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{{pdf page|1|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 Earnings Presentation February 26, 2026 ===
 
* February 26, 2026
 
{{pdf page|2|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ===
=== Full Year 2025 Earnings ===
 
* GIE_AXA_Internal 2 Full Year 2025 Earnings
'''Forward-looking statements'''
* IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES
* 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.
* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements in this presentation are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
* 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 addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
* In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan.
* These statements in this presentation are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.
* Each forward-looking statement speaks only at the date of this presentation.
* Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations.
* AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
 
'''Non-GAAP financial measures'''
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.
* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
* As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
 
'''Additional information'''
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.
Line 46 ⟶ 66:
{{pdf page|3|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Contents ===
* 1. FY25 Highlights p.04
* Thomas Buberl, Group CEO
* p.04
* 2. FY25 Business Performance p.09
* 2. FY25 Business Performance
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
* p.09
* 3. FY25 Financial Performance p.13
* 3. FY25 Financial Performance
* Alban de Mailly Nesle, Group CFO
* p.13
 
{{pdf page|4|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Highlights ==
 
* Thomas Buberl, Group CEO
'''Thomas Buberl, Group CEO'''
 
{{pdf page|5|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Full Year 2025 – Excellent performance ===
 
'''Full Year 2025 Key Performance Indicators'''
* +6% Revenues vs. FY24
* +8% Underlying EPS vs. FY24
* 16% ROE FY25
* 224% Solvency II ratio FY25
 
'''Delivering value for shareholders'''
* 16% ROE — FY25
* +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.}}
 
* 224% Solvency II ratio — FY25
 
* Delivering value for shareholders +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA's Board of Directors on February 25, 2026 and subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA's Board of Directors' approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
 
'''Outlook'''
* Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Based on the dividend proposed by AXA'sAXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders'Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=2|2=Following AXA'sAXA’s Board of Directors'Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
</div>
 
Line 81 ⟶ 106:
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Underlying earnings (In Euro billion)
|-
! 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'''
* High organic growth: +6% top line growth, well balanced across lines (P&amp;C: +5%, Life: +9%, Health: +5%)
* +6% top line growth, well balanced across lines (P&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
'''Record profitability'''
* Consistent earnings growth while enhancing reserve prudence
* Further margin expansion in P&C and L&H; improvement in efficiency
 
'''Scaling the business'''
* Continued investments in growth and technology
 
'''Consistent earnings growth while enhancing reserve prudence'''
 
<div class="ed-fn-notes" style="display:none">
 
{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
</div>
 
Line 112 ⟶ 143:
=== Diversified franchise, well positioned in an attractive industry ===
 
==== '''Secular trends fueling demand across businesses ===='''
 
* Protection gaps and emerging corporate risks
 
* Demographics driving demand for private retirement and healthcare
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Pie chart represents FY25 gross written premium split (excluding AXA IM and holdings).
|-
! style="text-align:left" | Business Segment
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Life
Line 142 ⟶ 171:
</div>
 
'''Our right to win'''
<!-- furniture -->
<!-- furniture -->
 
==== Our right to win ====
 
* Leading brand & high customer NPS
 
* Strong and diversified distribution
 
* Technical expertise to price & underwrite risks
 
* Scale offering cost advantage
 
Line 161 ⟶ 183:
{{pdf page|8|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Laying the foundation for the next plan ===
 
* Clear tech and AI roadmap
* Driving efficiency
* Enhancing capital allocation discipline
* Building resilience
 
* Confidence in sustaining earnings growth
'''Confidence in sustaining earnings growth'''
 
{{pdf page|9|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Business Performance ==
 
* Guillaume Borie
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
{{pdf page|10|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
<!-- furniture -->
 
=== Strong delivery across our businesses ===
 
<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" |
Line 184 ⟶ 208:
! 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>
Line 210 ⟶ 234:
 
* €58bn GWP
 
* GWP mix: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty) — shares not printed
 
* Underlying earnings +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
 
'''Retail and SME & Mid-market'''
<div style="overflow-x:auto">
* 2025: Growing volumes while expanding margins
{| id="t4" class="wikitable"
* Beyond 2025: Investing to improve customer retention & expanding distribution footprint
|+ 2025 and Beyond 2025 outlook
 
|-
'''AXA XL (Large & Specialty)'''
! style="text-align:left" |
* 2025: Profitable growth with stable margins
! style="text-align:left" | 2025
* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
! 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>
 
'''Key drivers'''
* Continued progress on efficiency
* Higher investment income
Line 244 ⟶ 257:
{{pdf page|12|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
* €57bn GWP
* Short-term
* Long-term
* Underlying earnings +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
<div style="overflow-x:auto">
{| id="t5t4" class="wikitable"
|+ Strategic Priorities
|+ GWP
|-
|! style="text-align:left" | Short-term
|! style="text-align:rightleft" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Long-term business
| style="text-align:rightleft" | 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" | TotalShort-term GWPbusiness
| style="text-align:rightleft" | €57bnGrowing technical results while absorbing Mexico VAT impact
| style="text-align:left" | Capitalizing on demand for health &amp; protection while further improving our margins
|}
</div>
 
* Underlying earnings +7%{{fn ref|1|2=1. Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
==== 2025 Beyond 2025 ====
 
* Long-term business
* Accelerating net flows in Savings at attractive margins
* Capturing savings & retirement opportunity, sourcing best asset management products for our customers
* Short-term business
* Growing technical results while absorbing Mexico VAT impact
* Capitalizing on demand for health & protection while further improving our margins
 
* Focus on cost reduction
Line 276 ⟶ 286:
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
</div>
 
{{pdf page|13|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== FY25 Financial Performance ==
 
* Alban de Mailly Nesle
* Group CFO
Line 286 ⟶ 297:
{{pdf page|14|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Continued disciplined growth ===
 
* In Euro billion
 
==== GWP & Other Revenues ====
 
<div style="overflow-x:auto">
{| id="t6t5" class="wikitable fintable"
|+ GWP &amp; Other Revenues (In Euro billion)
|-
! style="text-align:left" | SegmentIn 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.}}
Line 303 ⟶ 310:
|-
| style="text-align:left" | Commercial lines
| style="text-align:right" | —
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
Line 310 ⟶ 317:
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" | —
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
Line 317 ⟶ 324:
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | —
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
Line 323 ⟶ 330:
| style="text-align:right" | +2%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>56.5</b>
| style="text-align:right" | <b>58.0</b>
| style="text-align:right" | <b>+5%</b>
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
'''Commercial lines'''
* Continued pricing momentum and volume growth in Mid-market and SME
* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
 
'''AXA XL Reinsurance'''
* Growth supported by alternative capital
 
'''Retail lines'''
* Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)
 
Line 344 ⟶ 356:
{{pdf page|15|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
 
==== 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
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 378 ⟶ 384:
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" | <b>Combined ratio</b>
| style="text-align:right" | <b>91.0%</b>
| style="text-align:right" | <b>90.6%</b>
|}
</div>
Line 383 ⟶ 393:
* Better undiscounted current year loss ratio excluding Nat Cat from:
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
 
* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
 
* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
 
* Nat Cat charges below normalized load
 
* Lower reliance on prior year reserve development
 
* Taking advantage of a good year to enhance reserve prudence
 
Line 397 ⟶ 402:
=== P&C – Earnings growth from higher underwriting and financial result ===
 
'''Underlying Earnings'''
In Euro million
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
* Higher unwind of discount of claims reserves, in line with guidance
* Unfavorable forex impact notably due to USD depreciation vs. EUR
 
<div style="overflow-x:auto">
{| id="t8t7" class="wikitable fintable"
|+ Underlying Earnings waterfall (In Euro million)
|-
! style="text-align:left" | StepIn Euro million
! class="col-sm" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth ( Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}})
| style="text-align:right" | +292
|-
Line 415 ⟶ 424:
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income ( Financial result)
| style="text-align:right" | +435
|-
Line 427 ⟶ 436:
| style="text-align:right" | -150
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>5,872</b>
|-
| style="text-align:left" | Change at constant FX
| style="text-align:right" | +9%
|}
</div>
 
'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}}'''
* +9%
* Volume growth
* Margin improvement
 
'''Financial result'''
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
* Investment income
 
* Insurance finance expenses
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
 
* Higher unwind of discount of claims reserves, in line with guidance
 
* Unfavorable forex impact notably due to USD depreciation vs. EUR
 
Change at constant FX.
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Underwriting result includes expenses.}}
Line 449 ⟶ 460:
=== Life & Health – Strong growth in premiums, positive net flows ===
 
* In Euro billion
 
<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" | Total
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|-
| 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>
 
<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" | Total
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|-
| style="text-align:left" | Individual
| style="text-align:right" | —
| style="text-align:right" | 10.5
| style="text-align:right" | +6%
|-
| style="text-align:left" | Group
| style="text-align:right" | —
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>17.5</b>
| style="text-align:right" | <b>19.0</b>
| style="text-align:right" | <b>+5%</b>
|}
</div>
 
* o/w FY25 Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
* Euro 12.9 billion (+4% vs. FY24)
 
<div style="overflow-x:auto">
{| id="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" | Net flowsFY25
|-
| style="text-align:left" | Protection
Line 536 ⟶ 550:
|}
</div>
 
* o/w FY25 Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
* Euro 12.9 billion (+4% vs. FY24) Change at constant scope and FX.
 
<div class="ed-fn-notes" style="display:none">
Line 546 ⟶ 557:
{{pdf page|18|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
'''In Euro billion'''
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
 
<div style="overflow-x:auto">
{| id="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
| style="text-align:right" | —
| style="text-align:right" | 31.4
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | —
| style="text-align:right" | 8.5
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" | —
| style="text-align:right" | 7.8
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | —
| style="text-align:right" | 1.7
| style="text-align:right" | -10%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>50.9</b>
| style="text-align:right" | <b>49.4</b>
| style="text-align:right" | <b>-2%</b>
|-
| style="text-align:left" | Change
| colspan="2" style="text-align:right" | -2%
|-
| style="text-align:left" | Protection &amp; Health change
| colspan="2" style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked change
| colspan="2" style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A change
| colspan="2" style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A change
| colspan="2" style="text-align:right" | -10%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t13t12" class="wikitable fintable"
|+ NB CSM (pre-tax)
|-
! style="text-align:left" | FY24In 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" | 2.2NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
|-
| colspan="2" style="text-align:leftright" | +3%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t14t13" class="wikitable fintable"
|+ NBV (post-tax)
|-
! style="text-align:left" | FY24In 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" | 2.3NBV (post-tax)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:right" | stable
|-
| colspan="2" style="text-align:left" | stableNBV margin
| style="text-align:right" | 4.4%
|-
| style="text-align:left" | NBV margin 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | —
|}
</div>
 
Change at constant scope and FX.
* 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
 
* Change at constant scope and FX.
 
{{pdf page|19|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
<!-- furniture -->
* In Euro billion
 
==== Contractual Service Margin rollforward ====
 
<div style="overflow-x:auto">
{| id="t15t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward (In Euro billion)
|-
! 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:right" | CSM release
! style="text-align:right" | Economic variance
! style="text-align:right" | Operating variance
! style="text-align:right" | Affiliates, FX &amp; other
! style="text-align:right" | FY25
|-
| style="text-align:left" | 33.6FY24
| style="text-align:right" | 33.6
|-
| style="text-align:left" | New business CSM
| style="text-align:right" | +2.2
|-
| style="text-align:left" | +1.3
| 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:right" | 33.0
|-
| colspan="8" style="text-align:left" | Normalized CSM growth +2%<b>FY25</b>
| style="text-align:right" | <b>33.0</b>
|}
</div>
 
'''Normalized CSM growth +2%'''
* o/w Life: 25.8 (FY24) → 25.4 (FY25)
 
* o/w Health: 7.7 (FY24) → 7.6 (FY25)
 
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
 
* Economic variance reflecting government spreads tightening and positive equity market returns
 
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
 
* FX impact mainly from JPY and HKD depreciation
 
'''CSM breakdown'''
* FY24 o/w Life: 25.8
* FY24 o/w Health: 7.7
* FY25 o/w Life: 25.4
* FY25 o/w Health: 7.6
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant scope and FX.}}
</div>
 
<!-- furniture -->
 
{{pdf page|20|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
In Euro million
 
==== Underlying Earnings +7% ====
 
<div style="overflow-x:auto">
{| id="t16t15" class="wikitable fintable"
|+ Underlying Earnings waterfall (In Euro million)+7%
|-
! style="text-align:left" | StepIn Euro million
! class="col-s" style="text-align:right" | ValueFY24
! style="text-align:left" | Short-term technical margin
! style="text-align:left" | Long-term result incl. CSM release
! class="col-s" style="text-align:right" | Financial result
! class="col-s" style="text-align:right" | Tax, FX and others
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | FY24—
| style="text-align:right" | 3,323
| style="text-align:left" | +60
|-
| style="text-align:left" | Short-term technical margin+156
| style="text-align:right" | +60
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | +156
|-
| style="text-align:left" | Financial result
| style="text-align:right" | -11
|-
| style="text-align:left" | Tax, FX and others
| style="text-align:right" | -27
|-
| style="text-align:left" | FY25
| style="text-align:right" | 3,501
|}
</div>
 
<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|+ FY24 vs FY25 Underlying Earnings breakdown (In Euro million)
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others
| style="text-align:right" | -748
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -728
|}
</div>
 
* o/w Life: 2.6 → 2.7 &#42;in billions — +4% vs. FY24*
 
* o/w Health: 0.7 → 0.8 in billions — +17% vs. FY24
* o/w Life: 2.6 → 2.7, +4% vs. FY24
* o/w Health: 0.7 → 0.8, +17% vs. FY24
 
Change at constant FX.
 
* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)
 
* Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Change at constant FX.}}
</div>
 
{{pdf page|21|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
Line 755 ⟶ 766:
 
<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 782 ⟶ 794:
| 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>
 
* '''Underlying earnings'''
* Strong performance from insurance businesses
* Stable holding cost, expected to remain at current level in 2026
 
* '''Net Income'''
* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
* Lower financial flows reflecting unfavorable forex impact
 
==== Underlying earnings per share ====
In Euro
 
<div style="overflow-x:auto">
{| id="t19t17" class="wikitable fintable"
|+ Underlying earnings per share (In Euro)
|-
! 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%
|}
Line 835 ⟶ 848:
 
* +6% from earnings growth
* including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
* +3% from capital management
* -2% from forex
* including -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback
 
<!-- furniture -->
 
<div class="ed-fn-notes" style="display:none">
Line 846 ⟶ 857:
 
{{pdf page|22|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Shareholders'Shareholders’ Equity ===
 
* In Euro billion
 
'''In Euro billion'''
==== Shareholders' equity{{fn ref|1|2=Shareholders' equity Group share. Full Year 2025 Earnings}} ====
 
<div style="overflow-x:auto">
{| id="t20t18" class="wikitable fintable"
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
|+ Shareholders' equity
|-
! 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" | SHE (excl. OCI)
Line 871 ⟶ 880:
| style="text-align:right" | -6.8
|-
| style="text-align:left" | <b>Shareholders' Equityequity</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 894 ⟶ 903:
 
<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 914 ⟶ 924:
| style="text-align:left" | Dividend
| style="text-align:right" | -4.6
| style="text-align:right" | -—
|-
| style="text-align:left" | Annual share buyback
| style="text-align:right" | -1.2
| style="text-align:right" | -—
|-
| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM
Line 936 ⟶ 946:
| style="text-align:right" | 0.3
|-
| style="text-align:left" | <b>Closing Shareholders' equity</b>
| style="text-align:right" | <b>47.2</b>
| style="text-align:right" | <b>47.2</b>
|}
</div>
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Shareholders'Shareholders’ equity Group share. Full Year 2025 Earnings}}
</div>
 
{{pdf page|23|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Higher organic cash remittance and robust cash position at Holding ===
 
* In Euro billion
 
==== 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-ms" 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
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| style="text-align:left" | <b>Total Net Cash Remittance</b>
| style="text-align:right" | <b>7.7</b>
| style="text-align:right" | <strongb>7.5</strongb>
|-
| style="text-align:left" | Remittance ratio{{fn ref|1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
Line 980 ⟶ 986:
 
<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 1,006 ⟶ 1,013:
| 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>
 
<div class="ed-fn-notes" style="display:none">
{{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.}}
</div>
 
{{pdf page|24|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Solvency II at 224% ===
 
* In Euro billion Foreseeable dividends: €-4.8bn Provision for annual share buyback for 2026: €-1.25bn
 
<div style="overflow-x:auto">
{| id="t24t22" class="wikitable fintable"
|+ Eligible Own Funds (EOF) /, Solvency Capital Requirement (SCR), /and Solvency II ratio bridge FY24–FY25bridges
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory &amp; model changes
! class="col-s" style="text-align:right" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance &amp; FX
! class="col-s" style="text-align:leftright" | Dividend &amp; annual share buyback
! class="col-s" style="text-align:right" | Management actions, debt &amp; other
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Eligible Own Funds (EOF)
Line 1,041 ⟶ 1,046:
| style="text-align:right" | -0.4
| style="text-align:right" | -2.1
| style="text-align:leftright" | -6.0 / -0.1
| style="text-align:right" | -0.1
| style="text-align:right" | <b>56.4</b>
|-
| style="text-align:left" | Solvency II ratio
Line 1,051 ⟶ 1,056:
| style="text-align:right" | -1pt
| style="text-align:right" | +4pts
| style="text-align:leftright" | -24pts
| style="text-align:right" | +2pts
| style="text-align:right" | <b>224%</b>
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)
Line 1,061 ⟶ 1,066:
| style="text-align:right" | 0.0
| style="text-align:right" | -1.2
| style="text-align:leftright" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | <b>25.2</b>
|}
</div>
 
* Dividend & annual share buyback details
==== Key sensitivities ====
* Foreseeable dividends: €-4.8bn
 
* Provision for annual share buyback for 2026: €-1.25bn
* Ratio as of December 31, 2025: 224%
 
<div style="overflow-x:auto">
{| id="t25t23" class="wikitable fintable"
|+ Key sensitivities
|-
!| style="text-align:left" | SensitivityRatio as of December 31, 2025
! class="col-s"| style="text-align:right" | Impact<b>224%</b>
|-
| style="text-align:left" | Interest rate +50bps
Line 1,087 ⟶ 1,092:
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit migration{{fn ref|2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
| style="text-align:right" | -4 pts
|-
Line 1,111 ⟶ 1,116:
 
<div class="ed-fn-notes" style="display:none">
{{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).}}
</div>
 
Line 1,118 ⟶ 1,123:
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
* Ratio as of 31/12/2025: 224%
* Impact of the end of grandfathering period on January 1, 2026: -10pts to 215%
* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
* No change expected in organic capital generation
* Additional capital flexibility
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
Line 1,131 ⟶ 1,137:
== Conclusion ==
 
* '''Thomas Buberl, Group CEO'''
 
{{pdf page|27|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Conclusion ===
 
* Record results, at the top end of the target range while enhancing reserve prudence
* All businesses in excellent shape, delivering strong growth and profitability
Line 1,141 ⟶ 1,148:
 
{{pdf page|28|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
== Q&A Full Year 2025 Earnings February 26, 2026 ==
=== Q&A ===
February 26, 2026
 
{{pdf page|29|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== AXA Investor Relations – Keep in touch ===
 
==== '''Meet our management ===='''
* March: Roadshows — Europe and US
* May 5: 1Q25 Activity Indicators — Paris
* June 2: BNP Paribas Exane CEO Conference — Paris
* June 2-4: Goldman Sachs European Financials Conference — Zurich
* July 31: HY26 Earnings Release — Paris
* September 21: AXA Investor Day — London
 
'''Contact us'''
* March | Roadshows | Europe and US
* Investor Relations
* May 5 | 1Q25 Activity Indicators | Paris
* +33 1 40 75 48 42
* June 2 | BNP Paribas Exane CEO Conference | Paris
* investor.relations@axa.com
* June 2-4 | Goldman Sachs European Financials Conference | Zurich
* July 31 | HY26 Earnings Release | Paris
* September 21 | AXA Investor Day | London
 
==== Contact us ====
 
* Investor Relations: +33 1 40 75 48 42 | investor.relations@axa.com
 
==== Follow us ====
 
'''Follow us'''
* www.axa.com
 
Line 1,172 ⟶ 1,177:
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{pdf page|32|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
* In Euro billion
 
==== Gross financial debt{{fn ref|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.}} Contractual maturity breakdown ====
 
* Debt gearing 20.6% 22.3%
 
<div style="overflow-x:auto">
{| id="t26t24" class="wikitable fintable"
|+ Gross financial debt{{fn (In Euro billion)ref|1,2}}
|-
! style="text-align:left" | In Euro billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Jan 1st 2026 End of the grandfathering period
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 1
Line 1,206 ⟶ 1,213:
| style="text-align:right" | 5.8
|-
| style="text-align:left" | <strongb>Total</strongb>
| style="text-align:right" | <strongb>19.2</strongb>
| style="text-align:right" | <strongb>20.3</strongb>
| style="text-align:right" | <strongb>20.3</strongb>
|}
</div>
 
* Jan 1st 2026: o/w End€0.4bn ofredeemed thein grandfatheringJan period2026
 
* o/w €0.4bn redeemed in Jan 2026
 
* Legend: Tier 1, Tier 2, Senior debt
 
<div style="overflow-x:auto">
{| id="t27t25" class="wikitable fintable"
|+ Contractual maturity breakdown (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,235 ⟶ 1,238:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | 0.9—
| 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" | —
| style="text-align:right" | 0.7
| style="text-align:right" | —
| style="text-align:right" | 10.8
| style="text-align:right" | 40.67
| 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" | 0.7—
| style="text-align:right" | 4.6
|}
</div>
 
==== o/w Grandfathered debt (Contractual maturity breakdown) ====
 
<div style="overflow-x:auto">
{| id="t28" 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{{fn ref|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.}} ====
 
<div style="overflow-x:auto">
{| id="t29t26" 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.}}
|+ Economic maturity breakdown (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,327 ⟶ 1,321:
|-
| style="text-align:left" | Senior debt
| 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" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | —
| style="text-align:right" | 0.1—
| style="text-align:right" | 2.4
| style="text-align:right" | 0.5—
| style="text-align:right" | 2.0
| style="text-align:right" | 0.47
| style="text-align:right" | 6.4
| style="text-align:right" | —
| style="text-align:right" | 0.7
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" |
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | —
| style="text-align:right" | 4.0
| style="text-align:right" |
|}
</div>
 
==== o/w Grandfathered debt (Economic maturity breakdown) ====
 
<div style="overflow-x:auto">
{| id="t30" 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>
 
<div class="ed-fn-notes" style="display:none">
{{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.}}
</div>
 
Line 1,409 ⟶ 1,397:
=== General Account Invested Assets ===
 
* '''FY25 Total General Account invested assets'''
* Duration gap at -0.4 year
* Euro 450 billion
 
<div style="overflow-x:auto">
{| id="t31t27" class="wikitable fintable"
|+ Invested assets (100%)
|+ FY25 Total General Account invested assets: Euro 450 billion
|-
|! style="text-align:left" | FixedIn Euro incomebillion
| style="text-align:right" | 77%
|-
| style="text-align:left" | Real estate
| style="text-align:right" | 9%
|-
| style="text-align:left" | Infrastructure equity
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds
| style="text-align:right" | 5%
|-
| style="text-align:left" | Cash
| style="text-align:right" | 4%
|-
| style="text-align:left" | Policy loans
| style="text-align:right" | 0%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Invested assets (100%) In Euro billion
|-
! 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 1,487 ⟶ 1,449:
| style="text-align:right" | 0%
|-
| style="text-align:left" | <b>Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | <b>100%</b>
|}
</div>
Line 1,504 ⟶ 1,466:
 
<div style="overflow-x:auto">
{| id="t33t28" class="wikitable fintable"
|+ Structured and Private Credit assets
|-
! style="text-align:left" | Invested assets (100%)<br/> In Euro billion
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | % of total G/A{{fn ref|1|2=G/A: General Account}} portfolio
! style="text-align:left" | Comments
|-
Line 1,539 ⟶ 1,502:
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" | —
|-
| style="text-align:left" | <strongb>Total Structured and Private Credit Assets</strongb>
| style="text-align:right" | <strongb>69</strongb>
| style="text-align:right" | <strongb>15%</strongb>
| style="text-align:left" | o/w 54% participating
|}
Line 1,555 ⟶ 1,518:
=== Investment portfolio – Fixed Income reinvestment ===
 
<div style="overflow-x:auto">
==== FY25 Fixed Income Reinvestment ====
{| id="t29" class="wikitable fintable"
 
|+ FY25 Fixed Income Reinvestment
* Euro 57 billion
|-
 
! style="text-align:left" | Asset Class
* Government bonds & related (32%) – Average rating: AA
! class="col-m" style="text-align:right" | Share (%)
 
|-
* Investment grade credit (40%)- Average rating: A
| style="text-align:left" | Government bonds &amp; related (Average rating: AA)
 
| style="text-align:right" | 32%
* ABS/CLO/IG fund financing (21%)
|-
 
*| Belowstyle="text-align:left" investment| Investment grade credit (7%Average rating: A)
| style="text-align:right" | 40%
 
|-
==== FY25 Fixed Income Reinvestment Yield ====
| style="text-align:left" | ABS/CLO/IG fund financing
| style="text-align:right" | 21%
|-
| style="text-align:left" | Below investment grade credit
| style="text-align:right" | 7%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>Euro 57 billion</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t34t30" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment Yield
|-
! style="text-align:left" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}Category
! class="col-s" style="text-align:right" | Yield
! 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).}}
! 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%'''
 
* Average duration of 9 years
* Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
Line 1,598 ⟶ 1,575:
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{pdf page|37|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
==== '''Well diversified across lines of business and geographies ===='''
 
<div style="overflow-x:auto">
* $19bn FY25 GWP by line of business
{| id="t31" class="wikitable fintable"
* Casualty (35%)
|+ $19bn FY25 GWP by line of business
* Property (29%)
|-
* Specialty (19%)
! style="text-align:left" | Line of business
* Professional lines{{fn ref|1|2=Including Cyber}} (17%)
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Casualty
| style="text-align:right" | 35%
|-
| style="text-align:left" | Property
| style="text-align:right" | 29%
|-
| style="text-align:left" | Specialty
| style="text-align:right" | 19%
|-
| style="text-align:left" | Professional lines{{fn ref|1|2=Including Cyber}}
| style="text-align:right" | 17%
|}
</div>
 
<div style="overflow-x:auto">
* $19bn FY25 GWP by geography
{| id="t32" class="wikitable fintable"
* Americas (46%)
|+ $19bn FY25 GWP by geography
* Europe & APAC (35%)
|-
* UK & Lloyds (19%)
! style="text-align:left" | Geography
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Americas
| style="text-align:right" | 46%
|-
| style="text-align:left" | Europe &amp; APAC
| style="text-align:right" | 35%
|-
| style="text-align:left" | UK &amp; Lloyds
| style="text-align:right" | 19%
|}
</div>
 
==== '''Leading market positions across lines ===='''
 
* Top 3 globally
 
* Multinational Programs{{fn ref|2|2=Source: McKinsey}}
 
* 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 ===='''
 
* Qualitative chart: Profitability vs Ex-price growth (%)
* Bubble chart with axes: Ex-price growth (%) (x-axis) and Profitability (y-axis); segments shown: Property (high profitability, high ex-price growth), Specialty, Casualty, Professional lines (lower profitability, lower ex-price growth)
* 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
 
<div class="ed-fn-notes" style="display:none">
Line 1,638 ⟶ 1,645:
{{pdf page|38|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Focus on Reserves ===
 
==== Claims reserves ratio ====
(Net undiscounted claims reserves/Net earned premiums)
 
<div style="overflow-x:auto">
{| id="t35t33" 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 (IFRS4)
! class="col-s" style="text-align:right" | FY22 (IFRS17)
! 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:right" | IFRS4
| colspan="4" style="text-align:right" | IFRS17
|-
| style="text-align:left" | Claims reserves ratioRatio
| style="text-align:right" | 179%
| style="text-align:right" | 185%
Line 1,669 ⟶ 1,677:
|}
</div>
 
==== Technical reserves ratio ====
(Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
 
<div style="overflow-x:auto">
{| id="t36t34" 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)
|+ Technical reserves ratio
|-
! 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 (IFRS4)
! class="col-s" style="text-align:right" | FY22 (IFRS17)
! 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:right" | IFRS4
| colspan="4" style="text-align:right" | IFRS17
|-
| style="text-align:left" | Technical reserves ratioRatio
| style="text-align:right" | 213%
| style="text-align:right" | 227%
Line 1,708 ⟶ 1,717:
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program{{fn ref|1|2=Excludes local reinsurance covers;}} ===
 
'''Insurance segment (occurrence protection)'''
* In Euro
 
<div style="overflow-x:auto">
{| id="t37t35" class="wikitable fintable"
|+ In Euro
|+ Insurance segment (occurrence protection) / Reinsurance segment (illustrative)
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | EU Windstorm
! class="col-s" style="text-align:right" | Europe Flood
Line 1,721 ⟶ 1,730:
! 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" | Reinsurance segment (illustrative) — Alternative Capital &amp; Cat Bonds
|-
| style="text-align:left" | Capacity
Line 1,729 ⟶ 1,737:
| style="text-align:right" | 1.2bn
| style="text-align:right" | 1.2bn
| style="text-align:right" | —
| style="text-align:left" |
|-
| style="text-align:left" | Retention
Line 1,739 ⟶ 1,746:
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 400m
| style="text-align:left" |
|}
</div>
 
'''Reinsurance segment (illustrative)'''
* Alternative Capital & Cat Bonds
 
'''Key Takeaway'''
* Stable retention levels maintained in 2026 as in 2025
 
Line 1,752 ⟶ 1,762:
 
{{pdf page|40|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost{{fn ref|1|2=Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). Full Year 2025 Earnings}} in 2026 ===
 
* '''In Euro billion (net of reinsurance)'''
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 ====
 
* net of reinsurance, post-tax | net of reinsurance, pre-tax
 
<div style="overflow-x:auto">
{| id="t38t36" class="wikitable"
|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)
|-
! style="text-align:left" | ScenarioProbability
! style="text-align:right" | Percentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 1/20y more severe
| style="text-align:right" | (95th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y more severe
| style="text-align:right" | (90th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y more severe
| style="text-align:right" | (80th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median
| style="text-align:right" | (50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y less severe
| style="text-align:right" | (20th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y less severe
| style="text-align:right" | (10th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y less severe
| style="text-align:right" | (5th)
| style="text-align:right" | €+0.8bn
|}
</div>
 
* More severe years — Negative deviation in ca. 40% of cases
* Negative deviation in ca. 40% of cases
 
* Less severe years — Positive deviation in ca. 60% of cases
* Positive deviation in ca. 60% of cases
 
==== Average Expected Nat Cat charges ====
 
<div style="overflow-x:auto">
{| id="t39t37" 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" | AmountAverage (€bn)Expected Nat Cat charges
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
Line 1,823 ⟶ 1,828:
 
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). Full Year 2025 Earnings}}
</div>
 
Line 1,831 ⟶ 1,836:
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{pdf page|42|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== P&C – Margin Analysis ===
 
&#32;#### Technical Result
In Euro million (pre-tax)
 
<div style="overflow-x:auto">
{| id="t40t38" class="wikitable fintable"
|+ Technical 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>Current Accident Year Undiscounted Technical Margin</strongb>
| style="text-align:right" | <b>2,778</b>
| style="text-align:right" | <b>+707</b>
|}
</div>
 
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|-
| style="text-align:left" | Gross Earned Premiums
Line 1,865 ⟶ 1,864:
| style="text-align:right" | 3.4%
| style="text-align:right" | -0.4pt
|}
</div>
 
<div style="overflow-x:auto">
{| id="t42" 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 1,885 ⟶ 1,879:
| style="text-align:left" | Current Accident Year Net Claims reserves
| style="text-align:right" | €19.0bn
| style="text-align:right" | —
|-
| style="text-align:left" | Duration
| style="text-align:right" | 4.0 years
| style="text-align:right" | —
|-
| style="text-align:left" | Current Accident Year Discount rate
| style="text-align:right" | 2.8%
| style="text-align:right" | —
|}
</div>
 
<div style="overflow-x:auto">
{| id="t43" 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 1,915 ⟶ 1,904:
 
<div style="overflow-x:auto">
{| id="t44t39" class="wikitable"
|+ Financial Result In Euro million (pre-tax)
|+ 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.}}
|-
! style="text-align:left" | +25bpsIn Euro million (pre-tax)
! style="text-align:right" | -25bpsFY25
! style="text-align:right" | Change
|-
| style="text-align:left" | €+0.2bn<b>Investment Income</b>
| style="text-align:right" | €-0.2bn<b>3,988</b>
| style="text-align:right" | <b>+435</b>
|}
</div>
 
&#32;#### Financial Result
In Euro million (pre-tax)
 
<div style="overflow-x:auto">
{| id="t45" 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" | <strong>Investment Income</strong>
| style="text-align:right" | 3,988
| style="text-align:right" | +435
|-
| 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>
 
<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>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>
 
'''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.}}'''
<div style="overflow-x:auto">
* +25bps: €+0.2bn
{| id="t47" class="wikitable"
* -25bps: €-0.2bn
|+ 2026e Insurance Finance Expenses (pre-tax): ~ €-1.4bn — Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount
|-
! style="text-align:left" | +25bps
! style="text-align:right" | -25bps
|-
| style="text-align:left" | ~ €-50m
| style="text-align:right" | ~€+50m
|}
</div>
 
<div style="overflow-x:auto">
{| id="t48t40" class="wikitable fintable"
|+ Full Year 2025Underlying Earnings
|-
! 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>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 2,007 ⟶ 1,969:
| 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" | +9%
|}
</div>
 
'''2026e Insurance Finance Expenses (pre-tax)'''
* ~ €-1.4bn
 
'''Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount'''
* +25bps: ~ €-50m
* -25bps: ~ €+50m
 
Changes versus FY24 at constant FX.
<div class="ed-fn-notes" style="display:none">
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
Line 2,025 ⟶ 1,995:
=== L&H – Margin Analysis ===
 
* '''Includes scope impact'''
 
==== Technical Result ====
&#42;In Euro million, pre-tax*
 
<div style="overflow-x:auto">
{| id="t49t41" 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" | <strongb>Short-term Technical Margin</strongb>
| style="text-align:right" | <b>479</b>
| style="text-align:right" | <b>+60</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,048 ⟶ 2,016:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
| style="text-align:right" | <b>2,804</b>
| style="text-align:right" | <b>+156</b>
|-
| style="text-align:left" | CSM release
| style="text-align:right" | 2,954
| style="text-align:right" | +215
|-
| style="text-align:left" | Technical experience
| style="text-align:right" | -150
| style="text-align:right" | -58
|}
</div>
Line 2,054 ⟶ 2,034:
 
<div style="overflow-x:auto">
{| id="t50t42" 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>Long-termInvestment TechnicalIncome (non-VFA Marginonly)</strongb>
| style="text-align:right" | <b>2,804484</b>
| style="text-align:right" | +156<b>-1</b>
|-
| style="text-align:left" | CSMFY25 releaseAverage Assets
| style="text-align:right" | 2,954€98bn
| style="text-align:right" | +215—
|-
| style="text-align:left" | TechnicalAsset experiencebook yield
| style="text-align:right" | -1502.5%
| style="text-align:right" | -58—
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 3.8%
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
| style="text-align:right" | <b>-1,538</b>
| style="text-align:right" | <b>-9</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €62bn
| style="text-align:right" | —
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 2.5%
| style="text-align:right" | —
|}
</div>
 
<div style="overflow-x:auto">
{| id="t51t43" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities (in Euro billion)
|-
! style="text-align:left" | Baseline(in Euro billion)
! class="col-sm" style="text-align:right" | 33.3
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
Line 2,106:
|}
</div>
 
==== Financial Result ====
&#42;In Euro million, pre-tax*
 
<div style="overflow-x:auto">
{| id="t52t44" class="wikitable fintable"
|-
! 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>InvestmentUnderlying IncomeEarnings (non-VFAbefore only)tax</strongb>
| style="text-align:right" | 2<b>4,484229</b>
| style="text-align:right" | -1<b>+205</b>
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €98bn
| style="text-align:right" |
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 2.5%
| style="text-align:right" |
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 3.8%
| style="text-align:right" |
|}
</div>
 
<div style="overflow-x:auto">
{| id="t53" 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" | <strong>Insurance Finance Expenses (non-VFA only)</strong>
| style="text-align:right" | -1,538
| style="text-align:right" | -9
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €62bn
| style="text-align:right" |
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 2.5%
| style="text-align:right" |
|}
</div>
 
<div style="overflow-x:auto">
{| id="t54" 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" | <strong>Underlying Earnings before tax</strong>
| style="text-align:right" | 4,229
| style="text-align:right" | +205
|-
| style="text-align:left" | Tax
Line 2,175 ⟶ 2,126:
| style="text-align:right" | -51
|-
| style="text-align:left" | <strongb>Underlying Earnings</strongb>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" | —
| style="text-align:right" | +7%
|}
Line 2,194 ⟶ 2,145:
* 2. Additional P&C disclosures p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{pdf page|45|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Expanding AXA'sAXA’s role in society: AXA for Progress Index{{fn ref|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.}} ===
 
<div style="overflow-x:auto">
{| id="t55t45" class="wikitable"
|+ As a GLOBAL INVESTOR
|-
! 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:centerright" | As a2025 COMPANYResult
|-
| 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="t46" class="wikitable"
|+ As a GLOBAL INSURER
|-
! style="text-align:left" | TargetMetric
! style="text-align:right" | 2025 ResultTarget
! 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" | €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
| rowspan="2" style="text-align:right" | €6.4bn
| style="text-align:left" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | €4.6bn
| style="text-align:left" | &gt;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" | 46,420
|-
| style="text-align:left" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) <i>Target revised in 2025</i>
| style="text-align:left" | &gt;€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;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) Target revised in 2025
| style="text-align:leftright" | 19,698 <br/>Cumulative 2024-2025
| 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" | &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:right" | -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
| style="text-align:right" | -64%<br/>Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 50%
| style="text-align:right" | 56%
|}
Line 2,235 ⟶ 2,213:
 
<div class="ed-fn-notes" style="display:none">
{{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.}}
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{{pdf page|46|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Sustainability Performance & Ratings ===
 
* S&P Global: 2025 percentile: 97th{{fn ref|1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe & World indices
'''S&P Global'''
* MSCI: 2025 score: AAA
* 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
* CDP: 2025 score: B
 
* Morningstar Sustainalytics: 2025 ESG Risk Rating: 17.0– Low risk
'''MSCI'''
* FTSE Russell: 2025 score: 4.3/5 in FTSE4Good Index Series
* 2025 score: AAA
 
'''CDP'''
* 2025 score: B
 
'''MORNINGSTAR SUSTAINALYTICS'''
* 2025 ESG Risk Rating: 17.0 – Low risk
 
'''FTSE RUSSELL An LSEG Business'''
* 2025 score: 4.3/5 in FTSE4Good Index Series
 
<div class="ed-fn-notes" style="display:none">
Line 2,267 ⟶ 2,255:
* AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
 
* '''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'''
 
{{pdf page|48|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
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{{pdf page|49|url=https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf}}
=== Thank you Full Year 2025 Earnings February 26, 2026 ===
 
* Full Year 2025 Earnings
* February 26, 2026
Retrieved from "https://www.insurerbrain.com/wiki/Document:AXA/2025/FY/Earnings_presentation"