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

"heading": "ForwardImportant legal information and cautionary statements concerning forward-looking statements and the use of non-GAAPgaap financial measures",

"content": "'''Forward-looking statements'''\n* Certain statements incontained theherein documentmay arebe forward-looking, statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations, or objectives, and non-other information that is not historical information.\n* Forward-looking statements are generally identified by words likeand \"expects\"expressions such as “expects”, \"anticipates\"“anticipates”, \"may\"“may”, \"plan“plan,\"” \"target\"“target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, \"would\"without limitations, “would” and \"could\"“could”.\n* StatementsIn particular, the statements in this presentation regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking andstatements to provide one-off guidance forin the context of the last year of the Group'sGroup’s current strategic plan.\n* These statements in this presentation are based on Management'sManagement’s current views and intentions and are subject to change.\n* Undue reliance should not be placed on forward-looking statements duebecause, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA'sAXA’s control, whichand 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.\n* Each forward-looking statement is validspeaks only at the date of thethis presentation.\n* ReferPlease refer to Part 5 - \"Risk“Risk Factors and Risk Management\"Management” of AXA'sAXA’s Universal Registration Document for the year ended December 31, 2024 (the \"2024“2024 Universal Registration Document\"Document”) for a description of certain important factors, risks, and uncertainties affectingthat AXA'smay affect AXA’s business and/or results of operations.\n* AXA specifically disclaims anyand 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.\n\n'''Non-GAAP financial measures'''\n* TheIn addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (APMs“APMs”), used by Management toin analyzing analyzeAXA’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.\n* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labeledlabelled measures used by other companies.\n* andAs shoulda notresult, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group'sGroup’s consolidated financial statements and related notes prepared in accordance with IFRS.\n* \"“[[Definition:Underlying earnings|Underlying earnings]]\"”, UEPS (\"underlying“underlying earnings per share\"share”), \"underlying“underlying return on equity\"equity”, \"combined“combined ratio\",ratio” and \"debt“debt gearing\"gearing” are APMs as defined in ESMA'sESMA’s guidelines and the AMF'sAMF’s related position statement issued in 2015.\n* 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“AXA’s 2025 Activity Report\"Report”), on the pages indicated under the heading \"USE“USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES\"MEASURES”.\n* FurtherFor further information on the above-mentioned and other non-GAAP financial measures is availableused in this presentation, see the Glossary in AXA'sAXA’s 2025 Activity Report.\n*\n'''Additional AXAinformation's''\n* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).\n* AXA'sAXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026.\n*, The consolidated financial statementsand are subject to completion of an audit procedure by AXA'sAXA’s statutory auditors.\n\n=== Table of contents ==="

"id": "snjra2xp9r-c2c3",

"chunk": 23,

"heading": "FY25 presentation structure and presentersContents",

"content": "* The1. [[Definition:Full year 2025|FY25]] Highlights are on page 04 and presented by\n* Thomas Buberl, Group CEO\n* p.04\n* The2. FY25 Business Performance is on page 09 and presented by\n* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology\n* p.09\n* The3. FY25 Financial Performance is on page 13 and presented by\n* Alban de Mailly Nesle, Group CFO\n* p.13\n\n== FY25 Highlights =="

"id": "snjra2xp9r-c3c4",

"chunk": 34,

"heading": "Group CEO statementSection",

"content": "* '''Thomas Buberl is the, Group CEO.\n\n=== Full Year 2025 – Excellent performance ==='''"

"id": "snjra2xp9r-c4c5",

"chunk": 45,

"heading": "KeyFull financialYear performance2025 indicators– Excellent performance",

"content": "* Revenues'''[[Definition:Full year 2025|Full Year 2025]] Key Performance Indicators'''\n* +6% Revenues vs. [[Definition:Full year 2024|FY24]]\n* +8% [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24\n* ROE: 16% inROE [[Definition:Full year 2025|FY25]]\n* 224% Solvency II ratio: 224% in FY25\n*\n'''Delivering DPSvalue growth:for +8%shareholders'''\n* Annual+8% [[Definition:ShareDPS{{fn buybackref|share1|2=Based buyback]]:on EURthe 1dividend 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.}}\n\n'''Outlook'''\n* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]\n\n{{fn note|1=1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}\n{{fn note|1=2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}"

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t1\" class=\"wikitable fintable\"\n|+ Underlying earnings\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24Underlying earnings\n!|-\n| classstyle=\"coltext-salign:left\" | FY24\n| style=\"text-align:right\" | FY258.1\n|-\n| style=\"text-align:left\" | Underlying earningsFY25\n| style=\"text-align:right\" | 8.14\n|-\n| style=\"text-align:left\" | Change\n| style=\"text-align:right\" | 8.4+6%\n|-\n| style=\"text-align:left\" | Change excluding AXA IM\n| style=\"text-align:right\" | +9%\n|}\n\u003C/div\u003E\n\n'''High organic growth'''\n* +6% top line growth, well balanced across lines (P\u0026C: +5%, Life: +9%, Health: +5%)\n\n'''Record profitability'''\n* Further margin expansion in P\u0026C and L\u0026H; improvement in efficiency\n\n'''Scaling the business'''\n* Continued investments in growth and technology\n\n'''Consistent earnings growth while enhancing reserve prudence'''\n\n\u003Cdiv class=\"ed-fn-notes\" style=\"display:none\"\u003E\n\n\u003C/div\u003E"

67

"heading": "GroupDiversified performancefranchise, overviewwell positioned in an attractive industry",

"links": [],

"effective_tags": [],

68

"heading": "ExecutingLaying the planfoundation onfor growth,the marginnext and efficiencyplan",

79

"heading": "Demand driversSection",

"content": "* ProtectionGuillaume gaps and emerging corporate risks drive demand.Borie\n* DemographicsGlobal Head driveof demandFinance, forStrategy, privateUnderwriting, retirementRisk, and healthcare.Technology"

710

"heading": "GrossStrong writtendelivery premiumacross byour segmentbusinesses",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t2t3\" class=\"wikitable fintable\"\n|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.\n|-\n! style=\"text-align:left\" | Segment\n! classstyle=\"coltext-salign:right\" | Gross written premiums\n! style=\"text-align:right\" | ShareUnderlying earnings\n|-\n| style=\"text-align:left\" | Life\u003Cb\u003EFrance\u003C/b\u003E\u003Cbr/\u003E(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-align:right\" | 33+6%\n|-u003Cbr/\u003Eto €31bn\n| style=\"text-align:leftright\" | Health+7%\u003Cbr/\u003Eto €2.2bn\n|-\n| style=\"text-align:rightleft\" | 17%\nu003Cb\u003EEurope\u003C/b\u003E\u003Cbr/\u003E(38% of total GWP{{fn ref|-1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-align:leftright\" | Large +6%\u0026amp;u003Cbr/\u003Eto Specialty€43bn\n| style=\"text-align:right\" | 17+9%\u003Cbr/\u003Eto €3.5bn\n|-\n| style=\"text-align:left\" | SME\u003Cb\u003EAXA XL\u0026amp;u003C/b\u003E\u003Cbr/\u003E(17% Midof total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-marketalign:right\" | +4%\u003Cbr/\u003Eto €19bn\n| style=\"text-align:right\" | 16+9%\u003Cbr/\u003Eto €1.9bn\n|-\n| style=\"text-align:left\" | Retail\u003Cb\u003EAsia, Africa \u0026amp; EME-LATAM\u003C/b\u003E\u003Cbr/\u003E(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})\n| style=\"text-align:right\" | 17+13%\u003Cbr/\u003Eto €20bn\n| style=\"text-align:right\" | +6%\u003Cbr/\u003Eto €1.5bn\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2===FY25 Ourgross rightwritten topremiums winexcluding ====AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}"

"heading": "P\u0026C GWP– andStrong strategicmargins, focusconfidence in sustaining growth",

"content": "* €58bn [[Definition:Gross written premiums|GWP]]\n* GWP mix: Retail, SME \u0026 Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large \u0026 Specialty) — shares not printed\n* [[Definition:Underlying earnings|Underlying earnings]] +9%{{fn toref|2|2=Change EURFY25 5vs.9bn FY24 at constant FX.}} to €5.9bn\n\n'''Retail and SME \u0026 Mid-market'''\n* Drivers2025: includeGrowing volumes while expanding margins\n* Beyond 2025: Investing to improve customer retention \u0026 expanding distribution footprint\n\n'''AXA XL (Large \u0026 Specialty)'''\n* 2025: Profitable growth with stable margins\n* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management\n\n'''Key drivers'''\n* Continued progress on efficiency,\n* higherHigher investment income, and the use of\n* Data \u0026 AI to further enhance customer experience and\u0026 technical excellence\n\n{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}\n{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}"

"id": "snjra2xp9r-c17c12",

"chunk": 1712,

"heading": "GWPL\u0026H and– UnderlyingGood Earningsmomentum, well positioned to capture growth opportunities",

"Gross written premiums",

"Gross written premiums",

"content": "* €57bn [[Definition:Gross written premiums|GWP]]\n* Short-term\n* Long-term\n* [[Definition:Underlying earnings|Underlying earnings]]: +7%{{fn toref|1|2=Change EURFY25 3vs. FY24 at constant FX.}} to €3.5bn\n\n\u003Cdiv ([[Definitionstyle=\"overflow-x:Fullauto\"\u003E\n{| yearid=\"t4\" class=\"wikitable\"\n|+ Strategic Priorities\n|-\n! style=\"text-align:left\" |\n! style=\"text-align:left\" | 2025\n! style=\"text-align:left\" |FY25]] vs.Beyond [[Definition2025\n|-\n| style=\"text-align:Fullleft\" year| 2024Long-term business\n|FY24]] style=\"text-align:left\" | Accelerating net flows in Savings at constantattractive [[Definitionmargins\n| style=\"text-align:Foreignleft\" exchange|FX]]) Capturing savings \u0026amp; retirement opportunity, sourcing best asset management products for our customers\n|-\n| style=\"text-align:left\" | Short-term business\n| style=\"text-align:left\" | Growing technical results while absorbing Mexico VAT impact\n| style=\"text-align:left\" | Capitalizing on demand for health \u0026amp; protection while further improving our margins\n|}\n\u003C/div\u003E\n\n* Focus on cost reduction\n* Increasing penetration of Protection riders in Savings offerings\n* Leveraging AI to reduce claims leakage and\u0026 improve customer outcomes in Health\n\n{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}\n\n== FY25 Financial Performance =="

"id": "snjra2xp9r-c21c13",

"chunk": 2113,

"heading": "Group CFOSection",

"content": "* Alban de Mailly Nesle is the\n* Group CFO.\n\n=== P\u0026C – Continued disciplined growth ===\n\n==== GWP \u0026 Other Revenues ===="

"id": "snjra2xp9r-c22c14",

"chunk": 2214,

"heading": "GWP P\u0026 other revenuesu0026C by– linesContinued ofdisciplined businessgrowth",

"id": "snjra2xp9r-c24c15",

"chunk": 2415,

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t5t6\" class=\"wikitable fintable\"\n|+ Combined ratio\n|-\n! style=\"text-align:left\" |\n! class=\"col-sm\" style=\"text-align:right\" | FY24\n! class=\"col-sm\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Undiscounted CY loss ratio (ex Nat Cat)\n| style=\"text-align:right\" | 67.4%\n| style=\"text-align:right\" | 67.0%\n|-\n| style=\"text-align:left\" | Expense ratio\n| style=\"text-align:right\" | 25.0%\n| style=\"text-align:right\" | 24.8%\n|-\n| style=\"text-align:left\" | Nat Cat\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 3.4%\n|-\n| style=\"text-align:left\" | Prior year reserve development\n| style=\"text-align:right\" | -1.6%\n| style=\"text-align:right\" | -1.1%\n|-\n| style=\"text-align:left\" | Discount\n| style=\"text-align:right\" | -3.6%\n| style=\"text-align:right\" | -3.5%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ECombined ratio\u003C/b\u003E\n| style=\"text-align:right\" | 91\u003Cb\u003E91.0%\u003C/b\u003E\n| style=\"text-align:right\" | 90\u003Cb\u003E90.6%\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n* Better undiscounted current year loss ratio excluding Nat Cat from:\n* Margin expansion in Commercial lines SME \u0026 mid-market business and Personal lines reflecting favorable pricing environment\n* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management\n* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology\n* Nat Cat charges below normalized load\n* Lower reliance on prior year reserve development\n* Taking advantage of a good year to enhance reserve prudence"

"id": "snjra2xp9r-c26c16",

"chunk": 2616,

"heading": "P\u0026C – Earnings Growthgrowth from higher underwriting and financial result",

"Foreign exchange",

"content": "* P\u0026C earnings grew +9% (at constant '''[[Definition:ForeignUnderlying exchangeearnings|FXUnderlying Earnings]]).'''\n* Growth was driven by a betterBetter underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.\n* IncreasedIncrease in investment income reflectedreflecting higher volumes and better reinvestment yields on fixed income assets.\n* Higher unwind of discount of claims reserves was, in line with guidance.\n* Unfavorable forex impact was notably due to USD depreciation vs. EUR\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t7\" class=\"wikitable fintable\"\n|+ Underlying Earnings\n|-\n! style=\"text-align:left\" | In Euro million\n! class=\"col-m\" style=\"text-align:right\" | Value\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 5,510\n|-\n| style=\"text-align:left\" | Volume growth\n| style=\"text-align:right\" | +292\n|-\n| style=\"text-align:left\" | Margin improvement\n| style=\"text-align:right\" | +189\n|-\n| style=\"text-align:left\" | Investment income\n| style=\"text-align:right\" | +435\n|-\n| style=\"text-align:left\" | Insurance finance expenses\n| style=\"text-align:right\" | -235\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -169\n|-\n| style=\"text-align:left\" | Affiliates, FX \u0026amp; other\n| style=\"text-align:right\" | -150\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFY25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E5,872\u003C/b\u003E\n|-\n| style=\"text-align:left\" | Change at constant FX\n| style=\"text-align:right\" | +9%\n|}\n\u003C/div\u003E\n\n'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}}'''\n* Volume growth\n* Margin improvement\n\n'''Financial result'''\n* Investment income\n* Insurance finance expenses\n\nChange at constant [[Definition:Foreign exchange|FX]].\n{{fn note|1=1|2=Underwriting result includes expenses.}}"

"id": "snjra2xp9r-c30c17",

"chunk": 3017,

"heading": "Life \u0026 Health – Strong growth in premiums, andpositive net flows",

"id": "snjra2xp9r-c37c18",

"chunk": 3718,

"id": "snjra2xp9r-c40c19",

"chunk": 4019,

"heading": "ContractualLife Service\u0026 MarginHealth rollforward– byGrowth Lifein andnew Healthbusiness driving Normalized CSM growth",

"Foreign exchange",

"Foreign exchange",

"content": "*\u003C!-- Normalizedfurniture --\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t14\" class=\"wikitable fintable\"\n|+ Contractual Service Margin rollforward\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-m\" style=\"text-align:right\" | Value\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 33.6\n|-\n| style=\"text-align:left\" | New business CSM\n| increasedstyle=\"text-align:right\" by| +2%.2\n|-\n| style=\"text-align:left\" | Underlying return on in-force\n| style=\"text-align:right\" | +1.3\n|-\n| style=\"text-align:left\" | CSM release\n| style=\"text-align:right\" | -3.0\n|-\n| style=\"text-align:left\" | Economic variance\n| style=\"text-align:right\" | +0.6\n|-\n| style=\"text-align:left\" | Operating variance\n| style=\"text-align:right\" | -0.3\n|-\n| style=\"text-align:left\" | Affiliates, FX \u0026amp; other\n| style=\"text-align:right\" | -1.4\n|-\n| style=\"text-align:left\" | \u003Cb\u003EFY25\u003C/b\u003E\n| style=\"text-align:right\" | \u003Cb\u003E33.0\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n'''Normalized CSM growth +2%'''\n* Normalized CSM up by +2%, with CSM release growth reflectedreflecting better margins and new business CSM growth, impacted by higher rates.\n* Economic variance reflectedreflecting government spreads tightening and positive equity market returns.\n* Operating variance was driven by better margins and net flows, whichthat were more than offset by a reduction in the duration of Group Life business in Switzerland.\n* [[Definition:Foreign exchange|FX]] impact was mainly from JPY and HKD depreciation.\n\n==='''CSM breakdown'''\n* [[Definition:Full year 2024|FY24]] o/w Life: 25.8\u0026n* FY24 o/w Health: –7.7\n* Strong[[Definition:Full momentumyear in2025|FY25]] botho/w short-termLife: and25.4\n* long-termFY25 businesso/w Health: 7.6\n\n{{fn note|1=1|2==Change at constant scope and FX.}}\n\n\u003C!-- furniture --\u003E"

"id": "snjra2xp9r-c42c20",

"chunk": 4220,

"heading": "Life \u0026 Health gross– revenuesStrong momentum in both short-term and long-term business",

"Foreign exchange",

"id": "snjra2xp9r-c46c21",

"chunk": 4621,

"heading": "NetGrowth in net income reflecting higher earnings \u0026 the gain from the sale of AXA IM",

"AXACapital Investment Managersmanagement"

"Underlying earnings per share",

"id": "snjra2xp9r-c53c22",

"chunk": 5322,

"heading": "Shareholders'Shareholders’ Equity",

"id": "snjra2xp9r-c55c23",

"chunk": 5523,

"heading": "CashHigher organic cash remittance and robust cash position at Holding",

"id": "snjra2xp9r-c58c24",

"chunk": 5824,

"heading": "ForeseeableSolvency dividendsII andat share buyback provision224%",

"id": "snjra2xp9r-c61c25",

"chunk": 6125,

"heading": "Solvency II ratio– impact of the end of grandfathering period and capitalSolvency II impactsrevision",

"content": "* Solvency II ratioRatio as of December 31, /12/2025: 224%\n* Impact of the end of the grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts, resulting in ato 215% ratio\n* EUREuro 2.4bn4 ofbillion grandfathered debt will no longer be eligible as capital from January 1, 2026\n* Impact of Solvency II revision, effectiveto Q1come 2027into 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.}}\n* No change expected in organic capital generation\n* Additional capital flexibility\n\n{{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.}}\n\n== Conclusion =="

"id": "snjra2xp9r-c64c26",

"chunk": 6426,

"heading": "Group CEOSection",

"content": "* '''Thomas Buberl is the, Group CEO.\n\n=== Conclusion ==='''"

"id": "snjra2xp9r-c66c27",

"chunk": 6627,

"heading": "Business performance and outlookConclusion",

"content": "* Achieved recordRecord results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence.\n* All businesses are in excellent shape, delivering strong growth and profitability.\n* The diversifiedDiversified franchise is, well-positioned to capture future growth opportunities.\n* Laying foundations for the next plan and confident in delivering sustainable earnings growth.\n\n=== Q\u0026A =Full Year 2025 Earnings February 26, 2026 =="

"id": "snjra2xp9r-c67c28",

"chunk": 6728,

"heading": "upcomingAXA eventsInvestor andRelations contacts– Keep in touch",

"content": "*'''Meet Upcomingour eventsmanagement'''\n* includeMarch: March Roadshows — Europe and US;\n* May 5: 1Q25 Activity Indicators — Paris;\n* June 2: BNP Paribas Exane CEO Conference — Paris;\n* June 2-4: Goldman Sachs European Financials Conference — Zurich;\n* July 31: HY26 [[Definition:Earnings release|Earnings Release]] — Paris;\n* September 21: AXA Investor Day — London.\n\n'''Contact us'''\n* Investor Relations contact:\n* +33 1 40 75 48 42,\n* investor.relations@axa.com.\n* \n'''Follow AXA atus'''\n* www.axa.com.\n\n== Appendices ==\n\n=== Contents ==="

"id": "snjra2xp9r-c69c29",

"chunk": 6929,

"heading": "Additional disclosuresContents",

"content": "* Additional disclosures include:1. Debt and Invested Assets; p.31\n* 2. Additional P\u0026C disclosures; Additional IFRS17 disclosuresp.36\n\n===* Gross3. financialAdditional debtIFRS17 anddisclosures maturity breakdown as of December 31st, 2025 ===p.41\n\n====* Gross4. financialSustainability debt ====p.44"

"id": "snjra2xp9r-c70c30",

"chunk": 7030,

"heading": "Gross financial debt byand tiermaturity andbreakdown as of December senior31st, debt2025",

"links": [],

"data_items":Year [],2026"

"effective_tags": [],

"id": "snjra2xp9r-c73c31",

"chunk": 7331,

"heading": "DurationGeneral gapAccount andInvested invested assetsAssets",

"id": "snjra2xp9r-c81c32",

"chunk": 8132,

3634

"heading": "additionalStructured disclosuresand Private Credit assets",

"id": "snjra2xp9r-c82c33",

"chunk": 8233,

3735

"heading": "GWPInvestment byportfolio line– ofFixed businessIncome reinvestment",

"id": "snjra2xp9r-c83c34",

"chunk": 8334,

3736

"heading": "GWP by geographyContents",

"id": "snjra2xp9r-c84c35",

"chunk": 8435,

"heading": "leadingAXA marketXL positionsInsurance – Large Commercial \u0026 Specialty business",

"id": "snjra2xp9r-c85c36",

"chunk": 8536,

"heading": "ClaimsP\u0026C reserves– ratioFocus (Neton undiscounted claims reserves/Net earned premiums)Reserves",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t34t33\" class=\"wikitable\"\n|+ fintableClaims reserves ratio (Net undiscounted claims reserves/Net earned premiums)\n|-\n! style=\"text-align:left\" |\n! style=\"text-align:right\" | FY18\n! style=\"text-align:right\" | FY19\n! style=\"text-align:right\" | FY20\n! style=\"text-align:right\" | FY21\n! style=\"text-align:right\" | FY22\n! style=\"text-align:right\" | FY22\n! style=\"text-align:right\" | FY23\n! style=\"text-align:right\" | FY24\n! style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Accounting Basis\n| colspan=\"5\" style=\"text-align:centerright\" | IFRS4\n!| colspan=\"4\" style=\"text-align:centerright\" | IFRS17\n|-\n!| style=\"text-align:left\" | FY18Ratio\n!| classstyle=\"coltext-salign:right\" | 179%\n| style=\"text-align:right\" | FY19185%\n!| classstyle=\"coltext-salign:right\" | 193%\n| style=\"text-align:right\" | FY20188%\n!| style=\"text-align:right\" | 189%\n| style=\"text-align:right\" | 198%\n| style=\"text-align:right\" | 195%\n| style=\"text-align:right\" | 180%\n| style=\"text-align:right\" | 175%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t34\" class=\"colwikitable\"\n|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)\n|-s\n! style=\"text-align:left\" |\n! style=\"text-align:right\" | FY21FY18\n! classstyle=\"coltext-salign:right\" | FY19\n! style=\"text-align:right\" | FY22FY20\n! classstyle=\"coltext-salign:right\" | FY21\n! style=\"text-align:right\" | FY22\n! classstyle=\"coltext-salign:right\" | FY22\n! style=\"text-align:right\" | FY23\n! classstyle=\"coltext-salign:right\" | FY24\n! style=\"text-align:right\" | FY24FY25\n!|-\n| classstyle=\"coltext-salign:left\" | Accounting Basis\n| colspan=\"5\" style=\"text-align:right\" | FY25IFRS4\n| colspan=\"4\" style=\"text-align:right\" | IFRS17\n|-\n| style=\"text-align:left\" | 179Ratio\n| style=\"text-align:right\" | 213%\n| style=\"text-align:right\" | 185227%\n| style=\"text-align:right\" | 193233%\n| style=\"text-align:right\" | 188226%\n| style=\"text-align:right\" | 189227%\n| style=\"text-align:right\" | 198234%\n| style=\"text-align:right\" | 195232%\n| style=\"text-align:right\" | 180216%\n| style=\"text-align:right\" | 175210%\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}"

"id": "snjra2xp9r-c87c37",

"chunk": 8737,

"heading": "P\u0026C – 2026 Simplified Group Nat Cat Reinsurance Program",

"id": "snjra2xp9r-c89c38",

"chunk": 8938,

"heading": "P\u0026C – AXA Group earnings deviation with different levels of Nat Cat cost deviationin 2026",

"id": "snjra2xp9r-c94c39",

"chunk": 9439,

"heading": "Appendix sectionsContents",

"content": "* 1. Debt and Invested Assets disclosures are on page p.31.\n* 2. Additional P\u0026C disclosures are on page p.36.\n* 3. Additional IFRS17 disclosures are on page p.41.\n* 4. Sustainability disclosures are on page p.44.\n\n=== P\u0026C – Margin Analysis ===\n\n==== Technical Result ===="

"id": "snjra2xp9r-c97c40",

"chunk": 9740,

"heading": "Pre-taxP\u0026C technical– resultMargin Analysis",

"Foreign exchange",

"id": "snjra2xp9r-c108c41",

"chunk": 10841,

"heading": "ScopeL\u0026H impact– Margin Analysis",

"id": "snjra2xp9r-c109c42",

"chunk": 10942,

"heading": "Additional disclosuresContents",

"content": "* Additional disclosures include1. Debt and Invested Assets on p.31,\n* 2. Additional P\u0026C disclosures on p.36,\n* and3. Additional IFRS17 disclosures on p.41.\n\n===* Expanding4. AXA’sSustainability role in society: AXA for Progress Index ===\n\n==== As a GLOBAL INVESTOR ====p.44"

"id": "snjra2xp9r-c117c43",

"chunk": 11743,

"heading": "ClimateExpanding transitionAXA’s androle communityin resiliencesociety: financingAXA perfor yearProgress Index",

"id": "snjra2xp9r-c118c44",

"chunk": 11844,

"content": "'''S\u0026P Global'''\n* 2025 percentile: 97th {{fn noteref|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.}} in Dow Jones Best-in-Class Europe \u0026 World indices\n\n==='''MSCI'''\n* Scope2025 score: AAA\n\n'''CDP'''\n* 2025 score: B\n\n'''MORNINGSTAR SUSTAINALYTICS'''\n* 2025 ESG Risk Rating: 17.0 – Low risk\n\n'''FTSE RUSSELL An LSEG Business'''\n* 2025 score: 4.3/5 in FTSE4Good Index Series\n\n{{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.}}"

"id": "snjra2xp9r-c122c45",

"chunk": 12245,

"heading": "Scope definitions",

"content": "* France: includes insurance activities, banking activities, and holding.\n* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxembourgLuxemburg (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).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM:\n** includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C, China P\u0026C, South Korea, and Asia Holdings (which are fully consolidated).\n**, Asia (equity method):and 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) businesses, contributingwhich are consolidated under the equity method and contribute only to NBV, PVEP, the [[Definition:Underlying earnings|underlying earnings]], and net income.\n**, (ii) Africa : Morocco (insurance activities and holding), and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (which are fully consolidated, (iii).\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (which are fully consolidated).\n** EME-LATAMas (equitywell method):as Russia (Reso) (insurance activities), contributingwhich consolidated under the equity method and contributes only to the net income.\n**, Other:(iv) AXA Mediterranean Holdings.\n* Transversal \u0026 Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.\n* [[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).\n*\n'''Unless Allotherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards, that became effective on January 1, 2023, unless otherwise specified.\n* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.\n\n===, Glossarythe ===applicable accounting standard that preceded the implementation of IFRS17/9'''"

"id": "snjra2xp9r-c123c46",

"chunk": 12346,

"heading": "Glossary of terms",

"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 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: 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.\n* 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.\n* Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder'sshareholder’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]] ([[Definition:Gross written premiums \u0026 other revenues|GWP \u0026 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).\n* Other Revenues: represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities).\n* New Business Value (NBV): the value of newly issued contracts during the current year,. consistingIt 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.\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 margin (NBV margin): 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 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.\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,. 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]] 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.\n* Underlying return on in-force: represents the release of Time Value of Options \u0026 Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n=== Thank you ==="

"id": "snjra2xp9r-c124c47",

"chunk": 12447,

"heading": "FullThank Year 2025 Earningsyou",

"Full year 2025",

"Full year 2025",

"content": "* [[Definition:Full year 2025|Full Year 2025]] Earnings\n* February 26, [[Definition:Year 2026|2026]]"