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

"heading": "Full Year 2025 Earnings presentationPresentation",

"FullYear year 20252026"

"FullYear year 20252026"

"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 presentationmay 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, providingstatements 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 speaks only asat the date of thethis presentation date.\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 that may 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 forin 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.\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* NonAs a result, none of these non-GAAP financial measures should not 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 ofin 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, and are subject to completion of an audit procedure by AXA'sAXA’s statutory auditors.\n\n=== Contents ==="

"heading": "Presentation agenda and speakersContents",

"content": "* 1. [[Definition:Full year 2025|FY25]] Highlights presented on page 04\n* Thomas Buberl, Group CEO,\n* is a speakerp.04\n* 2. FY25 Business Performance presented on page 09\n* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology,\n* is a speakerp.09\n* 3. FY25 Financial Performance presented on page 13\n* Alban de Mailly Nesle, Group CFO,\n* is a speakerp.13\n\n== FY25 Highlights =="

"heading": "Group CEOSection",

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

"heading": "FY25Full performanceYear and2025 shareholder– valueExcellent performance",

"content": "*'''[[Definition:Full Revenuesyear 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 value for shareholders with'''\n* +8% DPS{{fn growthref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and EURsubject 1to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual [[Definition:Shareshare buybackbuy back{{fn ref|share2|2=Following buyback]]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.}}"

56

"heading": "FullExecuting Yearthe 2025plan –on Excellentgrowth, performancemargin and efficiency",

67

"heading": "UnderlyingDiversified earningsfranchise, bywell FYpositioned in an attractive industry",

"content": "'''Secular trends fueling demand across businesses'''\n* Protection gaps and emerging corporate risks\n* Demographics driving demand for private retirement and healthcare\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t1t2\" class=\"wikitable fintable\"\n|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.\n|-\n! style=\"text-align:left\" | Business Segment\n! class=\"col-s\" style=\"text-align:right\" | FY24Share (%)\n!|-\n| classstyle=\"coltext-salign:left\" | Life\n| style=\"text-align:right\" | FY2533%\n!|-\n| classstyle=\"coltext-salign:left\" | Health\n| style=\"text-align:right\" | Change17%\n|-\n| style=\"text-align:left\" | UnderlyingLarge earnings\u0026amp; Specialty\n| style=\"text-align:right\" | 8.117%\n|-\n| style=\"text-align:left\" | SME \u0026amp; Mid-market\n| style=\"text-align:right\" | 8.416%\n|-\n| style=\"text-align:left\" | Retail\n| style=\"text-align:right\" | +617%\n|}\n\u003C/div\u003E\n\n'''Our right to win'''\n* Leading brand \u0026 high customer NPS\n* Strong and diversified distribution\n* Technical expertise to price \u0026 underwrite risks\n* Scale offering cost advantage\n\n{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}"

68

"heading": "KeyLaying performancethe indicatorsfoundation for the next plan",

"links": [],

"effective_tags": [],

69

"heading": "Executing the plan on growth, margin and efficiencySection",

710

"heading": "SecularStrong trendsdelivery fuelingacross demandour businesses",

"heading": "GWPP\u0026C and– underlyingStrong earningsmargins, confidence in sustaining growth",

"content": "* €58bn [[Definition:Gross written premiums|GWP]]: EUR 58bn\n* GWP mix includes: Retail, SME \u0026 Mid-market, andAXA 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. FY24 at constant FX.}} to €5.9bn\n\n===='''Retail and SME \u0026 Mid-market'''\n* 2025: andGrowing volumes while expanding margins\n* Beyond 2025: StrategyInvesting 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* Higher investment income\n* Data \u0026 AI to further enhance customer experience \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-c19c12",

"chunk": 1912,

"heading": "L\u0026H GWP– andGood Underlyingmomentum, Earningswell positioned to capture growth opportunities",

"id": "snjra2xp9r-c22c13",

"chunk": 2213,

"heading": "Group CFOSection",

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

"id": "snjra2xp9r-c26c14",

"chunk": 2614,

"heading": "BusinessP\u0026C growth– driversContinued disciplined growth",

"id": "snjra2xp9r-c29c15",

"chunk": 2915,

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t6\" 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\" | CombinedUndiscounted CY loss ratio (ex Nat Cat)\n| style=\"text-align:right\" | 9167.04%\n| style=\"text-align:right\" | 9067.60%\n|-\n| style=\"text-align:left\" | Undiscounted CY lossExpense ratio (ex Nat Cat)\n| style=\"text-align:right\" | 6725.40%\n| style=\"text-align:right\" | 6724.08%\n|-\n| style=\"text-align:left\" | ExpenseNat ratioCat\n| style=\"text-align:right\" | 253.08%\n| style=\"text-align:right\" | 243.84%\n|-\n| style=\"text-align:left\" | NatPrior Catyear reserve development\n| style=\"text-align:right\" | 3-1.86%\n| style=\"text-align:right\" | 3-1.41%\n|-\n| style=\"text-align:left\" | Prior year reserve developmentDiscount\n| style=\"text-align:right\" | -13.6%\n| style=\"text-align:right\" | -13.15%\n|-\n| style=\"text-align:left\" | Discount\u003Cb\u003ECombined ratio\u003C/b\u003E\n| style=\"text-align:right\" | -3\u003Cb\u003E91.60%\u003C/b\u003E\n| style=\"text-align:right\" | -3\u003Cb\u003E90.56%\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-c31c16",

"chunk": 3116,

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

"ForeignUnderlying exchangeearnings",

"FullForeign year 2025exchange"

"FullUnderlying year 2025earnings"

"id": "snjra2xp9r-c37c17",

"chunk": 3717,

"heading": "CurrencyLife notation\u0026 Health – Strong growth in premiums, positive net flows",

"Full year 2024",

"id": "snjra2xp9r-c41c18",

"chunk": 4118,

"heading": "Life \u0026 Health performance– Strong volume growth in Savings and Protection impacted by higher interest rates on discounting",

"id": "snjra2xp9r-c49c19",

"chunk": 4919,

"heading": "Life \u0026 Health – Growth in new business driving Normalized CSM growth and variances",

"Foreign exchange",

"Foreign exchange",

"content": "*\u003C!-- furniture --\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| style=\"text-align:right\" | +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 reflecting 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 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 mainly from JPY and HKD depreciation\n\n'''CSM breakdown'''\n* [[Definition:Full year 2024|FY24]] o/w Life: 25.8\n* FY24 o/w Health: 7.7\n* [[Definition:Full year 2025|FY25]] o/w Life: 25.4\n* FY25 o/w Health: 7.6\n\n{{fn note|1=1|2=Change at constant scope and FX.}}\n\n\u003C!-- furniture --\u003E"

"id": "snjra2xp9r-c50c20",

"chunk": 5020,

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

"Foreign exchange",

"id": "snjra2xp9r-c56c21",

"chunk": 5621,

"heading": "UnderlyingGrowth earnings andin net income byreflecting higher earnings \u0026 the gain from the sale of AXA segmentIM",

"Underlying earnings per share",

"id": "snjra2xp9r-c60c22",

"chunk": 6022,

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

"id": "snjra2xp9r-c62c23",

"chunk": 6223,

"heading": "CurrencyHigher notationorganic cash remittance and robust cash position at Holding",

"id": "snjra2xp9r-c66c24",

"chunk": 6624,

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

"id": "snjra2xp9r-c71c25",

"chunk": 7125,

"heading": "Solvency II ratio– byimpact of the end of grandfathering period/impact and Solvency II revision",

"id": "snjra2xp9r-c76c26",

"chunk": 7626,

"heading": "Group CEOSection",

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

"id": "snjra2xp9r-c78c27",

"chunk": 7827,

"heading": "Business performance and outlookConclusion",

"content": "* Record results achieved, 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* Diversified franchise is, well-positioned to capture future growth opportunities\n* FoundationsLaying are being laidfoundations for the next plan, withand confidenceconfident in delivering sustainable earnings growth\n\n== Q\u0026A Full Year 2025 Earnings ==\n\n===February AXA26, Investor2026 Relations – Keep in touch ===\n\n==== Meet our management ===="

"id": "snjra2xp9r-c79c28",

"chunk": 7928,

"heading": "investorAXA calendarInvestor Relations – Keep in touch",

"links": [],

"effective_tags": [],

"id": "snjra2xp9r-c82c29",

"chunk": 8229,

"heading": "Additional disclosuresContents",

"content": "* 1. Debt and Invested Assets disclosures on p.31\n* 2. Additional P\u0026C disclosures on p.36\n* 3. Additional IFRS17 disclosures on p.41\n\n===* Gross4. financialSustainability debt and maturity breakdown as of December 31st, 2025 ===p.44"

"id": "snjra2xp9r-c83c30",

"chunk": 8330,

"heading": "Gross financial debt and maturity breakdown as of December 31st, 2025",

"id": "snjra2xp9r-c86c31",

"chunk": 8631,

"id": "snjra2xp9r-c91c32",

"chunk": 9132,

"heading": "InvestedStructured assetsand (100%)Private InCredit Euro billionassets",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t33t28\" class=\"wikitable fintable\"\n|+ Structured and Private Credit assets\n|-\n! style=\"text-align:left\" | Invested assets (100%) In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | % of total G/A{{fn ref|1|2=G/A: General Account}} portfolio\n! style=\"text-align:left\" | Comments\n|-\n| style=\"text-align:left\" | Residential Mortgages\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" | 4%\n| style=\"text-align:left\" | - €6bn Dutch mortgages, NHG guaranteed\u003Cbr/\u003E- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)\n|-\n| style=\"text-align:left\" | CLO \u0026amp; ABS\n| style=\"text-align:right\" | 25\n| style=\"text-align:right\" | 6%\n| style=\"text-align:left\" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)\n|-\n| style=\"text-align:left\" | Infrastructure debt\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 2%\n| style=\"text-align:left\" | - Skewed towards resilient industries (Telecom, Utilities, Transport)\n|-\n| style=\"text-align:left\" | CRE debt\n| style=\"text-align:right\" | 8\n| style=\"text-align:right\" | 2%\n| style=\"text-align:left\" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV\n|-\n| style=\"text-align:left\" | Mid-Market lending\n| style=\"text-align:right\" | 10\n| style=\"text-align:right\" | 2%\n| style=\"text-align:left\" | - Strong diversification with €8m average ticket\u003Cbr/\u003E- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" | 2\n| style=\"text-align:right\" | 0%\n| style=\"text-align:left\" | —\n|-\n!| style=\"text-align:left\" | Total\u003Cb\u003ETotal Structured and Private Credit Assets\n! class=u003C/b\"col-su003E\"n| style=\"text-align:right\" | 69\n! class=u003Cb\"col-su003E69\u003C/b\u003E\"n| style=\"text-align:right\" | 15\u003Cb\u003E15%\u003C/b\u003E\n!| style=\"text-align:left\" | o/w 54% participating\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=G/A: General Account}}\n\n=== Investment portfolio – Fixed Income reinvestment ===\n\n==== FY25 Fixed Income Reinvestment ===="

"id": "snjra2xp9r-c93c33",

"chunk": 9333,

"heading": "ShareInvestment \u0026portfolio Average– ratingFixed byIncome Segmentreinvestment",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t34t29\" class=\"wikitable fintable\"\n|+ FY25 Fixed Income Reinvestment\n|-\n! style=\"text-align:left\" | SegmentAsset Class\n! class=\"col-sm\" style=\"text-align:right\" | Share (%)\n!|-\n| classstyle=\"coltext-salign:left\" | Government bonds \u0026amp; related (Average rating: AA)\n| style=\"text-align:right\" | Average rating32%\n|-\n| style=\"text-align:left\" | GovernmentInvestment bondsgrade \u0026amp;credit related(Average rating: A)\n| style=\"text-align:right\" | 3240%\n|-\n| style=\"text-align:left\" | ABS/CLO/IG fund financing\n| style=\"text-align:right\" | AA21%\n|-\n| style=\"text-align:left\" | InvestmentBelow investment grade credit\n| style=\"text-align:right\" | 407%\n|-\n| style=\"text-align:left\" | \u003Cb\u003ETotal\u003C/b\u003E\n| style=\"text-align:right\" | A\u003Cb\u003EEuro 57 billion\u003C/b\u003E\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t30\" class=\"wikitable fintable\"\n|+ FY25 Fixed Income Reinvestment Yield\n|-\n! style=\"text-align:left\" | ABS/CLO/IGCategory\n! fundclass=\"col-s\" financingstyle=\"text-align:right\" | Yield\n|-\n| style=\"text-align:rightleft\" | 21%Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}\n| style=\"text-align:right\" | 3.5%\n|-\n| style=\"text-align:left\" | BelowPrivate investment\u0026amp; gradeStructured fixed income{{fn ref|2|2=Private \u0026amp; Structured credit (CLOs, ABS, Infra \u0026amp; CRE debt, Fund financing and Private hybrid).}}\n| style=\"text-align:right\" | 4.7%\n|-\n| style=\"text-align:left\" | Total fixed income\n| style=\"text-align:right\" | 3.9%\n|}\n\u003C/div\u003E\n\n'''Euro 57 billion fixed income invested at 3.9%'''\n* Average duration of 9 years\n* Includes Euro 19.7 billion of Private \u0026 Structured Credit invested at 4.7% (CLOs, ABS, Infra \u0026 CRE debt, Fund financing and Private HY)\n* Gradual shift from alternative total return assets to Private \u0026 Structured credit\n\n{{fn note|1=1|2===Government FY25and FixedCorporate Incomebonds Reinvestmentand Yieldrelated.}}\n{{fn note|1=2|2===Private \u0026 Structured credit (CLOs, ABS, Infra \u0026 CRE debt, Fund financing and Private hybrid).}}"

"id": "snjra2xp9r-c94c34",

"chunk": 9434,

"heading": "Additional disclosuresContents",

"content": "* Additional P\u0026C disclosures are on page 361.\n* Debt and Invested Assets disclosures are on page p.31.\n* 2. Additional IFRS17P\u0026C disclosures are on page 41p.36\n\n===* AXA3. XLAdditional InsuranceIFRS17 –disclosures Large Commercial \u0026 Specialty business ===p.41\n\n====* Well4. diversifiedSustainability across lines of business and geographies ====p.44"

"id": "snjra2xp9r-c98c35",

"chunk": 9835,

"heading": "ShareAXA byXL lineInsurance of– Large Commercial \u0026 Specialty business",

"content": "'''Well diversified across lines of business and geographies'''\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t36t31\" class=\"wikitable fintable\"\n|+ $19bn FY25 GWP by line of business\n|-\n! style=\"text-align:left\" | Line of business\n! class=\"col-s\" style=\"text-align:right\" | Share (%)\n|-\n| style=\"text-align:left\" | Casualty\n| style=\"text-align:right\" | 35%\n|-\n| style=\"text-align:left\" | Property\n| style=\"text-align:right\" | 29%\n|-\n| style=\"text-align:left\" | Specialty\n| style=\"text-align:right\" | 19%\n|-\n| style=\"text-align:left\" | Professional lines{{fn ref|1|2=Including Cyber}}\n| style=\"text-align:right\" | 17%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t32\" class=\"wikitable fintable\"\n|+ $19bn FY25 GWP by geography\n|-\n! style=\"text-align:left\" | Geography\n! class=\"col-s\" style=\"text-align:right\" | Share (%)\n|-\n| style=\"text-align:left\" | Americas\n| style=\"text-align:right\" | 46%\n|-\n| style=\"text-align:left\" | Europe \u0026amp; APAC\n| style=\"text-align:right\" | 35%\n|-\n| style=\"text-align:left\" | UK \u0026amp; Lloyds\n| style=\"text-align:right\" | 19%\n|}\n\u003C/div\u003E\n\n'''Leading market positions across lines'''\n\n* Top 3 globally\n* Multinational Programs{{fn ref|2|2=Source: McKinsey}}\n* Marine{{fn ref|3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}\n* Fine Art \u0026 Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026)}}\n\n'''Managing the cycle to deliver consistent profitability'''\n\n* Qualitative chart: Profitability vs Ex-price growth (%)\n* Property: High profitability, high ex-price growth\n* Specialty: Medium-high profitability, medium-high ex-price growth\n* Casualty: Medium profitability, medium ex-price growth\n* Professional lines: Low-medium profitability, low-medium ex-price growth\n\n{{fn note|1=1|2=Including Cyber}}\n{{fn note|1=2|2=Source: McKinsey}}\n{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}\n{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}"

"id": "snjra2xp9r-c99c36",

"chunk": 9936,

"heading": "ClaimsP\u0026C reserves– ratioFocus definitionon Reserves",

"id": "snjra2xp9r-c104c37",

"chunk": 10437,

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

"id": "snjra2xp9r-c108c38",

"chunk": 10838,

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

"id": "snjra2xp9r-c112c39",

"chunk": 11239,

"heading": "Additional disclosuresContents",

"content": "* 1. Debt and Invested Assets are detailed on p.31.\n* 2. Additional P\u0026C disclosures are on p.36.\n* 3. Additional IFRS17 disclosures are on p.41.\n\n===* P\u0026C4. –Sustainability Margin Analysis ===p.44"

"id": "snjra2xp9r-c117c40",

"chunk": 11740,

"heading": "ChangesP\u0026C vs.– FY24Margin at constant FXAnalysis",

"Full year 2024",

"id": "snjra2xp9r-c120c41",

"chunk": 12041,

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

"id": "snjra2xp9r-c124c42",

"chunk": 12442,

"heading": "Additional disclosuresContents",

"content": "* Additional disclosures include:1. Debt and Invested Assets on p.31;\n* 2. Additional P\u0026C disclosures on p.36;\n* 3. 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-c136c43",

"chunk": 13643,

"heading": "ClimateExpanding andAXA’s communityrole financingin targetssociety: andAXA resultsfor Progress Index",

"id": "snjra2xp9r-c137c44",

"chunk": 13744,

"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-c142c45",

"chunk": 14245,

"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 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).\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 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'''"

"id": "snjra2xp9r-c143c46",

"chunk": 14346,

"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’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.\n** 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.\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.\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 PVEP is Group share.\n* 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.\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-c145c47",

"chunk": 14547,

"heading": "FYThank 2025 earningsyou",

"Full year 2025",

"Full year 2025",

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