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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 ===
 
* February 26, [[Definition:Year 2026|2026]]
 
{{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 ===
 
'''Forward-looking statements'''
{{chunk|doc=snjra2xp9r|c=1|p=2}}
* 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.
====== Forward-looking statements and non-GAAP measures ======
* 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”.
* 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.
* These statements in this presentation are based on Management’s current views and intentions and are subject to change.
* 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.
* Each forward-looking statement speaks only at the date of this presentation.
* 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 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'''
* Statements in this document may be forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* 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.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
* 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.
* 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.
* These statements are based on Management's current views and intentions and are subject to change.
* “[[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.
* 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.
* 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”.
* Each forward-looking statement is valid only at the date of this presentation.
* 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.
* Refer to Part 5 - "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 (the "2024 Universal Registration Document") for important factors, risks, and uncertainties.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* This presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management for analyzing operating trends, financial performance, and position.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS.
* "[[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 APMs to the most closely related line item, subtotal, or total in the financial statements 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".
* Further information on non-GAAP financial measures is available in the Glossary of AXA's 2025 Activity Report.
* AXA's Activity Report as of December 31, 2025, is available on the AXA Group website (www.axa.com).
 
{{chunk|doc=snjra2xp9r|c=2|p=2}}
====== Financial statement audit status ======
 
'''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=3|p=3}}
=== Contents ===
====== Presentation sections and speakers ======
 
* 1. [[Definition:Full year 2025|FY25]] Highlights: presented by Thomas Buberl, Group CEO, on page 4.
* Thomas Buberl, Group CEO
* FY25 Business Performance: presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, on page 9.
* p.04
* FY25 Financial Performance: presented by Alban de Mailly Nesle, Group CFO, on page 13.
* 2. FY25 Business Performance
* 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=4|p=4}}
====== CEOSection statement ======
 
* '''Thomas Buberl is the, Group CEO.'''
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
=== Full Year 2025 – Excellent performance ===
 
'''[[Definition:Full year 2025|Full Year 2025]] Key Performance Indicators'''
{{chunk|doc=snjra2xp9r|c=5|p=5}}
* +6% Revenues vs. [[Definition:Full year 2024|FY24]]
====== Financial performance highlights ======
* +8% [[Definition:Underlying earnings per share|Underlying EPS]] vs. FY24
* 16% ROE FY25
* 224% Solvency II ratio FY25
 
'''Delivering value for shareholders'''
* Revenues +6% vs. [[Definition:Full year 2024|FY24]]
* +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.}}
* ROE 16% in [[Definition:Full year 2025|FY25]]
* [[Definition:Underlying earnings per share|Underlying EPS]] +8% vs. FY24
* Solvency II ratio 224% in FY25
* Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
'''Outlook'''
{{chunk|doc=snjra2xp9r|c=6|p=5}}
* Confident to deliver underlying EPS growth at the upper end of 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
====== 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=7|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: [[Definition:Underlying earnings|Underlying earnings]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
|-
FY24: 8.1
| style="text-align:left" | FY24
FY25: 8.4
| style="text-align:right" | 8.1
Change: +6%
|-
Annotation: +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'''
==== +6% top line growth, well balanced across ====
* +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
 
'''Record profitability'''
{{chunk|doc=snjra2xp9r|c=8|p=6}}
* Further margin expansion in P&C and L&H; improvement in efficiency
====== Top line growth and profitability ======
 
* Top line growth +6%, balanced across lines:
** P&C: +5%
** Life: +9%
** Health: +5%
* Record profitability with further margin expansion in P&C and L&H
* Improvement in efficiency
 
{{chunk|doc=snjra2xp9r|c=9|p=6}}
====== 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=10|p=7}}
====== Secular trends fueling demand across businesses ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Pie chart: [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|gross written premium]] split excluding [[Definition:AXA Investment Managers|AXA IM]] and holdings, by business line.
Life (33%)
Health (17%)
Retail (17%)
Large & Specialty (17%)
SME & Mid-market (16%)
AXA logo at center.
</div>
 
{{chunk|doc=snjra2xp9r|c=117|p=7}}
=== Diversified franchise, well positioned in an attractive industry ===
====== Protection gaps and emerging corporate risks ======
 
*'''Secular Protectiontrends gaps and emerging corporate risks are drivingfueling demand across businesses.'''
* Protection gaps and emerging corporate risks
* Demographics are driving demand for private retirement and healthcare.
* Demographics driving demand for private retirement and healthcare
 
<div style="overflow-x:auto">
==== Our right to win ====
{| id="t2" class="wikitable fintable"
|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
|-
! style="text-align:left" | Business Segment
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Life
| 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'''
{{chunk|doc=snjra2xp9r|c=12|p=7}}
* Leading brand & high customer NPS
====== Competitive advantages ======
 
* Leading brand and high customer NPS
* Strong and diversified distribution
* Technical expertise into pricingprice and& underwritingunderwrite 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 ===
 
{{chunk|doc=snjra2xp9r|c=13|p=8}}
====== Tech and AI roadmap ======
 
* Clear tech and AI roadmap
* Driving efficiency
* Enhancing capital allocation discipline
* Building resilience
 
==== '''Confidence in sustaining earnings growth ===='''
 
== FY25 Business Performance ==
{{chunk|doc=snjra2xp9r|c=14|p=8}}
====== Internal building resilience ======
 
{{chunk|doc=snjra2xp9r|c=9|p=9}}
* GIE_AXA_Internal Building resilience
=== Section ===
{{chunk|doc=snjra2xp9r|c=14|p=9|cont=1}}
* Guillaume Borie is Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
* Guillaume Borie
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
{{chunk|doc=snjra2xp9r|c=10|p=10}}
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=15|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 176 ⟶ 194:
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | <b>France </b><br/>(27% of total GWP{{fn ref|1|2=1. 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=1. 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=1. 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=1. 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
|}
</div>
{{fn note|1=1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
{{chunk|doc=snjra2xp9r|c=11|p=11}}
=== P&C – Strong margins, confidence in sustaining growth ===
 
* €58bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=16|p=11}}
* 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
====== P&C – Strong margins, confidence in sustaining growth ======
* [[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'''
<div class="ed-chart-desc">
* 2025: Growing volumes while expanding margins
[Chart/image description:]
* Beyond 2025: Investing to improve customer retention & expanding distribution footprint
Donut chart: [[Definition:Gross written premiums|GWP]] breakdown, €58bn total.
- Retail: share not printed
- AXA XL{{fn ref|1}} (Large & Specialty): share not printed
- SME & Mid-market: share not printed
</div>
 
'''AXA XL (Large & Specialty)'''
{{chunk|doc=snjra2xp9r|c=17|p=11}}
* 2025: Profitable growth with stable margins
====== Underlying earnings ======
* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
 
'''Key drivers'''
* [[Definition:Underlying earnings|Underlying earnings]] +9% to EUR 5.9bn.
* Continued progress on efficiency
 
* Higher investment income
{{chunk|doc=snjra2xp9r|c=18|p=11}}
* Data & AI to further enhance customer experience & technical excellence
====== P&C – Strong margins, confidence in sustaining growth ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Table/Grid: Strategic outlook for 2025 and Beyond 2025.
- Retail and SME & Mid-market:
- 2025: Growing volumes while expanding margins
- Beyond 2025: Investing to improve customer retention & expanding distribution footprint
- AXA XL (Large & Specialty):
- 2025: Profitable growth with stable margins
- Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
</div>
 
{{chunk|doc=snjra2xp9r|c=19|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Flow diagram: Drivers of growth (indicated by a plus sign).
- Continued progress on efficiency
- Higher investment income
- Data & AI to further enhance customer experience & technical excellence
</div>
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{chunk|doc=snjra2xp9r|c=20|p=11}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
{{fn note|1=1|2=1. Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|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 ===
 
* €57bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=21|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
Donut chart: [[Definition:Gross written premiums|Gross Written Premium]] (GWP) split by business line, in Euro billion.
|-
- Short-term: ~€15bn (dark blue segment)
! style="text-align:left" |
- Long-term: ~€42bn (light blue segment)
! style="text-align:left" | 2025
- Center label: €57bn GWP
! style="text-align:left" | Beyond 2025
</div>
|-
 
| style="text-align:left" | Long-term business
{{chunk|doc=snjra2xp9r|c=22|p=12}}
| style="text-align:left" | Accelerating net flows in Savings at attractive margins
====== Underlying earnings ======
| style="text-align:left" | Capturing savings &amp; retirement opportunity, sourcing best asset management products for our customers
 
|-
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn.
| style="text-align:left" | Short-term business
 
| style="text-align:left" | Growing technical results while absorbing Mexico VAT impact
{{chunk|doc=snjra2xp9r|c=23|p=12}}
| style="text-align:left" | Capitalizing on demand for health &amp; protection while further improving our margins
====== L&H – Good momentum, well positioned to capture growth opportunities ======
|}
 
<div class="ed-chart-desc">
[Chart/image description:]
Two-column roadmap: Strategic priorities for 2025 and Beyond 2025.
Left column header: 2025
- Long-term business: Accelerating net flows in Savings at attractive margins
- Short-term business: Growing technical results while absorbing Mexico VAT impact
Right column header: Beyond 2025
- Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for our customers
- Short-term business: Capitalizing on demand for health & protection while further improving our margins
</div>
 
{{chunk|doc=snjra2xp9r|c=24|p=12}}
====== L&H – Good momentum, well positioned to capture growth opportunities ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Three horizontal strategy boxes below the roadmap, connected by a central plus icon.
- Left box: Focus on cost reduction
- Center box: Increasing penetration of Protection riders in Savings offerings
- Right box: Leveraging AI to reduce claims leakage & improve customer outcomes in Health
</div>
 
* Focus on cost reduction
{{chunk|doc=snjra2xp9r|c=25|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
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
Line 294 ⟶ 271:
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=2613|p=13}}
====== GroupSection CFO ======
 
* Alban de Mailly Nesle is the Group CFO.
* Group CFO
 
{{chunk|doc=snjra2xp9r|c=14|p=14}}
=== P&C – Continued disciplined growth ===
 
<div style="overflow-x:auto">
==== GWP & Other Revenues ====
{| id="t5" class="wikitable fintable"
 
|+ GWP &amp; Other Revenues (In Euro billion)
{{chunk|doc=snjra2xp9r|c=27|p=14}}
|-
====== GWP & Other Revenues ======
! style="text-align:left" | In Euro billion
 
<div! class="edcol-chartm" style="text-descalign:right"> | FY24
! class="col-m" style="text-align:right" | FY25
[Chart/image description:]
! class="col-s" style="text-align:right" | Change
Stacked bar chart: [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
! 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.}}
|-
| style="text-align:left" | Commercial lines
| 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=28|p=14}}
====== GWP & Other Revenues by segment ======
 
* [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] increased +5% to EUR 58.0bn in [[Definition:Full year 2025|FY25]] (prior: EUR 56.5bn).
* Commercial lines GWP & Other Revenues were EUR 35.8bn, with +4% change, comprising +2% from pricing and +2% from volume.
* AXA XL Reinsurance GWP & Other Revenues were EUR 2.6bn, with +8% change, comprising +0.3% from pricing and +7% from volume.
* Retail lines GWP & Other Revenues were EUR 19.7bn, with +7% change, comprising +5% from pricing and +2% from volume.
 
{{chunk|doc=snjra2xp9r|c=29|p=14}}
====== GWP & Other Revenues ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Table panel showing Change, o/w pricing, o/w volume columns alongside the bar chart as described above.
</div>
 
{{chunk|doc=snjra2xp9r|c=30|p=14}}
====== Commercial Lines Growth Drivers ======
 
* Continued pricing momentum and volume growth in Mid-market and SME
* GrowthGrowing in lines of business with attractive margins, withwhile aremaining focusfocused on retention at AXA XL Insurance
 
'''AXA XL Reinsurance'''
* Growth supported by alternative capital
 
'''Retail lines'''
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
 
{{chunk|doc=snjra2xp9r|c=31|p=14}}
====== 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 ===
 
<div style="overflow-x:auto">
==== Combined ratio ====
{| id="t6" class="wikitable fintable"
 
|+ Combined ratio
{{chunk|doc=snjra2xp9r|c=32|p=15}}
|-
====== Combined ratio ======
! style="text-align:left" |
 
<div! class="edcol-chartm" style="text-descalign:right"> | FY24
! class="col-m" style="text-align:right" | FY25
[Chart/image description:]
|-
Stacked bar chart: Combined ratio, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
FY24 Total: 91.0%
| style="text-align:right" | 67.4%
- Undiscounted CY loss ratio (ex Nat Cat): 67.4%
| style="text-align:right" | 67.0%
- Expense ratio: 25.0%
|-
- Nat Cat: 3.8%
| style="text-align:left" | Expense ratio
- Prior year reserve development: -1.6%
| style="text-align:right" | 25.0%
- Discount: -3.6%
| style="text-align:right" | 24.8%
FY25 Total: 90.6%
|-
- Undiscounted CY loss ratio (ex Nat Cat): 67.0%
| style="text-align:left" | Nat Cat
- Expense ratio: 24.8%
| style="text-align:right" | 3.8%
- Nat Cat: 3.4%
| style="text-align:right" | 3.4%
- Prior year reserve development: -1.1%
|-
- Discount: -3.5%
| 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=33|p=15}}
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
====== Undiscounted current year loss ratio and expense 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
* 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.
* Nat Cat charges below normalized load
* Undiscounted current year loss ratio (excluding Nat Cat) improved due to stable AXA XL Insurance margins at attractive levels, reflecting disciplined cycle management.
* Lower reliance on prior year reserve development
* Expense ratio improved due to efficiency measures, while continuing investment in growth initiatives and technology.
* Taking advantage of a good year to enhance reserve prudence
* Nat Cat charges were below the normalized load.
* There was lower reliance on prior year reserve development.
* Reserve prudence was enhanced during a good year.
 
{{chunk|doc=snjra2xp9r|c=16|p=16}}
=== P&C – Earnings growth from higher underwriting and financial result ===
 
'''[[Definition:Underlying earnings|Underlying Earnings]]'''
{{chunk|doc=snjra2xp9r|c=34|p=16}}
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
====== P&C earnings growth ======
 
* P&C earnings growth was driven by higher underwriting and financial results.
 
==== Underlying Earnings ====
 
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== Underlying Earnings ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Waterfall chart: [[Definition:Underlying earnings|Underlying Earnings]], [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]], in Euro million.
- FY24: 5,510
- Volume growth: +292
- Margin improvement: +189
- Underwriting result{{fn ref|1}} (grouping Volume growth and Margin improvement): +481 (calculated from components)
- Investment income: +435
- Insurance finance expenses: -235
- Financial result (grouping Investment income and Insurance finance expenses): +200 (calculated from components)
- Tax: -169
- Affiliates, [[Definition:Foreign exchange|FX]] & other: -150
- FY25: 5,872
- Total change FY24 to FY25: +9%
</div>
 
{{chunk|doc=snjra2xp9r|c=36|p=16}}
====== Underlying earnings drivers ======
 
* 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
* 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=37|p=16}}
{| id="t7" class="wikitable fintable"
====== Underlying Earnings ======
|+ Underlying Earnings
|-
! style="text-align:left" | In Euro million
! class="col-m" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth
| style="text-align:right" | +292
|-
| style="text-align:left" | Margin improvement
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
| 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.}}'''
* Volume growth
* Margin improvement
 
'''Financial result'''
* Investment income
* 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 ===
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=38|p=17}}
====== Financial metrics ======
 
<div style="overflow-x:auto">
* All financial figures are in EUR billion.
{| id="t8" class="wikitable fintable"
 
====|+ Life GWP &amp; Other Revenues ====
|-
 
! style="text-align:left" | In Euro billion
{{chunk|doc=snjra2xp9r|c=39|p=17}}
! class="col-m" style="text-align:right" | FY24
====== Life GWP & Other Revenues ======
! class="col-m" style="text-align:right" | FY25
 
<div! class="edcol-charts" style="text-descalign:right"> | Change
|-
[Chart/image description:]
| style="text-align:left" | Protection
Stacked bar chart: Life [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
| style="text-align:right" | —
Total:
| style="text-align:right" | 17.3
- FY24: 34.5
| style="text-align:right" | +11%
- FY25: 37.5 (+9% change)
|-
| 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 GWP & Other Revenues by segment ======
|+ Health GWP &amp; Other Revenues
 
|-
* Protection [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]: EUR 17.3bn (+11%) in [[Definition:Full year 2025|FY25]]
! style="text-align:left" | In Euro billion
* Unit-linked GWP & Other Revenues: EUR 9.3bn (+13%) in FY25
! style="text-align:right" | FY24
* Capital light G/A GWP & Other Revenues: EUR 9.0bn (+7%) in FY25
! style="text-align:right" | FY25
* Traditional G/A GWP & Other Revenues: EUR 1.9bn (-7%) in FY25
! style="text-align:right" | Change
* Employee Benefits GWP & Other Revenues: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]]) in FY25
|-
 
| style="text-align:left" | Individual
==== Health GWP & Other Revenues ====
| style="text-align:right" | —
 
| style="text-align:right" | 10.5
{{chunk|doc=snjra2xp9r|c=41|p=17}}
| style="text-align:right" | +6%
====== Health GWP & Other Revenues ======
|-
 
| style="text-align:left" | Group
<div class="ed-chart-desc">
| style="text-align:right" | —
[Chart/image description:]
| style="text-align:right" | 8.5
Stacked bar chart: Health [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
| style="text-align:right" | +4%
Total:
|-
- FY24: 17.5
| style="text-align:left" | <b>Total</b>
- FY25: 19.0 (+5% change)
| 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=42|p=17}}
* Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])
====== Health GWP & Other Revenues by Segment ======
 
<div style="overflow-x:auto">
* Individual segment: [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] +6% to EUR 10.5bn
{| id="t10" class="wikitable fintable"
* Group segment: FY25 GWP & Other Revenues +4% to EUR 8.5bn
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
 
|-
==== Net flows: €+5.4bn vs. €+1.5bn in FY24 ====
! style="text-align:left" | In Euro billion
 
! class="col-s" style="text-align:right" | FY25
{{chunk|doc=snjra2xp9r|c=43|p=17}}
|-
====== Net flows: €+5.4bn vs. €+1.5bn in FY24 ======
| style="text-align:left" | Protection
 
| style="text-align:right" | +4.9
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | Health
Horizontal bar chart: Net flows by segment, in Euro billion.
| style="text-align:right" | +2.7
- Protection: +4.9
|-
- Health: +2.7
| style="text-align:left" | Unit-Linked: +1.5
| style="text-align:right" | +1.5
- Capital light G/A: +1.2
|-
- Traditional G/A: -5.0
| 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>
 
{{chunk|doc=snjra2xp9r|c=44|p=17}}
====== Net flows: €+5.4bn vs. €+1.5bn in FY24 ======
 
{{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 ===
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=45|p=18}}
====== Life & Health net flows ======
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
* Life & Health net flows were EUR 1.4bn in FY23.
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
* Protection & Health net flows were EUR 3.2bn in FY23.
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
* Savings net flows were -EUR 1.8bn in FY23.
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=46|p=18}}
{| id="t11" class="wikitable fintable"
====== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
|+ PVEP
|-
! 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 &amp; Health
| style="text-align:right" | —
| style="text-align:right" | 31.4
| style="text-align:right" | -4%
|-
| 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 classstyle="edoverflow-chart-descx:auto">
{| id="t12" class="wikitable fintable"
[Chart/image description:]
|+ NB CSM (pre-tax)
Bar chart: PVEP, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
|-
Protection & Health: 50.9 (FY24), 49.4 (FY25, -2%)
! style="text-align:left" | In Euro billion
Unit-Linked: 8.5 (FY25, +18%)
! class="col-s" style="text-align:right" | FY24
Capital-light G/A: 7.8 (FY25, -10%)
! class="col-s" style="text-align:right" | FY25
Traditional G/A: 1.7 (FY25, -10%)
! class="col-s" style="text-align:right" | 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=47|p=18}}
{| id="t13" class="wikitable fintable"
====== New Business Value (NBV) and Contractual Service Margin (CSM) ======
|+ NBV (post-tax)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | NBV (post-tax)
| style="text-align:right" | 2.3
| 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]].
* NB CSM (pre-tax) was EUR 2.2bn in [[Definition:Full year 2024|FY24]] and EUR 2.2bn (+3%) in [[Definition:Full year 2025|FY25]].
* NBV (post-tax) was EUR 2.3bn in FY24 and EUR 2.2bn (stable) in FY25.
* NBV margin was 4.4% in FY24 and 4.5% in FY25.
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
* 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.
 
{{chunk|doc=snjra2xp9r|c=19|p=19}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
<!-- furniture -->
==== Contractual Service Margin rollforward ====
 
{{chunk|doc=snjra2xp9r|c=48|p=19}}
====== Contractual Service Margin rollforward ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t14" class="wikitable fintable"
[Chart/image description:]
Waterfall chart:|+ Contractual Service Margin rollforward, [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]], in Euro billion.
|-
- FY24: 33.6 (o/w Life: 25.8, o/w Health: 7.7)
! style="text-align:left" | In Euro billion
- New business CSM: +2.2
! class="col-m" style="text-align:right" | Value
- Underlying return on in-force: +1.3
|-
- CSM release: -3.0
| style="text-align:left" | FY24
- Normalized CSM growth: +2% (grouping New business CSM, Underlying return on in-force, and CSM release)
| style="text-align:right" | 33.6
- Economic variance: +0.6
|-
- Operating variance: -0.3
| style="text-align:left" | New business CSM
- Affiliates, [[Definition:Foreign exchange|FX]] & other: -1.4
| style="text-align:right" | +2.2
- FY25: 33.0 (o/w Life: 25.4, o/w Health: 7.6)
|-
| 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>
 
'''Normalized CSM growth +2%'''
{{chunk|doc=snjra2xp9r|c=49|p=19}}
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
====== Contractual Service Margin rollforward ======
* 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'''
* Normalized CSM up +2%.
* [[Definition:Full year 2024|FY24]] o/w Life: 25.8
* CSM release growth reflects better margins.
* FY24 o/w Health: 7.7
* New business CSM growth impacted by higher rates.
* [[Definition:Full year 2025|FY25]] o/w Life: 25.4
* Economic variance reflects government spreads tightening and positive equity market returns.
* FY25 o/w Health: 7.6
* Operating variance driven by better margins and net flows, offset by a reduction in the duration of Group Life business in Switzerland.
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation.
 
{{fn note|1=1|2=Change at constant scope and FX.}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
<!-- furniture -->
{{chunk|doc=snjra2xp9r|c=50|p=20}}
====== Financial reporting currency ======
 
{{chunk|doc=snjra2xp9r|c=20|p=20}}
* All financial figures are presented in EUR millions.
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
<div style="overflow-x:auto">
==== Underlying Earnings ====
{| id="t15" class="wikitable fintable"
 
|+ Underlying Earnings +7%
{{chunk|doc=snjra2xp9r|c=51|p=20}}
|-
====== Underlying Earnings ======
! style="text-align:left" | In Euro million
 
<div! class="edcol-charts" style="text-descalign:right"> | FY24
! style="text-align:left" | Short-term technical margin
[Chart/image description:]
! style="text-align:left" | Long-term result incl. CSM release
Bar chart: [[Definition:Underlying earnings|Underlying earnings]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro million.
! class="col-s" style="text-align:right" | Financial result
FY24 total: 3,323
! class="col-s" style="text-align:right" | Tax, FX and others
- Short-term technical margin: 415
! class="col-s" style="text-align:right" | FY25
- Long-term result incl. CSM release: 2,680
|-
- Financial result: 975
| style="text-align:left" | —
- Tax & others: -748
| style="text-align:right" | 3,323
Change drivers:
| style="text-align:left" | +60
- Short-term technical margin: +60
| style="text-align:left" | +156
- Long-term result incl. CSM release: +156
| style="text-align:right" | -11
- Financial result: -11
| style="text-align:right" | -27
- Tax, [[Definition:Foreign exchange|FX]] and others: -27
FY25| totalstyle="text-align:right" | 3,501
|-
- Short-term technical margin: 479
| style="text-align:left" | Short-term technical margin
- Long-term result incl. CSM release: 2,804
| style="text-align:right" | 415
- Financial result: 946
| style="text-align:left" | —
- Tax & others: -728
| style="text-align:left" | —
Overall change: +7%
| style="text-align:right" | —
o/w Life: 2.6 → 2.7 (+4% vs. FY24)
| style="text-align:right" | —
o/w Health: 0.7 → 0.8 (+17% vs. FY24)
| 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*
{{chunk|doc=snjra2xp9r|c=52|p=20}}
====== Short-term technical margin ======
 
* o/w Life: 2.6 → 2.7, +4% vs. [[Definition:Full year 2024|FY24]]
* Short-term technical margin was strong, reflecting underwriting and claims initiatives.
* o/w Health: 0.7 → 0.8, +17% vs. FY24
* This strength more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
 
Change at constant [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=53|p=20}}
====== Long-term results ======
 
* 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)
* Long-term results were higher due to an +8% increase in CSM release.
* ThisHigher long-term results from increase reflectsin CSM release (+8%) reflecting growth in the 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=54|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 626 ⟶ 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=55|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 ====
{| id="t17" class="wikitable fintable"
 
====|+ Underlying earnings per share In Euro ====
|-
 
! style="text-align:left" | In Euro
{{chunk|doc=snjra2xp9r|c=56|p=21}}
! class="col-s" style="text-align:right" | FY24
====== Underlying earnings per share in Euro ======
! class="col-s" style="text-align:right" | FY25
 
|-
* [[Definition:Underlying earnings per share|Underlying earnings per share]] in Euro
| style="text-align:left" | Underlying earnings per share
 
| style="text-align:right" | 3.59
{{chunk|doc=snjra2xp9r|c=57|p=21}}
| style="text-align:right" | 3.86
====== Underlying earnings per share In Euro ======
|-
 
| style="text-align:left" | Change
<div class="ed-chart-desc">
| style="text-align:right" | —
[Chart/image description:]
| style="text-align:right" | +8%
Bar chart: [[Definition:Underlying earnings per share|Underlying earnings per share]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro.
|}
FY24: 3.59
FY25: 3.86
Overall change: +8%
</div>
 
* +6% from earnings growth
{{chunk|doc=snjra2xp9r|c=58|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.}}
* Earnings growth contributed +6%.
* [[Definition:Capital management|Capital management]] contributed +3%.
* Forex impact was -2%.
* Forex impact included -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the [[Definition:AXA Investment Managers|AXA IM]] sale, related to the timing of anti-dilutive [[Definition:Share buyback|share buyback]].
 
{{chunk|doc=snjra2xp9r|c=5922|p=2122}}
====== CurrencyShareholders’ notationEquity ======
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=59|p=22|cont=1}}
* All figures are in EUR billion.
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=60|p=22}}
{| id="t18" class="wikitable fintable"
====== Underlying earnings per share In Euro ======
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! class="col-m" style="text-align:right" | FY24
Stacked bar chart: Shareholders' equity{{fn ref|1}}, [[Definition:Full year 2024|FY24]], HY25, and [[Definition:Full year 2025|FY25]], in Euro billion.
! class="col-m" style="text-align:right" | HY25
- FY24:
! class="col-m" style="text-align:right" | FY25
- SHE (excl. OCI): 58.0
|-
- Net OCI: -8.1
| style="text-align:left" | SHE (excl. OCI)
- Total Shareholders' equity: 49.9
| style="text-align:right" | 58.0
- SHE (excl. OCI & undated subordinated debt): 53.2
| style="text-align:right" | 52.7
- Debt gearing: 20.6%
| style="text-align:right" | 54.0
- Underlying ROE: 15.2%
|-
- HY25:
| style="text-align:left" | Net OCI
- SHE (excl. OCI): 52.7
| style="text-align:right" | -8.1
- Net OCI: -7.2
| style="text-align:right" | -7.2
- Total Shareholders' equity: 45.5
| style="text-align:right" | -6.8
- SHE (excl. OCI & undated subordinated debt): 47.0
|-
- Debt gearing: 23.4%
| style="text-align:left" | <b>Shareholders' equity</b>
- Underlying ROE: 17.5%
| style="text-align:right" | <b>49.9</b>
- FY25:
| style="text-align:right" | <b>45.5</b>
- SHE (excl. OCI): 54.0
| style="text-align:right" | <b>47.2</b>
- Net OCI: -6.8
|-
- Total Shareholders' equity: 47.2
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt): 49.4
| style="text-align:right" | 53.2
- Debt gearing: 22.3%
| style="text-align:right" | 47.0
- Underlying ROE: 16.0%
| 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}}
====== Shareholders' equity ======
 
<div style="overflow-x:auto">
{| id="t3t19" class="wikitable fintable"
|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
|-
! style="text-align:left" | inIn 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 748 ⟶ 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 770 ⟶ 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' equity Group share.}}
 
{{fn note|1=1|2=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=62|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: Net Cash Remittance, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
-| FY24style="text-align:left" 7.7| totalProceeds (consistingrelated ofto 7.1in-force basetreaties{{fn andref|2|2=2. 0€0.66bn "Proceedsproceeds related to L&amp;S reinsurance in-force treaties{{fn ref|2at AXA France and AXA Life Europe.}}")
| style="text-align:right" | 0.6
- FY25: 7.5
| style="text-align:right" | —
- Remittance ratio{{fn ref|1}}: FY24: 82%, FY25: 82%
|-
| style="text-align:left" | Ordinary cash remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| 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=63|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>
| style="text-align:right" | <b>4.0</b>
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 822 ⟶ 983:
| style="text-align:right" | +3.1
|-
| style="text-align:left" | <b>FY25 Cash position</b>
| style="text-align:right" | <b>5.6</b>
|}
</div>
 
{{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=64|p=24}}
====== Solvency II ratio ======
 
* Solvency II ratio at 224%
 
{{chunk|doc=snjra2xp9r|c=65|p=24}}
====== Solvency II at 224% ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: Eligible Own Funds (EOF) and Solvency Capital Requirement (SCR) for [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]], in Euro billion.
EOF FY24: 55.9
EOF FY25: 56.4
SCR FY24: 25.9
SCR FY25: 25.2
Drivers of EOF change from FY24 to FY25: +0.2 (Regulatory & model changes), +8.8 (Normalized capital generation), -0.4 (Operating variance), -2.1 (Economic variance & [[Definition:Foreign exchange|FX]]), -6.0 ([[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]]), -0.1 (Management actions, debt & other)
Drivers of SCR change from FY24 to FY25: 0.0 (Regulatory & model changes), +0.6 (Normalized capital generation), 0.0 (Operating variance), -1.2 (Economic variance & FX), 0.0 (Dividend & annual share buyback), -0.2 (Management actions, debt & other)
Annotation: Foreseeable dividends: €4.8bn. Provision for annual share buyback for [[Definition:Year 2026|2026]]: €1.25bn.
</div>
 
{{chunk|doc=snjra2xp9r|c=66|p=24}}
====== Solvency II ratio ======
 
* Solvency II ratio was 216% in [[Definition:Full year 2024|FY24]] and 224% in [[Definition:Full year 2025|FY25]].
* Drivers of Solvency II ratio change from FY24 to FY25:
** Regulatory & model changes: +0pt
** Normalized capital generation: +28pts
** Operating variance: -1pt
** Economic variance & [[Definition:Foreign exchange|FX]]: +4pts
** [[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]]: -24pts
** Management actions, debt & other: +2pts
 
{{chunk|doc=snjra2xp9r|c=67|p=24}}
====== Solvency II at 224% ======
 
<div class="ed-chart-desc">
[Chart/image description:]
#### Key sensitivities
Bar chart: Key sensitivities to Solvency II ratio as of December 31, 2025.
Base ratio: 224%
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=68|p=24}}
====== Solvency II at 224% ======
 
{{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=69|p=25}}
====== Solvency II ratio impact of 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:right" | +0pt
| style="text-align:left" | ▶ No change expected in organic capital generation<br/>▶ Additional capital flexibility
| 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>
 
* [[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]] details
{{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.}}
* Foreseeable dividends: €-4.8bn
 
* Provision for annual share buyback for [[Definition:Year 2026|2026]]: €-1.25bn
=== Thomas Buberl, Group CEO Conclusion ===
 
==== Conclusion ====
 
{{chunk|doc=snjra2xp9r|c=70|p=26}}
====== CEO statement ======
 
* Thomas Buberl is the Group CEO.
 
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=71|p=27}}
====== Business performance and outlook ======
 
* Achieved record results 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.
* Laying foundations for the next plan and confident 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 investor relations management.
</div>
 
{{chunk|doc=snjra2xp9r|c=73|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
<div style="overflow-x:auto">
{| id="t6t23" class="wikitable fintable"
|+ Key sensitivities
|-
| style="text-align:left" | Ratio as of December 31, 2025
| style="text-align:right" | <b>224%</b>
|-
!| style="text-align:left" | MarchInterest rate +50bps
!| style="text-align:leftright" | Roadshows+2 pts
! style="text-align:right" | Europe and US
|-
| style="text-align:left" | MayInterest 5rate -50bps
| style="text-align:leftright" | 1Q25-1 Activity Indicatorspt
| style="text-align:right" | Paris
|-
| style="text-align:left" | JuneCorporate 2spreads +50bps
| style="text-align:leftright" | BNP-1 Paribas Exane CEO Conferencept
| style="text-align:right" | Paris
|-
| 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:left" | June 2-4
| style="text-align:leftright" | Goldman-7 Sachs European Financials Conferencepts
| style="text-align:right" | Zurich
|-
| 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:left" | July 31
| style="text-align:leftright" | HY26-4 Earnings Releasepts
| style="text-align:right" | Paris
|-
| style="text-align:left" | SeptemberListed 21Equity (excl. PE &amp; Infra) +25%
| style="text-align:leftright" | AXA-1 Investor Daypt
|-
| style="text-align:right" | London
| 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>
 
{{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=74|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 ======
 
{{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%
{{chunk|doc=snjra2xp9r|c=75|p=29}}
* Impact of the end of grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts to 215%
====== AXA Investor Relations – Keep in touch ======
* 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.}}
<div class="ed-chart-desc">
[Chart/image description:]
Share/follow icon.
</div>
 
== Conclusion ==
{{chunk|doc=snjra2xp9r|c=76|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
{{chunk|doc=snjra2xp9r|c=26|p=26}}
<div class="ed-chart-desc">
=== Section ===
[Chart/image description:]
YouTube icon.
</div>
 
'''Thomas Buberl, Group CEO'''
{{chunk|doc=snjra2xp9r|c=77|p=29}}
====== Investor relations contact ======
 
{{chunk|doc=snjra2xp9r|c=27|p=27}}
* For investor relations inquiries, contact f.
=== Conclusion ===
 
* Record results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence
{{chunk|doc=snjra2xp9r|c=78|p=29}}
* All businesses in excellent shape, delivering strong growth and profitability
====== AXA Investor Relations – Keep in touch ======
* Diversified franchise, well-positioned to capture future growth opportunities
* Laying foundations for the next plan and confident in delivering sustainable earnings growth
 
== Q&A Full Year 2025 Earnings February 26, 2026 ==
<div class="ed-chart-desc">
[Chart/image description:]
Facebook icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=7928|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
'''Meet our management'''
<div class="ed-chart-desc">
* March: Roadshows — Europe and US
[Chart/image description:]
* May 5: 1Q25 Activity Indicators — Paris
Instagram icon.
* June 2: BNP Paribas Exane CEO Conference — Paris
</div>
* 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'''
{{chunk|doc=snjra2xp9r|c=80|p=29}}
====== AXA* Investor Relations – Keep in touch ======
* +33 1 40 75 48 42
* investor.relations@axa.com
 
'''Follow us'''
<div class="ed-chart-desc">
* www.axa.com
[Chart/image description:]
Twitter/X icon.
</div>
 
== Appendices ==
{{chunk|doc=snjra2xp9r|c=81|p=29}}
====== investor relations contact ======
 
{{chunk|doc=snjra2xp9r|c=29|p=31}}
* For investor relations inquiries, contact the AXA Investor Relations team.
=== Contents ===
* Contact details: `axa.investor.relations@axa.com`.
* Contact details: `+33 1 40 75 46 85`.
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=82|p=29}}
* 2. Additional P&C disclosures p.36
====== AXA Investor Relations – Keep in touch ======
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=30|p=32}}
<div class="ed-chart-desc">
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
[Chart/image description:]
LinkedIn icon.
</div>
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=83|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t24" class="wikitable fintable"
[Chart/image description:]
|+ Gross financial debt{{fn ref|1,2}}
Sustainability/leaf icon.
|-
! 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-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=84|p=29}}
====== Investor relations contact ======
 
<div style="overflow-x:auto">
* For investor relations, contact O.
{| id="t25" class="wikitable fintable"
 
|+ Contractual maturity breakdown
{{chunk|doc=snjra2xp9r|c=85|p=29}}
|-
====== AXA Investor Relations – Keep in touch ======
! style="text-align:left" | In Euro billion
 
<div! class="edcol-charts" style="text-descalign:right"> | 2025
! class="col-s" style="text-align:right" | 2026
[Chart/image description:]
! class="col-s" style="text-align:right" | 2027
Additional social/web icon.
! 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}}
====== AXA Investor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
AXA logo.
</div>
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=87|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 31st, 2025 ===
 
{{chunk|doc=snjra2xp9r|c=88|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Stacked bar chart: Gross financial debt{{fn ref|1,2}}, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]] vs Jan 1st [[Definition:Year 2026|2026]] (End of the grandfathering period).
Legend: Tier 1, Tier 2, Senior debt.
- FY24: Total 19.2 (Debt gearing: 20.6%)
- Tier 1: 4.8
- Tier 2: 10.8
- Senior debt: 3.5
- FY25: Total 20.3 (Debt gearing: 22.3%)
- Tier 1: 4.6
- Tier 2: 12.2
- Senior debt: 3.5
- Jan 1st 2026 (End of the grandfathering period): Total 20.3
- Tier 1: 3.2
- Tier 2: 11.3
- Senior debt: 5.8 (with callout: "o/w €0.4bn redeemed in Jan 2026")
</div>
 
{{chunk|doc=snjra2xp9r|c=89|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Two stacked bar charts showing maturity breakdowns.
Legend: Tier 1, Tier 2, Senior debt.
</div>
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
====== Contractual maturity breakdown ======
 
* Contractual maturity breakdown:
** 2028: Senior debt: 0.5
** 2030: Tier 2: 0.7; Senior debt: 0.9
** 2031-2039: Tier 2: 1.5
** ≥2040: Tier 2: 10.8; Senior debt: 0.5
** Undated: Tier 1: 4.6; Tier 2: 0.7
** o/w Grandfathered debt:
*** Tier 1: Undated: 1.4
*** Tier 2: 2030: 0.7; ≥2040: 0.2
 
{{chunk|doc=snjra2xp9r|c=91|p=32}}
====== Economic maturity breakdown ======
 
* Economic maturity breakdown:
** [[Definition:Year 2026|2026]]: Tier 1: 0.1
** 2027: Tier 2: 2.4
** 2028: Tier 1: 0.1; Senior debt: 0.5
** 2029: Tier 2: 2.0
** 2030: Tier 2: 0.7; Senior debt: 0.9
** 2031-2039: Tier 1: 0.4; Tier 2: 6.4; Senior debt: 1.5
** ≥2040: Senior debt: 0.5
** Undated: Tier 1: 4.0; Tier 2: 0.7
** o/w Grandfathered debt:
*** Tier 1: 2026: 0.1; 2028: 0.1; 2031-2039: 0.4; Undated: 0.8
*** Tier 2: 2030: 0.7; 2031-2039: 0.2
 
{{chunk|doc=snjra2xp9r|c=92|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF €139m£139m due 2054 callable 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 ===
 
'''[[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:]
Donut chart: [[Definition:Full year 2025|FY25]] Total General Account invested assets, Duration gap at -0.4 year.
Total value in center: Euro 450 billion
Segments (with legend):
- Fixed income
- Real estate
- Infrastructure equity
- Listed equities
- Private equity and hedge funds
- Cash
- Policy loans
</div>
 
{{chunk|doc=snjra2xp9r|c=94|p=33}}
====== Invested assets (100%) 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 1,209 ⟶ 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 1,221 ⟶ 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 1,237 ⟶ 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>
! class="col-s"| style="text-align:right" | <b>450</b>
! class="col-s"| 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 & 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=95|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 1,289 ⟶ 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>
| style="text-align:right" | <b>69</b>
| style="text-align:right" | <b>15%</b>
| style="text-align:left" | o/w 54% participating
|}
Line 1,300 ⟶ 1,474:
{{fn note|1=1|2=G/A: General Account}}
 
{{chunk|doc=snjra2xp9r|c=33|p=35}}
=== Investment portfolio – Fixed Income reinvestment ===
 
<div style="overflow-x:auto">
==== FY25 Fixed Income Reinvestment ====
{| id="t29" class="wikitable fintable"
 
|+ FY25 Fixed Income Reinvestment
{{chunk|doc=snjra2xp9r|c=96|p=35}}
|-
====== FY25 Fixed Income Reinvestment ======
! style="text-align:left" | Asset Class
 
! class="col-m" style="text-align:right" | Share (%)
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | Government bonds &amp; related (Average rating: AA)
Donut chart: [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment, total Euro 57 billion.
| style="text-align:right" | 32%
- Government bonds & related: 32% (Average rating: AA)
|-
- Investment grade credit: 40% (Average rating: A)
| style="text-align:left" | Investment grade credit (Average rating: A)
- ABS/CLO/IG fund financing: 21%
| style="text-align:right" | 40%
- Below investment grade credit: 7%
|-
| 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">
==== FY25 Fixed Income Reinvestment Yield ====
{| id="t30" class="wikitable fintable"
 
|+ FY25 Fixed Income Reinvestment Yield
{{chunk|doc=snjra2xp9r|c=97|p=35}}
|-
====== FY25 Fixed Income Reinvestment Yield ======
! style="text-align:left" | Category
 
<div! class="edcol-charts" style="text-descalign:right"> | Yield
|-
[Chart/image description:]
| style="text-align:left" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}
Bar chart: [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment Yield.
| style="text-align:right" | 3.5%
- Public fixed income{{fn ref|1}}: 3.5%
|-
- Private & Structured fixed income{{fn ref|2}}: 4.7%
| 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).}}
- Total fixed income: 3.9%
| style="text-align:right" | 4.7%
|-
| style="text-align:left" | Total fixed income
| style="text-align:right" | 3.9%
|}
</div>
 
==== ▶ '''Euro 57 billion fixed income invested at 3.9% ===='''
 
{{chunk|doc=snjra2xp9r|c=98|p=35}}
====== Fixed income portfolio ======
 
* Average duration of 9 years
* Includes EUREuro 19.7bn7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
** This 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=99|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=10034|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
==== Well diversified across lines of business and geographies ====
|-
 
! style="text-align:left" | Geography
{{chunk|doc=snjra2xp9r|c=101|p=37}}
! class="col-s" style="text-align:right" | Share (%)
====== Well diversified across lines of business and geographies ======
|-
 
| style="text-align:left" | Americas
<div class="ed-chart-desc">
| style="text-align:right" | 46%
[Chart/image description:]
|-
Two donut charts showing [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] composition.
| style="text-align:left" | Europe &amp; APAC
| style="text-align:right" | 35%
|-
| style="text-align:left" | UK &amp; Lloyds
| style="text-align:right" | 19%
|}
</div>
 
'''Leading market positions across lines'''
{{chunk|doc=snjra2xp9r|c=102|p=37}}
====== FY25 GWP by line of business ======
 
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business totaled USD 19bn:
** Casualty: 35%
** Property: 29%
** Specialty: 19%
** Professional lines: 17%
 
* Top 3 globally
{{chunk|doc=snjra2xp9r|c=103|p=37}}
* Multinational Programs{{fn ref|2|2=Source: McKinsey}}
====== FY25 GWP by geography ======
* Marine{{fn ref|3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026)}}
 
'''Managing the cycle to deliver consistent profitability'''
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by geography totaled USD 19bn:
** Americas: 46%
** Europe & APAC: 35%
** UK & Lloyds: 19%
 
* Qualitative chart: Profitability vs Ex-price growth (%)
==== Leading market positions across lines ====
* Property: High profitability, high ex-price growth
* Specialty: Medium-high profitability, medium-high ex-price growth
* Casualty: Medium profitability, medium ex-price growth
* Professional lines: Low-medium profitability, low-medium ex-price growth
 
{{fn note|1=1|2=Including Cyber}}
==== Top 3 globally ====
{{fn note|1=2|2=Source: McKinsey}}
 
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
{{chunk|doc=snjra2xp9r|c=104|p=37}}
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
====== P&C Commercial Lines ======
 
* Multinational Programs are a key offering.
* Marine is a key offering.
* Fine Art & Specie is a key offering.
 
==== Managing the cycle to deliver consistent profitability ====
 
{{chunk|doc=snjra2xp9r|c=105|p=37}}
====== Profitability ex-price growth ======
 
* Profitability Ex-price growth (%)
 
{{chunk|doc=snjra2xp9r|c=106|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bubble/scatter chart: lines of business plotted by Ex-price growth (%) on x-axis and Profitability on y-axis.
- Property: high profitability, moderate-to-high ex-price growth
- Specialty: mid profitability, mid ex-price growth
- Casualty: mid profitability, higher ex-price growth
- Professional lines: lower profitability, lower ex-price growth
Bubble sizes vary; exact axis values not printed.
@@ORIG_0@@
</div>
 
{{chunk|doc=snjra2xp9r|c=36|p=38}}
=== 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=107|p=38}}
|-
====== Net undiscounted claims reserves ratio ======
! 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=108|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: Claims reserves ratio, FY18 to [[Definition:Full year 2025|FY25]].
! style="text-align:right" | FY25
IFRS4:
|-
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:
| 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=109|p=38}}
|-
====== Net undiscounted technical reserves ratio ======
! style="text-align:left" |
 
! style="text-align:right" | FY18
* Net undiscounted technical reserves are measured as a ratio to Net earned premiums.
! style="text-align:right" | FY19
 
! style="text-align:right" | FY20
{{chunk|doc=snjra2xp9r|c=110|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: Technical reserves ratio, FY18 to [[Definition:Full year 2025|FY25]].
! style="text-align:right" | FY25
IFRS4:
|-
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:
| 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%
@@ORIG_0@@
| style="text-align:right" | 234%
| style="text-align:right" | 232%
| style="text-align:right" | 216%
| style="text-align:right" | 210%
|}
</div>
 
{{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 ===
 
'''Insurance segment (occurrence protection)'''
{{chunk|doc=snjra2xp9r|c=111|p=39}}
====== Currency notation ======
 
<div style="overflow-x:auto">
* All figures are in Euro.
{| id="t35" class="wikitable fintable"
 
|+ In Euro
{{chunk|doc=snjra2xp9r|c=112|p=39}}
|-
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
! style="text-align:left" | Peril
 
! class="col-s" style="text-align:right" | EU Windstorm
<div class="ed-chart-desc">
! class="col-s" style="text-align:right" | Europe Flood
[Chart/image description:]
! class="col-s" style="text-align:right" | Europe Earthquake
Bar chart: [[Definition:Year 2026|2026]] Simplified Group Nat Cat Reinsurance Program — Capacity and Retention by peril, Insurance segment (occurrence protection) and Reinsurance segment (illustrative), in Euro.
! 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=113|p=39}}
* Alternative Capital & Cat Bonds
====== 2026 Simplified Group Nat Cat Reinsurance Program ======
 
* Insurance segment (occurrence protection):
** 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: Retention EUR 400m
* Reinsurance segment (illustrative): includes Alternative Capital & Cat Bonds
* The program includes a EUR 1.0bn component.
 
{{chunk|doc=snjra2xp9r|c=114|p=39}}
====== Retention levels ======
 
* Retention levels are stable in [[Definition:Year 2026|2026]], consistent with 2025.
 
'''Key Takeaway'''
{{chunk|doc=snjra2xp9r|c=115|p=39}}
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,525 ⟶ 1,713:
{{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}}
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
 
'''In Euro billion (net of reinsurance)'''
{{chunk|doc=snjra2xp9r|c=116|p=40}}
====== P&C Nat Cat cost deviation ======
 
<div style="overflow-x:auto">
* All figures are in EUR billion, net of reinsurance.
{| 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
==== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ====
* 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=117|p=40}}
{| id="t37" class="wikitable"
====== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ======
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro billion
[Chart/image description:]
! style="text-align:right" | 2025
Bar chart: Group [[Definition:Underlying earnings|underlying earnings]] deviation to average Nat Cat charges in [[Definition:Year 2026|2026]].
! style="text-align:right" | 2026
The chart shows a distribution of outcomes from negative to positive deviation.
|-
- More severe years (Negative deviation in ca. 40% of cases):
| style="text-align:left" | Average Expected Nat Cat charges
- 1/20y (95th): €-1.2bn
| style="text-align:right" | 2.6
- 1/10y (90th): €-0.8bn
| style="text-align:right" | 2.7
- 1/5y (80th): €-0.4bn
|-
- Median (50th): €+0.1bn
| style="text-align:left" | Estimated impact on GEP
- Less severe years (Positive deviation in ca. 60% of cases):
| style="text-align:right" | ca. 4.5%
- 1/5y (20th): €+0.5bn
| style="text-align:right" | ca. 4.5%
- 1/10y (10th): €+0.7bn
|}
- 1/20y (5th): €+0.8bn
</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).}}
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====
 
{{chunk|doc=snjra2xp9r|c=11839|p=4041}}
=== Contents ===
====== Average Expected Nat Cat charges net of reinsurance, pre-tax ======
 
* 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
Bar chart: Average Expected Nat Cat charges, 2025 vs [[Definition:Year 2026|2026]], in Euro billion.
* 4. Sustainability p.44
- 2025: 2.6
- 2026: 2.7
- Estimated impact on GEP:
- 2025: ca. 4.5%
- 2026: ca. 4.5%
</div>
 
{{chunk|doc=snjra2xp9r|c=11940|p=4042}}
=== P&C – Margin Analysis ===
====== Average Expected Nat Cat charges net of reinsurance, pre-tax ======
 
<div style="overflow-x:auto">
{{fn note|1=1|2=1. 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).}}
{| id="t38" class="wikitable"
 
|+ Technical Result In Euro million (pre-tax)
{{chunk|doc=snjra2xp9r|c=120|p=41}}
|-
====== Additional P&C disclosures ======
! style="text-align:left" | In Euro million (pre-tax)
! style="text-align:right" | FY25
! style="text-align:right" | Change
|-
| style="text-align:left" | <b>Current Accident Year Undiscounted Technical Margin</b>
| style="text-align:right" | <b>2,778</b>
| style="text-align:right" | <b>+707</b>
|-
| style="text-align:left" | Gross Earned Premiums
| style="text-align:right" | 57,656
| style="text-align:right" | +6%
|-
| style="text-align:left" | Current Accident Year Undiscounted Combined Ratio
| style="text-align:right" | 95.2%
| style="text-align:right" | -1.0pt
|-
| 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">
{| id="t11t39" class="wikitable"
|+ Financial 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>Investment Income</b>
| style="text-align:leftright" | Additional P&amp;C disclosures<b>3,988</b>
| style="text-align:right" | p.36<b>+435</b>
|-
| style="text-align:left" | 3.FY25 Average Assets
| style="text-align:leftright" | Additional IFRS17 disclosures€115bn
| style="text-align:right" | p.41—
|-
| style="text-align:left" | 4.Asset book yield
| style="text-align:leftright" | Sustainability3.5%
| style="text-align:right" | p.44—
|-
| 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.}}'''
=== P&C – Margin Analysis ===
* +25bps: €+0.2bn
* -25bps: €-0.2bn
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=121|p=42}}
{| id="t40" class="wikitable"
====== P&C – Margin Analysis ======
|+ Underlying Earnings
 
|-
<div class="ed-chart-desc">
! style="text-align:left" | In Euro million (pre-tax)
[Chart/image description:]
! style="text-align:right" | FY25
Bar chart: Technical Result and Financial Result for P&C, [[Definition:Full year 2025|FY25]], in Euro million (pre-tax). The chart shows a flow from Technical Result components (Current Accident Year Undiscounted Technical Margin, Current Accident Year Discounting, Prior Years' Reserve Development) to Financial Result components (Investment Income, Insurance Finance Expenses), culminating in [[Definition:Underlying earnings|Underlying Earnings]] before tax and Underlying Earnings.
! 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=122|p=42}}
* ~ €-1.4bn
====== Technical Result ======
 
* Current Accident Year Undiscounted Technical Margin: EUR 2,778m (+EUR 707m)
* Gross Earned Premiums: EUR 57,656m (+6%)
* Current Accident Year Undiscounted Combined Ratio: 95.2% (-1.0pt)
** of which Nat Cats: 3.4% (-0.4pt)
* Current Accident Year Discounting: EUR 2,009m (+EUR 115m)
* 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 622m (-EUR 341m)
* PYD ratio: -1.1% (+0.7pt)
 
{{chunk|doc=snjra2xp9r|c=123|p=42}}
====== Financial Result and Underlying Earnings ======
 
* Investment Income: EUR 3,988m (+EUR 435m)
* [[Definition:Full year 2025|FY25]] Average Assets: EUR 115bn
* Asset book yield: 3.5%
* FY25 Reinvestment yield: 4.3%
* Insurance Finance Expenses: EUR -1,358m (-EUR 235m)
* [[Definition:Full year 2024|FY24]] Reserves at locked-in rate: EUR 71bn
* Liability book yield: 1.9%
* [[Definition:Underlying earnings|Underlying Earnings]] before tax: EUR 8,040m (+EUR 681m)
* Tax: EUR -2,060m (-EUR 169m)
* Affiliates, Minority interests & Other: EUR -108m (-EUR 10m)
* Underlying Earnings: EUR 5,872m (+EUR 501m)
* Growth vs. FY24 (at constant [[Definition:Foreign exchange|FX]]): +9%
 
{{chunk|doc=snjra2xp9r|c=124|p=42}}
====== Discount Rate Sensitivity ======
 
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes:
** +25bps: +EUR 0.2bn
** -25bps: -EUR 0.2bn
* 2026e Insurance Finance Expenses (pre-tax): ~ EUR -1.4bn
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount:
** +25bps: ~ EUR -50m
** -25bps: ~ EUR +50m
 
'''Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount'''
{{chunk|doc=snjra2xp9r|c=125|p=42}}
* +25bps: ~ €-50m
====== P&C – Margin Analysis ======
* -25bps: ~ €+50m
 
Changes versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{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}}
=== L&H – Margin Analysis ===
 
'''Includes scope impact'''
{{chunk|doc=snjra2xp9r|c=126|p=43}}
====== Scope impact ======
 
* Includes scope impact.
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=127|p=43}}
====== Pre-tax figures ======
 
* All figures are in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=128|p=43}}
====== Technical Result ======
 
<div style="overflow-x:auto">
{| id="t12t41" class="wikitable fintable"
|+ Technical Result (In Euro million, pre-tax)
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | Change
|-
| 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
Line 1,690 ⟶ 1,966:
| 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
Line 1,704 ⟶ 1,980:
</div>
 
* Incl. recapture of Laya
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=129|p=43}}
====== Pre-tax results ======
 
* All figures are in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=130|p=43}}
====== Investment income & insurance finance expenses ======
 
<div style="overflow-x:auto">
{| id="t13t42" class="wikitable fintable"
|+ Financial Result (In Euro million, pre-tax)
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| 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=131|p=43}}
====== Financial Result ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Flow diagram showing the summation of margins to [[Definition:Underlying earnings|Underlying Earnings]]:
- Short-term Technical Margin (479) [Incl. recapture of Laya]
- Plus (+) Long-term Technical Margin (2,804)
- Plus (+) Investment Income (non-VFA only) (2,484)
- Plus (+) Insurance Finance Expenses (non-VFA only) (-1,538)
- Equals (=) Underlying Earnings before tax (4,229)
</div>
 
{{chunk|doc=snjra2xp9r|c=132|p=43}}
====== Financial Result ======
 
<div style="overflow-x:auto">
{| id="t14t43" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities
|-
! style="text-align:left" | (in Euro billion)
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying Earnings before tax<b>Baseline</b>
| style="text-align:right" | 4,229<b>33.3</b>
| style="text-align:right" | +205
|-
| style="text-align:left" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" |
| style="text-align:right" | +7%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=133|p=43}}
====== FY25 CSM by sensitivities ======
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|-
| style="text-align:left" | Baseline
| style="text-align:right" | 33.3
|-
| style="text-align:left" | Interest rates +50bps
Line 1,830 ⟶ 2,055:
|}
</div>
 
{{fn note|1=1|2=1. Reinvestment yield on fixed income assets.}}
 
{{chunk|doc=snjra2xp9r|c=134|p=44}}
====== Financial results ======
 
* The financial results are presented on a reported basis.
 
{{chunk|doc=snjra2xp9r|c=135|p=44}}
====== Debt and Invested Assets ======
 
<div style="overflow-x:auto">
{| id="t16t44" 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" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | 3.<b>Underlying Earnings</b>
| style="text-align:leftright" | Additional IFRS17 disclosures<b>3,501</b>
| style="text-align:right" | p.41<b>+219</b>
|-
| style="text-align:left" | 4Growth vs. FY24 (at constant FX)
| style="text-align:leftright" | Sustainability—
| style="text-align:right" | p.44+7%
|}
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
=== Expanding AXA's role in society: AXA for Progress Index ===
 
{{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=13643|p=45}}
=== Expanding AXA’s role in society: AXA for Progress Index ===
====== Climate transition financing & community resilience financing by Target ======
 
<div style="overflow-x:auto">
{| id="t17t45" 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: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>
 
{{chunk|doc=snjra2xp9r|c=137|p=45}}
====== Target by 2025 result ======
 
<div style="overflow-x:auto">
{| id="t18t46" 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: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:left" | &gt;20,000{{fn ref|4}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025
| 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 Cumulative 2024-2025
| 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>
 
{{chunk|doc=snjra2xp9r|c=138|p=45}}
====== Target by 2025 Result ======
 
<div style="overflow-x:auto">
{| id="t19t47" class="wikitable fintable"
|+ As a COMPANY
|-
! style="text-align:left" | TargetMetric
! class="col-s" style="text-align:right" | Target
! 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" | -6450%{{fn Reductionref|7|2=Variation againstof 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>
 
{{fn note|1=1|2=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=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
{{fn note|1=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.}}
{{fn note|1=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.}}
{{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
{{fn note|1=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.}}
Line 1,930 ⟶ 2,169:
{{fn note|1=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).}}
 
{{chunk|doc=snjra2xp9r|c=44|p=46}}
=== 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
 
'''MSCI'''
{{chunk|doc=snjra2xp9r|c=139|p=46}}
* 2025 score: AAA
====== S&P Global ESG ratings ======
 
'''CDP'''
* Dow Jones Best-in-Class Europe & World indices percentile: 97
* Score2025 score: AAAB
* ESG Risk Rating: 17.0 (Low risk)
* FTSE4Good Index Series score: 4.3/5
 
'''MORNINGSTAR SUSTAINALYTICS'''
==== QCDP ====
* 2025 ESG Risk Rating: 17.0 – Low risk
 
'''FTSE RUSSELL An LSEG Business'''
{{chunk|doc=snjra2xp9r|c=140|p=46}}
* 2025 score: 4.3/5 in FTSE4Good Index Series
====== QCDP score ======
 
{{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.}}
* 2025 QCDP score: B
 
{{chunk|doc=snjra2xp9r|c=141|p=46}}
====== QCDP ======
 
{{fn note|1=th 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=142|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 definitions by geography and business ======
* 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'''
* France: includes insurance activities, banking activities, and holding.
* 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).
* AXAXL: includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM:
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings are fully consolidated.
** Asia: 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) are consolidated under the equity method and contribute to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) are fully consolidated.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
** Other: 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 Architas), and Capza which are fully consolidated.
* AXA Investment Managers (until July 1, 2025): Asian joint ventures are consolidated under the equity method.
 
{{chunk|doc=snjra2xp9r|c=143|p=47}}
====== Accounting standards ======
 
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023.
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
 
{{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=144|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 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.
** ItTechnical experience: consists of the sumimpacts of (i)on the new[[Definition:Underlying businessearnings|underlying contractualearnings]] service margin,if (iii) the presentdifference value ofbetween the futureexpected profitsand ofincurred shortcash-termflows newly issued contracts duringof the defined period, carried(ii) bythe Liferisk entities, considering expectedadjustment renewalsrelease, (iii) the presentchanges valuein of the future profits of pure investmentonerous contracts accounted for under IFRS 9, net ofand (iv) the costother oflong-term reinsurance,elements (v)which taxesare andmainly (vi)composed minorityof non-attributable interests.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
* 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 ===
 
==== Thank you ====
 
{{chunk|doc=snjra2xp9r|c=14547|p=49}}
====== FullThank Yearyou 2025 Earnings ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
* February 26, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"