Document:AXA/2025/FY/Earnings presentation: Difference between revisions
Content deleted Content added
doc_archive: publish snjra2xp9r (original transcript) (.md link) |
doc_archive: publish snjra2xp9r (original transcript) (.md link) |
||
| (13 intermediate revisions by the same user not shown) | |||
Line 20:
---
title: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
source_file:
source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
doc_type: slides
pages: 49
tables:
converter: anchor_injection/1
tier:
parsed_at: '2026-07-
scanned_pages: []
residue:
- Table of contents
---
ORIGINAL_FRONTMATTER -->
Line 34 ⟶ 36:
{{pdf page|1|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 Earnings Presentation ===
* February 26, 2026
{{pdf page|2|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ===
'''Forward-looking statements'''
* 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 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 underlying earnings per share (“UEPS”) growth for 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'''
* 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.
* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
* As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
'''Additional information'''
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* 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.
{{pdf page|3|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Contents ===
* 1. FY25 Highlights
* Thomas Buberl, Group CEO
* p.04
* 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
{{pdf page|4|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Highlights ==
'''Thomas Buberl, Group CEO'''
{{pdf page|5|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 – Excellent performance ===
'''Full Year 2025 Key Performance Indicators'''
* +6% Revenues vs. FY24
* +8%
* 16% ROE FY25
* 224% Solvency II ratio FY25
'''Delivering value for shareholders'''
* +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.}}
'''Outlook'''
* Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026
<div class="ed-fn-notes" style="display:none">
{{fn note|1=
{{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.}}
</div>
{{pdf page|6|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 79 ⟶ 106:
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Underlying earnings
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" | 8.1
|-
| 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" |
| style="text-align:right" | +9%
|}
</div>
'''High organic growth'''
* +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
'''Record profitability'''
* Further margin expansion in P&C and L&H; improvement in efficiency
'''Scaling the business'''
* Continued investments in growth and technology
'''Consistent earnings growth while enhancing reserve prudence'''
<div class="ed-fn-notes" style="display:none">
</div>
{{pdf page|7|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Diversified franchise, well positioned in an attractive industry ===
* Protection gaps and emerging corporate risks
* Demographics driving demand for private retirement and healthcare
<div style="overflow-x:auto">
{| 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
Line 124 ⟶ 162:
| style="text-align:left" | Large & Specialty
| style="text-align:right" | 17%
|-
| style="text-align:left" | SME & Mid-market
| style="text-align:right" | 16%
|-
| style="text-align:left" | Retail
| style="text-align:right" | 17%
|}
</div>
'''Our right to win'''
* Leading brand & high customer NPS
* Strong and diversified distribution
* Technical expertise to price & underwrite risks
* Scale offering cost advantage
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
</div>
{{pdf page|8|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Laying the foundation for the next plan ===
* Clear tech and AI roadmap
* Driving efficiency
* Enhancing capital allocation discipline
* Building resilience
'''Confidence in sustaining earnings growth'''
{{pdf page|9|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Business Performance ==
* Guillaume Borie
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
Line 167 ⟶ 202:
<div style="overflow-x:auto">
{| id="t3" class="wikitable"
|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
|-
! style="text-align:left" |
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | <b>France</b><br/>(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6%<br/>to €31bn
| style="text-align:right" | +7%<br/>to €2.2bn
|-
| style="text-align:left" | <b>Europe</b><br/>(38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6%<br/>to €43bn
| style="text-align:right" | +9%<br/>to €3.5bn
|-
| style="text-align:left" | <b>AXA XL</b><br/>(17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4%<br/>to €19bn
| style="text-align:right" | +9%<br/>to €1.9bn
|-
| style="text-align:left" | <b>Asia, Africa & EME-LATAM</b><br/>(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13%<br/>to €20bn
| style="text-align:right" | +6%<br/>to €1.5bn
|}
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
</div>
{{pdf page|11|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 186 ⟶ 235:
* €58bn GWP
* 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
* Underlying earnings +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
'''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
'''Key drivers'''
* Continued progress on efficiency
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
</div>
{{pdf page|12|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== L&H – Good momentum, well positioned to capture growth opportunities ===
* €57bn GWP
* Short-term
* Long-term
* Underlying earnings +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
<div style="overflow-x:auto">
{| id="
|+ Strategic Priorities
|-
! style="text-align:left" |
! style="text-align:left" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Long-term business
| style="text-align:left" | Accelerating net flows in Savings at attractive margins
| style="text-align:left" | Capturing savings & retirement opportunity, sourcing best asset management products for our customers
|-
| style="text-align:left" | Short-term business
| style="text-align:
| style="text-align:left" | Capitalizing on demand for health & protection while further improving our margins
|}
</div>
* Focus on cost reduction
* Increasing penetration of Protection riders in Savings offerings
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
</div>
{{pdf page|13|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Financial Performance ==
* Alban de Mailly Nesle
* Group CFO
Line 247 ⟶ 297:
{{pdf page|14|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Continued disciplined growth ===
<div style="overflow-x:auto">
{| id="
|+ GWP & Other Revenues (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-
! class="col-
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1|2=Price effect.}}
Line 264 ⟶ 310:
|-
| style="text-align:left" | Commercial lines
|
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
Line 271 ⟶ 317:
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" | —
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
Line 277 ⟶ 324:
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | —
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
Line 282 ⟶ 330:
| 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'''
* Continued pricing momentum and volume growth in Mid-market and SME
* Growing in lines of business with attractive margins while remaining focused 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 FY25)
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
</div>
{{pdf page|15|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
<div style="overflow-x:auto">
{| id="
|+ Combined ratio
|-
! style="text-align:left" |
! class="col-
! class="col-
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 334 ⟶ 384:
| 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>
Line 339 ⟶ 393:
* Better undiscounted current year loss ratio excluding Nat Cat from:
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
* Nat Cat charges below normalized load
* Lower reliance on prior year reserve development
* Taking advantage of a good year to enhance reserve prudence
Line 353 ⟶ 402:
=== P&C – Earnings growth from higher underwriting and financial result ===
'''Underlying Earnings'''
* 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">
{| id="
|+ Underlying Earnings
|-
! style="text-align:left" |
! class="col-
|-
| style="text-align:left" | FY24
Line 374 ⟶ 427:
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance
| style="text-align:right" | -235
|-
Line 383 ⟶ 436:
| 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 FX.
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Underwriting result includes expenses.}}
</div>
{{pdf page|17|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong growth in premiums, positive net flows ===
In Euro billion
<div style="overflow-x:auto">
{| id="
|+ Life GWP & Other Revenues
|-
! style="text-align:left" | In Euro billion
! class="col-
! class="col-
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Protection
| style="text-align:right" | —
| style="text-align:right" | 17.3
| style="text-align:right" | +11%
|-
| style="text-align:left" | Unit-
| 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">
{| id="
|+ Health GWP & Other Revenues
|-
! style="text-align:left" | In Euro billion
!
!
!
|-
| style="text-align:left" | Individual
| style="text-align:right" | —
| style="text-align:right" | 10.5
| style="text-align:right" | +6%
|-
| style="text-align:left" | Group
| style="text-align:right" | —
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>17.5</b>
| style="text-align:right" | <b>19.0</b>
| style="text-align:right" | <b>+5%</b>
|}
</div>
* o/w FY25 Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
* Euro 12.9 billion (+4% vs. FY24)
<div style="overflow-x:auto">
{| id="
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Protection
Line 493 ⟶ 551:
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
</div>
{{pdf page|18|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
* 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
<div style="overflow-x:auto">
{| id="
|+ PVEP
|-
! style="text-align:left" | In Euro billion
! class="col-
! class="col-
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Protection & Health
|
| 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" |
| style="text-align:right" | <b>50.9</b>
| style="text-align:right" |
| style="text-align:right" | <b>-2%</b>
|}
</div>
<div style="overflow-x:auto">
{| id="
|+ NB CSM (pre-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" | NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:right" | +3%
|}
Line 569 ⟶ 617:
<div style="overflow-x:auto">
{| id="
|+ 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
|-
Line 587 ⟶ 633:
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | —
|}
</div>
Change at constant scope and FX.
{{pdf page|19|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
<!-- furniture -->
<div style="overflow-x:auto">
{| id="
|+ Contractual Service Margin rollforward
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" |
|-
|-
|-
| 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 & 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%'''
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
* Economic variance reflecting government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
* FX impact mainly from JPY and HKD depreciation
'''CSM breakdown'''
* FY24 o/w Life: 25.8
* FY24 o/w Health: 7.7
* FY25 o/w Life: 25.4
* FY25 o/w Health: 7.6
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant scope and FX.}}
</div>
<!-- furniture -->
{{pdf page|20|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
<div style="overflow-x:auto">
{| id="
|+ Underlying Earnings
|-
! style="text-align:left" | In Euro million
! class="col-s" style="text-align:right" | FY24
! style="text-align:left" | Short-term technical margin
Line 654 ⟶ 709:
! class="col-s" style="text-align:right" | Tax, FX and others
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | —
| style="text-align:right" | 3,323
| style="text-align:left" | +60
| style="text-align:left" | +156
| style="text-align:right" | -11
| style="text-align:right" | -27
| style="text-align:right" | 3,501
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:left" |
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:left" | —
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" |
| style="text-align:right" | —
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax & 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>
*in billions*
* o/w Life: 2.6 → 2.7, +4% vs. FY24
* o/w Health: 0.7 → 0.8, +17% vs. FY24
Change at constant FX.
* 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)
* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
{{pdf page|21|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 730 ⟶ 766:
<div style="overflow-x:auto">
{| id="
|+ In Euro billion
|-
! style="text-align:left" |
! class="col-
! class="col-
! class="col-m" style="text-align:right" | Change
|-
Line 757 ⟶ 794:
| style="text-align:right" | -
|-
| style="text-align:left" | <
| style="text-align:right" | <
| style="text-align:right" | <
| style="text-align:right" | <
|-
| 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" | <
| 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" | <
| style="text-align:right" | <
| style="text-align:right" | <
| style="text-align:right" | <
|}
</div>
* Strong performance from insurance businesses
* Stable holding cost, expected to remain at current level in 2026
* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
* Lower financial flows reflecting unfavorable forex impact
<div style="overflow-x:auto">
{| id="
|+ Underlying earnings per share
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" |
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
|-
| style="text-align:left" | Change
| style="text-align:right" | —
| style="text-align:right" | +8%
|}
Line 811 ⟶ 848:
* +6% from earnings growth
* including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
* +3% from capital management
* -2% from forex
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
</div>
{{pdf page|22|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
===
'''In Euro billion'''
<div style="overflow-x:auto">
{| id="
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
|-
! style="text-align:left" | In Euro billion
! class="col-
! class="col-
! class="col-
|-
| style="text-align:left" | SHE (excl. OCI)
Line 846 ⟶ 879:
| style="text-align:right" | -7.2
| style="text-align:right" | -6.8
|-
| style="text-align:left" | <b>Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
| style="text-align:right" | <b>47.2</b>
|-
| style="text-align:left" | SHE (excl. OCI & undated subordinated debt)
Line 865 ⟶ 903:
<div style="overflow-x:auto">
{| id="
|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
|-
! style="text-align:left" | In Euro billion
! class="col-
! class="col-
|-
| 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 885 ⟶ 924:
| 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 907 ⟶ 946:
| 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>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Shareholders’ equity Group share.}}
</div>
{{pdf page|23|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Higher organic cash remittance and robust cash position at Holding ===
<div style="overflow-x:auto">
{| id="
|+ Net Cash Remittance (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
| style="text-align:right" | 0.6
| style="text-align:right" | —
|-
| style="text-align:left" | Ordinary cash remittance
Line 938 ⟶ 975:
| 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%
Line 949 ⟶ 986:
<div style="overflow-x:auto">
{| id="
|+ FY24 to FY25 Cash Position (In Euro billion)
|-
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 975 ⟶ 1,013:
| style="text-align:right" | +3.1
|-
|}
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=
{{fn note|1=2|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
</div>
{{pdf page|24|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Solvency II at 224% ===
<div style="overflow-x:auto">
{| id="
|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges
|-
! style="text-align:left" |
! class="col-s" style="text-align:
! class="col-s" style="text-align:
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:
! class="col-s" style="text-align:
! class="col-s" style="text-align:right" |
! class="col-m" style="text-align:right" | FY25
|-
| style="text-align:right" | <b>56.4</b>
|-
| 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>
* Dividend & annual share buyback details
* Foreseeable dividends: €-4.8bn
* Provision for annual share buyback for 2026: €-1.25bn
<div style="overflow-x:auto">
{| id="
|+ Key sensitivities
|-
| style="text-align:left" | Ratio as of December 31, 2025
| style="text-align:right" | <b>224%</b>
|-
| style="text-align:left" | Interest rate +50bps
Line 1,062 ⟶ 1,092:
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
| style="text-align:right" | -
|-
| style="text-align:left" | Credit migration{{fn ref|2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
| style="text-align:right" |
|-
| style="text-align:left" | Listed Equity (excl. PE & Infra) +25%
| style="text-align:right" | -
|-
| style="text-align:left" | Listed Equity (excl. PE & Infra) -25%
| style="text-align:right" |
|-
| style="text-align:left" | PE & Infra +25%
Line 1,085 ⟶ 1,115:
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=
{{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).}}
</div>
{{pdf page|25|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
* Ratio as of 31/12/2025: 224%
* Impact of the end of grandfathering period on January 1, 2026: -10pts to 215%
* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
* No change expected in organic capital generation
* Additional capital flexibility
<div class="ed-fn-notes" style="display:none">
{{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>
{{pdf page|26|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== Conclusion ==
'''Thomas Buberl, Group CEO'''
{{pdf page|27|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,127 ⟶ 1,148:
{{pdf page|28|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== Q&A Full Year 2025 Earnings February 26, 2026 ==
{{pdf page|29|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== AXA Investor Relations – Keep in touch ===
* March: Roadshows — Europe and US
* May 5: 1Q25 Activity Indicators — Paris
* June 2: BNP Paribas Exane CEO Conference — Paris
* June 2-4: Goldman Sachs European Financials Conference — Zurich
* July 31: HY26 Earnings Release — Paris
* September 21: AXA Investor Day — London
'''Contact us'''
* Investor Relations
* +33 1 40 75 48 42
* investor.relations@axa.com
'''Follow us'''
* www.axa.com
Line 1,159 ⟶ 1,173:
{{pdf page|31|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== 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
{{pdf page|32|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
<div style="overflow-x:auto">
{| id="
|+ Gross financial debt{{fn
|-
! style="text-align:left" | In Euro billion
! class="col-
! class="col-
! class="col-
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
Line 1,200 ⟶ 1,212:
| 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 2026: o/w €0.4bn redeemed in Jan 2026
<div style="overflow-x:auto">
{| id="
|+ Contractual maturity breakdown
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,225 ⟶ 1,238:
|-
| 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" | 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>
<div style="overflow-x:auto">
{| id="
|+ 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" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,318 ⟶ 1,321:
|-
| 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" | 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" | 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" | 0.9
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 4.0
|-
|-
| 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>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 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.}}
</div>
{{pdf page|33|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== General Account Invested Assets ===
* Duration gap at -0.4 year
* Euro 450 billion
<div style="overflow-x:auto">
{| id="
|+ Invested assets (100%)
|-
! class="col-s" style="text-align:right" | FY25
! class="col-
|-
| style="text-align:left" | Fixed income
Line 1,469 ⟶ 1,449:
| style="text-align:right" | 0%
|-
| style="text-align:left" | <b>Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | <b>100%</b>
|}
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=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=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
{{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
{{fn note|1=4|2=Please refer to the financial supplement for more details.}}
</div>
{{pdf page|34|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 1,484 ⟶ 1,466:
<div style="overflow-x:auto">
{| id="
|+ Structured and Private Credit assets
|-
! style="text-align:left" | Invested assets (100%)
! 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}} portfolio
! style="text-align:
|-
| style="text-align:left" | Residential Mortgages
| style="text-align:right" | 16
| style="text-align:right" | 4%
| style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
|-
| style="text-align:left" | CLO & ABS
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|-
| style="text-align:left" | Infrastructure debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport)
|-
| style="text-align:left" | CRE debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|-
| style="text-align:left" | Mid-Market lending
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|-
| style="text-align:left" | Other
| 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
|}
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=G/A: General Account}}
</div>
{{pdf page|35|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Investment portfolio – Fixed Income reinvestment ===
<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment
|-
! style="text-align:left" | Asset Class
! class="col-m" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Government bonds & related (Average rating: AA)
| style="text-align:right" | 32%
|-
| style="text-align:left" | Investment grade credit (Average rating: A)
| style="text-align:right" | 40%
|-
| style="text-align:left" | ABS/CLO/IG fund financing
| style="text-align:right" | 21%
|-
| style="text-align:left" | Below investment grade credit
| style="text-align:right" | 7%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>Euro 57 billion</b>
|}
</div>
<div style="overflow-x:auto">
{| id="
|+ FY25 Fixed Income Reinvestment Yield
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Yield
|-
| style="text-align:left" |
| style="text-align:
|-
| style="text-align:left" | Private & Structured fixed income{{fn ref|2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
| style="text-align:right" | 4.7%
|-
| style="text-align:left" | Total fixed income
| style="text-align:right" | 3.9%
|}
</div>
* Average duration of 9 years
* Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
* Gradual shift from alternative total return assets to Private & Structured credit
<div class="ed-fn-notes" style="display:none">
{{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).}}
</div>
{{pdf page|36|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== 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
{{pdf page|37|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== AXA XL Insurance – Large Commercial & Specialty business ===
<div style="overflow-x:auto">
{| id="
|+ $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" | Casualty
Line 1,568 ⟶ 1,604:
<div style="overflow-x:auto">
{| id="
|+ $19bn FY25 GWP by geography
|-
! style="text-align:left" | Geography
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Americas
Line 1,582 ⟶ 1,621:
</div>
* Top 3 globally
Line 1,589 ⟶ 1,628:
* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026)}}
* Qualitative chart: Profitability vs
*
*
*
*
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Including Cyber}}
{{fn note|1=2|2=Source: McKinsey}}
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
</div>
{{pdf page|38|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Focus on Reserves ===
<div style="overflow-x:auto">
{| id="
|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
|-
! style="text-align:left" |
!
!
!
!
!
!
!
!
!
|-
|-
| style="text-align:left" |
| style="text-align:right" | 179%
| style="text-align:right" | 185%
Line 1,638 ⟶ 1,677:
|}
</div>
<div style="overflow-x:auto">
{| id="
|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
|-
! style="text-align:left" |
!
!
!
!
!
!
!
!
!
|-
|-
| style="text-align:left" |
| style="text-align:right" | 213%
| style="text-align:right" | 227%
Line 1,674 ⟶ 1,710:
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
</div>
{{pdf page|39|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program{{fn ref|1|2=Excludes local reinsurance covers;}} ===
'''Insurance segment (occurrence protection)'''
<div style="overflow-x:auto">
{| id="
|+ In Euro
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | EU Windstorm
! class="col-s" style="text-align:right" | Europe Flood
Line 1,705 ⟶ 1,737:
| style="text-align:right" | 1.2bn
| style="text-align:right" | 1.2bn
| style="text-align:right" | —
|-
| style="text-align:left" | Retention
Line 1,717 ⟶ 1,749:
</div>
'''Reinsurance segment (illustrative)'''
* Alternative Capital & Cat Bonds
'''Key Takeaway'''
* Stable retention levels maintained in 2026 as in 2025
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Excludes local reinsurance covers;}}
{{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
{{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.}}
</div>
{{pdf page|40|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost{{fn ref|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).
'''In Euro billion (net of reinsurance)'''
<div style="overflow-x:auto">
{| id="
|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)
|-
! style="text-align:left" |
! style="text-align:right" |
! style="text-align:right" | Deviation
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | €+0.8bn
|}
</div>
* More severe years
*
* Less severe years
* Positive deviation in ca. 60% of cases
<div style="overflow-x:auto">
{| id="
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
|-
! style="text-align:left" | In Euro billion
! style="text-align:right" | 2025
! style="text-align:right" | 2026
|-
| style="text-align:left" |
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
Line 1,793 ⟶ 1,827:
</div>
<div class="ed-fn-notes" style="display:none">
{{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).}}
</div>
{{pdf page|41|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== 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
{{pdf page|42|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Margin Analysis ===
<div style="overflow-x:auto">
{| id="
|+ Technical Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
!
!
|-
| style="text-align:left" | <
| style="text-align:right" | <b>2,778</b>
| style="text-align:right" | <b>+707</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 1,825 ⟶ 1,861:
| style="text-align:right" | -1.0pt
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
|-
|-
| style="text-align:left" | <
| 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)
Line 1,848 ⟶ 1,879:
| 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" | <b>622</b>
| style="text-align:right" | <b>-341</b>
|-
| style="text-align:left" | PYD ratio
Line 1,876 ⟶ 1,902:
|}
</div>
<div style="overflow-x:auto">
{| id="
|+ Financial Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
!
!
|-
| style="text-align:left" | <
| style="text-align:right" | <b>3,988</b>
| style="text-align:right" | <b>+435</b>
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €115bn
| style="text-align:right" | —
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 3.5%
| style="text-align:right" | —
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 4.3%
| style="text-align:right" | —
|-
|-
| style="text-align:left" | <
| style="text-align:right" | <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>
'''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.}}'''
* +25bps: €+0.2bn
*
<div style="overflow-x:auto">
{| id="
|+ Underlying Earnings
|-
! style="text-align:left" | In Euro million (pre-tax)
!
!
|-
| style="text-align:left" | <
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>+681</b>
|-
| style="text-align:left" | Tax
Line 1,954 ⟶ 1,969:
| style="text-align:right" | -10
|-
| style="text-align:left" | <
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>+501</b>
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" |
|}
</div>
'''2026e Insurance Finance Expenses (pre-tax)'''
* ~ €-1.4bn
'''Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount'''
* +25bps: ~ €-50m
* -25bps: ~ €+50m
Changes versus FY24 at constant FX.
<div class="ed-fn-notes" style="display:none">
{{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.}}
</div>
{{pdf page|43|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== L&H – Margin Analysis ===
<div style="overflow-x:auto">
{| id="
|+ Technical Result (In Euro million, pre-tax)
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-
! class="col-
|-
| style="text-align:left" | <b>Short-term Technical Margin</b>
Line 1,993 ⟶ 2,016:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
Line 2,020 ⟶ 2,034:
<div style="overflow-x:auto">
{| id="
|+ Financial Result (In Euro million, pre-tax)
|-
! style="text-align:left" | In Euro million, pre-tax
! style="text-align:right" | FY25
! style="text-align:right" | Change
Line 2,053 ⟶ 2,047:
| 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>
Line 2,078 ⟶ 2,063:
| 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>
<div style="overflow-x:auto">
{| id="
|+ Life & Health FY25 CSM Key Sensitivities
|-
! style="text-align:left" | (in Euro billion)
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Interest rates -50bps
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Sovereign spreads +50bps
| style="text-align:right" | -1.9
|-
| style="text-align:left" | Sovereign spreads -50bps
| style="text-align:right" | 1.9
|-
| style="text-align:left" | Corporate spread +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Corporate spread -50bps
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Equities +25%
| style="text-align:right" | 1.8
|-
| style="text-align:left" | Equities -25%
| style="text-align:right" | -2.2
|}
</div>
<div style="overflow-x:auto">
{| id="t44" class="wikitable"
|-
! style="text-align:left" | In Euro million, pre-tax
! style="text-align:right" | FY25
! style="text-align:right" | Change
Line 2,109 ⟶ 2,130:
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | +7%
|}
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
</div>
{{pdf page|44|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== 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
{{pdf page|45|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Expanding
<div style="overflow-x:auto">
{| id="
|+ As a GLOBAL INVESTOR
|-
!
!
! 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" | >€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" | >€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>
<div style="overflow-x:auto">
{| id="t46" class="wikitable"
|+ As a GLOBAL INSURER
|-
! style="text-align:left" | Metric
! 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 & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&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 & 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" | >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 & 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 & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.}} climate adaptation solutions & services (cumulative 2024-2026) <i>Target revised in 2025</i>
| style="text-align:right" | >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 & 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 & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.}}
| style="text-align:
|-
| style="text-align:left" | >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" | >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>
<div style="overflow-x:auto">
{| id="t47" class="wikitable fintable"
|+ As a COMPANY
|-
! style="text-align:left" | Metric
! class="col-s" style="text-align:right" | Target
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | >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" | >80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:right" | -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
| style="text-align:right" | -64%<br/>Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 50%
| style="text-align:right" | 56%
|}
</div>
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’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 & 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 & 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 & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >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.}}
{{fn note|1=7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
{{fn note|1=8|2=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).}}
</div>
{{pdf page|46|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== 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'''
* 2025 score: AAA
'''CDP'''
* 2025 score: B
'''MORNINGSTAR SUSTAINALYTICS'''
* 2025 ESG Risk Rating: 17.0 – Low risk
'''FTSE RUSSELL An LSEG Business'''
* 2025 score: 4.3/5 in FTSE4Good Index Series
<div class="ed-fn-notes" style="display:none">
{{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.}}
</div>
{{pdf page|47|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 2,194 ⟶ 2,255:
* 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.
{{pdf page|48|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 2,215 ⟶ 2,276:
{{pdf page|49|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Thank you ===
* Full Year 2025 Earnings
* February 26, 2026
| |||