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| pages = 49
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| summary_md = <!File:AXA-2025- ARCHIVE_MD_LINK_HERE FY-->Earnings_presentation.md
| intro_sentence = This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).
| wide = yes
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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=1|p=1}}
====== Presentation date ======
 
{{chunk|doc=snjra2xp9r|c=2|p=2}}
* The presentation date is February 26, [[Definition:Year 2026|2026]].
=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ===
 
'''Forward-looking statements'''
=== Full Year 2025 Earnings ===
* 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 [[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'''
{{chunk|doc=snjra2xp9r|c=2|p=2}}
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.
====== Legal and cautionary statements ======
* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
* As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* “[[Definition:Underlying earnings|Underlying earnings]]”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
 
'''Additional information'''
* Certain statements in the presentation are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information.
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
* 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.
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS) growth for [[Definition:Year 2026|2026]] are forward-looking statements providing one-off guidance for the last year of the Group’s current strategic plan.
* These statements are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA’s control, which can cause actual results to differ materially.
* Each forward-looking statement is valid only at the date of the presentation.
* For important factors, risks, and uncertainties affecting AXA’s business and/or results, 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”).
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The 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 related financial statement items and/or their calculation methodology in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* Further information on non-GAAP financial measures is available in the Glossary in AXA’s 2025 Activity Report.
* 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.
 
{{chunk|doc=snjra2xp9r|c=3|p=3}}
=== Contents ===
====== Presentation structure and speakers ======
 
* The presentation includes1. "[[Definition:Full year 2025|FY25]] Highlights" on page 04, presented by Thomas Buberl, Group CEO.
* Thomas Buberl, Group CEO
* "FY25 Business Performance" is on page 09, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* p.04
* "FY25 Financial Performance" is on page 13, presented by Alban de Mailly Nesle, Group CFO.
* 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}}
====== GroupSection CEO ======
 
* '''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 FY25 ======
* +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.}}
* [[Definition:Underlying earnings per share|Underlying EPS]] +8% vs. FY24
* ROE 16% [[Definition:Full year 2025|FY25]]
* Solvency II ratio 224% FY25
 
'''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]]
====== Shareholder returns and future outlook ======
 
{{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.}}
* Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
{{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.}}
* Confident to deliver [[Definition:Underlying earnings per share|underlying EPS]] growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=7|p=5}}
====== Full Year 2025 – Excellent performance ======
 
{{fn note|1=1|2=Based on the dividend proposed by AXA's Board of Directors on February 25, 2026 and subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=2|2=Following AXA's Board of Directors' approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
 
{{chunk|doc=snjra2xp9r|c=6|p=6}}
=== Executing the plan on growth, margin and efficiency ===
 
{{chunk|doc=snjra2xp9r|c=8|p=6}}
====== Underlying earnings by FY24, FY25, Change ======
 
<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" | FY24Underlying earnings
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earningsFY24
| 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" | Underlying earningsChange excluding AXA IM
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | +9%
|}
</div>
* High organic growth: +6% top line growth, well balanced across lines (P&amp;C: +5%, Life: +9%, Health: +5%)
* Record profitability: Further margin expansion in P&amp;C and L&amp;H; improvement in efficiency
* Scaling the business: Continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
'''High organic growth'''
{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
* +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
 
'''Record profitability'''
=== Diversified franchise, well positioned in an attractive industry ===
* Further margin expansion in P&C and L&H; improvement in efficiency
 
'''Scaling the business'''
==== Secular trends fueling demand across businesses ====
* Continued investments in growth and technology
 
'''Consistent earnings growth while enhancing reserve prudence'''
 
<div class="ed-fn-notes" style="display:none">
 
</div>
 
{{chunk|doc=snjra2xp9r|c=7|p=7}}
=== Diversified franchise, well positioned in an attractive industry ===
 
'''Secular trends fueling demand across businesses'''
{{chunk|doc=snjra2xp9r|c=9|p=7}}
* Protection gaps and emerging corporate risks
====== Share by segment ======
* 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 136 ⟶ 148:
| 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%
|-
| style="text-align:left" | SME &amp; Mid-market
| style="text-align:right" | 16%
|}
</div>
 
'''Our right to win'''
{{chunk|doc=snjra2xp9r|c=10|p=7}}
* Leading brand & high customer NPS
====== Secular trends fueling demand ======
 
* Protection gaps and emerging corporate risks are driving demand.
* Demographics are driving demand for private retirement and healthcare.
 
==== Our right to win ====
 
{{chunk|doc=snjra2xp9r|c=11|p=7}}
====== Competitive advantages ======
 
* Leading brand and high customer NPS
* Strong and diversified distribution
* Technical expertise into pricingprice and& underwritingunderwrite risks
* Scale offering cost advantage
 
{{chunk|doc=snjra2xp9r|c=12|p=7}}
====== Our right to win ======
 
{{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}}
====== Strategic priorities ======
 
* Clear tech and AI roadmap
Line 175 ⟶ 172:
* Enhancing capital allocation discipline
* Building resilience
 
* Confidence in sustaining earnings growth
'''Confidence in sustaining earnings growth'''
 
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=149|p=9}}
====== ExecutiveSection roles ======
 
* Guillaume Borie
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* 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="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 &amp; EME-LATAM</b><br/>(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13%<br/>to €20bn
| style="text-align:right" | +6%<br/>to €1.5bn
|}
</div>
<tr><td>France (27% of total [[Definition:Gross written premiums|GWP]]{{fn ref|1}})</td><td>+6% to €31bn</td><td>+7% to €2.2bn</td></tr>
<tr><td>Europe (38% of total GWP{{fn ref|1}})</td><td>+6% to €43bn</td><td>+9% to €3.5bn</td></tr>
<tr><td>AXA XL (17% of total GWP{{fn ref|1}})</td><td>+4% to €19bn</td><td>+9% to €1.9bn</td></tr>
<tr><td>Asia, Africa & EME-LATAM (18% of total GWP{{fn ref|1}})</td><td>+13% to €20bn</td><td>+6% to €1.5bn</td></tr>
</table>
 
{{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
====== Gross written premiums ======
* [[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'''
* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) were EUR 58bn.
* 2025: Growing volumes while expanding margins
* GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty).
* Beyond 2025: Investing to improve customer retention & expanding distribution footprint
 
'''AXA XL (Large & Specialty)'''
{{chunk|doc=snjra2xp9r|c=17|p=11}}
* 2025: Profitable growth with stable margins
====== 2025 and Beyond ======
* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
 
'''Key drivers'''
<div style="overflow-x:auto">
{| id="t4" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:left" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Retail and SME &amp; Mid-market
| style="text-align:left" | Growing volumes while expanding margins
| style="text-align:left" | Investing to improve customer retention &amp; expanding distribution footprint
|-
| style="text-align:left" | AXA XL (Large &amp; Specialty)
| style="text-align:left" | Profitable growth with stable margins
| style="text-align:left" | Capitalizing on attractive growth opportunities and continued cycle management
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=18|p=11}}
====== Underlying earnings and efficiency ======
 
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn
* Continued progress on efficiency
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
 
{{chunk|doc=snjra2xp9r|c=19|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=12|p=12}}
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
* €57bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=20|p=12}}
====== GWP by* Short-term and Long-term ======
* Long-term
* [[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
<div style="overflow-x:auto">
{| id="t5t4" class="wikitable"
|+ 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 &amp; retirement opportunity, sourcing best asset management products for our customers
|-
| style="text-align:left" | Short-term business
| style="text-align:rightleft" | Long-termGrowing technical results while absorbing Mexico VAT impact
| style="text-align:left" | Capitalizing on demand for health &amp; protection while further improving our margins
|}
</div>
 
==== 2025 Beyond 2025 ====
 
{{chunk|doc=snjra2xp9r|c=21|p=12}}
====== Strategic priorities for 2025 and Beyond 2025 ======
 
* Long-term business:
** 2025: Accelerating net flows in Savings at attractive margins
** Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for customers
* Short-term business:
** 2025: Growing technical results while absorbing Mexico VAT impact
** Beyond 2025: Capitalizing on demand for health & protection while further improving margins
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn
* Focus on cost reduction
* Increasing penetration of Protection riders in Savings offerings
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
 
{{chunk|doc=snjra2xp9r|c=22|p=12}}
====== 2025 Beyond 2025 ======
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
Line 283 ⟶ 271:
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=2313|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 ===
 
{{chunk|doc=snjra2xp9r|c=24|p=14}}
====== Currency notation ======
 
* All figures are in EUR billion.
 
==== GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=25|p=14}}
====== GWP & other revenues by lines of business ======
 
<div style="overflow-x:auto">
{| id="t6t5" class="wikitable fintable"
|+ GWP &amp; Other Revenues (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
! 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
| rowspan="3" style="text-align:right" | 56.5—
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
Line 318 ⟶ 299:
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" | —
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
Line 324 ⟶ 306:
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | —
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
Line 329 ⟶ 312:
| 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=26|p=14}}
* Continued pricing momentum and volume growth in Mid-market and SME
====== Commercial lines growth drivers ======
* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
 
'''AXA XL Reinsurance'''
* Continued pricing momentum and volume growth in Mid-market and SME.
* Growth supported by alternative capital
* Growth in lines of business with attractive margins while maintaining focus on retention at AXA XL Insurance.
* Growth supported by alternative capital.
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]]).
 
'''Retail lines'''
{{chunk|doc=snjra2xp9r|c=27|p=14}}
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
====== GWP & Other Revenues ======
 
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
{{chunk|doc=snjra2xp9r|c=15|p=15}}
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
 
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=28|p=15}}
====== Combined ratio ======
 
<div style="overflow-x:auto">
{| id="t7t6" class="wikitable fintable"
|+ Combined ratio
|-
! style="text-align:left" |
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Combined ratio (total)
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 389 ⟶ 364:
| 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=29|p=15}}
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
====== Combined ratio drivers ======
* 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 improved, excluding Nat Cat.
* Nat Cat charges below normalized load
* Margin expansion in Commercial lines SME & mid-market business and Personal lines due to favorable pricing.
* Lower reliance on prior year reserve development
* AXA XL Insurance margins stable at attractive levels, reflecting disciplined cycle management.
* Taking advantage of a good year to enhance reserve prudence
* Expense ratio improved due to efficiency measures, while continuing investment in growth initiatives and technology.
 
{{chunk|doc=snjra2xp9r|c=30|p=15}}
====== Nat Cat and reserve management ======
 
* Nat Cat charges were below the normalized load.
* Lower reliance on prior year reserve development.
* Reserve prudence enhanced during a favorable 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=31|p=16}}
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
====== P&C earnings growth ======
* 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
* P&C earnings grew by EUR 0.2bn to EUR 7.6bn in 2023.
* Unfavorable forex impact notably due to USD depreciation vs. EUR
* This growth was driven by a higher underwriting result and a higher financial result.
 
{{chunk|doc=snjra2xp9r|c=32|p=16}}
====== Underlying earnings waterfall by step ======
 
<div style="overflow-x:auto">
{| id="t8t7" class="wikitable fintable"
|+ Underlying Earnings
|-
! style="text-align:left" | StepIn Euro million
! class="col-sm" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
Line 436 ⟶ 407:
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
Line 445 ⟶ 416:
| style="text-align:right" | -150
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>5,872</b>
|-
| style="text-align:left" | Change at constant FX
| style="text-align:right" | +9%
|}
</div>
 
'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}}'''
{{chunk|doc=snjra2xp9r|c=33|p=16}}
======* P&C earningsVolume growth ======
* Margin improvement
 
'''Financial result'''
* P&C earnings grew +9%.
* Investment income
* Growth was driven by the underwriting result.
* Insurance finance expenses
* Growth was driven by the financial result.
 
Change at constant [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=34|p=16}}
{{fn note|1=1|2===== Underwriting result driversincludes ======expenses.}}
 
* The underwriting result improved due to strong volume growth.
* The underwriting result improved due to an enhanced all-year combined ratio.
* The underwriting result improved while enhancing reserve prudence.
 
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== Financial result drivers ======
 
* Investment income increased due to higher volumes.
* Investment income increased due to better reinvestment yields on fixed income assets.
* The unwind of discount of claims reserves was higher, in line with guidance.
 
{{chunk|doc=snjra2xp9r|c=36|p=16}}
====== Forex impact ======
 
* There was an unfavorable forex impact, notably due to USD depreciation vs. EUR.
 
{{chunk|doc=snjra2xp9r|c=37|p=16}}
====== P&C – Earnings growth from higher underwriting and financial result ======
 
{{fn note|1=1|2=Change at constant FX. 1. 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}}
====== Life GWP &amp; Other Revenues ======
 
<div style="overflow-x:auto">
{| id="t9t8" class="wikitable fintable"
|+ Life GWP &amp; Other Revenues
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | GrowthChange
|-
| 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-Linkedlinked
| 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>
 
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== Health GWP & other revenues by individual and group ======
 
<div style="overflow-x:auto">
{| id="t10t9" class="wikitable fintable"
|+ Health GWP &amp; Other Revenues
|-
! 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" | GrowthChange
|-
| 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 [[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=40|p=17}}
* Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])
====== Flow by segment ======
 
<div style="overflow-x:auto">
{| id="t11t10" class="wikitable fintable"
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
|-
! style="text-align:left" | SegmentIn Euro billion
! class="col-s" style="text-align:right" | Flow (€bn)FY25
|-
| style="text-align:left" | Protection
Line 575 ⟶ 529:
</div>
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
{{chunk|doc=snjra2xp9r|c=41|p=17}}
====== Employee Benefits premiums ======
 
* Employee Benefits premiums: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]])
 
{{chunk|doc=snjra2xp9r|c=42|p=17}}
====== Life & Health – Strong growth in premiums, positive net flows ======
 
{{fn note|1=1|2=Change at constant scope and FX. 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=43|p=18}}
====== Currency notation ======
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
* All figures are in EUR billion.
* 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=44|p=18}}
====== PVEP by business mix ======
 
<div style="overflow-x:auto">
{| id="t12t11" class="wikitable fintable"
|+ PVEP
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Protection &amp; Health
| rowspan="4" style="text-align:right" | 50.9—
| 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:left" | Total
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Change
| style="text-align:right" |
| style="text-align:right" | -2%
|-
| style="text-align:left" | Protection &amp; Health change
| style="text-align:right" |
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked change
| style="text-align:right" |
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A change
| style="text-align:right" |
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G<b>Total</A changeb>
| style="text-align:right" | <b>50.9</b>
| style="text-align:right" | -10%<b>49.4</b>
| style="text-align:right" | <b>-2%</b>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=45|p=18}}
====== NB CSM (pre-tax) ======
 
<div style="overflow-x:auto">
{| id="t13t12" class="wikitable fintable"
|+ 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:left" | Change
| style="text-align:right" |
| style="text-align:right" | +3%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== NBV (post-tax) by FY ======
 
<div style="overflow-x:auto">
{| id="t14t13" class="wikitable fintable"
|+ 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:left" | Change
| style="text-align:right" |
| style="text-align:right" | stable
|-
Line 682 ⟶ 609:
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | —
|}
</div>
 
Change at constant scope and [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== PVEP, NB CSM, and NBV performance ======
 
* 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=48|p=18}}
====== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
 
{{fn note|1=1|2=Change at constant scope and FX.}}
 
{{chunk|doc=snjra2xp9r|c=19|p=19}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
<!-- furniture -->
{{chunk|doc=snjra2xp9r|c=49|p=19}}
====== New business CSM ======
 
* New business CSM: EUR 2.2bn
 
==== Contractual Service Margin rollforward ====
 
{{chunk|doc=snjra2xp9r|c=50|p=19}}
====== Contractual Service Margin rollforward (In Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t15t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward
|-
! style="text-align:left" | FY24In Euro billion
! class="col-m" style="text-align:right" | New business CSMValue
|-
! style="text-align:left" | Underlying return on in-force
!| style="text-align:rightleft" | CSM releaseFY24
!| style="text-align:right" | Economic variance33.6
|-
! style="text-align:right" | Operating variance
!| style="text-align:rightleft" | Affiliates, FXNew &amp;business otherCSM
!| style="text-align:right" | FY25+2.2
|-
| style="text-align:left" | Underlying return on in-force
| style="text-align:right" | +1.3
|-
| style="text-align:left" | CSM release
| style="text-align:right" | -3.0
|-
| style="text-align:left" | Economic variance
| style="text-align:right" | +0.6
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Affiliates, FX &amp; other
| style="text-align:right" | -1.4
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>33.0</b>
|}
</div>
<tr><td>33.6</td><td>+2.2</td><td>+1.3</td><td>-3.0</td><td>+0.6</td><td>-0.3</td><td>-1.4</td><td>33.0</td></tr>
<tr><td>o/w Life: 25.8</td><td></td><td></td><td></td><td></td><td></td><td></td><td>25.4</td></tr>
<tr><td>o/w Health: 7.7</td><td></td><td></td><td></td><td></td><td></td><td></td><td>7.6</td></tr>
</table>
 
{{chunk|doc=snjra2xp9r|c=51|p=19}}
====== Normalized CSM growth and drivers ======
 
* '''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
* New business CSM growth impacted by higher rates
* 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
* Economic variance reflects government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows, 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'''
{{chunk|doc=snjra2xp9r|c=52|p=19}}
* [[Definition:Full year 2024|FY24]] o/w Life: 25.8
====== Contractual Service Margin rollforward ======
* FY24 o/w Health: 7.7
* [[Definition:Full year 2025|FY25]] o/w Life: 25.4
* FY25 o/w Health: 7.6
 
{{fn note|1=1|2=Change at constant scope and FX.}}
 
<!-- furniture -->
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=5320|p=20}}
====== Life & Health business– overviewStrong momentum in both short-term and long-term business ======
 
* All figures are in EUR million.
 
==== Underlying Earnings ====
 
{{chunk|doc=snjra2xp9r|c=54|p=20}}
====== Underlying Earnings (In Euro million) ======
 
<div style="overflow-x:auto">
{| id="t16t15" class="wikitable fintable"
|+ Underlying Earnings +7%
|-
! style="text-align:left" | In Euro million
! class="col-s" style="text-align:right" | FY24
! style="text-align:left" | Short-term technical margin
Line 764 ⟶ 683:
! 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" | +60—
| 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" | +156—
| 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" | -11—
| 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" | -27—
| style="text-align:right" | -728
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,323
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 3,501
|}
</div>
 
&#42;in billions*
{{chunk|doc=snjra2xp9r|c=55|p=20}}
====== Underlying Earnings ======
 
* o/w Life: 2.6 → 2.7, +4% vs. [[Definition:UnderlyingFull earnings|Underlyingyear Earnings2024|FY24]]: +7%
* o/w Health: 0.7 → 0.8, +17% vs. FY24
 
Change at constant [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=56|p=20}}
====== in billions ======
 
* 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)
<div style="overflow-x:auto">
* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
{| id="t17" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change at constant FX
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
| style="text-align:right" | +4% vs. FY24
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 0.7
| style="text-align:right" | 0.8
| style="text-align:right" | +17% vs. FY24
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=57|p=20}}
====== Technical Margin and Long-Term Results ======
 
* Short-term technical margin was strong, reflecting underwriting and claims initiatives.
* Underwriting and claims initiatives more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
* Long-term results were higher due to an increase in CSM release (+8%).
* The increase in CSM release reflects growth in the reserve base, including from favorable equity market performance, and better margins.
 
{{chunk|doc=snjra2xp9r|c=58|p=20}}
====== Underlying Earnings ======
 
{{fn note|1=1|2=Change at constant FX.}}
 
{{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=59|p=21}}
====== Net income by business line ======
 
<div style="overflow-x:auto">
{| id="t18t16" 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 881 ⟶ 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=60|p=21}}
* Strong performance from insurance businesses
====== Underlying earnings and net income drivers ======
* Stable holding cost, expected to remain at current level in [[Definition:Year 2026|2026]]
 
'''Net Income'''
* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses.
* 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 underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Lower financial flows reflected an unfavorable forex impact.
 
==== Underlying earnings per share ====
 
{{chunk|doc=snjra2xp9r|c=61|p=21}}
====== Underlying earnings per share ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] are presented in Euro.
 
{{chunk|doc=snjra2xp9r|c=62|p=21}}
====== Underlying earnings per share (In Euro) ======
 
<div style="overflow-x:auto">
{| id="t19t17" class="wikitable fintable"
|+ Underlying earnings per share
|-
! style="text-align:left" | FY24In Euro
! 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" | 3.59Underlying earnings per share
| 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%
|}
</div>
 
* +6% from earnings growth
{{chunk|doc=snjra2xp9r|c=63|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 EPS growth drivers ======
* +3% from [[Definition:Capital management|capital management]]
 
* -2% from forex
* [[Definition:Underlying earnings per share|Underlying EPS]] growth: +6% from earnings growth
* Underlying EPS growth: +3% from [[Definition:Capital management|capital management]]
* Underlying EPS growth: -2% from forex
* Underlying EPS growth: -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to [[Definition:AXA Investment Managers|AXA IM]] sale, related to the timing of anti-dilutive [[Definition:Share buyback|share buyback]]
 
{{chunk|doc=snjra2xp9r|c=64|p=21}}
====== Underlying earnings per share ======
 
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
 
{{chunk|doc=snjra2xp9r|c=22|p=22}}
=== Shareholders' Equity ===
=== Shareholders’ Equity ===
 
'''In Euro billion'''
==== Shareholders' equity ====
 
{{chunk|doc=snjra2xp9r|c=65|p=22}}
====== Shareholders' equity<sup>1</sup> ======
 
<div style="overflow-x:auto">
{| id="t20t18" class="wikitable fintable"
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | HY25
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Total
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
| style="text-align:right" | 47.2
|-
| style="text-align:left" | SHE (excl. OCI)
Line 981 ⟶ 851:
| style="text-align:right" | -7.2
| style="text-align:right" | -6.8
|-
| style="text-align:left" | <b>Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
| style="text-align:right" | <b>47.2</b>
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
Line 998 ⟶ 873:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=66|p=22}}
====== Shareholders' equity ======
 
<div style="overflow-x:auto">
{| id="t21t19" class="wikitable fintable"
|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24 to FY25
! class="col-sm" style="text-align:right" | HY25 to FY25
|-
| style="text-align:left" | <b>Opening Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
|-
| style="text-align:left" | Change in Net OCI
Line 1,023 ⟶ 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 1,045 ⟶ 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=Shareholders'Shareholders’ equity Group share. Full Year 2025 Earnings}}
 
{{chunk|doc=snjra2xp9r|c=23|p=23}}
=== Higher organic cash remittance and robust cash position at Holding ===
 
{{chunk|doc=snjra2xp9r|c=67|p=23}}
====== Cash remittance and position ======
 
* In EUR billion
 
==== Net Cash Remittance ====
 
{{chunk|doc=snjra2xp9r|c=68|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t22t20" class="wikitable fintable"
|+ 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&amp;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 1,080 ⟶ 945:
| 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=69|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t23t21" class="wikitable fintable"
|+ FY24 to FY25 Cash Position (In Euro billion)
|-
!| style="text-align:left" | <b>FY24 Cash position</b>
! class="col-s"| style="text-align:right" | <b>4.0</b>
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 1,120 ⟶ 983:
| style="text-align:right" | +3.1
|-
!| style="text-align:left" | <b>FY25 Cash position</b>
! class="col-s"| 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&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=70|p=24}}
====== Foreseeable dividends and share buyback provision ======
 
* Foreseeable [[Definition:Dividend|dividends]]: EUR -4.8bn
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn
 
{{chunk|doc=snjra2xp9r|c=71|p=24}}
====== Eligible Own Funds (EOF) ======
 
<div style="overflow-x:auto">
{| id="t24t22" class="wikitable fintable"
|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges
|-
! style="text-align:left" | FY24In Euro billion
! class="col-s" style="text-align:leftright" | Regulatory &amp; model changesFY24
! class="col-s" style="text-align:leftright" | NormalizedRegulatory &amp; capitalmodel generationchanges
! class="col-s" style="text-align:right" | OperatingNormalized capital variancegeneration
! class="col-s" style="text-align:right" | EconomicOperating variance &amp; FX
! class="col-s" style="text-align:leftright" | DividendEconomic variance &amp; annual share buybackFX
! class="col-s" style="text-align:leftright" | Management actions, debtDividend &amp; otherannual share buyback
! class="col-s" style="text-align:right" | FY25Management actions, debt &amp; other
! class="col-m" style="text-align:right" | FY25
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=72|p=24}}
====== Solvency II ratio movements ======
 
* Solvency II ratio: 55.9 (reported)
* Solvency II ratio movements: +0.2 from operating return; +8.8 from market impacts; -0.4 from [[Definition:Capital management|capital management]]; -2.1 from regulatory changes; -6.0 from other impacts; -0.1 from [[Definition:Foreign exchange|FX]]
* Solvency II ratio at period end: 56.4 (reported)
 
{{chunk|doc=snjra2xp9r|c=73|p=24}}
====== Solvency II ratio ======
 
<div style="overflow-x:auto">
{| id="t25" class="wikitable"
|-
!| style="text-align:left" | FY24Eligible Own Funds (EOF)
!| style="text-align:leftright" | Regulatory &amp; model changes55.9
!| style="text-align:leftright" | Normalized capital generation+0.2
!| style="text-align:right" | Operating variance+8.8
!| style="text-align:right" | Economic variance &amp; FX-0.4
!| style="text-align:leftright" | Dividend &amp; annual share buyback-2.1
!| style="text-align:leftright" | Management actions, debt &amp; other-6.0
!| style="text-align:right" | FY25-0.1
| style="text-align:right" | <b>56.4</b>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=74|p=24}}
====== Solvency II ratio evolution ======
 
* Solvency II ratio was 216%.
* The ratio increased by +28pts due to operating return.
* The ratio decreased by -1pt due to market impacts.
* The ratio increased by +4pts due to [[Definition:Capital management|capital management]].
* The ratio decreased by -24pts due to regulatory changes.
* The ratio increased by +2pts due to other effects.
* The final Solvency II ratio was 224%.
 
{{chunk|doc=snjra2xp9r|c=75|p=24}}
====== Solvency Capital Requirement (SCR) ======
 
<div style="overflow-x:auto">
{| id="t26" class="wikitable"
|-
!| style="text-align:left" | FY24Solvency II ratio
!| style="text-align:leftright" | Regulatory &amp; model changes216%
!| style="text-align:leftright" | Normalized capital generation+0pt
!| style="text-align:right" | Operating variance+28pts
!| style="text-align:right" | Economic variance &amp; FX-1pt
!| style="text-align:leftright" | Dividend &amp; annual share buyback+4pts
!| style="text-align:leftright" | Management actions, debt &amp; other-24pts
!| style="text-align:right" | FY25+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
{{chunk|doc=snjra2xp9r|c=76|p=24}}
* Foreseeable dividends: €-4.8bn
====== Solvency II ratio bridge ======
* Provision for annual share buyback for [[Definition:Year 2026|2026]]: €-1.25bn
 
* Solvency II ratio bridge: 25.9 (start); 0.0 (operating capital generation); +0.6 (market impacts); 0.0 (non-operating items); -1.2 (
 
==== Key sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=77|p=24}}
====== Impact by scenario ======
 
<div style="overflow-x:auto">
{| id="t27t23" class="wikitable fintable"
|+ Key sensitivities
|-
! style="text-align:left" | Scenario
! class="col-s" style="text-align:right" | Impact
|-
| 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 1,233 ⟶ 1,060:
| 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" | -17 ptpts
|-
| 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" | +2-4 pts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25%
| style="text-align:right" | -71 ptspt
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%
| style="text-align:right" | -4+2 pts
|-
| style="text-align:left" | PE &amp; Infra +25%
Line 1,256 ⟶ 1,083:
</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).}}
{{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).}}
 
{{chunk|doc=snjra2xp9r|c=25|p=25}}
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
* Ratio as of 31/12/2025: 224%
{{chunk|doc=snjra2xp9r|c=78|p=25}}
======* Ratio as of 31/12/2025 by impactImpact of the end of grandfathering period andon January 1, [[Definition:Year Solvency2026|2026]]: II-10pts revisionto ======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 style="overflow-x:auto">
{| id="t28" class="wikitable"
|-
| style="text-align:left" | Ratio as of 31/12/2025
| style="text-align:right" | 224%
| style="text-align:left" |
|-
| style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026
| style="text-align:right" | -10pts to 215%
| style="text-align:left" | Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
| style="text-align:right" | +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.}}
| style="text-align:left" |
|}
</div>
No change expected in organic capital generation<br/>
Additional capital flexibility
</td>
</tr>
</table>
{{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.}}
 
== Conclusion ==
 
{{chunk|doc=snjra2xp9r|c=7926|p=26}}
====== GroupSection CEO ======
 
* '''Thomas Buberl is the, Group CEO.'''
 
{{chunk|doc=snjra2xp9r|c=27|p=27}}
=== Conclusion ===
 
* Record results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence
{{chunk|doc=snjra2xp9r|c=80|p=27}}
* All businesses in excellent shape, delivering strong growth and profitability
====== Business performance and outlook ======
* 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 ==
* Record results were achieved at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence.
* All businesses are in excellent shape, delivering strong growth and profitability.
* The diversified franchise is well-positioned to capture future growth opportunities.
* Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.
 
== Q&A ==
 
{{chunk|doc=snjra2xp9r|c=81|p=28}}
====== Date ======
 
* February 26, [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=28|p=29}}
=== AXA Investor Relations – Keep in touch ===
 
==== '''Meet our management ===='''
* March: Roadshows — Europe and US
 
* May 5: 1Q25 Activity Indicators — Paris
{{chunk|doc=snjra2xp9r|c=82|p=29}}
* June 2: BNP Paribas Exane CEO Conference — Paris
====== Investor relations calendar ======
* June 2-4: Goldman Sachs European Financials Conference — Zurich
 
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] — Paris
* March: Roadshows in Europe and US
* September 21: AXA Investor Day — London
* May 5: 1Q25 Activity Indicators in Paris
* June 2: BNP Paribas Exane CEO Conference in Paris
* June 2-4: Goldman Sachs European Financials Conference in Zurich
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] in Paris
* September 21: AXA Investor Day in London
 
==== Contact us ====
 
{{chunk|doc=snjra2xp9r|c=83|p=29}}
====== Investor Relations contact ======
 
* Investor Relations contact: +33 1 40 75 48 42
* Investor Relations email: investor.relations@axa.com
 
==== Follow us ====
 
'''Contact us'''
{{chunk|doc=snjra2xp9r|c=84|p=29}}
* Investor Relations
====== AXA website ======
* +33 1 40 75 48 42
* investor.relations@axa.com
 
'''Follow us'''
* AXA website: www.axa.com
* www.axa.com
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=8529|p=31}}
====== AppendicesContents overview ======
 
* The document includes appendices on:1. Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosuresp.31
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=30|p=32}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=86|p=32}}
====== Gross financial debt and maturity breakdown ======
 
* All figures are in EUR billion.
 
==== Gross financial debt ====
 
{{chunk|doc=snjra2xp9r|c=87|p=32}}
====== Debt gearing ======
 
* Debt gearing: 20.6% (prior: 22.3%)
 
{{chunk|doc=snjra2xp9r|c=88|p=32}}
====== Gross financial debt (In Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t29t24" class="wikitable fintable"
|+ Gross financial debt{{fn ref|1,2}}
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | Jan 1st 2026 End of the grandfathering period
|-
| style="text-align:left" | TotalDebt gearing
| style="text-align:right" | 1920.26%
| style="text-align:right" | 2022.3%
| style="text-align:right" | 20.3—
|-
| style="text-align:left" | Tier 1
Line 1,391 ⟶ 1,177:
| 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=89|p=32}}
====== Gross financial debt details ======
 
* End of the grandfathering period
* EUR 0.4bn redeemed in Jan [[Definition:Year 2026|2026]]
 
==== Contractual maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
====== Contractual maturity breakdown (In Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t30t25" class="wikitable fintable"
|+ 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 1,420 ⟶ 1,203:
|-
| 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" | 1.5—
| 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" | 0.5—
| style="text-align:right" | 0.9—
| 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: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" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | —
| style="text-align:right" | 4.6
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=91|p=32}}
====== Contractual maturity breakdown ======
 
* Grandfathered debt is included in the contractual maturity breakdown.
 
{{chunk|doc=snjra2xp9r|c=92|p=32}}
====== Tier 1 & Tier 2 by 2025, 2026, 2027, 2028, 2029, 2030, 2031-2039, ≥2040, Undated ======
 
<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|-
!| style="text-align:left" | <b>o/w Grandfathered debt</b>
! class="col-s"| style="text-align:right" | 2025—
! class="col-s"| style="text-align:right" | 2026—
! class="col-s"| style="text-align:right" | 2027—
! class="col-s"| style="text-align:right" | 2028—
! class="col-s"| style="text-align:right" | 2029—
! class="col-s"| style="text-align:right" | 2030—
! class="col-s"| style="text-align:right" | 2031-2039—
! class="col-s"| style="text-align:right" | ≥2040—
! class="col-s"| style="text-align:right" | Undated—
|-
| style="text-align:left" | 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>
 
==== Economic maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=93|p=32}}
====== Economic maturity breakdown by senior debt, Tier 2, Tier 1 ======
 
<div style="overflow-x:auto">
{| id="t32t26" 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" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,520 ⟶ 1,286:
|-
| 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" | 1.5—
| style="text-align:right" | 0.5
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | —
| style="text-align:right" | 0.1—
| style="text-align:right" | 2.4
| style="text-align:right" | 0.1—
| style="text-align:right" | 0.5
| 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" | 01.75
| style="text-align:right" | 0.4—
| style="text-align:right" |
| style="text-align:right" | 4.0
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=94|p=32}}
====== Grandfathered debt ======
 
* o/w Grandfathered debt
 
{{chunk|doc=snjra2xp9r|c=95|p=32}}
====== Tier 1 & Tier 2 by economic maturity ======
 
<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|-
!| style="text-align:left" | <b>o/w Grandfathered debt</b>
! class="col-s"| style="text-align:right" | 2025—
! class="col-s"| style="text-align:right" | 2026—
! class="col-s"| style="text-align:right" | 2027—
! class="col-s"| style="text-align:right" | 2028—
! class="col-s"| style="text-align:right" | 2029—
! class="col-s"| style="text-align:right" | 2030—
! class="col-s"| style="text-align:right" | 2031-2039—
! class="col-s"| style="text-align:right" | ≥2040—
! class="col-s"| style="text-align:right" | Undated—
|-
| style="text-align:left" | 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>
 
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=1,2|2=1. Nominal debt. 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=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=3. 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.}}
{{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=96|p=33}}
* Duration gap at -0.4 year
====== General Account invested assets duration gap ======
* Euro 450 billion
 
* [[Definition:Full year 2025|FY25]] Total General Account invested assets Duration gap at -0.4 year
 
{{chunk|doc=snjra2xp9r|c=97|p=33}}
====== FY25 Total General Account invested assets: Euro 450 billion ======
 
<div style="overflow-x:auto">
{| id="t34t27" class="wikitable fintable"
|+ Invested assets (100%)
|-
|! style="text-align:left" | FixedIn Euro incomebillion
|-
| style="text-align:left" | Real estate
|-
| style="text-align:left" | Infrastructure equity
|-
| style="text-align:left" | Listed equities
|-
| style="text-align:left" | Private equity and hedge funds
|-
| style="text-align:left" | Cash
|-
| style="text-align:left" | Policy loans
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=98|p=33}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | %
|-
| style="text-align:left" | Fixed income
Line 1,654 ⟶ 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 1,666 ⟶ 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 1,682 ⟶ 1,412:
| style="text-align:right" | 0%
|-
| style="text-align:left" | <b>Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | <b>100%</b>
|}
</div>
 
{{fn note|1=1|2=Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
{{fn note|1=2|2=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.}}
 
{{chunk|doc=snjra2xp9r|c=32|p=34}}
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=99|p=34}}
====== Invested assets (100%) by Total Structured and Private Credit Assets ======
 
<div style="overflow-x:auto">
{| id="t36t28" 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}} portfolio
! style="text-align:rightleft" | Comments
|-
| 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 &amp; 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>
<tr><td>Residential Mortgages</td><td>16</td><td>4%</td><td>- €6bn Dutch mortgages, NHG guaranteed<br>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)</td></tr>
<tr><td>CLO & ABS</td><td>25</td><td>6%</td><td>- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)</td></tr>
<tr><td>Infrastructure debt</td><td>8</td><td>2%</td><td>- Skewed towards resilient industries (Telecom, Utilities, Transport)</td></tr>
<tr><td>CRE debt</td><td>8</td><td>2%</td><td>- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV</td></tr>
<tr><td>Mid-Market lending</td><td>10</td><td>2%</td><td>- Strong diversification with €8m average ticket<br>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation</td></tr>
<tr><td>Other</td><td>2</td><td>0%</td><td></td></tr>
<tr><td><strong>Total Structured and Private Credit Assets</strong></td><td><strong>69</strong></td><td><strong>15%</strong></td><td>o/w 54% participating</td></tr>
</table>
 
{{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=100|p=35}}
|-
====== Fixed income reinvestment portfolio ======
! style="text-align:left" | Asset Class
 
! class="col-m" style="text-align:right" | Share (%)
* Government bonds & related comprise 32% of the portfolio with an average rating of AA.
|-
* Investment grade credit comprises 40% of the portfolio with an average rating of A.
| style="text-align:left" | Government bonds &amp; related (Average rating: AA)
* ABS/CLO/IG fund financing comprises 21% of the portfolio.
| style="text-align:right" | 32%
* Below investment grade credit comprises 7% of the portfolio.
|-
* The total reinvestment amount is EUR 57bn.
| style="text-align:left" | Investment grade credit (Average rating: A)
 
| style="text-align:right" | 40%
==== FY25 Fixed Income Reinvestment Yield ====
|-
 
| style="text-align:left" | ABS/CLO/IG fund financing
{{chunk|doc=snjra2xp9r|c=101|p=35}}
| style="text-align:right" | 21%
====== Fixed income reinvestment yield by public, private & structured fixed income ======
|-
| 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="t37t30" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment Yield
|-
! style="text-align:left" | Public fixed income{{fn ref|1}}Category
! class="col-s" style="text-align:leftright" | Private &amp; Structured fixed income{{fn ref|2}}Yield
! class="col-s" style="text-align:right" | Total fixed income
|-
| style="text-align:left" | 3Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.5%}}
| style="text-align:leftright" | 43.75%
|-
| 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).}}
| 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=102|p=35}}
====== FY25 fixed income reinvestment yield ======
 
* EUR 57bn fixed income invested at 3.9%
* 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)
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=103|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
{{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=10434|p=36}}
====== AdditionalContents disclosures ======
 
* 1. Debt and Invested Assets p.31
* Additional P&C disclosures are on page 36.
* 2. Additional IFRS17P&C disclosures are on page 41p.36
* Debt3. andAdditional Invested AssetsIFRS17 disclosures are on page 31p.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 ===='''
 
{{chunk|doc=snjra2xp9r|c=105|p=37}}
====== GWP by line of business ======
 
<div style="overflow-x:auto">
{| id="t38t31" 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" | Casualty
Line 1,789 ⟶ 1,556:
| style="text-align:right" | 19%
|-
| style="text-align:left" | Professional lines{{fn ref|1|2=Including Cyber}}
| style="text-align:right" | 17%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=106|p=37}}
====== GWP by geography ======
 
<div style="overflow-x:auto">
{| id="t39t32" class="wikitable fintable"
|+ $19bn FY25 GWP by geography
|-
! style="text-align:left" | Geography
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Americas
Line 1,811 ⟶ 1,579:
</div>
 
==== '''Leading market positions across lines ===='''
 
* Top 3 globally
{{chunk|doc=snjra2xp9r|c=107|p=37}}
* Multinational Programs{{fn ref|2|2=Source: McKinsey}}
====== Commercial lines market position ======
* 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'''
* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
 
* Qualitative chart: Profitability vs Ex-price growth (%)
==== Managing the cycle to deliver consistent profitability ====
* 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}}
{{chunk|doc=snjra2xp9r|c=108|p=37}}
{{fn note|1=2|2=Source: McKinsey}}
====== Profitability vs. Ex-price growth by line of business ======
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
 
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
* Profitability vs. Ex-price growth (%)
** Professional lines: lower ex-price growth, lower profitability
** Casualty: medium ex-price growth, medium profitability
** Specialty (including Cyber): medium-high ex-price growth, medium-high profitability
** Property: high ex-price growth, high profitability
 
{{chunk|doc=snjra2xp9r|c=36|p=38}}
=== P&C – Focus on Reserves ===
 
==== Claims reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=109|p=38}}
====== Claims reserves ratio definition ======
 
* Net undiscounted claims reserves / Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=110|p=38}}
====== Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
{| id="t40t33" class="wikitable fintable"
|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY18
! class="col-s" style="text-align:right" | FY19
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
!| style="text-align:left" | Accounting Basis
!| colspan="5" style="text-align:centerright" | IFRS4
!| colspan="4" style="text-align:centerright" | IFRS17
|-
| style="text-align:left" | Claims reserves ratioRatio
| style="text-align:right" | 179%
| style="text-align:right" | 185%
Line 1,871 ⟶ 1,633:
|}
</div>
 
==== Technical reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=111|p=38}}
====== Technical reserves ratio definition ======
 
* The technical reserves ratio is calculated as Net undiscounted technical reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=112|p=38}}
====== Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
{| id="t41t34" class="wikitable fintable"
|+ 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" |
! class="col-s" style="text-align:right" | FY18
! class="col-s" style="text-align:right" | FY19
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
!| style="text-align:left" | Accounting Basis
!| colspan="5" style="text-align:centerright" | IFRS4
!| colspan="4" style="text-align:centerright" | IFRS17
|-
| style="text-align:left" | Technical reserves ratioRatio
| style="text-align:right" | 213%
| style="text-align:right" | 227%
Line 1,915 ⟶ 1,668:
{{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=113|p=39}}
====== Nat Cat Reinsurance Program ======
 
* All figures are in EUR.
 
==== Insurance segment (occurrence protection) ====
 
==== Reinsurance segment (illustrative) ====
 
{{chunk|doc=snjra2xp9r|c=114|p=39}}
====== Alternative Capital & Cat Bonds ======
 
* Alternative Capital & Cat Bonds
 
{{chunk|doc=snjra2xp9r|c=115|p=39}}
====== Capacity and Retention by peril ======
 
<div style="overflow-x:auto">
{| id="t42t35" class="wikitable fintable"
|+ 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 1,943 ⟶ 1,683:
! 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
Line 1,951 ⟶ 1,691:
| style="text-align:right" | 1.2bn
| style="text-align:right" | 1.2bn
| style="text-align:right" | —
|-
| style="text-align:left" | Retention
Line 1,957 ⟶ 1,697:
| 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=116|p=39}}
* Alternative Capital & Cat Bonds
====== Retention levels ======
 
'''Key Takeaway'''
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025.
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025
 
{{chunk|doc=snjra2xp9r|c=117|p=39}}
====== Reinsurance segment (illustrative) ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,975 ⟶ 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=118|p=40}}
====== Nat Cat cost deviation ======
 
* Nat Cat cost deviation in [[Definition:Year 2026|2026]] is presented in EUR billion (net of reinsurance).
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 ====
 
{{chunk|doc=snjra2xp9r|c=119|p=40}}
====== Nat Cat charges deviation ======
 
* The table presents Nat Cat charges deviation net of reinsurance, post-tax and pre-tax.
 
{{chunk|doc=snjra2xp9r|c=120|p=40}}
====== Deviation by percentile and return period ======
 
<div style="overflow-x:auto">
{| id="t43t36" class="wikitable"
|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)
|-
! style="text-align:left" | PercentileProbability
! style="text-align:right" | Return periodPercentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 95th1/20y
| style="text-align:right" | 1/20y (more severe95th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 90th1/10y
| style="text-align:right" | 1/10y(90th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 80th1/5y
| style="text-align:right" | 1/5y(80th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | 50thMedian
| style="text-align:right" | Median(50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 20th1/5y
| style="text-align:right" | 1/5y(20th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 10th1/10y
| style="text-align:right" | 1/10y(10th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 5th1/20y
| style="text-align:right" | 1/20y(5th)
| style="text-align:right" | €+0.8bn
|}
</div>
 
* More severe years
{{chunk|doc=snjra2xp9r|c=121|p=40}}
* Negative deviation in ca. 40% of cases
====== Nat Cat charges deviation ======
* Less severe years
 
* NegativePositive deviation in approximatelyca. 4060% of cases for more severe years.
* Positive deviation in approximately 60% of cases for less severe years.
 
==== Average Expected Nat Cat charges ====
 
{{chunk|doc=snjra2xp9r|c=122|p=40}}
====== Value & Estimated impact on GEP by year ======
 
<div style="overflow-x:auto">
{| id="t44t37" class="wikitable"
|+ 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" | ValueAverage (€bn)Expected Nat Cat charges
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
Line 2,057 ⟶ 1,779:
</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). Full Year 2025 Earnings}}
 
{{chunk|doc=snjra2xp9r|c=12339|p=41}}
====== AdditionalContents disclosures ======
 
* 1. Debt and Invested Assets are detailed on p.31
* 2. Additional P&C disclosures are on p.36
* 3. Additional IFRS17 disclosures are on p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=40|p=42}}
=== P&C – Margin Analysis ===
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=124|p=42}}
====== Pre-tax technical result ======
 
* All figures are in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=125|p=42}}
====== Current Accident Year Undiscounted Technical Margin ======
 
<div style="overflow-x:auto">
{| id="t45t38" class="wikitable fintable"
|+ Technical Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change
|-
| style="text-align:left" | <strongb>Current Accident Year Undiscounted Technical Margin</strongb>
| style="text-align:right" | <b>2,778</b>
| style="text-align:right" | <b>+707</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,097 ⟶ 1,812:
| style="text-align:right" | -1.0pt
|-
| style="text-align:left" | <em>o/w Nat Cats</em>
| style="text-align:right" | <em>3.4%</em>
| style="text-align:right" | <em>-0.4pt</em>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=126|p=42}}
====== Current Accident Year Discounting by FY25 ======
 
<div style="overflow-x:auto">
{| id="t46" class="wikitable fintable"
|-
!| style="text-align:left" | —
! class="col-s"| style="text-align:right" | FY25—
! class="col-s"| style="text-align:right" | Change—
|-
| style="text-align:left" | <strongb>Current Accident Year Discounting</strongb>
| 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 2,123 ⟶ 1,830:
| 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" | —
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=127|p=42}}
====== Prior Years' Reserve Development (PYD) ======
 
<div style="overflow-x:auto">
{| id="t47" class="wikitable fintable"
|-
!| style="text-align:left" | —
! class="col-s"| style="text-align:right" | FY25—
! class="col-s"| style="text-align:right" | Change—
|-
| style="text-align:left" | <strongb>Prior Years' Reserve Development (PYD)</strongb>
| style="text-align:right" | <b>622</b>
| style="text-align:right" | <b>-341</b>
|-
| style="text-align:left" | PYD ratio
Line 2,154 ⟶ 1,853:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=128|p=42}}
====== FY25 Current Accident Year discount rate sensitivity ======
 
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes: +25bps results in EUR +0.2bn; -25bps results in EUR -0.2bn.
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=129|p=42}}
====== Pre-tax results ======
 
* All figures are in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=130|p=42}}
====== Investment income ======
 
<div style="overflow-x:auto">
{| id="t48t39" 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" | <strongb>Investment Income</strongb>
| 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" | —
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=131|p=42}}
====== Insurance Finance Expenses ======
 
<div style="overflow-x:auto">
{| id="t49" class="wikitable fintable"
|-
!| style="text-align:left" | —
! class="col-s"| style="text-align:right" | FY25—
! class="col-s"| style="text-align:right" | Change—
|-
| style="text-align:left" | <strongb>Insurance Finance Expenses</strongb>
| style="text-align:right" | <b>-1,358</b>
| style="text-align:right" | <b>-235</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €71bn
| style="text-align:right" | —
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 1.9%
| style="text-align:right" | —
|}
</div>
 
'''[[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}'''
{{chunk|doc=snjra2xp9r|c=132|p=42}}
* +25bps: €+0.2bn
====== Insurance finance expenses ======
* -25bps: €-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
 
{{chunk|doc=snjra2xp9r|c=133|p=42}}
====== Underlying Earnings before tax and Underlying Earnings ======
 
<div style="overflow-x:auto">
{| id="t50t40" class="wikitable fintable"
|+ Underlying Earnings
|-
! style="text-align:left" | In Euro million (pre-tax)
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change
|-
| style="text-align:left" | <strongb>Underlying Earnings before tax</strongb>
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>+681</b>
|-
| style="text-align:left" | Tax
Line 2,249 ⟶ 1,920:
| style="text-align:right" | -10
|-
| style="text-align:left" | <strongb>Underlying Earnings</strongb>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>+501</b>
|-
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" | —
| style="text-align:right" | <em>+9%</em>
|}
</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 [[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=134|p=43}}
====== Scope impact ======
 
* Scope impact is included.
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=135|p=43}}
====== Pre-tax technical result ======
 
* Pre-tax technical result in EUR million
 
{{chunk|doc=snjra2xp9r|c=136|p=43}}
====== Short-term Technical Margin by Gross Earned Premiums and All Year Combined Ratio ======
 
<div style="overflow-x:auto">
{| id="t51t41" 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>
Line 2,297 ⟶ 1,965:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=137|p=43}}
====== Long-term Technical Margin by CSM release and Technical experience ======
 
<div style="overflow-x:auto">
{| id="t52" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
Line 2,324 ⟶ 1,980:
</div>
 
* Incl. recapture of Laya
{{chunk|doc=snjra2xp9r|c=138|p=43}}
====== Technical result adjustments ======
 
* The technical result includes the recapture of Laya.
 
{{chunk|doc=snjra2xp9r|c=139|p=43}}
====== FY25 CSM by sensitivities ======
 
<div style="overflow-x:auto">
{| id="t53t42" class="wikitable"
|+ Financial Result (In Euro million, pre-tax)
|}
</div>
(in Euro billion)</caption>
<tr><th></th><th>[[Definition:Full year 2025|FY25]]</th></tr>
<tr><td><b>Baseline</b></td><td>33.3</td></tr>
<tr><td>Interest rates +50bps</td><td>-0.8</td></tr>
<tr><td>Interest rates -50bps</td><td>0.6</td></tr>
<tr><td>Sovereign spreads +50bps</td><td>-1.9</td></tr>
<tr><td>Sovereign spreads -50bps</td><td>1.9</td></tr>
<tr><td>Corporate spread +50bps</td><td>-0.8</td></tr>
<tr><td>Corporate spread -50bps</td><td>0.7</td></tr>
<tr><td>Equities +25%</td><td>1.8</td></tr>
<tr><td>Equities -25%</td><td>-2.2</td></tr>
</table>
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=140|p=43}}
====== Pre-tax result ======
 
* Pre-tax result (in EUR million, pre-tax)
 
{{chunk|doc=snjra2xp9r|c=141|p=43}}
====== Investment Income (non-VFA only) ======
 
<div style="overflow-x:auto">
{| id="t54" class="wikitable"
|-
! style="text-align:left" | In Euro million, pre-tax
! style="text-align:right" | FY25
! style="text-align:right" | Change
Line 2,372 ⟶ 1,996:
| 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" | —
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=142|p=43}}
====== Insurance Finance Expenses (non-VFA only) ======
 
<div style="overflow-x:auto">
{| id="t55" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:right" | FY25
! style="text-align:right" | Change
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
Line 2,400 ⟶ 2,012:
| 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">
{{chunk|doc=snjra2xp9r|c=143|p=43}}
{| id="t43" class="wikitable fintable"
====== Underlying earnings before tax and underlying earnings ======
|+ Life &amp; Health FY25 CSM Key Sensitivities
|-
! style="text-align:left" | (in Euro billion)
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
| 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="t56t44" class="wikitable"
|-
! style="text-align:left" | In Euro million, pre-tax
! style="text-align:right" | FY25
! style="text-align:right" | Change
Line 2,434 ⟶ 2,079:
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | <i>Growth vs. FY24 (at constant FX)</i>
| style="text-align:right" | —
| style="text-align:right" | +7%
|}
Line 2,442 ⟶ 2,087:
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
{{chunk|doc=snjra2xp9r|c=14442|p=44}}
====== AdditionalContents disclosures ======
 
* 1. Debt and Invested Assets disclosures are on p.31.
* 2. Additional P&C disclosures are on p.36.
* 3. Additional IFRS17 disclosures are on p.41.
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=43|p=45}}
=== Expanding AXA's role in society: AXA for Progress Index ===
=== Expanding AXA’s role in society: AXA for Progress Index ===
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=145|p=45}}
{| id="t45" class="wikitable"
====== Target and 2025 Result by Global Investor, Global Insurer, and Company ======
|+ As a GLOBAL INVESTOR
|-
! style="text-align:left" | Metric
! 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>
 
<div style="overflow-x:auto">
{| id="t57t46" class="wikitable"
|+ As a GLOBAL INSURER
|-
! colspan="2" style="text-align:centerleft" | As a GLOBAL INVESTORMetric
! colspan="2" style="text-align:centerright" | As a GLOBAL INSURERTarget
! colspan="2" style="text-align:center" | As a COMPANY
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:left" | €5bn{{fn ref|2}} in climate transition financing per year
| 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.}}
| rowspan="2" style="text-align:right" | €6.4bn
| style="text-align:left" | €6bn{{fn ref|3}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) <i>Target revised in 2025</i>
| style="text-align:right" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
| style="text-align:right" | 19,698<br/>Cumulative 2024-2025
|-
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
| style="text-align:right" | 20.6m
|}
</div>
 
<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" | &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:left" | &gt;€500m{{fn ref|2}} in community resilience financing per year
| style="text-align:right" | &gt;20,000-50%{{fn ref|4}}7|2=Variation climateof adaptationAXA solutionsGroup &amp;absolute servicescarbon emissions (cumulativescope: 2024-2026)energy TargetScopes revised1 inand 20252, car fleet and business travel). Timeframe: 2019-2030.}}
| style="text-align:leftright" | 19,698-64%<br/>Reduction Cumulativeagainst 2024-20252019
| style="text-align:right" | 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:left" | -64% Reduction against 2019
|-
| style="text-align:left" |
| style="text-align:right" | €1.4bn
| 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" | 20.6m
| 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 2,499 ⟶ 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).}}
 
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=== Sustainability Performance & Ratings ===
 
'''S&P Global'''
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* 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
====== Sustainability ratings ======
 
'''MSCI'''
* 2025 score: AAA
 
'''CDP'''
* 2025 score: B
 
'''MORNINGSTAR SUSTAINALYTICS'''
* Dow Jones Best-in-Class Europe & World indices percentile: 97th in 2025
* 2025 ESG Risk Rating: 17.0 – Low risk
* MSCI score: AAA in 2025
* CDP score: B in 2025
* Sustainalytics ESG Risk Rating: 17.0 (Low risk) in 2025
* FTSE4Good Index Series score: 4.3/5 in 2025
 
'''FTSE RUSSELL An LSEG Business'''
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* 2025 score: 4.3/5 in FTSE4Good Index Series
====== Sustainability Performance & Ratings ======
 
{{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.}}
 
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=== Scope ===
 
* France: includes insurance activities, banking activities and holding.
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* 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 of activities by geography and segment ======
 
* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities); Germany (insurance activities and holding); Belgium and Luxembourg (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).
* 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.
* Asia, Africa & EME-LATAM:
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings are fully consolidated.
* [[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.
** 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) businesses are consolidated under the equity method and contribute only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and 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.
** EME-LATAM: 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, 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'''
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====== Accounting standards ======
 
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
 
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=== 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%
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====== Glossary of financial terms ======
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
* 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
* 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
* [[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)
* 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
** Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities)
* 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
* 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
** Operating variance is net of reinsurance
* Technical experience: consists the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses
* 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
 
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=== Thank you ===
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
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* February 26, [[Definition:Year 2026|2026]]
====== Earnings presentation details ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings presentation was on February 26, [[Definition:Year 2026|2026]].
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"