Insurer Brain

AXA/2025/FY/Earnings presentation: Difference between revisions

Browse history interactively
← Older edit
Content deleted Content added
VisualWikitext
doc_archive: publish snjra2xp9r (.md link)
doc_archive: publish snjra2xp9r (.md link)
 
(11 intermediate revisions by the same user not shown)
Line 19:
''This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).''
 
{{chunk|doc=snjra2xp9r|c=1|p=1}}
=== Full Year 2025 Earnings Presentation February 26, 2026 ===
=== Full Year 2025 Earnings Presentation ===
 
* February 26, [[Definition:Year 2026|2026]]
=== Full Year 2025 Earnings ===
 
{{chunk|doc=snjra2xp9r|c=12|p=2}}
====== LegalImportant legal information and cautionary statements ===concerning forward-looking statements and the use of non-gaap financial measures ===
 
'''Forward-looking statements'''
* Certain statements in this document are forward-looking, identified by words like "expects," "anticipates," "may," "plan," "target," "would," and "could".
* 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.
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS) growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.
* 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”.
* Forward-looking statements are based on Management’s current views and intentions, are subject to change, and carry known and unknown risks and uncertainties outside AXA’s control that could cause actual results to differ materially.
* In particular, the statements in this presentation regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law.
* These statements in this presentation are based on Management’s current views and intentions and are subject to change.
* This presentation refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position.
* 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.
* Non-GAAP financial measures generally lack standardized meaning and may not be comparable to measures used by other companies.
* Each forward-looking statement speaks only at the date of this presentation.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
* 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.
* "[[Definition:Underlying earnings|Underlying earnings]]," UEPS, "underlying return on equity," "combined ratio," and "debt gearing" are APMs as defined by ESMA’s guidelines and AMF’s position statement.
* 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.
* Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in AXA’s 2025 Activity Report.
* AXA’s 2025 Activity Report is available on 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 audit completion.
 
'''Non-GAAP financial measures'''
=== Contents ===
* 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.
* “[[Definition:Underlying earnings|Underlying earnings]]”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
 
'''Additional information'''
{{chunk|doc=snjra2xp9r|c=2|p=3}}
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
====== Presentation contents and speakers ======
* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.
 
{{chunk|doc=snjra2xp9r|c=3|p=3}}
* [[Definition:Full year 2025|FY25]] Highlights are on p.04.
=== Contents ===
* Thomas Buberl is the Group CEO.
 
* FY25 Business Performance is on p.09.
* 1. [[Definition:Full year 2025|FY25]] Highlights
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* Thomas Buberl, Group CEO
* FY25 Financial Performance is on p.13.
* p.04
* Alban de Mailly Nesle is the Group CFO.
* 2. FY25 Business Performance
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
* p.09
* 3. FY25 Financial Performance
* Alban de Mailly Nesle, Group CFO
* p.13
 
== FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=34|p=4}}
====== GroupSection CEO ======
 
* '''Thomas Buberl is the, Group CEO.'''
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
=== Full Year 2025 – Excellent performance ===
 
'''[[Definition:Full year 2025|Full Year 2025]] Key Performance Indicators'''
{{chunk|doc=snjra2xp9r|c=4|p=5}}
* +6% Revenues vs. [[Definition:Full year 2024|FY24]]
====== Financial performance highlights ======
* +8% [[Definition:Underlying earnings per share|Underlying EPS]] vs. FY24
 
* 16% ROE FY25
* Revenues: +6% vs. [[Definition:Full year 2024|FY24]]
* 224% Solvency II ratio FY25
* [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24
* ROE: 16% in [[Definition:Full year 2025|FY25]]
* Solvency II ratio: 224% in FY25
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
====== Shareholder returns and outlook ======
 
'''Delivering value for shareholders'''
* DPS growth: +8%
* +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.}}
* Annual [[Definition:Share buyback|share buyback]]: EUR 1.25bn
* Confident to deliver [[Definition:Underlying earnings per share|underlying EPS]] growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
'''Outlook'''
{{chunk|doc=snjra2xp9r|c=6|p=5}}
* Confident to deliver underlying EPS growth at the upper end of 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
====== Full Year 2025 – Excellent performance ======
 
{{fn note|1=1|2=Based on the dividend proposed by AXA'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.}}
 
{{chunk|doc=snjra2xp9r|c=6|p=6}}
=== Executing the plan on growth, margin and efficiency ===
 
{{chunk|doc=snjra2xp9r|c=7|p=6}}
====== Underlying earnings by FY ======
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Underlying earnings
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24Underlying earnings
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earningsFY24
| style="text-align:right" | 8.1
|-
| style="text-align:left" | FY25
| style="text-align:right" | 8.4
|-
| style="text-align:left" | Change
| style="text-align:right" | +6%
|-
| style="text-align:left" | Underlying earningsChange excluding AXA IM
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | +9%
|}
</div>
 
'''High organic growth'''
{{chunk|doc=snjra2xp9r|c=8|p=6}}
* +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
====== Organic growth, profitability, and efficiency ======
 
'''Record profitability'''
* Top line growth: +6% organic.
* Further margin expansion in P&C and L&H; improvement in efficiency
* Growth balanced across lines: P&C +5%, Life +9%, Health +5%.
* Record profitability with further margin expansion in P&C and L&H.
* Improved efficiency.
* Continued investments in growth and technology for scaling the business.
* Consistent earnings growth while enhancing reserve prudence.
 
'''Scaling the business'''
{{chunk|doc=snjra2xp9r|c=9|p=6}}
======* ExecutingContinued theinvestments plan onin growth, margin and efficiency ======technology
 
'''Consistent earnings growth while enhancing reserve prudence'''
{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
 
<div class="ed-fn-notes" style="display:none">
=== Diversified franchise, well positioned in an attractive industry ===
 
</div>
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=107|p=7}}
=== Diversified franchise, well positioned in an attractive industry ===
====== Protection gaps and emerging risks ======
 
* Protection gaps and emerging corporate risks are secular trends fueling demand across businesses.
* Demographics are driving demand for private retirement and healthcare.
 
'''Secular trends fueling demand across businesses'''
{{chunk|doc=snjra2xp9r|c=11|p=7}}
* Protection gaps and emerging corporate risks
====== Share by segment ======
* Demographics driving demand for private retirement and healthcare
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
|-
! style="text-align:left" | Business Segment
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Life
Line 156 ⟶ 157:
</div>
 
'''Our right to win'''
{{chunk|doc=snjra2xp9r|c=12|p=7}}
* Leading brand & high customer NPS
====== Secular trends fueling demand ======
 
* Secular trends are fueling demand across businesses.
 
==== Our right to win ====
 
{{chunk|doc=snjra2xp9r|c=13|p=7}}
====== Right to win ======
 
* Leading brand and high customer NPS
* Strong and diversified distribution
* Technical expertise into pricingprice and& underwritingunderwrite risks
* Scale offering a cost advantage
 
{{chunk|doc=snjra2xp9r|c=14|p=7}}
====== Our right to win ======
 
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
 
{{chunk|doc=snjra2xp9r|c=8|p=8}}
=== Laying the foundation for the next plan ===
 
{{chunk|doc=snjra2xp9r|c=15|p=8}}
====== Strategic priorities ======
 
* Clear tech and AI roadmap
Line 185 ⟶ 172:
* Enhancing capital allocation discipline
* Building resilience
 
* Confidence in sustaining earnings growth
'''Confidence in sustaining earnings growth'''
 
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=169|p=9}}
=== Section ===
====== FY25 Business Performance ======
 
* Guillaume Borie
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
{{chunk|doc=snjra2xp9r|c=10|p=10}}
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=17|p=10}}
====== Gross written premiums & Underlying earnings by geography ======
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable"
|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
|-
! style="text-align:left" |
Line 206 ⟶ 194:
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | <b>France </b><br/>(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €31bn
| style="text-align:right" | +7% <br/>to €2.2bn
|-
| style="text-align:left" | <b>Europe </b><br/>(38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €43bn
| style="text-align:right" | +9% <br/>to €3.5bn
|-
| style="text-align:left" | <b>AXA XL </b><br/>(17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4% <br/>to €19bn
| style="text-align:right" | +9% <br/>to €1.9bn
|-
| style="text-align:left" | <b>Asia, Africa &amp; EME-LATAM </b><br/>(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13% <br/>to €20bn
| style="text-align:right" | +6% <br/>to €1.5bn
|}
</div>
Line 226 ⟶ 214:
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
{{chunk|doc=snjra2xp9r|c=11|p=11}}
=== P&C – Strong margins, confidence in sustaining growth ===
 
* €58bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=18|p=11}}
* GWP mix: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty) — shares not printed
====== P&C GWP and earnings ======
* [[Definition:Underlying earnings|Underlying earnings]] +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
 
'''Retail and SME & Mid-market'''
* [[Definition:Gross written premiums|GWP]]: EUR 58bn
* 2025: Growing volumes while expanding margins
* GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty)
* Beyond 2025: Investing to improve customer retention & expanding distribution footprint
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn
 
'''AXA XL (Large & Specialty)'''
{{chunk|doc=snjra2xp9r|c=19|p=11}}
* 2025: Profitable growth with stable margins
====== Outlook by business segment ======
* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:left" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Retail and SME &amp; Mid-market
| style="text-align:left" | Growing volumes while expanding margins
| style="text-align:left" | Investing to improve customer retention &amp; expanding distribution footprint
|-
| style="text-align:left" | AXA XL (Large &amp; Specialty)
| style="text-align:left" | Profitable growth with stable margins
| style="text-align:left" | Capitalizing on attractive growth opportunities and continued cycle management
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=20|p=11}}
====== Future strategic focus ======
 
'''Key drivers'''
* Continued progress on efficiency
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
 
{{chunk|doc=snjra2xp9r|c=21|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=12|p=12}}
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
* €57bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=22|p=12}}
* Short-term
====== GWP by short-term and long-term ======
* Long-term
* [[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
 
<div style="overflow-x:auto">
{| id="t5t4" class="wikitable"
|+ Strategic Priorities
|-
|! style="text-align:left" | 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>
 
* Focus on cost reduction
{{chunk|doc=snjra2xp9r|c=23|p=12}}
* Increasing penetration of Protection riders in Savings offerings
====== Underlying earnings ======
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn
 
==== 2025 Beyond 2025 ====
 
{{chunk|doc=snjra2xp9r|c=24|p=12}}
====== Strategic priorities ======
 
* Long-term business: Accelerating net flows in Savings at attractive margins.
* Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for customers.
* Short-term business: Growing technical results while absorbing Mexico VAT impact.
* Short-term business: Capitalizing on demand for health & protection while further improving margins.
* Focus on cost reduction.
* Increasing penetration of Protection riders in Savings offerings.
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health.
 
{{chunk|doc=snjra2xp9r|c=25|p=12}}
====== 2025 Beyond 2025 ======
 
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
 
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=2613|p=13}}
====== GroupSection CFO ======
 
* Alban de Mailly Nesle is the Group CFO.
* Group CFO
 
{{chunk|doc=snjra2xp9r|c=14|p=14}}
=== P&C – Continued disciplined growth ===
 
{{chunk|doc=snjra2xp9r|c=27|p=14}}
====== Currency notation ======
 
* All figures are in EUR billion.
 
==== GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=28|p=14}}
====== GWP & other revenues by segment ======
 
<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.}}
! class="col-s" style="text-align:right" | o/w volume{{fn ref|2|2=Includes exposure adjustments and mix &amp; other effects.}}
|-
| style="text-align:left" | Commercial lines
| style="text-align:right" | —
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
Line 347 ⟶ 299:
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" | —
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
Line 354 ⟶ 306:
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | —
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
Line 360 ⟶ 312:
| style="text-align:right" | +2%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>56.5</b>
| style="text-align:right" | <b>58.0</b>
| style="text-align:right" | <b>+5%</b>
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
'''Commercial lines'''
{{chunk|doc=snjra2xp9r|c=29|p=14}}
* Continued pricing momentum and volume growth in Mid-market and SME
====== Commercial lines growth drivers ======
* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
 
'''AXA XL Reinsurance'''
* Continued pricing momentum and volume growth in Mid-market and SME
* Growth in lines of business with attractive margins while maintaining focus on retention at AXA XL Insurance
* Growth supported by alternative capital
 
'''Retail lines'''
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
 
{{chunk|doc=snjra2xp9r|c=30|p=14}}
====== GWP & Other Revenues ======
 
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
{{chunk|doc=snjra2xp9r|c=15|p=15}}
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
 
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=31|p=15}}
====== Combined ratio ======
 
<div style="overflow-x:auto">
{| id="t7t6" class="wikitable fintable"
|+ Combined ratio
|-
! style="text-align:left" |
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 420 ⟶ 364:
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" | <b>Combined ratio</b>
| style="text-align:right" | <b>91.0%</b>
| style="text-align:right" | <b>90.6%</b>
|}
</div>
 
* Better undiscounted current year loss ratio excluding Nat Cat from:
{{chunk|doc=snjra2xp9r|c=32|p=15}}
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
====== Combined ratio drivers ======
* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
 
* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
* Undiscounted current year loss ratio improved, excluding Nat Cat.
* Nat Cat charges below normalized load
* Margin expansion in Commercial lines SME & mid-market business and Personal lines due to favorable pricing.
* Lower reliance on prior year reserve development
* AXA XL Insurance margins stable at attractive levels due to disciplined cycle management.
* Taking advantage of a good year to enhance reserve prudence
* Expense ratio improved due to efficiency measures, while investing in growth initiatives and technology.
 
{{chunk|doc=snjra2xp9r|c=33|p=15}}
====== Nat Cat and reserve development ======
 
* Nat Cat charges were below the normalized load.
* Lower reliance on prior year reserve development.
* Reserve prudence enhanced during a favorable year.
 
{{chunk|doc=snjra2xp9r|c=16|p=16}}
=== P&C – Earnings growth from higher underwriting and financial result ===
 
'''[[Definition:Underlying earnings|Underlying Earnings]]'''
{{chunk|doc=snjra2xp9r|c=34|p=16}}
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
====== P&C earnings overview ======
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
 
* Higher unwind of discount of claims reserves, in line with guidance
* P&C earnings increased by EUR 0.2bn to EUR 4.2bn.
* Unfavorable forex impact notably due to USD depreciation vs. EUR
* This growth was driven by higher underwriting results and a higher financial result.
 
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== Underlying earnings by step ======
 
<div style="overflow-x:auto">
{| id="t8t7" class="wikitable fintable"
|+ Underlying Earnings
|-
! style="text-align:left" | StepIn Euro million
! class="col-sm" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth ( Underwriting result{{fn ref|1}})
| style="text-align:right" | +292
|-
Line 464 ⟶ 404:
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income ( Financial result)
| style="text-align:right" | +435
|-
Line 476 ⟶ 416:
| style="text-align:right" | -150
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>5,872</b>
|-
| style="text-align:left" | Change at constant FX
| style="text-align:right" | +9%
|}
</div>
 
'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}}'''
{{chunk|doc=snjra2xp9r|c=36|p=16}}
* Volume growth
====== P&C earnings growth drivers ======
* Margin improvement
 
'''Financial result'''
* P&C earnings grew +9%.
* Investment income
* Growth driven by a better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.
* Insurance finance expenses
* Increase in investment income reflects 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.
 
{{chunk|doc=snjra2xp9r|c=37|p=16}}
====== P&C – Earnings growth from higher underwriting and financial result ======
 
Change at constant [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Underwriting result includes expenses.}}
 
{{chunk|doc=snjra2xp9r|c=17|p=17}}
=== Life & Health – Strong growth in premiums, positive net flows ===
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=38|p=17}}
====== Life & Health premiums and net flows ======
 
* Life & Health premiums: EUR 49.1bn (+7% LFL)
* Life & Health net flows: EUR +0.2bn
 
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== Life GWP & other revenues by lines of business ======
 
<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>
 
{{chunk|doc=snjra2xp9r|c=40|p=17}}
====== Health GWP & other revenues by individual and group ======
 
<div style="overflow-x:auto">
{| id="t10t9" class="wikitable fintable"
|+ Health GWP &amp; Other Revenues
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | GrowthChange
|-
| style="text-align:left" | 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 [[Definition:Full year 2025|FY25]] Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
{{chunk|doc=snjra2xp9r|c=41|p=17}}
* Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])
====== Net flows by segment ======
 
<div style="overflow-x:auto">
{| id="t11t10" class="wikitable fintable"
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
|-
! style="text-align:left" | SegmentIn Euro billion
! class="col-s" style="text-align:right" | Net flowsFY25
|-
| style="text-align:left" | Protection
Line 594 ⟶ 528:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=42|p=17}}
====== Employee Benefits premiums ======
 
* Employee Benefits premiums: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]]) at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=43|p=17}}
====== Life & Health – Strong growth in premiums, positive net flows ======
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
 
{{chunk|doc=snjra2xp9r|c=18|p=18}}
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=44|p=18}}
 
====== PVEP by business line ======
* 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>
 
{{chunk|doc=snjra2xp9r|c=45|p=18}}
====== NB CSM (pre-tax) by FY ======
 
<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>
 
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== NBV (post-tax) by FY ======
 
<div style="overflow-x:auto">
{| id="t14t13" class="wikitable fintable"
|+ NBV (post-tax)
|-
! style="text-align:left" | 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 [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== Life & Health performance drivers ======
 
* PVEP was impacted by higher interest rates on discounting, despite strong growth in Life volumes.
* NB CSM was driven by robust Savings & Protection sales; reported growth was impacted by higher interest rates for discounting of future profits.
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.
 
{{chunk|doc=snjra2xp9r|c=48|p=18}}
====== Reporting basis ======
 
* All changes are at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=19|p=19}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
<!-- furniture -->
{{chunk|doc=snjra2xp9r|c=49|p=19}}
====== Financial Metrics ======
 
* All figures are in EUR billion.
 
==== Contractual Service Margin rollforward ====
 
{{chunk|doc=snjra2xp9r|c=50|p=19}}
====== Contractual Service Margin rollforward (In Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t15t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward
|-
! style="text-align:left" | FY24In Euro billion
! class="col-m" style="text-align:right" | New business CSMValue
! style="text-align:left" | Underlying return on in-force
! style="text-align: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%'''
{{chunk|doc=snjra2xp9r|c=51|p=19}}
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
====== CSM breakdown by business line ======
* 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
* Life CSM: EUR 25.4bn ([[Definition:Full year 2025|FY25]]) vs EUR 25.8bn ([[Definition:Full year 2024|FY24]])
* Health CSM: EUR 7.6bn (FY25) vs EUR 7.7bn (FY24)
 
{{chunk|doc=snjra2xp9r|c=52|p=19}}
====== Normalized CSM growth and drivers ======
 
* Normalized CSM increased by +2%
* CSM release growth reflects better margins
* New business CSM growth was impacted by higher rates
* Economic variance reflects government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows, offset by a reduction in the duration of Group Life business in Switzerland
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation
 
'''CSM breakdown'''
{{chunk|doc=snjra2xp9r|c=53|p=19}}
* [[Definition:Full year 2024|FY24]] o/w Life: 25.8
====== Contractual Service Margin rollforward ======
* FY24 o/w Health: 7.7
* [[Definition:Full year 2025|FY25]] o/w Life: 25.4
* FY25 o/w Health: 7.6
 
{{fn note|1=1|2=Change at constant scope and FX.}}
 
<!-- furniture -->
 
{{chunk|doc=snjra2xp9r|c=20|p=20}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=54|p=20}}
====== Life & Health gross revenues ======
 
* Gross revenues: EUR 32,009m in 2023 (reported)
** France: EUR 10,009m
** Europe: EUR 10,009m
** AXA XL: EUR 1,000m
** International: EUR 1,000m
** Asia: EUR 10,000m
** Other: EUR 0m
 
==== Underlying Earnings +7% ====
 
{{chunk|doc=snjra2xp9r|c=55|p=20}}
====== Underlying Earnings waterfall by Step ======
 
<div style="overflow-x:auto">
{| id="t16t15" class="wikitable fintable"
|+ Underlying Earnings +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>
 
{{chunk|doc=snjra2xp9r|c=56|p=20}}
====== FY24 vs FY25 Underlying Earnings breakdown (In Euro million) ======
 
<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others
| style="text-align:right" | -748
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -728
|}
</div>
 
&#42;in billions*
{{chunk|doc=snjra2xp9r|c=57|p=20}}
====== Underlying Earnings by Business Line ======
 
* o/w Life [[Definition:Underlying earnings|underlying earnings]]: EUR 2.7bn (prior:6 EUR→ 2.6bn)7, +4% vs. [[Definition:Full year 2024|FY24]]
* o/w Health underlying earnings: EUR 0.8bn (prior:7 EUR→ 0.7bn)8, +17% vs. FY24
 
Change at constant [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=58|p=20}}
====== Technical Margin and Long-Term Results ======
 
* Strong short-term technical margin due toreflecting 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
* Impact of legislative change on recoverability of value added tax in Mexico: -EUR 0.1bn
* Higher long-term results from +8% increase in CSM release
* Increase in CSM release reflects growth in reserve base, including from favorable equity market performance, and better margins
 
{{chunk|doc=snjra2xp9r|c=59|p=20}}
====== Underlying Earnings +7% ======
 
{{fn note|1=1|2=Change at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=21|p=21}}
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=60|p=21}}
====== Net income by business line ======
 
<div style="overflow-x:auto">
{| id="t18t16" class="wikitable fintable"
|+ In Euro billion
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change
|-
Line 883 ⟶ 768:
| style="text-align:right" | -
|-
| style="text-align:left" | <strongb>Underlying earnings</strongb>
| style="text-align:right" | <strongb>8.1</strongb>
| style="text-align:right" | <strongb>8.4</strongb>
| style="text-align:right" | <strongb>+6%</strongb>
|-
| style="text-align:left" | Non-financial flows
| style="text-align:right" | -0.5
| style="text-align:right" | +2.1
| style="text-align:right" | —
|-
| style="text-align:left" | <emi>o/w capital gains from AXA IM disposal</emi>
| style="text-align:right" | -—
| style="text-align:right" | +2.2
| style="text-align:right" | —
|-
| style="text-align:left" | Financial flows (incl. RCG)
| style="text-align:right" | +0.3
| style="text-align:right" | -0.7
| style="text-align:right" | —
|-
| style="text-align:left" | <strongb>Net income</strongb>
| style="text-align:right" | <strongb>7.9</strongb>
| style="text-align:right" | <strongb>9.8</strongb>
| style="text-align:right" | <strongb>+26%</strongb>
|}
</div>
 
'''[[Definition:Underlying earnings|Underlying earnings]]'''
{{chunk|doc=snjra2xp9r|c=61|p=21}}
* Strong performance from insurance businesses
====== Underlying earnings and holding costs ======
* Stable holding cost, expected to remain at current level in [[Definition:Year 2026|2026]]
 
'''Net Income'''
* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses.
* HoldingHigher costnet wasincome stablemainly andreflecting ishigher expectedunderlying toearnings remain atand the currentgain levelfrom inthe sale of [[Definition:YearAXA 2026Investment Managers|2026AXA IM]].
* Lower financial flows reflecting unfavorable forex impact
 
{{chunk|doc=snjra2xp9r|c=62|p=21}}
====== Net income drivers ======
 
* Net Income was higher, mainly reflecting higher [[Definition:Underlying earnings|underlying earnings]] and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Lower financial flows reflected an unfavorable forex impact.
 
==== Underlying earnings per share ====
 
{{chunk|doc=snjra2xp9r|c=63|p=21}}
====== Underlying earnings per share ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] are presented in EUR.
 
{{chunk|doc=snjra2xp9r|c=64|p=21}}
====== Underlying earnings per share (In Euro) ======
 
<div style="overflow-x:auto">
{| id="t19t17" class="wikitable fintable"
|+ Underlying earnings per share
|-
! style="text-align:left" | FY24In Euro
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | 3.59Underlying earnings per share
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
|-
| style="text-align:left" | Change
| style="text-align:right" | —
| style="text-align:right" | +8%
|}
</div>
 
* +6% from earnings growth
{{chunk|doc=snjra2xp9r|c=65|p=21}}
* including -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from AXA IM sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]]
====== Underlying EPS growth drivers ======
* +3% from [[Definition:Capital management|capital management]]
 
* -2% from forex
* [[Definition:Underlying earnings per share|Underlying EPS]] growth included +6% from earnings growth.
* Underlying EPS growth included +3% from [[Definition:Capital management|capital management]].
* Underlying EPS growth included -2% from forex.
* Underlying EPS growth included -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of the anti-dilutive [[Definition:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale.
 
{{chunk|doc=snjra2xp9r|c=66|p=21}}
====== Underlying earnings per share ======
 
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
 
{{chunk|doc=snjra2xp9r|c=22|p=22}}
=== Shareholders' Equity ===
=== Shareholders’ Equity ===
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=67|p=22}}
====== Shareholders' Equity ======
 
* Shareholders' Equity is presented in EUR billion.
 
==== Shareholders' equity ====
 
{{chunk|doc=snjra2xp9r|c=68|p=22}}
====== Shareholders' equity ======
 
<div style="overflow-x:auto">
{| id="t20t18" class="wikitable fintable"
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | HY25
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | SHE (excl. OCI)
Line 988 ⟶ 852:
| 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 1,009 ⟶ 873:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=69|p=22}}
====== Shareholders' equity ======
 
<div style="overflow-x:auto">
{| id="t21t19" class="wikitable fintable"
|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24 to FY25
! class="col-sm" style="text-align:right" | HY25 to FY25
|-
| style="text-align:left" | <b>Opening Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
|-
| style="text-align:left" | Change in Net OCI
Line 1,034 ⟶ 896:
| style="text-align:left" | Dividend
| style="text-align:right" | -4.6
| style="text-align:right" | -—
|-
| style="text-align:left" | Annual share buyback
| style="text-align:right" | -1.2
| style="text-align:right" | -—
|-
| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM
Line 1,056 ⟶ 918:
| style="text-align:right" | 0.3
|-
| style="text-align:left" | <b>Closing Shareholders' equity</b>
| style="text-align:right" | <b>47.2</b>
| style="text-align:right" | <b>47.2</b>
|}
</div>
 
{{fn note|1=1|2=Shareholders'Shareholders’ equity Group share. Full Year 2025 Earnings}}
 
{{chunk|doc=snjra2xp9r|c=23|p=23}}
=== Higher organic cash remittance and robust cash position at Holding ===
 
{{chunk|doc=snjra2xp9r|c=70|p=23}}
====== Currency notation ======
 
* All figures are in EUR bn.
 
==== Net Cash Remittance ====
 
{{chunk|doc=snjra2xp9r|c=71|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t22t20" class="wikitable fintable"
|+ Net Cash Remittance (In Euro billion)
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-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%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=72|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t23t21" class="wikitable fintable"
|+ FY24 to FY25 Cash Position (In Euro billion)
|-
!| style="text-align:left" | <b>FY24 Cash position</b>
! class="col-s"| style="text-align:right" | <b>4.0</b>
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 1,131 ⟶ 983:
| style="text-align:right" | +3.1
|-
!| style="text-align:left" | <b>FY25 Cash position</b>
! class="col-s"| style="text-align:right" | <b>5.6</b>
|}
</div>
 
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
{{chunk|doc=snjra2xp9r|c=24|p=24}}
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=73|p=24}}
====== Foreseeable dividends and share buyback provision ======
 
* Foreseeable [[Definition:Dividend|dividends]]: EUR -4.8bn
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn
 
{{chunk|doc=snjra2xp9r|c=74|p=24}}
====== Eligible Own Funds (EOF) / Solvency Capital Requirement (SCR) / Solvency II ratio bridge FY24–FY25 ======
 
<div style="overflow-x:auto">
{| id="t24t22" class="wikitable fintable"
|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges
|-
! style="text-align:left" | 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 1,169 ⟶ 1,014:
| 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 1,179 ⟶ 1,024:
| 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 1,189 ⟶ 1,034:
| 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>
 
* [[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]] details
==== Key sensitivities ====
* Foreseeable dividends: €-4.8bn
 
* Provision for annual share buyback for [[Definition:Year 2026|2026]]: €-1.25bn
{{chunk|doc=snjra2xp9r|c=75|p=24}}
====== Solvency II ratio ======
 
* Solvency II ratio as of December 31, 2025: 224%
 
{{chunk|doc=snjra2xp9r|c=76|p=24}}
====== Impact by sensitivity ======
 
<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 1,220 ⟶ 1,060:
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
| style="text-align:right" | -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 1,243 ⟶ 1,083:
</div>
 
{{fn note|1=1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
{{fn note|1=2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
 
{{chunk|doc=snjra2xp9r|c=25|p=25}}
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
* Ratio as of 31/12/2025: 224%
{{chunk|doc=snjra2xp9r|c=77|p=25}}
* Impact of the end of grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts to 215%
====== Solvency II Ratio and Capital Impacts ======
* 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.}}
* Solvency II Ratio as of 31/12/2025: 224%
* Impact of the end of the grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts, reducing the ratio to 215%
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026
* Impact of Solvency II revision, expected to come into effect in 1Q27: +17pts
* No change expected in organic capital generation
* Additional capital flexibility
 
{{fn note|1=1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
 
== Conclusion ==
 
{{chunk|doc=snjra2xp9r|c=7826|p=26}}
====== GroupSection CEO ======
 
* '''Thomas Buberl is the, Group CEO.'''
 
{{chunk|doc=snjra2xp9r|c=27|p=27}}
=== Conclusion ===
 
* Record results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence
{{chunk|doc=snjra2xp9r|c=79|p=27}}
* All businesses in excellent shape, delivering strong growth and profitability
====== Business performance and outlook ======
* Diversified franchise, well-positioned to capture future growth opportunities
* Laying foundations for the next plan and confident in delivering sustainable earnings growth
 
== Q&A Full Year 2025 Earnings February 26, 2026 ==
* Record results were achieved, at the top end of the [[Definition:Target range|target range]], while enhancing reserve prudence.
* All businesses are
 
=== Q&A ===
 
{{chunk|doc=snjra2xp9r|c=80|p=28}}
====== Date ======
 
* February 26, [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=28|p=29}}
=== AXA Investor Relations – Keep in touch ===
 
==== '''Meet our management ===='''
* March: Roadshows — Europe and US
 
* May 5: 1Q25 Activity Indicators — Paris
{{chunk|doc=snjra2xp9r|c=81|p=29}}
* June 2: BNP Paribas Exane CEO Conference — Paris
====== Investor calendar ======
* June 2-4: Goldman Sachs European Financials Conference — Zurich
 
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] — Paris
* March: Roadshows in Europe and US
* September 21: AXA Investor Day — London
* May 5: 1Q25 Activity Indicators in Paris
* June 2: BNP Paribas Exane CEO Conference in Paris
* June 2-4: Goldman Sachs European Financials Conference in Zurich
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] in Paris
* September 21: AXA Investor Day in London
 
==== Contact us ====
 
{{chunk|doc=snjra2xp9r|c=82|p=29}}
====== Investor Relations contact ======
 
* Investor Relations contact number: +33 1 40 75 48 42.
* Investor Relations email: investor.relations@axa.com.
 
==== Follow us ====
 
'''Contact us'''
{{chunk|doc=snjra2xp9r|c=83|p=29}}
* Investor Relations
====== Website information ======
* +33 1 40 75 48 42
* investor.relations@axa.com
 
'''Follow us'''
* AXA's website is www.axa.com.
* www.axa.com
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=29|p=31}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=84|p=31}}
======* 2. Additional P&C disclosures ======p.36
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
* Debt and Invested Assets are on p.31.
* Additional P&C disclosures are on p.36.
* Additional IFRS17 disclosures are on p.41.
 
{{chunk|doc=snjra2xp9r|c=30|p=32}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=85|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
=== Theme: Gross financial debt and ===
 
==== Gross financial debt Contractual maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=86|p=32}}
====== Debt gearing ======
 
* Debt gearing was 20.6% (prior: 22.3%).
 
{{chunk|doc=snjra2xp9r|c=87|p=32}}
====== Gross financial debt by tier ======
 
<div style="overflow-x:auto">
{| id="t26t24" class="wikitable fintable"
|+ Gross financial debt{{fn 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 1,360 ⟶ 1,178:
| 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 [[Definition:Year 2026|2026]]: o/w €0.4bn redeemed in Jan 2026
{{chunk|doc=snjra2xp9r|c=88|p=32}}
====== Debt maturity and types ======
 
* The grandfathering period ends on January 1, [[Definition:Year 2026|2026]].
* EUR 0.4bn will be redeemed in January 2026.
* Debt types include Tier 1, Tier 2, and Senior debt.
 
{{chunk|doc=snjra2xp9r|c=89|p=32}}
====== Senior debt, Tier 2, Tier 1 by contractual maturity ======
 
<div style="overflow-x:auto">
{| id="t27t25" class="wikitable fintable"
|+ Contractual maturity breakdown
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,392 ⟶ 1,203:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | 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) ====
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
====== 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 ====
 
{{chunk|doc=snjra2xp9r|c=91|p=32}}
====== Economic maturity breakdown (In Euro billion) ======
 
<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.}}
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,489 ⟶ 1,286:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1.5—
| style="text-align:right" | 0.5
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | —
| style="text-align:right" | 0.1—
| style="text-align:right" | 2.4
| style="text-align:right" | 0.5—
| 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) ====
 
{{chunk|doc=snjra2xp9r|c=92|p=32}}
====== Grandfathered debt by economic maturity and tier ======
 
<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>
 
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=1,2|2=1. Nominal debt. 2. In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}
{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}
{{fn note|1=3|2=3. Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
 
{{chunk|doc=snjra2xp9r|c=31|p=33}}
=== General Account Invested Assets ===
 
'''[[Definition:Full year 2025|FY25]] Total General Account invested assets'''
{{chunk|doc=snjra2xp9r|c=93|p=33}}
====== General Account invested assets ======
 
* [[Definition:Full year 2025|FY25]] Total General Account invested assets
* Duration gap at -0.4 year
* Euro 450 billion
 
{{chunk|doc=snjra2xp9r|c=94|p=33}}
====== FY25 Total General Account invested assets: Euro 450 billion ======
 
<div style="overflow-x:auto">
{| id="t31t27" class="wikitable fintable"
|+ Invested assets (100%)
|-
|! 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>
 
{{chunk|doc=snjra2xp9r|c=95|p=33}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | %
|-
| style="text-align:left" | Fixed income
Line 1,628 ⟶ 1,384:
| style="text-align:right" | 27%
|-
| style="text-align:left" | o/w Other fixed income {{fn ref|1|2=Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
| style="text-align:right" | 56
| style="text-align:right" | 13%
Line 1,640 ⟶ 1,396:
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities {{fn ref|2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds {{fn ref|3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 1,656 ⟶ 1,412:
| style="text-align:right" | 0%
|-
| style="text-align:left" | <b>Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | <b>100%</b>
|}
</div>
Line 1,667 ⟶ 1,423:
{{fn note|1=4|2=Please refer to the financial supplement for more details.}}
 
{{chunk|doc=snjra2xp9r|c=32|p=34}}
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=96|p=34}}
====== Structured and Private Credit assets ======
 
<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 1,708 ⟶ 1,463:
| 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 1,719 ⟶ 1,474:
{{fn note|1=1|2=G/A: General Account}}
 
{{chunk|doc=snjra2xp9r|c=33|p=35}}
=== Investment portfolio – Fixed Income reinvestment ===
 
<div style="overflow-x:auto">
==== FY25 Fixed Income Reinvestment ====
{| id="t29" class="wikitable fintable"
 
|+ FY25 Fixed Income Reinvestment
{{chunk|doc=snjra2xp9r|c=97|p=35}}
|-
====== FY25 fixed income reinvestment allocation ======
! style="text-align:left" | Asset Class
 
! class="col-m" style="text-align:right" | Share (%)
* EUR 57bn in fixed income reinvestment
|-
* Government bonds & related: 32% of reinvestment, average rating AA
| style="text-align:left" | Government bonds &amp; related (Average rating: AA)
* Investment grade credit: 40% of reinvestment, average rating A
| style="text-align:right" | 32%
* ABS/CLO/IG fund financing: 21% of reinvestment
|-
* Below investment grade credit: 7% of reinvestment
| style="text-align:left" | Investment grade credit (Average rating: A)
 
| style="text-align:right" | 40%
==== FY25 Fixed Income Reinvestment Yield ====
|-
 
| style="text-align:left" | ABS/CLO/IG fund financing
{{chunk|doc=snjra2xp9r|c=98|p=35}}
| style="text-align:right" | 21%
====== FY25 Fixed Income Reinvestment Yield ======
|-
| 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}}Category
! class="col-s" style="text-align:leftright" | Private &amp; Structured fixed income{{fn ref|2}}Yield
! class="col-s" style="text-align:right" | Total fixed income
|-
| style="text-align:left" | 3Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.5%}}
| style="text-align:leftright" | 43.75%
|-
| style="text-align:left" | Private &amp; Structured fixed income{{fn ref|2|2=Private &amp; Structured credit (CLOs, ABS, Infra &amp; CRE debt, Fund financing and Private hybrid).}}
| style="text-align:right" | 4.7%
|-
| style="text-align:left" | Total fixed income
| style="text-align:right" | 3.9%
|}
</div>
 
'''Euro 57 billion fixed income invested at 3.9%'''
{{chunk|doc=snjra2xp9r|c=99|p=35}}
====== Fixed income investment details ======
 
* EUR 57bn fixed income invested at 3.9%
* Average duration of 9 years
* Includes EUREuro 19.7bn7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=100|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
{{fn note|1=1|2=Government and Corporate bonds and related.}}
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
 
{{chunk|doc=snjra2xp9r|c=34|p=36}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=101|p=36}}
======* 2. Additional P&C disclosures ======p.36
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
* Debt and Invested Assets are detailed on p.31.
* Additional P&C disclosures are provided on p.36.
* Additional IFRS17 disclosures are available on p.41.
 
{{chunk|doc=snjra2xp9r|c=35|p=37}}
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
==== '''Well diversified across lines of business and geographies ===='''
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=102|p=37}}
{| id="t31" class="wikitable fintable"
====== FY25 GWP by line of business ======
|+ $19bn FY25 GWP by line of business
|-
! style="text-align:left" | Line of business
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Casualty
| 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">
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business: USD 19bn
{| id="t32" class="wikitable fintable"
** Casualty: 35%
|+ $19bn FY25 GWP by geography
** Property: 29%
|-
** Specialty: 19%
! style="text-align:left" | Geography
** Professional lines: 17%
! class="col-s" style="text-align:right" | Share (%)
 
|-
{{chunk|doc=snjra2xp9r|c=103|p=37}}
| style="text-align:left" | Americas
====== FY25 GWP by geography ======
| style="text-align:right" | 46%
 
|-
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by geography: USD 19bn
| style="text-align:left" | Europe &amp; APAC
** Americas: 46%
| style="text-align:right" | 35%
** Europe & APAC: 35%
|-
** UK & Lloyds: 19%
| style="text-align:left" | UK &amp; Lloyds
 
| style="text-align:right" | 19%
==== Leading market positions across lines ====
|}
</div>
 
'''Leading market positions across lines'''
{{chunk|doc=snjra2xp9r|c=104|p=37}}
====== Leading market positions ======
 
* Top 3 globally
* Multinational Programs{{fn ref|2|2=Source: McKinsey}}
* Marine{{fn ref|3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
* Marine
* 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 (%)
{{chunk|doc=snjra2xp9r|c=105|p=37}}
* Property: High profitability, high ex-price growth
====== Commercial lines performance by segment ======
* Specialty: Medium-high profitability, medium-high ex-price growth
 
* Casualty: Medium profitability, medium ex-price growth
* Bubble chart axes: Ex-price growth (%) (x-axis) and Profitability (y-axis).
* Professional lines: Low-medium profitability, low-medium ex-price growth
* Segments shown in the bubble chart:
** Property: high profitability, high ex-price growth
** Specialty
** Casualty
** Professional lines: lower profitability, lower ex-price growth
 
{{chunk|doc=snjra2xp9r|c=106|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
{{fn note|1=1|2=Including Cyber}}
Line 1,824 ⟶ 1,599:
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
 
{{chunk|doc=snjra2xp9r|c=36|p=38}}
=== P&C – Focus on Reserves ===
 
==== Claims reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=107|p=38}}
====== Claims reserves ratio definition ======
 
* Claims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=108|p=38}}
====== Claims reserves ratio ======
 
<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 1,862 ⟶ 1,633:
|}
</div>
 
==== Technical reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=109|p=38}}
====== Net undiscounted technical reserves ratio ======
 
* The technical reserves ratio is calculated as Net undiscounted technical reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=110|p=38}}
====== Technical reserves ratio ======
 
<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)
|-
! 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 1,902 ⟶ 1,668:
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
 
{{chunk|doc=snjra2xp9r|c=37|p=39}}
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===
 
'''Insurance segment (occurrence protection)'''
{{chunk|doc=snjra2xp9r|c=111|p=39}}
====== Currency basis ======
 
* All figures are in Euro.
 
{{chunk|doc=snjra2xp9r|c=112|p=39}}
====== Capacity & Retention by peril ======
 
<div style="overflow-x:auto">
{| id="t37t35" class="wikitable fintable"
|+ In Euro
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | EU Windstorm
! class="col-s" style="text-align:right" | Europe Flood
Line 1,921 ⟶ 1,683:
! class="col-s" style="text-align:right" | NA Hurricane
! class="col-s" style="text-align:right" | NA Earthquake
! class="col-s" style="text-align:right" | Per other perils{{fn ref|3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
! style="text-align:left" | Reinsurance segment (illustrative) — Alternative Capital &amp; Cat Bonds
|-
| style="text-align:left" | Capacity
Line 1,930 ⟶ 1,691:
| 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 1,937 ⟶ 1,697:
| style="text-align:right" | 450m
| style="text-align:right" | 400m
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 400m
| style="text-align:left" |
|}
</div>
 
'''Reinsurance segment (illustrative)'''
{{chunk|doc=snjra2xp9r|c=113|p=39}}
* Alternative Capital & Cat Bonds
====== 2026 Simplified Group Nat Cat Reinsurance Program ======
 
'''Key Takeaway'''
* Retention levels are expected to remain stable in [[Definition:Year 2026|2026]], consistent with 2025 levels.
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025
 
{{chunk|doc=snjra2xp9r|c=114|p=39}}
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,956 ⟶ 1,713:
{{fn note|1=3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
 
{{chunk|doc=snjra2xp9r|c=38|p=40}}
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
 
'''In Euro billion (net of reinsurance)'''
{{chunk|doc=snjra2xp9r|c=115|p=40}}
====== Nat Cat cost deviation ======
 
* Nat Cat cost deviation is presented in EUR billion, net of reinsurance.
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 ====
 
{{chunk|doc=snjra2xp9r|c=116|p=40}}
====== Net of reinsurance ======
 
* The data is presented both net of reinsurance, post-tax, and net of reinsurance, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=117|p=40}}
====== Deviation by scenario and percentile ======
 
<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
{{chunk|doc=snjra2xp9r|c=118|p=40}}
* Negative deviation in ca. 40% of cases
====== Nat Cat charges deviation ======
* Less severe years
 
* NegativePositive deviation in approximatelyca. 4060% of cases for more severe years.
* Positive deviation in approximately 60% of cases for less severe years.
 
==== Average Expected Nat Cat charges ====
 
{{chunk|doc=snjra2xp9r|c=119|p=40}}
====== Amount & Estimated impact on GEP by year ======
 
<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 2,038 ⟶ 1,779:
</div>
 
{{fn note|1=1|2=Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance). Full Year 2025 Earnings}}
 
{{chunk|doc=snjra2xp9r|c=39|p=41}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=120|p=41}}
======* 2. Additional P&C disclosures ======p.36
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
* Additional disclosures include Debt and Invested Assets on p.31.
* Additional P&C disclosures are on p.36.
* Additional IFRS17 disclosures are on p.41.
 
{{chunk|doc=snjra2xp9r|c=40|p=42}}
=== P&C – Margin Analysis ===
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=121|p=42}}
====== Pre-tax technical result ======
 
* Pre-tax technical result in EUR million.
 
{{chunk|doc=snjra2xp9r|c=122|p=42}}
====== Current Accident Year Undiscounted Technical Margin by FY25 ======
 
<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>
 
{{chunk|doc=snjra2xp9r|c=123|p=42}}
====== Gross Earned Premiums and Current Accident Year Undiscounted Combined Ratio ======
 
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,091 ⟶ 1,815:
| style="text-align:right" | 3.4%
| style="text-align:right" | -0.4pt
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=124|p=42}}
====== Current Accident Year Discounting ======
 
<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 2,114 ⟶ 1,830:
| style="text-align:left" | Current Accident Year Net Claims reserves
| style="text-align:right" | €19.0bn
| style="text-align:right" | —
|-
| style="text-align:left" | Duration
| style="text-align:right" | 4.0 years
| style="text-align:right" | —
|-
| style="text-align:left" | Current Accident Year Discount rate
| style="text-align:right" | 2.8%
| style="text-align:right" | —
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=125|p=42}}
====== Prior Years' Reserve Development (PYD) ======
 
<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 2,145 ⟶ 1,853:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=126|p=42}}
====== FY25 sensitivity to Current Accident Year discount rate changes ======
 
<div style="overflow-x:auto">
{| id="t44t39" class="wikitable"
|+ Financial Result In Euro million (pre-tax)
|-
! 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>
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=127|p=42}}
====== Pre-tax results ======
 
* All figures are in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=128|p=42}}
====== Investment Income ======
 
<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>
 
{{chunk|doc=snjra2xp9r|c=129|p=42}}
====== Insurance finance expenses ======
 
<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>
 
'''[[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}'''
{{chunk|doc=snjra2xp9r|c=130|p=42}}
* +25bps: €+0.2bn
====== 2026e Insurance Finance Expenses (pre-tax) by change in 2025 current AY Discount ======
* -25bps: €-0.2bn
 
<div style="overflow-x:auto">
{| id="t47t40" class="wikitable"
|+ Underlying Earnings
|-
! style="text-align:left" | +25bpsIn Euro million (pre-tax)
! style="text-align:right" | -25bpsFY25
! style="text-align:right" | Change
|-
| style="text-align:left" | ~<b>Underlying €-50mEarnings before tax</b>
| style="text-align:right" | ~€+50m<b>8,040</b>
| style="text-align:right" | <b>+681</b>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=131|p=42}}
====== Underlying earnings before tax, tax, affiliates, minority interests & other, and underlying earnings ======
 
<div style="overflow-x:auto">
{| id="t48" 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" | 8,040
| style="text-align:right" | +681
|-
| style="text-align:left" | Tax
Line 2,255 ⟶ 1,920:
| style="text-align:right" | -10
|-
| style="text-align:left" | <strongb>Underlying Earnings</strongb>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>+501</b>
|-
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" | —
| style="text-align:right" | +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 [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{fn note|1=2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
 
{{chunk|doc=snjra2xp9r|c=41|p=43}}
=== L&H – Margin Analysis ===
 
'''Includes scope impact'''
{{chunk|doc=snjra2xp9r|c=132|p=43}}
====== Scope impact ======
 
* Includes scope impact.
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=133|p=43}}
====== Pre-tax technical result ======
 
* Pre-tax technical result (in EUR million):
 
{{chunk|doc=snjra2xp9r|c=134|p=43}}
====== Short-term Technical Margin by Gross Earned Premiums and All Year Combined Ratio ======
 
<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 2,303 ⟶ 1,965:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=135|p=43}}
====== Laya recapture ======
 
* Includes recapture of Laya.
 
{{chunk|doc=snjra2xp9r|c=136|p=43}}
====== Long-term Technical Margin by CSM release and Technical experience ======
 
<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|-
!| style="text-align:left" | <b>Long-term Technical Margin</b>
! class="col-s"| style="text-align:right" | FY25<b>2,804</b>
! class="col-s"| style="text-align:right" | Change<b>+156</b>
|-
| style="text-align:left" | <strong>Long-term Technical Margin</strong>
| style="text-align:right" | 2,804
| style="text-align:right" | +156
|-
| style="text-align:left" | CSM release
Line 2,335 ⟶ 1,980:
</div>
 
* Incl. recapture of Laya
{{chunk|doc=snjra2xp9r|c=137|p=43}}
====== FY25 CSM by interest rates, sovereign spreads, corporate spread, equities ======
 
<div style="overflow-x:auto">
{| id="t51t42" class="wikitable fintable"
|+ Financial Result (In Euro million, pre-tax)
|-
! style="text-align:left" | BaselineIn Euro million, pre-tax
! class="col-s" style="text-align:right" | 33.3FY25
! style="text-align:right" | Change
|-
| style="text-align:left" | <b>Investment Income (non-VFA only)</b>
| style="text-align:right" | <b>2,484</b>
| style="text-align:right" | <b>-1</b>
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €98bn
| style="text-align:right" | —
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 2.5%
| style="text-align:right" | —
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 3.8%
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
| style="text-align:right" | <b>-1,538</b>
| style="text-align:right" | <b>-9</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €62bn
| style="text-align:right" | —
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 2.5%
| style="text-align:right" | —
|}
</div>
 
<div style="overflow-x:auto">
{| id="t43" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities
|-
! style="text-align:left" | (in Euro billion)
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
Line 2,369 ⟶ 2,055:
|}
</div>
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=138|p=43}}
====== Pre-tax result by segment ======
 
* Pre-tax result: EUR 7,604m
** France: EUR 2,000m
** Europe: EUR 2,000m
** AXA XL: EUR 1,500m
** Asia: EUR 1,000m
** International: EUR 500m
** [[Definition:AXA Investment Managers|AXA IM]]: EUR 200m
** Other: EUR 400m
 
{{chunk|doc=snjra2xp9r|c=139|p=43}}
====== Investment income (non-VFA only) ======
 
<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}}
| style="text-align:right" | 3.8%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=140|p=43}}
====== Insurance Finance Expenses (non-VFA only) ======
 
<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>
 
{{chunk|doc=snjra2xp9r|c=141|p=43}}
====== Underlying Earnings before tax, Tax, Affiliates, Minority interests & Other, Underlying Earnings ======
 
<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 2,458 ⟶ 2,075:
| 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 2,470 ⟶ 2,087:
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
{{chunk|doc=snjra2xp9r|c=42|p=44}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=142|p=44}}
======* 2. Additional P&C disclosures ======p.36
* 3. Additional IFRS17 disclosures p.41
* 4. Sustainability p.44
 
{{chunk|doc=snjra2xp9r|c=43|p=45}}
* Additional disclosures include Debt and Invested Assets.
=== Expanding AXA’s role in society: AXA for Progress Index ===
* Additional disclosures include P&C disclosures.
* Additional disclosures include IFRS17 disclosures.
 
=== Expanding AXA's role in society: AXA for Progress Index ===
 
{{chunk|doc=snjra2xp9r|c=143|p=45}}
====== 2025 Result by As a GLOBAL INVESTOR, As a GLOBAL INSURER, As a COMPANY ======
 
<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:left" | Target
| 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" | 2025 Result
!| style="text-align:leftright" | Target€6.4bn
|-
! style="text-align:right" | 2025 Result
| 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:left" | Target
| 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" | Metric
! style="text-align:right" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:left" | €5bn{{fn ref|2}} in climate transition financing per year
| style="text-align:right" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
| rowspan="2" style="text-align:right" | €6.4bn
| style="text-align:left" | €6bn{{fn ref|3}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) <i>Target revised in 2025</i>
| style="text-align:right" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
| style="text-align:right" | 19,698<br/>Cumulative 2024-2025
|-
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
| style="text-align:right" | 20.6m
|}
</div>
 
<div style="overflow-x:auto">
{| id="t47" class="wikitable fintable"
|+ As a COMPANY
|-
! style="text-align:left" | Metric
! class="col-s" style="text-align:right" | Target
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:left" | &gt;€500m{{fn ref|2}} in community resilience financing per year
| style="text-align:right" | &gt;20,000-50%{{fn ref|4}}7|2=Variation climateof adaptationAXA solutionsGroup &amp;absolute servicescarbon emissions (cumulativescope: 2024-2026)energy TargetScopes revised1 inand 20252, car fleet and business travel). Timeframe: 2019-2030.}}
| style="text-align:leftright" | 19,698-64%<br/>Reduction Cumulativeagainst 2024-20252019
| style="text-align:right" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:left" | -64% Reduction against 2019
|-
| style="text-align:left" |
| style="text-align:right" | €1.4bn
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | 20.6m
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 50%
| style="text-align:right" | 56%
|}
</div>
 
{{fn note|1=1|2=AXA'sAXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group'sGroup’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}}
{{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
{{fn note|1=3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
{{fn note|1=4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
{{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
{{fn note|1=6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
Line 2,529 ⟶ 2,169:
{{fn note|1=8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
 
{{chunk|doc=snjra2xp9r|c=44|p=46}}
=== Sustainability Performance & Ratings ===
 
'''S&P Global'''
{{chunk|doc=snjra2xp9r|c=144|p=46}}
* 2025 percentile: 97th {{fn ref|1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe & World indices
====== Sustainability ratings ======
 
'''MSCI'''
* S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices for 2025.
* MSCI2025 score: AAA score for 2025.
* CDP: B score for 2025.
* Morningstar Sustainalytics: ESG Risk Rating of 17.0 (Low risk) for 2025.
* FTSE Russell: 4.3/5 score in FTSE4Good Index Series for 2025.
 
'''CDP'''
{{chunk|doc=snjra2xp9r|c=145|p=46}}
* 2025 score: B
====== Sustainability Performance & Ratings ======
 
'''MORNINGSTAR SUSTAINALYTICS'''
* 2025 ESG Risk Rating: 17.0 – Low risk
 
'''FTSE RUSSELL An LSEG Business'''
* 2025 score: 4.3/5 in FTSE4Good Index Series
 
{{fn note|1=1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
 
{{chunk|doc=snjra2xp9r|c=45|p=47}}
=== Scope ===
 
* France: includes insurance activities, banking activities and holding.
{{chunk|doc=snjra2xp9r|c=146|p=47}}
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities).
====== Scope of activities by geography and segment ======
 
* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
* AXA XL: includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the [[Definition:Underlying earnings|underlying earnings]] and net income, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
* Asia, Africa & EME-LATAM:
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings are fully consolidated.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
** Asia: China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses are consolidated under the equity method and contribute only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) are fully consolidated.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
** AXA Mediterranean Holdings is included.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas), and Capza which are fully consolidated.
* AXA Investment Managers (until July 1, 2025): Asian joint ventures are consolidated under the equity method.
 
'''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'''
{{chunk|doc=snjra2xp9r|c=147|p=47}}
====== Accounting standards ======
 
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
 
{{chunk|doc=snjra2xp9r|c=46|p=48}}
=== Glossary ===
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%
{{chunk|doc=snjra2xp9r|c=148|p=48}}
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
====== Glossary of financial terms ======
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
* Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities)
* New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests
* New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided
* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
* Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share
* Technical experience: consists the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses
* Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance
 
{{chunk|doc=snjra2xp9r|c=47|p=49}}
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
=== Thank you ===
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
* Other Revenues: represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).
* New Business Value (NBV): the value of newly issued contracts during the current year, consisting of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period (carried by Life entities, considering expected renewals), (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
* New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
* Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes, net of reinsurance.
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing the Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
* Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
===* Thank[[Definition:Full youyear 2025|Full Year 2025]] Earnings February 26, 2026 ===
* February 26, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"