Data:AXA/2025/FY/Earnings release.json: Difference between revisions

"heading": "AnnouncementDocument detailsmetadata",

"content": "* Paris, February 26th, [[Definition:2026 (Year 2026|2026]]) (6:45am CET)\n\n== Full Year 2025 Earnings =="

"heading": "Underlyingunderlying EPS growth",

"content": "* AXA reportsreported record results with [[Definition:underlying EPS (Underlying earnings per share|underlying EPS]]) growth at the top end of the [[Definition:Target range|target range]].\n\n== Key FY25 highlights =="

"data_items": [],

"tags": [],

"data_items": [],

"heading": "Shareholder returnsReturns and Buyback Programs",

"content": "* [[Definition:Dividend|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:FY24 (Full year 2024|FY24]])(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.)\n* Launch of an annual [[Definition:Share buyback|share buyback]] program(8)(footnote: As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.) of up to EUR 1.25bn.\n* Completion of EUR 3.8bn additional share buyback related to [[Definition:AXA IM (AXA Investment Managers|) disposal(4)(footnote: On July 1, 2025, AXA IM]]executed disposala share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.), executed between July 2, 2025, and January 20, [[Definition:2026 (Year 2026|2026]].)\n\n== Outlook =="

"heading": "Outlook2026 outlook and strategic plan",

"Target range",

"content": "* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:2026 (Year 2026|2026]]) is expected to be at the upper end of the 6-8% plan [[Definition:Target range|target range]](9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.)\n* Expected impact of Solvency II revision atis +17 points(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.)\n* AXA towill present its new strategic plan for 2027-2029 on September 21, 2026."

"heading": "2025 performance and segment resultscommentary",

"AXA Investment Managers",

"AXA Investment Managers",

"content": "* In 2025, AXA delivered +9% earnings growth in core businesses (excluding [[Definition:AXA InvestmentIM Managers|(AXA IM]])Investment in 2025.Managers)\n* Reserve prudence was enhanced following strong 2025excellent results.\n* P\u0026C (Property \u0026 casualty) franchise posted stellar results, combiningwith a healthy balance between price and volume with, best-in-class margins, a lower expense ratio, and higher investment income.\n* AXA XL Insurance increased earnings with stable underlying margins.\n* Life \u0026 Health earnings rose +by 7%.\n** Life earnings reflectreflected early benefits of business rejuvenationthe strategy. to rejuvenate the business\n** Health earnings grew +by 17%, even after absorbing the adverse change on VAT treatment in Mexico.\n* Investments in automation and Artificial Intelligence are driving efficiency gains.\n* Solvency II ratio is at a very strong level.\n* ResultsThomas Buberl, CEO of AXA, stated that the results demonstrate the earnings power of AXA'sthe well-diversified franchise and reinforce confidence in generatingAXA's ability to generate sustainable, long-term value.\n* Thomas Buberl, CEO of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust.\n\n== FY25 key highlights =="

"heading": "GrossKey writtenfigures premiums– \u0026FY25 otherkey revenues by lines of businesshighlights",

"links": [],

"effective_tags": [],

"heading": "FY25Gross keywritten highlightspremiums and other revenues",

"links": [],

"effective_tags": [],

"heading": "SolvencyUnderlying IIearnings ratioand (%)EPS",

"links": [],

"effective_tags": [],

"heading": "grossNet written premiums and other revenues by business lineincome",

"GrossUnderlying written premiumsearnings",

"OtherAXA revenueInvestment Managers"

"GrossAXA writtenInvestment premiumsManagers",

"OtherUnderlying revenueearnings"

"heading": "Shareholders' equity and CSM",

"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.\n* The decrease in shareholders' equity was due to: [[Definition:FY24 (Full year 2024|FY24]]) [[Definition:Dividend|dividend]] paid to shareholders (EUR -4.6bn), [[Definition:Shareimpact of buyback|share buybacks]] in 2025 (EUR -4.7bn) including athe EUR 3.5bn anti-dilutive share buyback related to the [[Definition:AXAsale Investmentof Managers|AXA IM]] sale(AXA Investment Managers), and an unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) mainlynotably from USD depreciation.\n* These negative impacts moreon thanshareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).\n* CSM(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)(15)(footnote: Including P\u0026C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.) was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.\n* CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).\n* Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.\n* These positive impacts on CSM were more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows."

"id": "chq99br5nr-c14c13",

"chunk": 1413,

"heading": "CSM and Solvency II ratio",

"content": "* CSMSolvency wasII EURratio(5)(footnote: 33.3bnThe atSolvency DecemberII 31,ratio 2025,is downestimated EURprimarily 0.6bnusing versusAXA's Decemberinternal 31,model 2024.\n*calibrated Newbased businesson contributionan (EURadverse +21/200 years shock.2bn) andFor underlyingfurther returninformation on in-forceAXA's (EURinternal +1.3bn)model moreand thanSolvency offsetII CSMdisclosures, releaseplease (EUR -3.0bn), leadingrefer to +2%AXA normalizedGroup's growthSolvency in CSM.\n*and FavorableFinancial marketCondition conditionsReport (EUR +0.6bnSFCR) fromas tighteningof governmentDecember spreads31, and2024, positiveavailable equityon marketAXA's performance were more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impactswebsite (EUR -1www.5bnaxa.com),. mainlyThe fromSolvency JPYII andratio HKDas depreciationof December 31, and2025 negativeis operatingadjusted varianceto (EURgive -0.3bn) dueeffect to athe reductionfull inup Groupto LifeEuro business1.25 durationbillion inannual Switzerlandshare despitebuyback better marginsprogram and netproposed flowsEuro 2.\n*32 Solvencyper IIshare ratiodividend announced today.) was 224% as of December 31, 2025, up +9 points versus December 31, 2024.\n* ThisThe increase in Solvency II ratio was drivendue byto: strong operating return (+28 points) net of [[Definition:Dividend|dividend]] provision and annual [[Definition:Share buyback|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).\n* These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima acquisitions, and the [[Definition:AXAdisposal Investmentof Managers|AXA IM]] disposal,(AXA Investment Managers) including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, [[Definition:2026 (Year 2026|2026]]), the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualifyingqualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.)."

"id": "chq99br5nr-c15c14",

"chunk": 1514,

"heading": "Financial metricsratios and cash at holding",

"Underlying earnings",

"Underlying earnings",

"content": "* Underlying return on equity(2)(footnote: 'Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, duenotably tofrom higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.\n* Debt gearing(2)(footnote: 'Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.\n* ThisThe increase in debt gearing was driven by lower shareholders' equity and CSM, andas well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).\n* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-[[Definition:Year 2026|2026]].\n* Cash at Holding(16)(footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.\n* This reflectedincrease in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.\n\n== Capital management and outlook ==\n\n=== Capital management ==="

"id": "chq99br5nr-c16c15",

"chunk": 1615,

"content": "* A [[Definition:Dividend|dividend]] of EUR 2.32 per share (+8% versusvs [[Definition:FY24 (Full year 2024|FY24]])) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:2026 (Year 2026|)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026]].).\n* The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.\n* AXA's Board of Directors approved on February 25, 2026, the launch of an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to cancel all shares repurchased pursuant tounder this share buyback program.\n* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.\n\n=== Outlook ==="

"id": "chq99br5nr-c17c16",

"chunk": 1716,

"heading": "'Unlock the Future' Plan Outlook",

"Year 2026AXA",

"content": "**'Unlock the Future' plan targets and strategy**\n\n* AXA is confident in achieving its main financial targets for the 2024-[[Definition:Year 2026|2026]] 'Unlock the Future' plan.\n* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.\n* In P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market:, pricing remains favorable, withand expectedthe continuedGroup expects to benefit from earnthrough of higher pricing and underwriting actions.\n* At AXA XL:, pricing conditions vary by line; the Group will ensurecontinue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* NormalizedThe Group guidance for normalized natural catastrophe load(18)(footnote: GroupNatural guidancecatastrophe charges include natural catastrophe losses regardless of event size.) load remains at ca.approximately 4.5 points of combined ratio for 2026 (Year 2026).\n* In Life \u0026 Health:, earnings growth is expected from the short-term business due to disciplined pricing and claims management.\n* Life \u0026 Health:The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time."

"id": "chq99br5nr-c18c17",

"chunk": 1817,

"heading": "Holdings results and Financialfinancial Targetstargets",

"content": "* Results in Holdings results:in expected2026 to(Year remain2026) similarare inexpected [[Definition:Yearto 2026|2026]]be assimilar into 2025 levels.\n* ManagementAssuming believescurrent operating conditions persist and given strong 2025 operating performance, AXA is on track to deliver the main financial targets of theits 'Unlock the Future' plan, assuming current operating conditions persist and following strong 2025 operating performance.\n* [[DefinitionMain financial targets include:Underlying earnings(i) per share|Underlyingunderlying earnings per share]] growth: expected at the upper end of the 6-8% CAGR [[Definition:Target range|target range]] for both 2023-2026E and 2026(9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.).\n* UnderlyingMain financial targets include: (ii) underlying return on equity: expected between 14% and 16% between 2024 and 2026E.\n* CumulativeMain organicfinancial cashtargets upstreaminclude: expected(iii) incumulative excessorganic ofcash upstream exceeding EUR 21bn for 2024-2026E.\n* [[Definition:CapitalThe management|CapitalGroup is committed to its capital management]] policy(19)(footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's targetsunderlying earnings) and (2) for dividends, the occurrence of a totalsignifi [[Definition:Payoutcant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.), targeting a total ratio|payout ratio]] of 75%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* [[Definition:Dividend|Dividend]]The total payout ratio: comprises a 60%.\n* Annualdividend [[Definition:Sharepayout buyback|shareratio buybacks]]:and an additional 15% from annual share buybacks.\n* ProposedThe proposed dividend per share: in a given year is expected to be at least equal to the prior year's dividend per share paid in the prior year.\n\n=== Property \u0026 Casualty ==="

"id": "chq99br5nr-c19c18",

"chunk": 1918,

"heading": "GrossKey writtenfigures premiums– andProperty other\u0026amp; revenues by lines of businessCasualty",

"links": [],

"id":AXA "chq99br5nr-c20XL",

"effective_tags": [],

"id": "chq99br5nr-c21c19",

"chunk": 2119,

"Gross written premiums \u0026 other revenues",

"content": "* [[Definition:Gross written premiums \u0026 other revenues|Gross written premiums \u0026 other revenues]] +5% to EUR 58.0bn.\n* Commercial lines: +4% to EUR 35.8bn.\n** AXA XL Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.\n** Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM): +13% mainly driven byfrom Türkiye (higher average premiums) and Mexico (favorable volume and price effects).\n** France: +6% from favorable price effects across all lines and higher volumes.\n* Personal lines: +7% to EUR 19.7bn.\n** Europe: +5% from favorable price effects across geographies, except UK \u0026 Ireland Motor where pricing softened after strong repricing in 2024.\n** Asia, Africa \u0026 EME-LATAM: +14% driven byfrom Türkiye (higher average premiums and volumes).\n** France: +9% withfrom strong volume growth in all lines (direct business and, proprietary agent networks) and favorable price effects in Motor.\n* AXA XL Reinsurance: +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines."

"id": "chq99br5nr-c22c20",

"chunk": 2220,

"heading": "All-year combinedCombined ratio",

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c23c21",

"chunk": 2321,

"content": "* P\u0026C [[Definition:Underlying(Property \u0026 casualty) earnings|underlying earnings]] +9% to EUR 5.9bn.\n* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.\n* Driven by a higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in theincreased unwind of the discount of claims reserves.\n* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.\n\n=== Life \u0026 Health ==="

"id": "chq99br5nr-c24c22",

"chunk": 2422,

"heading": "GrossKey writtenfigures premiums– Life \u0026 other revenues by lines ofu0026amp; businessHealth",

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c25c23",

"chunk": 2523,

"heading": "UnderlyingLife earnings\u0026 byHealth Lifegross andwritten Healthpremiums",

"id": "chq99br5nr-c26c24",

"chunk": 2624,

"content": "* Present value of expected premiums (PVEP)(1,21) decreased by 2% to EUR 49.4bn.\n** Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums.\n** Health PVEP: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions."

"id": "chq99br5nr-c28c25",

"chunk": 2825,

"id": "chq99br5nr-c29c26",

"chunk": 2926,

"content": "* Net flows(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) were EUR +5.4bn compared to EUR +1.5bn in 2024.\n* Net flows in 2025 were driven by:\n** Protection: (EUR +4.9bn), mainly in Hong Kong, Japan, and France.\n** Health: (EUR +2.7bn), mainly in Germany, Japan, and France.\n** Unit-Linked: (EUR +1.5bn), primarily in France.\n** PartlyNet flows were partly offset by G/A Savings (EUR -3.7bn).\n***, as Inflowsinflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn)."

"id": "chq99br5nr-c30c27",

"chunk": 3027,

"UnderlyingLife earnings\u0026 health",

"content": "* Life \u0026 Health [[Definition:Underlying earnings|underlying earnings]] increased by 7% to EUR 3.5bn, driven by:\n** Long-term technical result: (EUR +0.2bn) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.\n** Short-term technical result: (EUR +0.1bn) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies.\n** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).\n** Lower income taxes: (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France and Mexico.\n** Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.\n\n== Holdings =="

"id": "chq99br5nr-c31c28",

"chunk": 3128,

"content": "* Holdings [[Definition:Underlying earnings|underlying earnings]](14)(footnote: Including banking activities.) remained broadly stable at EUR -1.2bn.\n\n== Ratings and glossary ==\n\n=== Ratings ==="

"id": "chq99br5nr-c32c29",

"chunk": 3229,

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c33c30",

"chunk": 3330,

"content": "* 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%.\n* Contractual service margin (\"CSM\"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.\n* CSM release: the 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.\n* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.\n* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (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.\n* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]: 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).\n** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).\n* 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.\n* New business value (\"NBV\"): the value of newly issued contracts during the current year,.\n** consistingIt consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (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.\n* New business value margin (\"NBV Margin\"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.\n* Operating variance: the variation of the year-end CSM vs 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,.\n** Operating variance is net of reinsurance.\n* 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,.\n** PVEP is discounted at the reference interest rate and representingPVEP theis Group share.\n* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] of (i) the difference between the expected and incurred cash-flows incurred in 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.\n* Underlying return on in-force: the release of the time value of options \u0026 guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n== Scope and exchange rates ==\n\n=== Scope ==="

"id": "chq99br5nr-c34c31",

"chunk": 3431,

"heading": "Scope of operations by geography and entity",

"content": "* France: includes insurance activities, banking activities, and holding.\n* 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 holding);, Italy (insurance activities);, Prima (insurance activities);(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM):\n** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding the bancassurance entity), China P\u0026C, South Korea, and Asia Holdings are fully consolidated.\n** Asia: China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.\n** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.\n** Other: AXA Mediterranean Holdings is included.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.\n* [[Definition:AXA Investment Managers|AXA(24)(footnote: InvestmentDisposal Managers]]to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.\n\n=== Exchange rates ==="

"id": "chq99br5nr-c35c32",

"chunk": 3532,

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c36c33",

"chunk": 3633,

"content": "{{fn note|(1=1|2=) Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}\n{{fn note|1=(2|2=) 'Underlying earnings', '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 press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}\n{{fn note|1=(3|2=) AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}\n{{fn note|1=(4|2=) On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}\n{{fn note|1=(5|2=) The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}\n{{fn note|1=(6|2=) Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}}\n{{fn note|1=(7|2=) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}\n{{fn note|1=(8|2=) As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}\n{{fn note|1=(9|2=) Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}\n{{fn note|1=(10|2=) Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}\n{{fn note|1=(11|2=) 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.}}\n{{fn note|1=(12|2=) Price effects are calculated as a percentage of total gross written premiums of the prior year.}}\n{{fn note|1=(13|2=) General account.}}\n{{fn note|1=(14|2=) Including banking activities.}}\n{{fn note|1=(15|2=) Including P\u0026C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}}\n{{fn note|1=(16|2=) Including cash and liquid invested assets at AXA SA Holding and other central holdings.}}\n{{fn note|1=(17|2=) To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.}}\n{{fn note|1=(18|2=) Natural catastrophe charges include natural catastrophe losses regardless of event size.}}\n{{fn note|1=(19|2=) Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}\n{{fn(20) note|1=20|2=Payout ratio is calculated based on underlying earnings per share.}}\n{{fn note|1=(21|2=) Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}\n{{fn note|1=(22|2=) Restricted Tier 1: 'BBB+' by Standard \u0026 Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard \u0026 Poor's and 'A2(hyb)/Stable' by Moody's.}}\n{{fn note|1=(23|2=) AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}\n{{fn note|1=(24|2=) Disposal to BNP Paribas completed on July 1, 2025.}}"

"id": "chq99br5nr-c37c34",

"chunk": 3734,

"heading": "Reporting Basis of reporting and Assumptionsfinancial statement approval",

"content": "* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).\n* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.\n* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:2026 (Year 2026|2026]]).\n* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.\n\n== About the AXA group =="

"id": "chq99br5nr-c39c35",

"chunk": 3935,

"heading": "AXA GroupCompany overview and financialslegal information",

"Year 2026",

"content": "* CertainThe statementsAXA inGroup the(AXA) documentis area forward-looking,worldwide includingleader predictionsin ofinsurance futurewith events156,000 trends,employees plans,serving expectations,over or92 objectives,million andclients non-historicalin information52 countries.\n* Forward-lookingIn statements2025, areIFRS17 identifiedrevenues byamounted wordsto likeEUR 'expects',115.5bn 'anticipates',and 'may',IFRS17 'plan',underlying orearnings conditionalto verbs such as “would” andEUR “could”8.4bn.\n* StatementsInvestor regardingRelations expected [[Definitioncontact:Underlying earnings+33.1.40.75.48.42, perinvestor.relations@axa.com.\n* share|underlyingThe earningsAXA perordinary share]] (“UEPS”)is growthlisted foron [[Definition:Yearcompartment 2026|2026]]A areof forward-lookingEuronext andParis provideunder one-offticker guidancesymbol forCS the(ISN lastFR year0000120628 of– theBloomberg: Group’sCS currentFP strategic– planReuters: AXAF.PA).\n* TheseAXA’s statementsAmerican areDepository basedShare onis Management’squoted currenton viewsthe andOTC intentionsQX andplatform areunder subjectticker tosymbol changeAXAHY.\n* UndueIndividual relianceShareholder shouldRelations notcontact: be+33.1.40.75.48.43.\n* placedMedia onRelations forward-lookingcontacts: statements+33.1.40.75.46.74, dueziad.gebran@axa.com, toahlem.girard@axa.com, knownsylwia.tulak@axa.com.\n* andThe unknownAXA risksGroup andis uncertainties,included manyin outsidemain AXA’sinternational controlSRI indexes, whichsuch couldas causeDow actualJones resultsSustainability toIndex differ(DJSI) and materiallyFTSE4GOOD.\n* EachAXA forward-lookingis statementa isfounding validmember only atof the dateUN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the pressUN releasePrinciples for Responsible Investment.\n* ForThis importantpress factors,release risks,contains andforward-looking uncertaintiesstatements, referincluding tothose Partregarding 5expected –underlying “Riskearnings Factorsper andshare Risk(“UEPS Management”(Underlying ofearnings AXA’sper Universalshare)”) Registration Documentgrowth for the2026 year(Year ended2026), Decemberwhich 31,are 2024based (theon “2024Management’s Universalcurrent Registrationviews Document”)and intentions and are subject to risks and uncertainties.\n* AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures, or(Alternative alternativePerformance performanceMeasures measuresor (“APMs”APMs), used by Management to analyze operating trends, financial performance, and position.\n* These non-GAAP financial measures generally have no standardized meaning andwhich may not be comparable to similarly labeled measures used byfrom other companies.\n* 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.\n* “[[Definition:\"Underlying earnings|Underlying earnings]]”\", UEPS (“underlying earnings per share”), “underlying\"underlying return on equity”equity\", “combined\"combined ratio”ratio\", and “debt\"debt gearing”gearing\" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.\n* AXA provides a reconciliationReconciliations of APMs to theIFRS mostfinancial closelystatements relatedand linetheir item,calculation subtotal,methodologies orare totalprovided in the financial statements in itsAXA’s Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.\n* Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"id": "chq99br5nr-c42c36",

"chunk": 4236,

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c43c37",

"chunk": 4337,

"links": [],

"data_items":Underlying []earnings",

"effective_tags":Business []mix",

"id":Full "chq99br5nr-c44year 2024",

"chunk":Full 44year 2025",

"pages":AXA [France",

15"AXA Europe",

"effective_tags": [],

"id": "chq99br5nr-c45c38",

"chunk": 4538,

"heading": "Interest Rates (5Y) For the Discounting ofTotal P\u0026amp;C Claimsby geography and business Reservesline",

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c46c39",

"chunk": 4639,

"heading": "P\u0026amp;C: Price effects by country and business line",

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c47c40",

"chunk": 4740,

"heading": "Gross written premiums \u0026u0026amp; other revenues by geography and business line",

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c48c41",

"chunk": 4841,

"links": [],

"data_items":Full []year 2025",

"effective_tags": [],

"id": "chq99br5nr-c50c42",

"chunk": 5042,

"heading": "Total Life \u0026 Health netNet flows by business line",

"links": [],

"effective_tags": [],

"id": "chq99br5nr-c51c43",

"chunk": 5143,

"content": "* Announced the execution of a [[Definition:Share buyback|share repurchase]] (Share buyback) agreement related to AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)\n* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement related to AXA's Shareplan and certain stock-based compensation (June 2, 2025)\n* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025)\n* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)\n* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)\n* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)\n* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)\n\n=== Next main investor events ==="

"id": "chq99br5nr-c52c44",

"chunk": 5244,

"heading": "InvestorUpcoming eventinvestor calendarevents",

"Earnings release",

"content": "* [[Definition:2026 (Year 2026|2026]]) Shareholder’sShareholder's Annual General Meeting: April 30, 2026\n* First quarter 2026 Activity Indicators: May 5, 2026\n* HY26 [[Definition:Earnings release|Earnings Release]]: July 31, 2026\n* AXA Investor Day: September 21, 2026"

"title": "AXA/2025/FY/Earnings release",