| style="text-align:leftright" | Additional P&amp;C disclosures29%
| style="text-align:right" | p.36
|-
| style="text-align:left" | 3.Specialty
| style="text-align:leftright" | Additional IFRS17 disclosures19%
| style="text-align:right" | p.41
|-
| style="text-align:left" | 4.Professional lines{{fn ref|1|2=Including Cyber}}
| style="text-align:leftright" | Sustainability17%
| style="text-align:right" | p.44
|}
</div>
 
<div style="overflow-x:auto">
=== AXA XL Insurance | Large Commercial & Specialty business ===
{| id="t32" class="wikitable fintable"
 
|+ $19bn FY25 GWP by geography
{{chunk|doc=snjra2xp9r|c=103|p=37}}
|-
====== Business diversification ======
! style="text-align:left" | Geography
 
! class="col-s" style="text-align:right" | Share (%)
* AXA XL Insurance is well diversified across lines of business and geographies.
|-
* AXA XL Insurance holds leading market positions across its lines of business.
| style="text-align:left" | Americas
 
| style="text-align:right" | 46%
{{chunk|doc=snjra2xp9r|c=104|p=37}}
|-
====== AXA XL Insurance | Large Commercial & Specialty business ======
| style="text-align:left" | Europe &amp; APAC
 
| style="text-align:right" | 35%
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | UK &amp; Lloyds
Left column: Two donut charts.
| style="text-align:right" | 19%
Top chart: Title "[[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business", center value "$19bn". Segments: Casualty (35%), Property (29%), Specialty (19%), Professional lines¹ (17%).
|}
Bottom chart: Title "FY25 GWP by geography", center value "$19bn". Segments: Americas (46%), Europe & APAC (35%), UK & Lloyds (19%).
</div>
 
'''Leading market positions across lines'''
{{chunk|doc=snjra2xp9r|c=105|p=37}}
====== AXA XL Insurance market positions ======
 
* AXA XL Insurance holds leading market positions across lines, ranking in the top 3 globally for Multinational Programs, Marine, and Fine Art & Specie.
 
{{chunk|doc=snjra2xp9r|c=106|p=37}}
====== AXA XL Insurance profitability vs. ex-price growth ======
 
* Top 3 globally
* A scatter plot illustrates profitability versus ex-price growth for various lines of business.
* Multinational Programs{{fn ref|2|2=Source: McKinsey}}
* Property shows high profitability and high ex-price growth.
* Marine{{fn ref|3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
* Specialty shows moderate profitability and moderate ex-price growth.
* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026)}}
* Casualty shows moderate profitability and low ex-price growth.
* Professional lines shows low profitability and low ex-price growth.
 
'''Managing the cycle to deliver consistent profitability'''
=== Top 3 globally ===
 
* Qualitative chart: Profitability vs Ex-price growth (%)
{{chunk|doc=snjra2xp9r|c=107|p=37}}
* Property: High profitability, high ex-price growth
====== Global P&C Commercial Lines ======
* Specialty: Medium-high profitability, medium-high ex-price growth
 
* Casualty: Medium profitability, medium ex-price growth
* AXA XL is a global leader in P&C Commercial Lines.
* Professional lines: Low-medium profitability, low-medium ex-price growth
* AXA XL is the #1 global insurer for Multinational Programs.
* AXA XL is the #1 global insurer for Marine.
* AXA XL is the #1 global insurer for Fine Art & Specie.
 
=== Managing the cycle to deliver consistent profitability ===
 
{{chunk|doc=snjra2xp9r|c=108|p=37}}
====== profitability ex-price growth ======
 
* Profitability Ex-price growth: 0.5% in 2023; 0.5% in 2022; 0.5% in 2021; 0.5% in 2020; 0.5% in 2019
 
{{chunk|doc=snjra2xp9r|c=109|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Scatter plot with Y-axis labeled "Profitability" and X-axis labeled "Ex-price growth (%)". Four bubbles: "Property" (high profitability, high ex-price growth), "Specialty" (medium-high profitability, medium ex-price growth), "Casualty" (medium profitability, low ex-price growth), "Professional lines" (low profitability, very low ex-price growth).
</div>
 
{{chunk|doc=snjra2xp9r|c=110|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
{{fn note|1=1|2=Including Cyber}}
Line 1,392 ⟶ 1,599:
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
 
{{chunk|doc=snjra2xp9r|c=36|p=38}}
== P&C | Focus on Reserves ==
=== P&C – Focus on Reserves ===
 
<div style="overflow-x:auto">
=== Claims reserves ratio ===
{| id="t33" class="wikitable"
 
|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
{{chunk|doc=snjra2xp9r|c=111|p=38}}
|-
====== Claims reserves ratio definition ======
! style="text-align:left" |
 
! style="text-align:right" | FY18
* The claims reserves ratio is calculated as Net undiscounted claims reserves divided by Net earned premiums.
! style="text-align:right" | FY19
 
! style="text-align:right" | FY20
{{chunk|doc=snjra2xp9r|c=112|p=38}}
! style="text-align:right" | FY21
====== Claims reserves ratio ======
! style="text-align:right" | FY22
 
! style="text-align:right" | FY22
<div class="ed-chart-desc">
! style="text-align:right" | FY23
[Chart/image description:]
! style="text-align:right" | FY24
Bar chart showing Claims reserves ratio for FY18 to [[Definition:Full year 2025|FY25]].
! style="text-align:right" | FY25
- IFRS4 period (light blue bars):
|-
- FY18: 179%
| style="text-align:left" | Accounting Basis
- FY19: 185%
| colspan="5" style="text-align:right" | IFRS4
- FY20: 193%
| colspan="4" style="text-align:right" | IFRS17
- FY21: 188%
|-
- FY22: 189%
| style="text-align:left" | Ratio
- IFRS17 period (dark blue bars):
| style="text-align:right" | 179%
- FY22: 198%
| style="text-align:right" | 185%
- FY23: 195%
| style="text-align:right" | 193%
- [[Definition:Full year 2024|FY24]]: 180%
| style="text-align:right" | 188%
- FY25: 175%
| style="text-align:right" | 189%
| style="text-align:right" | 198%
| style="text-align:right" | 195%
| style="text-align:right" | 180%
| style="text-align:right" | 175%
|}
</div>
 
<div style="overflow-x:auto">
=== Technical reserves ratio ===
{| id="t34" class="wikitable"
 
|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
{{chunk|doc=snjra2xp9r|c=113|p=38}}
|-
====== Net undiscounted technical reserves ratio ======
! style="text-align:left" |
 
! style="text-align:right" | FY18
* Net undiscounted technical reserves are presented as a ratio to Net earned premiums.
! style="text-align:right" | FY19
 
! style="text-align:right" | FY20
{{chunk|doc=snjra2xp9r|c=114|p=38}}
! style="text-align:right" | FY21
====== Technical reserves ratio ======
! style="text-align:right" | FY22
 
! style="text-align:right" | FY22
<div class="ed-chart-desc">
! style="text-align:right" | FY23
[Chart/image description:]
! style="text-align:right" | FY24
Bar chart showing Technical reserves ratio for FY18 to [[Definition:Full year 2025|FY25]].
! style="text-align:right" | FY25
- IFRS4 period (light blue bars):
|-
- FY18: 213%
| style="text-align:left" | Accounting Basis
- FY19: 227%
| colspan="5" style="text-align:right" | IFRS4
- FY20: 233%
| colspan="4" style="text-align:right" | IFRS17
- FY21: 226%
|-
- FY22: 227%
| style="text-align:left" | Ratio
- IFRS17 period (dark blue bars):
| style="text-align:right" | 213%
- FY22: 234%
| style="text-align:right" | 227%
- FY23: 232%
| style="text-align:right" | 233%
- [[Definition:Full year 2024|FY24]]: 216%
| style="text-align:right" | 226%
- FY25: 210%
| style="text-align:right" | 227%
| style="text-align:right" | 234%
| style="text-align:right" | 232%
| style="text-align:right" | 216%
| style="text-align:right" | 210%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=115|p=38}}
====== Technical reserves ratio ======
 
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
 
{{chunk|doc=snjra2xp9r|c=37|p=39}}
=== P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1 ===
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===
 
=== P&C | 2026 Simplified Group Nat Cat Reinsurance Program ===
 
{{chunk|doc=snjra2xp9r|c=116|p=39}}
====== Currency ======
 
* All figures are in EUR.
 
'''Insurance segment (occurrence protection)'''
{{chunk|doc=snjra2xp9r|c=117|p=39}}
====== P&C | 2026 Simplified Group Nat Cat Reinsurance Program ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t35" class="wikitable fintable"
[Chart/image description:]
|+ In Euro
Bar chart showing the [[Definition:Year 2026|2026]] Simplified Group Nat Cat Reinsurance Program. Two sections are shown: "Insurance segment (occurrence protection)" on the left, and "Reinsurance segment (illustrative)" on the right.
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | EU Windstorm
! class="col-s" style="text-align:right" | Europe Flood
! class="col-s" style="text-align:right" | Europe Earthquake
! class="col-s" style="text-align:right" | NA Hurricane
! class="col-s" style="text-align:right" | NA Earthquake
! class="col-s" style="text-align:right" | Per other perils{{fn ref|3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
|-
| style="text-align:left" | Capacity
| style="text-align:right" | 4.0bn
| style="text-align:right" | 2.1bn
| style="text-align:right" | 2.1bn
| style="text-align:right" | 1.2bn
| style="text-align:right" | 1.2bn
| style="text-align:right" | —
|-
| style="text-align:left" | Retention
| style="text-align:right" | 600m
| style="text-align:right" | 450m
| style="text-align:right" | 400m
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 400m
|}
</div>
 
'''Reinsurance segment (illustrative)'''
{{chunk|doc=snjra2xp9r|c=118|p=39}}
* Alternative Capital & Cat Bonds
====== Insurance segment peril categories ======
 
'''Key Takeaway'''
* The Insurance segment includes six peril categories with specified Capacity and Retention levels:
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025
** EU Windstorm: Capacity EUR 4.0bn; Retention EUR 600m
** Europe Flood: Capacity EUR 2.1bn; Retention EUR 450m
** Europe Earthquake: Capacity EUR 2.1bn; Retention EUR 400m
** NA Hurricane: Capacity EUR 1.2bn; Retention EUR 600m
** NA Earthquake: Capacity EUR 1.2bn; Retention EUR 600m
** Per other perils: Capacity ~EUR 0.8bn; Retention EUR 400m
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
{{chunk|doc=snjra2xp9r|c=119|p=39}}
{{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
====== Reinsurance segment and retention levels ======
{{fn note|1=3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
 
{{chunk|doc=snjra2xp9r|c=38|p=40}}
* The Reinsurance segment includes "Alternative Capital & Cat Bonds".
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
* This segment has a value of EUR 1.0bn.
* Retention levels are expected to remain stable in [[Definition:Year 2026|2026]] compared to 2025.
 
'''In Euro billion (net of reinsurance)'''
{{chunk|doc=snjra2xp9r|c=120|p=39}}
====== P&C | 2026 Simplified Group Nat Cat Reinsurance Program ======
 
<div style="overflow-x:auto">
{{fn note|1=1|2=Excludes local reinsurance covers; 2. Varying retention between MX and NA (400m MX, 600m NA); 3. Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
{| id="t36" class="wikitable"
|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)
|-
! style="text-align:left" | Probability
! style="text-align:right" | Percentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 1/20y
| style="text-align:right" | (95th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y
| style="text-align:right" | (90th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y
| style="text-align:right" | (80th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median
| style="text-align:right" | (50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y
| style="text-align:right" | (20th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y
| style="text-align:right" | (10th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y
| style="text-align:right" | (5th)
| style="text-align:right" | €+0.8bn
|}
</div>
 
* More severe years
=== P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026 ===
* Negative deviation in ca. 40% of cases
* Less severe years
* Positive deviation in ca. 60% of cases
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=121|p=40}}
{| id="t37" class="wikitable"
====== Group underlying earnings deviation to average Nat Cat charges ======
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
|-
! style="text-align:left" | In Euro billion
! style="text-align:right" | 2025
! style="text-align:right" | 2026
|-
| style="text-align:left" | Average Expected Nat Cat charges
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
|-
| style="text-align:left" | Estimated impact on GEP
| style="text-align:right" | ca. 4.5%
| style="text-align:right" | ca. 4.5%
|}
</div>
 
{{fn note|1=1|2=Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).}}
* Group [[Definition:Underlying earnings|underlying earnings]] deviation to average Nat Cat charges in [[Definition:Year 2026|2026]], net of reinsurance and post-tax, shows a median (50th percentile) of EUR 0bn.
* More severe years (negative deviation in approximately 40% of cases) include:
** 1/20y (95th percentile): EUR -1.2bn deviation.
** 1/10y (90th percentile): EUR -0.8bn deviation.
** 1/5y (80th percentile): EUR -0.4bn deviation.
* Less severe years (positive deviation in approximately 60% of cases) include:
** 1/5y (20th percentile): EUR +0.1bn deviation.
** 1/10y (10th percentile): EUR +0.5bn deviation.
** 1/20y (5th percentile): EUR +0.7bn and EUR +0.8bn deviation.
 
{{chunk|doc=snjra2xp9r|c=12239|p=4041}}
=== Contents ===
====== Average expected Nat Cat charges ======
 
* 1. Debt and Invested Assets p.31
* Average Expected Nat Cat charges net of reinsurance, pre-tax, are EUR 2.6bn for 2025 and EUR 2.7bn for [[Definition:Year 2026|2026]].
* 2. Additional P&C disclosures p.36
* The estimated impact on GEP for both 2025 and 2026 is approximately 4.5%.
* 3. Additional IFRS17 disclosures p.41
* Natural catastrophe cost is defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance.
* 4. Sustainability p.44
* Deviation is compared to a normalized level, which represents costs associated with natural catastrophes expected in an average year (approximately 4.5 points of estimated [[Definition:Full year 2025|FY25]] GEP, undiscounted and net of reinsurance).
 
{{chunk|doc=snjra2xp9r|c=12340|p=4142}}
====== Additional P&C disclosures– Margin Analysis ======
 
<div style="overflow-x:auto">
{| id="t11t38" class="wikitable"
|+ Technical Result In Euro million (pre-tax)
|-
|! style="text-align:left" | 1.In Euro million (pre-tax)
|! style="text-align:leftright" | Debt and Invested AssetsFY25
|! style="text-align:right" | p.31Change
|-
| style="text-align:left" | 2.<b>Current Accident Year Undiscounted Technical Margin</b>
| style="text-align:leftright" | Additional P&amp;C disclosures<b>2,778</b>
| style="text-align:right" | p.36<b>+707</b>
|-
| style="text-align:left" | 3.Gross Earned Premiums
| style="text-align:leftright" | Additional IFRS17 disclosures57,656
| style="text-align:right" | p.41+6%
|-
| style="text-align:left" | 4.Current Accident Year Undiscounted Combined Ratio
| style="text-align:leftright" | Sustainability95.2%
| style="text-align:right" | p-1.440pt
|-
| style="text-align:left" | o/w Nat Cats
| style="text-align:right" | 3.4%
| style="text-align:right" | -0.4pt
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Current Accident Year Discounting</b>
| style="text-align:right" | <b>2,009</b>
| style="text-align:right" | <b>+115</b>
|-
| style="text-align:left" | Discounting Ratio (in Combined Ratio points)
| style="text-align:right" | -3.5%
| style="text-align:right" | +0.0pt
|-
| style="text-align:left" | Current Accident Year Net Claims reserves
| style="text-align:right" | €19.0bn
| style="text-align:right" | —
|-
| style="text-align:left" | Duration
| style="text-align:right" | 4.0 years
| style="text-align:right" | —
|-
| style="text-align:left" | Current Accident Year Discount rate
| style="text-align:right" | 2.8%
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Prior Years' Reserve Development (PYD)</b>
| style="text-align:right" | <b>622</b>
| style="text-align:right" | <b>-341</b>
|-
| style="text-align:left" | PYD ratio
| style="text-align:right" | -1.1%
| style="text-align:right" | +0.7pt
|}
</div>
 
<div style="overflow-x:auto">
=== P&C | Margin Analysis ===
{| id="t39" class="wikitable"
|+ Financial Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
! style="text-align:right" | FY25
! style="text-align:right" | Change
|-
| style="text-align:left" | <b>Investment Income</b>
| style="text-align:right" | <b>3,988</b>
| style="text-align:right" | <b>+435</b>
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €115bn
| style="text-align:right" | —
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 3.5%
| style="text-align:right" | —
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 4.3%
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Insurance Finance Expenses</b>
| style="text-align:right" | <b>-1,358</b>
| style="text-align:right" | <b>-235</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €71bn
| style="text-align:right" | —
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 1.9%
| style="text-align:right" | —
|}
</div>
 
'''[[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}'''
{{chunk|doc=snjra2xp9r|c=124|p=42}}
* +25bps: €+0.2bn
====== P&C | Margin Analysis ======
* -25bps: €-0.2bn
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t40" class="wikitable"
[Chart/image description:]
|+ Underlying Earnings
The image displays a financial margin analysis diagram for Property & Casualty (P&C) insurance, structured as a flow from "Technical Result" to "Financial Result" and finally to "[[Definition:Underlying earnings|Underlying Earnings]] before tax" and "Underlying Earnings". The entire diagram is labeled "In Euro million (pre-tax)".
|-
! style="text-align:left" | In Euro million (pre-tax)
! style="text-align:right" | FY25
! style="text-align:right" | Change
|-
| style="text-align:left" | <b>Underlying Earnings before tax</b>
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>+681</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -2,060
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | -108
| style="text-align:right" | -10
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>+501</b>
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" | —
| style="text-align:right" | +9%
|}
</div>
 
'''2026e Insurance Finance Expenses (pre-tax)'''
{{chunk|doc=snjra2xp9r|c=125|p=42}}
* ~ €-1.4bn
====== P&C technical result components ======
 
'''Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount'''
* Technical Result components:
* +25bps: ~ €-50m
** Current Accident Year Undiscounted Technical Margin: EUR 2,778 ([[Definition:Full year 2025|FY25]]); +EUR 707 change.
* -25bps: ~ €+50m
*** Gross Earned Premiums: EUR 57,656 (+6%).
*** Current Accident Year Undiscounted Combined Ratio: 95.2% (-1.0pt).
*** Nat Cats within Combined Ratio: 3.4% (-0.4pt).
** Current Accident Year Discounting: EUR 2,009 (FY25); +EUR 115 change.
*** Discounting Ratio (in Combined Ratio points): -3.5% (+0.0pt).
*** Current Accident Year Net Claims reserves: EUR 19.0bn.
*** Duration: 4.0 years.
*** Current Accident Year Discount rate: 2.8%.
** Prior Years' Reserve Development (PYD): EUR 622 (FY25); -EUR 341 change.
*** PYD ratio: -1.1% (+0.7pt).
* Sensitivity of FY25 Current Accident Year discount rate changes: +25bps leads to +EUR 0.2bn; -25bps leads to -EUR 0.2bn.
** This sensitivity refers to a parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.
 
Changes versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=126|p=42}}
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
====== P&C financial result components ======
{{fn note|1=2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
 
{{chunk|doc=snjra2xp9r|c=41|p=43}}
* Financial Result components:
=== L&H – Margin Analysis ===
** Investment Income: EUR 3,988 ([[Definition:Full year 2025|FY25]]); +EUR 435 change.
*** FY25 Average Assets: EUR 115bn.
*** Asset book yield: 3.5%.
*** FY25 Reinvestment yield on fixed income assets: 4.3%.
** Insurance Finance Expenses: -EUR 1,358 (FY25); -EUR 235 change.
*** [[Definition:Full year 2024|FY24]] Reserves at locked-in rate: EUR 71bn.
*** Liability book yield: 1.9%.
* 2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn.
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps leads to ~EUR -50m; -25bps leads to ~+EUR 50m.
 
'''Includes scope impact'''
{{chunk|doc=snjra2xp9r|c=127|p=42}}
====== P&C underlying earnings ======
 
<div style="overflow-x:auto">
* [[Definition:Underlying earnings|Underlying Earnings]] before tax ([[Definition:Full year 2025|FY25]]): EUR 8,040; +EUR 681 change.
{| id="t41" class="wikitable fintable"
* Tax: -EUR 2,060; -EUR 169 change.
|+ Technical Result (In Euro million, pre-tax)
* Affiliates, Minority interests & Other: -EUR 108; -EUR 10 change.
|-
* Underlying Earnings (FY25): EUR 5,872; +EUR 501 change.
! style="text-align:left" | In Euro million, pre-tax
* Growth vs. [[Definition:Full year 2024|FY24]] (at constant [[Definition:Foreign exchange|FX]]): +9%.
! class="col-m" style="text-align:right" | FY25
* The diagram uses dashed lines and plus signs (+) to indicate summation between components.
! class="col-m" style="text-align:right" | Change
 
|-
=== L&H | Margin Analysis ===
| style="text-align:left" | <b>Short-term Technical Margin</b>
| style="text-align:right" | <b>479</b>
| style="text-align:right" | <b>+60</b>
|-
| style="text-align:left" | Gross Earned Premiums
| style="text-align:right" | 17,416
| style="text-align:right" | +10%
|-
| style="text-align:left" | All Year Combined Ratio
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
| style="text-align:right" | <b>2,804</b>
| style="text-align:right" | <b>+156</b>
|-
| style="text-align:left" | CSM release
| style="text-align:right" | 2,954
| style="text-align:right" | +215
|-
| style="text-align:left" | Technical experience
| style="text-align:right" | -150
| style="text-align:right" | -58
|}
</div>
 
* Incl. recapture of Laya
{{chunk|doc=snjra2xp9r|c=128|p=43}}
====== Scope impact ======
 
<div style="overflow-x:auto">
* Includes scope impact.
{| id="t42" class="wikitable"
 
|+ Financial Result (In Euro million, pre-tax)
{{chunk|doc=snjra2xp9r|c=129|p=43}}
|-
====== L&H | Margin Analysis ======
! style="text-align:left" | In Euro million, pre-tax
 
! style="text-align:right" | FY25
<div class="ed-chart-desc">
! style="text-align:right" | Change
[Chart/image description:]
|-
Flowchart showing the components of Life & Health Margin Analysis, leading to [[Definition:Underlying earnings|Underlying Earnings]].
| style="text-align:left" | <b>Investment Income (non-VFA only)</b>
| style="text-align:right" | <b>2,484</b>
| style="text-align:right" | <b>-1</b>
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €98bn
| style="text-align:right" | —
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 2.5%
| style="text-align:right" | —
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 3.8%
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
| style="text-align:right" | <b>-1,538</b>
| style="text-align:right" | <b>-9</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €62bn
| style="text-align:right" | —
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 2.5%
| style="text-align:right" | —
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=130|p=43}}
====== Technical and Financial Results ======
 
* Short-term Technical Margin: EUR 479m (change: +EUR 60m)
* Gross Earned Premiums: EUR 17,416m (change: +10%)
* All Year Combined Ratio: 97.2% (change: -0.1pts); includes recapture of Laya
* Long-term Technical Margin: EUR 2,804m (change: +EUR 156m)
* CSM release: EUR 2,954m (change: +EUR 215m)
* Technical experience: -EUR 150m (change: -EUR 58m)
* Investment Income (non-VFA only): EUR 2,484m (change: -EUR 1m)
* [[Definition:Full year 2025|FY25]] Average Assets: EUR 98bn
* Asset book yield: 2.5%
* FY25 Reinvestment yield: 3.8%
* Insurance Finance Expenses (non-VFA only): -EUR 1,538m (change: -EUR 9m)
* [[Definition:Full year 2024|FY24]] Reserves at locked-in rate: EUR 62bn
* Liability book yield: 2.5%
 
{{chunk|doc=snjra2xp9r|c=131|p=43}}
====== Underlying Earnings ======
 
* [[Definition:Underlying earnings|Underlying Earnings]] before tax: EUR 4,229m (change: +EUR 205m)
* Tax: -EUR 800m (change: +EUR 65m)
* Affiliates, Minority interests & Other: EUR 72m (change: -EUR 51m)
* Underlying Earnings: EUR 3,501m (change: +EUR 219m)
* Underlying Earnings growth vs. [[Definition:Full year 2024|FY24]] (at constant [[Definition:Foreign exchange|FX]]): +7%
 
{{chunk|doc=snjra2xp9r|c=132|p=43}}
====== Life & Health FY25 CSM by sensitivities ======
 
<div style="overflow-x:auto">
{| id="t12t43" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities
|-
! style="text-align:left" | (in Euro billion)
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
Line 1,665 ⟶ 2,055:
|}
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
== Table of contents ==
 
{{chunk|doc=snjra2xp9r|c=133|p=44}}
====== Table of contents ======
 
<div style="overflow-x:auto">
{| id="t13t44" class="wikitable"
|-
|! style="text-align:left" | 1.In Euro million, pre-tax
|! style="text-align:leftright" | Debt and Invested AssetsFY25
|! style="text-align:right" | p.31Change
|-
| style="text-align:left" | 2.<b>Underlying Earnings before tax</b>
| style="text-align:leftright" | Additional P&amp;C disclosures<b>4,229</b>
| style="text-align:right" | p.36<b>+205</b>
|-
| style="text-align:left" | 3.Tax
| style="text-align:leftright" | Additional IFRS17 disclosures-800
| style="text-align:right" | p.4165
|-
| style="text-align:left" | 4.Affiliates, Minority interests &amp; Other
| style="text-align:leftright" | Sustainability72
| style="text-align:right" | p.44-51
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" | —
| style="text-align:right" | +7%
|}
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
=== Expanding AXA's role in society: AXA for Progress Index 1 ===
 
{{chunk|doc=snjra2xp9r|c=42|p=44}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=43|p=45}}
=== Expanding AXA’s role in society: AXA for Progress Index ===
 
{{chunk|doc=snjra2xp9r|c=134|p=45}}
====== Climate transition financing and community resilience financing by target and result ======
 
<div style="overflow-x:auto">
{| id="t14t45" class="wikitable"
|+ As a GLOBAL INVESTOR
|-
! style="text-align:left" | TargetMetric
! style="text-align:right" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in climate transition financing per year
| style="text-align:left" |
| style="text-align:right" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in community resilience financing per year
| style="text-align:right" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
| style="text-align:right" | €1.4bn
|}
</div>
€5bn{{fn ref|2}}<br/>
in climate transition financing per year
</td>
<td>€6.4bn</td>
</tr>
<tr>
<td>
>€500m{{fn ref|2}}<br/>
in community resilience financing per year
</td>
<td>€1.4bn</td>
</tr>
</table>
 
{{chunk|doc=snjra2xp9r|c=135|p=45}}
====== Target by 2025 Result ======
 
<div style="overflow-x:auto">
{| id="t15t46" class="wikitable"
|+ As a GLOBAL INSURER
|-
! style="text-align:left" | TargetMetric
! style="text-align:right" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:left" |
| style="text-align:right" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) <i>Target revised in 2025</i>
| style="text-align:right" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
| style="text-align:right" | 19,698<br/>Cumulative 2024-2025
|-
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
| style="text-align:right" | 20.6m
|}
</div>
€6bn{{fn ref|3}}<br/>
in P&C [[Definition:Gross written premiums|GWP]] to support transition underwriting (cumulative 2024-[[Definition:Year 2026|2026]])
</td>
<td>€4.6bn</td>
</tr>
<tr>
<td>
>20,000{{fn ref|4}}<br/>
climate adaptation solutions & services (cumulative 2024-2026)<br/>
Target revised in 2025
</td>
<td>
19,698<br/>
Cumulative 2024-2025
</td>
</tr>
<tr>
<td>
>20m{{fn ref|5|2=5. Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}<br/>
inclusive insurance customers by 2026
</td>
<td>20.6m</td>
</tr>
</table>
 
{{chunk|doc=snjra2xp9r|c=136|p=45}}
====== Target by 2025 Result ======
 
<div style="overflow-x:auto">
{| id="t16t47" class="wikitable fintable"
|+ As a COMPANY
|-
! style="text-align:left" | TargetMetric
! class="col-s" style="text-align:right" | 2025 ResultTarget
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:right" | -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
| style="text-align:right" | -64%<br/>Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 50%
| style="text-align:right" | 56%
|}
</div>
>80,000{{fn ref|6|2=6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}<br/>
AXA Group employees trained on climate adaptation by [[Definition:Year 2026|2026]]
</td>
<td>46,420</td>
</tr>
<tr>
<td>
Contribute to Net-Zero<br/>
-50%{{fn ref|7|2=7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030<br/>
in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
</td>
<td>
-64%<br/>
Reduction against 2019
</td>
</tr>
<tr>
<td>
50%<br/>
Percentage of AXA Group employees engaged in volunteering activities by 2026
</td>
<td>56%</td>
</tr>
</table>
 
{{fn note|1=1|2=1. AXA'sAXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group'sGroup’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}}
{{fn note|1=2|2=2. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
{{fn note|1=3|2=3. Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
{{fn note|1=4|2=4. Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
{{fn note|1=5|2=5. Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
{{fn note|1=6|2=6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
{{fn note|1=7|2=7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
{{fn note|1=8|2=8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
 
{{chunk|doc=snjra2xp9r|c=44|p=46}}
== Sustainability Performance & Ratings ==
=== Sustainability Performance & Ratings ===
 
=== '''S&P Global ==='''
* 2025 percentile: 97th {{fn ref|1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe & World indices
 
{{chunk|doc=snjra2xp9r|c=137|p=46}}
====== Dow Jones Best-in-Class indices ======
 
* AXA achieved the 97th percentile in the Dow Jones Best-in-Class Europe & World indices for 2025.
 
{{chunk|doc=snjra2xp9r|c=138|p=46}}
====== S&P Global ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Logo of MSCI.
</div>
 
{{chunk|doc=snjra2xp9r|c=139|p=46}}
====== S&P Global rating ======
 
'''MSCI'''
* 2025 score: AAA
 
'''CDP'''
{{chunk|doc=snjra2xp9r|c=140|p=46}}
* 2025 score: B
====== S&P Global ======
 
'''MORNINGSTAR SUSTAINALYTICS'''
<div class="ed-chart-desc">
* 2025 ESG Risk Rating: 17.0 – Low risk
[Chart/image description:]
Logo of Morningstar Sustainalytics.
</div>
 
'''FTSE RUSSELL An LSEG Business'''
{{chunk|doc=snjra2xp9r|c=141|p=46}}
* 2025 score: 4.3/5 in FTSE4Good Index Series
====== ESG Risk Rating ======
 
* 2025 ESG Risk Rating: 17.0 (Low risk)
 
{{chunk|doc=snjra2xp9r|c=142|p=46}}
====== S&P Global ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Logo of FTSE Russell, An LSEG Business.
</div>
 
{{chunk|doc=snjra2xp9r|c=143|p=46}}
====== FTSE4Good Index Series Score ======
 
* AXA's 2025 score in the FTSE4Good Index Series is 4.3/5.
 
=== QCDP ===
 
{{chunk|doc=snjra2xp9r|c=144|p=46}}
====== CDP score ======
 
* CDP 2025 score: B
 
{{chunk|doc=snjra2xp9r|c=145|p=46}}
====== QCDP ======
 
{{fn note|1=1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
 
{{chunk|doc=snjra2xp9r|c=45|p=47}}
=== Scope ===
 
* France: includes insurance activities, banking activities and holding.
{{chunk|doc=snjra2xp9r|c=146|p=47}}
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities).
====== Scope ======
* AXA XL: includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, 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, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
 
'''Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9'''
=== Theme: Scope definitions ===
 
{{chunk|doc=snjra2xp9r|c=46|p=48}}
=== Glossary ===
 
* 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%
{{chunk|doc=snjra2xp9r|c=147|p=48}}
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
====== Glossary of financial terms ======
* CSM release: a 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: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
* 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%.
* Financial result: consists of investment income on assets backing BBA and 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
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities)
* CSM release: a 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.
* New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (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
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* 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
* Financial result: consists of investment income on assets backing BBA and 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.
* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]): represent the 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).
* Operating variance: the variation of the year-end CSM versus 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. Operating variance is net of reinsurance
** Other Revenues: represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share
* New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of:
* Technical experience: consists the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of 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
** the new business contractual service margin.
* Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance
** the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals.
** the present value of the future profits of pure investment contracts accounted for under IFRS 9.
** net of the cost of reinsurance.
** taxes.
** minority interests.
* 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 margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
* Operating variance: the variation of the year-end CSM versus 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. Operating variance is net of reinsurance.
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of 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: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
=== February 26, 2026 Thank you Full Year 2025 Earnings ===
 
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====== Thank you ======
 
* Thank you
* [[Definition:Full year 2025|Full Year 2025]] Earnings
* February 26, [[Definition:Year 2026|2026]]
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