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''This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).''
 
{{chunk|doc=snjra2xp9r|c=1|p=1}}
=== Full Year 2025 Earnings Presentation ===
 
* February 26, [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=2|p=2}}
=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ===
 
'''Forward-looking statements'''
{{chunk|doc=snjra2xp9r|c=1|p=2}}
* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information.
====== Forward-looking statements and non-GAAP measures ======
* Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”.
* In particular, the statements in this presentation regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan.
* These statements in this presentation are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.
* Each forward-looking statement speaks only at the date of this presentation.
* Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations.
* AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
 
'''Non-GAAP financial measures'''
* Certain statements in this document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information.
* In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", or conditional verbs like "would" and "could".
* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS) growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.
* As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* These statements are based on Management’s current views and intentions and are subject to change.
* “[[Definition:Underlying earnings|Underlying earnings]]”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.
* 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”.
* Each forward-looking statement is valid only at the date of this presentation.
* For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report.
* Refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for important factors, risks, and uncertainties affecting AXA’s business and/or results.
 
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
'''Additional information'''
* This presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management to analyze operating trends, financial performance, and position.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* "[[Definition:Underlying earnings|Underlying earnings]]", UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio”, and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements (and/or their calculation methodology) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* Further information on non-GAAP financial measures is available in the Glossary in AXA’s 2025 Activity Report.
* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.
 
{{chunk|doc=snjra2xp9r|c=3|p=3}}
=== Contents ===
 
* 1. [[Definition:Full year 2025|FY25]] Highlights
{{chunk|doc=snjra2xp9r|c=2|p=3}}
* Thomas Buberl, Group CEO
====== FY25 presentation agenda ======
* p.04
 
* 2. FY25 Business Performance
* [[Definition:Full year 2025|FY25]] Highlights are on p.04.
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology
* Thomas Buberl, Group CEO, will present.
* p.09
* FY25 Business Performance is on p.09.
* 3. FY25 Financial Performance
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, will present.
* Alban de Mailly Nesle, Group CFO
* FY25 Financial Performance is on p.13.
* p.13
* Alban de Mailly Nesle, Group CFO, will present.
 
== FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=34|p=4}}
====== GroupSection CEO ======
 
* '''Thomas Buberl is the, Group CEO.'''
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
=== Full Year 2025 – Excellent performance ===
 
'''[[Definition:Full year 2025|Full Year 2025]] Key Performance Indicators'''
{{chunk|doc=snjra2xp9r|c=4|p=5}}
* +6% Revenues vs. [[Definition:Full year 2024|FY24]]
====== Financial performance and shareholder returns ======
* +8% [[Definition:Underlying earnings per share|Underlying EPS]] vs. FY24
* 16% ROE FY25
* 224% Solvency II ratio FY25
 
'''Delivering value for shareholders'''
* Revenues: +6% vs. [[Definition:Full year 2024|FY24]]
* +8% DPS{{fn ref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual share buy back{{fn ref|2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
* [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24
* ROE: 16% in [[Definition:Full year 2025|FY25]]
* Solvency II ratio: 224% in FY25
* Delivering value for shareholders via +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
'''Outlook'''
{{chunk|doc=snjra2xp9r|c=5|p=5}}
* Confident to deliver underlying EPS growth at the upper end of 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
====== Full Year 2025 – Excellent performance ======
 
{{fn note|1=1|2=Based on the dividend proposed by AXA’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.}}
{{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.}}
 
{{chunk|doc=snjra2xp9r|c=6|p=6}}
=== Executing the plan on growth, margin and efficiency ===
 
{{chunk|doc=snjra2xp9r|c=6|p=6}}
====== Underlying earnings (In Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Underlying earnings
|-
! style="text-align:left" | PeriodIn Euro billion
! class="col-s" style="text-align:right" | Underlying earnings
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | FY24
| style="text-align:right" | 8.1
| style="text-align:right" |
|-
| style="text-align:left" | FY25
| style="text-align:right" | 8.4
|-
| style="text-align:left" | Change
| style="text-align:right" | +6%
|-
| style="text-align:left" | FY25Change excluding AXA IM
| style="text-align:right" |
| style="text-align:right" | +9%
|}
</div>
 
'''High organic growth'''
{{chunk|doc=snjra2xp9r|c=7|p=6}}
* +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
====== Strategic priorities and performance ======
 
'''Record profitability'''
* High organic growth: +6% top line growth, balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
* Record profitability: Further margin expansion in P&C and L&H; improvedimprovement in efficiency
* Scaling the business: Continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
'''Scaling the business'''
{{chunk|doc=snjra2xp9r|c=8|p=6}}
======* ExecutingContinued theinvestments plan onin growth, margin and efficiency ======technology
 
'''Consistent earnings growth while enhancing reserve prudence'''
{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
 
<div class="ed-fn-notes" style="display:none">
=== Diversified franchise, well positioned in an attractive industry ===
 
</div>
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=97|p=7}}
=== Diversified franchise, well positioned in an attractive industry ===
====== Secular trends fueling demand ======
 
* Protection gaps and emerging corporate risks are driving demand.
* Demographics are driving demand for private retirement and healthcare.
 
'''Secular trends fueling demand across businesses'''
{{chunk|doc=snjra2xp9r|c=10|p=7}}
* Protection gaps and emerging corporate risks
====== Pie chart represents FY25 gross written premium split excluding AXA IM and holdings. ======
* Demographics driving demand for private retirement and healthcare
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
|-
! style="text-align:left" | Business Segment
Line 155 ⟶ 157:
</div>
 
==== '''Our right to win ===='''
* Leading brand & high customer NPS
 
{{chunk|doc=snjra2xp9r|c=11|p=7}}
====== Competitive Advantages ======
 
* Leading brand and high customer NPS
* Strong and diversified distribution
* Technical expertise into pricingprice and& underwritingunderwrite risks
* Scale offering cost advantage
 
{{chunk|doc=snjra2xp9r|c=12|p=7}}
====== Our right to win ======
 
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
 
{{chunk|doc=snjra2xp9r|c=8|p=8}}
=== Laying the foundation for the next plan ===
 
{{chunk|doc=snjra2xp9r|c=13|p=8}}
====== Strategic priorities ======
 
* Clear tech and AI roadmap
Line 179 ⟶ 172:
* Enhancing capital allocation discipline
* Building resilience
 
* Confidence in sustaining earnings growth
'''Confidence in sustaining earnings growth'''
 
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=149|p=9}}
====== GuillaumeSection Borie's role ======
 
* Guillaume Borie
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
{{chunk|doc=snjra2xp9r|c=10|p=10}}
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=15|p=10}}
====== Basis of reporting ======
 
* [[Definition:Gross written premiums|Gross written premiums]] (GWP) and [[Definition:Underlying earnings|underlying earnings]] are reported at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=16|p=10}}
====== Strong delivery across our businesses ======
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable"
|+ Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
|-
! style="text-align:left" |
Line 205 ⟶ 194:
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | <b>France </b><br/>(27% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €31bn
| style="text-align:right" | +7% <br/>to €2.2bn
|-
| style="text-align:left" | <b>Europe </b><br/>(38% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6% <br/>to €43bn
| style="text-align:right" | +9% <br/>to €3.5bn
|-
| style="text-align:left" | <b>AXA XL </b><br/>(17% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4% <br/>to €19bn
| style="text-align:right" | +9% <br/>to €1.9bn
|-
| style="text-align:left" | <b>Asia, Africa &amp; EME-LATAM </b><br/>(18% of total GWP{{fn ref|1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13% <br/>to €20bn
| style="text-align:right" | +6% <br/>to €1.5bn
|}
</div>
Line 225 ⟶ 214:
{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
{{chunk|doc=snjra2xp9r|c=11|p=11}}
=== P&C – Strong margins, confidence in sustaining growth ===
 
* €58bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=17|p=11}}
* GWP mix: Retail, SME & Mid-market, AXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large & Specialty) — shares not printed
====== GWP and underlying earnings ======
* [[Definition:Underlying earnings|Underlying earnings]] +9%{{fn ref|2|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn
 
'''Retail and SME & Mid-market'''
* [[Definition:Gross written premiums|GWP]]: EUR 58bn
* 2025: Growing volumes while expanding margins
* GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty).
* Beyond 2025: Investing to improve customer retention & expanding distribution footprint
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn.
 
'''AXA XL (Large & Specialty)'''
==== 2025 and Beyond 2025 Strategy ====
* 2025: Profitable growth with stable margins
 
* Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
{{chunk|doc=snjra2xp9r|c=18|p=11}}
====== 2025 and Beyond 2025 Strategy ======
 
* Retail and SME & Mid-market: growing volumes while expanding margins in 2025; investing to improve customer retention and expanding distribution footprint beyond 2025.
* AXA XL (Large & Specialty): profitable growth with stable margins in 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025.
 
==== Key Drivers ====
 
{{chunk|doc=snjra2xp9r|c=19|p=11}}
====== Key drivers of performance ======
 
'''Key drivers'''
* Continued progress on efficiency
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
 
{{chunk|doc=snjra2xp9r|c=20|p=11}}
====== Key Drivers ======
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=12|p=12}}
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
* €57bn [[Definition:Gross written premiums|GWP]]
{{chunk|doc=snjra2xp9r|c=21|p=12}}
* Short-term
====== L&H GWP and earnings ======
* Long-term
 
* [[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn
* [[Definition:Gross written premiums|GWP]]: EUR 57bn
** GWP mix includes Short-term and Long-term
* [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn
 
==== Strategic Roadmap ====
 
{{chunk|doc=snjra2xp9r|c=22|p=12}}
====== Strategic Roadmap ======
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable"
|+ Strategic Priorities
|-
! style="text-align:left" |
Line 288 ⟶ 263:
</div>
 
* Focus on cost reduction
{{chunk|doc=snjra2xp9r|c=23|p=12}}
* Increasing penetration of Protection riders in Savings offerings
====== Strategic initiatives ======
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
* Focus on cost reduction.
* Increasing penetration of Protection riders in Savings offerings.
* Leveraging AI to reduce claims leakage and improve customer outcomes in Health.
 
{{chunk|doc=snjra2xp9r|c=24|p=12}}
====== Strategic Roadmap ======
 
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
 
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=2513|p=13}}
====== ManagementSection roles ======
 
* Alban de Mailly Nesle is the Group CFO.
* Group CFO
 
{{chunk|doc=snjra2xp9r|c=14|p=14}}
=== P&C – Continued disciplined growth ===
 
{{chunk|doc=snjra2xp9r|c=26|p=14}}
====== P&C Gross Written Premiums ======
 
* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) for P&C reached EUR 39.0bn in 2023, up from EUR 36.7bn in 2022, representing a +6% increase on a reported basis.
* On a like-for-like (LFL) basis, GWP increased by +7%.
* Commercial lines GWP grew by +9% LFL to EUR 26.0bn (reported: EUR 24.4bn in 2022).
* Personal lines GWP increased by +3% LFL to EUR 13.0bn (reported: EUR 12.3bn in 2022).
 
==== GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=27|p=14}}
====== GWP &amp; Other Revenues ======
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ GWP &amp; Other Revenues (In Euro billion)
|-
! style="text-align:left" | inIn Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1|2=Price effect.}}
! class="col-s" style="text-align:right" | o/w volume{{fn ref|2|2=Includes exposure adjustments and mix &amp; other effects.}}
|-
| style="text-align:left" | Commercial lines
| style="text-align:right" | —
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
Line 340 ⟶ 299:
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" | —
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
Line 347 ⟶ 306:
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | —
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
Line 353 ⟶ 312:
| style="text-align:right" | +2%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>56.5</b>
| style="text-align:right" | <b>58.0</b>
| style="text-align:right" | <b>+5%</b>
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>
 
'''Commercial lines'''
{{chunk|doc=snjra2xp9r|c=28|p=14}}
* Continued pricing momentum and volume growth in Mid-market and SME
====== Commercial lines growth drivers ======
* Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance
 
'''AXA XL Reinsurance'''
* Continued pricing momentum and volume growth in Mid-market and SME
* Growth in lines of business with attractive margins, while maintaining focus on retention at AXA XL Insurance
* Growth supported by alternative capital
 
'''Retail lines'''
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
 
{{chunk|doc=snjra2xp9r|c=29|p=14}}
====== GWP & Other Revenues ======
 
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
{{chunk|doc=snjra2xp9r|c=15|p=15}}
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
 
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=30|p=15}}
====== Combined ratio ======
 
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Combined ratio
|-
! style="text-align:left" |
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 410 ⟶ 365:
| style="text-align:right" | -3.5%
|-
| style="text-align:left" | Total <b>Combined ratio</b>
| style="text-align:right" | <b>91.0%</b>
| style="text-align:right" | <b>90.6%</b>
|}
</div>
 
* Better undiscounted current year loss ratio excluding Nat Cat from:
{{chunk|doc=snjra2xp9r|c=31|p=15}}
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
====== Undiscounted current year loss ratio drivers ======
* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
 
* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
* Undiscounted current year loss ratio improved, excluding Natural Catastrophe (Nat Cat).
* Nat Cat charges below normalized load
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflected a favorable pricing environment.
* Lower reliance on prior year reserve development
* AXA XL Insurance margins remained stable at attractive levels due to disciplined cycle management.
* Taking advantage of a good year to enhance reserve prudence
* Expense ratio improved due to efficiency measures, while investments in growth initiatives and technology continued.
* Nat Cat charges were below the normalized load.
* Reliance on prior year reserve development was lower.
* Reserve prudence was enhanced during a favorable year.
 
{{chunk|doc=snjra2xp9r|c=16|p=16}}
=== P&C – Earnings growth from higher underwriting and financial result ===
 
'''[[Definition:Underlying earnings|Underlying Earnings]]'''
{{chunk|doc=snjra2xp9r|c=32|p=16}}
* Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence
====== Currency notation ======
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets
 
* Higher unwind of discount of claims reserves, in line with guidance
* All figures are in EUR million.
* Unfavorable forex impact notably due to USD depreciation vs. EUR
 
{{chunk|doc=snjra2xp9r|c=33|p=16}}
====== Underlying Earnings (in Euro million) ======
 
<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Underlying Earnings
|-
! style="text-align:left" | DriverIn Euro million
! class="col-sm" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth {{fn ref|1}}
| style="text-align:right" | +292
|-
| style="text-align:left" | Margin improvement {{fn ref|1}}
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income (Financial result)
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses (Financial result)
| style="text-align:right" | -235
|-
Line 464 ⟶ 416:
| style="text-align:right" | -150
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>5,872</b>
|-
| style="text-align:left" | Total Change at constant FX
| style="text-align:right" | +9%
|}
</div>
 
'''Underwriting result{{fn ref|1|2=Underwriting result includes expenses.}}'''
{{chunk|doc=snjra2xp9r|c=34|p=16}}
* Volume growth
====== P&C earnings drivers ======
* Margin improvement
 
'''Financial result'''
* Underwriting result improved due to strong volume growth and an enhanced all-year combined ratio, alongside increased reserve prudence.
* Investment income
* Investment income increased, reflecting higher volumes and improved reinvestment yields on fixed income assets.
* Insurance finance expenses
* Unwind of discount of claims reserves was higher, consistent with guidance.
* Forex impact was unfavorable, primarily due to USD depreciation against the EUR.
 
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== P&C – Earnings growth from higher underwriting and financial result ======
 
Change at constant [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Underwriting result includes expenses.}}
 
{{chunk|doc=snjra2xp9r|c=3617|p=1617}}
====== Reporting basis ======
 
* Change is at constant [[Definition:Foreign exchange|FX]].
 
=== Life & Health – Strong growth in premiums, positive net flows ===
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=37|p=17}}
====== Financial metrics ======
 
* All financial figures are in Euro billion.
 
{{chunk|doc=snjra2xp9r|c=38|p=17}}
====== Life GWP &amp; Other Revenues ======
 
<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ Life GWP &amp; Other Revenues
|-
! style="text-align:left" | inIn Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Protection
| style="text-align:right" | —
| style="text-align:right" | 17.3
| style="text-align:right" | +11%
|-
| style="text-align:left" | Unit-linked
| style="text-align:right" | —
| style="text-align:right" | 9.3
| style="text-align:right" | +13%
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" | —
| style="text-align:right" | 9.0
| style="text-align:right" | +7%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | —
| style="text-align:right" | 1.9
| style="text-align:right" | -7%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>34.5</b>
| style="text-align:right" | <b>37.5</b>
| style="text-align:right" | <b>+9%</b>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== Health GWP &amp; Other Revenues ======
 
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Health GWP &amp; Other Revenues
|-
! style="text-align:left" | inIn Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Individual
| style="text-align:right" | —
| style="text-align:right" | 10.5
| style="text-align:right" | +6%
|-
| style="text-align:left" | Group
| style="text-align:right" | —
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>17.5</b>
| style="text-align:right" | <b>19.0</b>
| style="text-align:right" | <b>+5%</b>
|}
</div>
 
* o/w [[Definition:Full year 2025|FY25]] Employee Benefits{{fn ref|1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
{{chunk|doc=snjra2xp9r|c=40|p=17}}
* Euro 12.9 billion (+4% vs. [[Definition:Full year 2024|FY24]])
====== Employee Benefits premiums ======
 
* Employee Benefits premiums: EUR 12.9bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]])
 
{{chunk|doc=snjra2xp9r|c=41|p=17}}
====== Net flows: €+5.4bn vs. €+1.5bn in FY24 (in Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ Net flows: €+5.4bn vs. €+1.5bn in FY24
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Protection
Line 590 ⟶ 528:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=42|p=17}}
====== Reporting basis ======
 
* Change at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=43|p=17}}
====== Life & Health – Strong growth in premiums, positive net flows ======
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
 
{{chunk|doc=snjra2xp9r|c=18|p=18}}
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=44|p=18}}
====== Life & Health Performance ======
 
* PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes
* NB CSM driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
* NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes
{{chunk|doc=snjra2xp9r|c=45|p=18}}
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits
====== PVEP ======
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
 
<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ PVEP
|-
! style="text-align:left" | inIn Euro billion
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change at constant scope and FX
|-
| style="text-align:left" | Protection &amp; Health
| style="text-align:right" | —
| style="text-align:right" | 31.4
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | —
| style="text-align:right" | 8.5
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" | —
| style="text-align:right" | 7.8
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | —
| style="text-align:right" | 1.7
| style="text-align:right" | -10%
|-
| style="text-align:left" | <b>Total PVEP</b>
| style="text-align:right" | <b>50.9</b>
| style="text-align:right" | <b>49.4</b>
| style="text-align:right" | <b>-2%</b>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== NB CSM (pre-tax) ======
 
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ NB CSM (pre-tax)
|-
! style="text-align:left" | inIn Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:leftright" | Change at constant scope and FX
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:leftright" | +3%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== NBV (post-tax) ======
 
<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ NBV (post-tax)
|-
! style="text-align:left" | inIn Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:leftright" | Change at constant scope and FX
|-
| style="text-align:left" | NBV (post-tax)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:leftright" | stable
|-
| style="text-align:left" | NBV margin
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:leftright" | —
|}
</div>
 
Change at constant scope and [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=48|p=18}}
====== Reporting basis ======
 
* Change at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=19|p=19}}
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
<!-- furniture -->
{{chunk|doc=snjra2xp9r|c=49|p=19}}
====== Normalized CSM growth and variances ======
 
* Normalized CSM growth was +2%.
* Normalized CSM increased by +2%, reflecting better margins and new business CSM growth impacted by higher rates.
* Economic variance reflected government spreads tightening and positive equity market returns.
* Operating variance was driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland.
* [[Definition:Foreign exchange|FX]] impact was mainly from JPY and HKD depreciation.
 
==== Contractual Service Margin rollforward ====
 
{{chunk|doc=snjra2xp9r|c=50|p=19}}
====== Contractual Service Margin rollforward (in Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ Contractual Service Margin rollforward
|-
! style="text-align:left" | ItemIn Euro billion
! class="col-sm" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
Line 737 ⟶ 648:
| style="text-align:right" | -1.4
|-
| style="text-align:left" | <b>FY25</b>
| style="text-align:right" | <b>33.0</b>
|}
</div>
 
'''Normalized CSM growth +2%'''
{{chunk|doc=snjra2xp9r|c=51|p=19}}
* Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
====== CSM breakdown by segment (in Euro billion) ======
* Economic variance reflecting government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation
 
'''CSM breakdown'''
<div style="overflow-x:auto">
* [[Definition:Full year 2024|FY24]] o/w Life: 25.8
{| id="t15" class="wikitable fintable"
* FY24 o/w Health: 7.7
|-
* [[Definition:Full year 2025|FY25]] o/w Life: 25.4
! style="text-align:left" | Segment
* FY25 o/w Health: 7.6
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 25.8
| style="text-align:right" | 25.4
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 7.7
| style="text-align:right" | 7.6
|}
</div>
 
{{fn note|1=1|2=Change at constant scope and FX.}}
{{chunk|doc=snjra2xp9r|c=52|p=19}}
====== Constant scope and FX definition ======
 
<!-- furniture -->
* Change at constant scope and [[Definition:Foreign exchange|FX]] refers to adjustments made for changes in the company's perimeter and foreign exchange rates.
 
{{chunk|doc=snjra2xp9r|c=20|p=20}}
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=53|p=20}}
====== Underlying Earnings (in Euro million) ======
 
<div style="overflow-x:auto">
{| id="t16t15" class="wikitable fintable"
|+ Underlying Earnings +7%
|-
! style="text-align:left" | ComponentIn Euro million
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:rightleft" | BridgeShort-term technical margin
! style="text-align:left" | Long-term result incl. CSM release
! class="col-s" style="text-align:right" | Financial result
! class="col-s" style="text-align:right" | Tax, FX and others
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | —
| style="text-align:right" | 3,323
| style="text-align:left" | +60
| style="text-align:left" | +156
| style="text-align:right" | -11
| style="text-align:right" | -27
| style="text-align:right" | 3,501
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:rightleft" | +60—
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:rightleft" | +156—
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:rightleft" | -11—
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others / Tax, FX and others
| style="text-align:right" | -748
| style="text-align:rightleft" | -27—
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -728
|-
! style="text-align:left" | Total Underlying Earnings
! class="col-s" style="text-align:right" | 3,323
! class="col-s" style="text-align:right" | +7%{{fn ref|*|2=Change at constant FX.}}
! class="col-s" style="text-align:right" | 3,501
|}
</div>
 
&#42;in billions*
{{chunk|doc=snjra2xp9r|c=54|p=20}}
====== Additional Metrics (in billions) ======
 
* o/w Life: 2.6 → 2.7, +4% vs. [[Definition:Full year 2024|FY24]]
<div style="overflow-x:auto">
* o/w Health: 0.7 → 0.8, +17% vs. FY24
{| id="t17" class="wikitable fintable"
|-
! style="text-align:left" | Metric
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change vs. FY24{{fn ref|*|2=Change at constant FX.}}
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
| style="text-align:right" | +4%
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 0.7
| style="text-align:right" | 0.8
| style="text-align:right" | +17%
|}
</div>
 
Change at constant [[Definition:Foreign exchange|FX]].
{{chunk|doc=snjra2xp9r|c=55|p=20}}
====== Short-term and long-term business results ======
 
* Strong short-term technical margin reflectedreflecting underwriting and claims initiatives, whichthat more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-EUR 0.1bn).
* Higher long-term results from an 8% increase in CSM release, (+8%) reflecting growth in the reserve base, including from favorable equity market performance, and better margins.
 
{{chunk|doc=snjra2xp9r|c=56|p=20}}
====== Life & Health – Strong momentum in both short-term and long-term business ======
 
{{fn note|1=*|2=Change at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=21|p=21}}
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=57|p=21}}
====== Underlying earnings & Net income by segment ======
 
<div style="overflow-x:auto">
{| id="t18t16" class="wikitable fintable"
|+ In Euro billion
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | Change
|-
| style="text-align:left" | Property &amp; Casualty
Line 874 ⟶ 768:
| style="text-align:right" | -
|-
!| style="text-align:left" | <b>Underlying earnings</b>
! class="col-s"| style="text-align:right" | <b>8.1</b>
! class="col-s"| style="text-align:right" | <b>8.4</b>
! class="col-s"| style="text-align:right" | <b>+6%</b>
|-
| style="text-align:left" | Non-financial flows
| style="text-align:right" | -0.5
| style="text-align:right" | +2.1
| style="text-align:right" | —
|-
| style="text-align:left" | <i>o/w capital gains from AXA IM disposal</i>
| style="text-align:right" | -—
| style="text-align:right" | +2.2
| style="text-align:right" | —
|-
| style="text-align:left" | Financial flows (incl. RCG)
| style="text-align:right" | +0.3
| style="text-align:right" | -0.7
| style="text-align:right" | —
|-
!| style="text-align:left" | <b>Net income</b>
! class="col-s"| style="text-align:right" | <b>7.9</b>
! class="col-s"| style="text-align:right" | <b>9.8</b>
! class="col-s"| style="text-align:right" | <b>+26%</b>
|}
</div>
 
===='''[[Definition:Underlying earnings|Underlying earnings per share ====]]'''
* Strong performance from insurance businesses
* Stable holding cost, expected to remain at current level in [[Definition:Year 2026|2026]]
 
'''Net Income'''
{{chunk|doc=snjra2xp9r|c=58|p=21}}
* Higher net income mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]]
====== In Euro ======
* Lower financial flows reflecting unfavorable forex impact
 
<div style="overflow-x:auto">
{| id="t19t17" class="wikitable fintable"
|+ Underlying earnings per share
|-
! style="text-align:left" | In Euro
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earnings per share
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
|-
| style="text-align:left" | Change
| style="text-align:right" | —
| style="text-align:right" | +8%
|}
</div>
 
* +6% from earnings growth
{{chunk|doc=snjra2xp9r|c=59|p=21}}
* including -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from AXA IM sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]]
====== Earnings growth drivers ======
* +3% from [[Definition:Capital management|capital management]]
* -2% from forex
 
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth drivers: +6% from earnings growth; +3% from [[Definition:Capital management|capital management]]; -2% from forex
* Forex impact includes -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of the anti-dilutive [[Definition:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale.
 
{{chunk|doc=snjra2xp9r|c=60|p=21}}
====== Underlying earnings and net income performance ======
 
* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses.
* Holding cost was stable and is expected to remain at the current level in [[Definition:Year 2026|2026]].
* Net Income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Lower financial flows reflected an unfavorable forex impact.
* Change for underlying earnings and net income is at constant [[Definition:Foreign exchange|FX]].
* Change for [[Definition:Underlying earnings per share|underlying earnings per share]] is on a reported basis.
 
{{chunk|doc=snjra2xp9r|c=22|p=22}}
=== Shareholders’ Equity ===
 
'''In Euro billion'''
{{chunk|doc=snjra2xp9r|c=61|p=22}}
====== Shareholders' equity ======
 
* Shareholders' Equity is presented in EUR billion.
 
{{chunk|doc=snjra2xp9r|c=62|p=22}}
====== Shareholders’ equity ======
 
<div style="overflow-x:auto">
{| id="t20t18" class="wikitable fintable"
|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | HY25
! class="col-s" style="text-align:right" | FY25
|-
|! style="text-align:left" | TotalIn Shareholders'Euro equitybillion
|! class="col-m" style="text-align:right" | 49.9FY24
|! class="col-m" style="text-align:right" | 45.5HY25
|! class="col-m" style="text-align:right" | 47.2FY25
|-
| style="text-align:left" | SHE (excl. OCI)
Line 969 ⟶ 851:
| style="text-align:right" | -7.2
| style="text-align:right" | -6.8
|-
| style="text-align:left" | <b>Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
| style="text-align:right" | <b>47.2</b>
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
Line 986 ⟶ 873:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=63|p=22}}
====== Shareholders’ Equity ======
 
<div style="overflow-x:auto">
{| id="t21t19" class="wikitable fintable"
|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity bridge
|-
! style="text-align:left" | In Euro billion
! class="col-sm" style="text-align:right" | FY24 to FY25
! class="col-sm" style="text-align:right" | HY25 to FY25
|-
| style="text-align:left" | <b>Opening Shareholders' equity</b>
| style="text-align:right" | <b>49.9</b>
| style="text-align:right" | <b>45.5</b>
|-
| style="text-align:left" | Change in Net OCI
Line 1,011 ⟶ 896:
| style="text-align:left" | Dividend
| style="text-align:right" | -4.6
| style="text-align:right" | -—
|-
| style="text-align:left" | Annual share buyback
| style="text-align:right" | -1.2
| style="text-align:right" | -—
|-
| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM
Line 1,033 ⟶ 918:
| style="text-align:right" | 0.3
|-
| style="text-align:left" | <b>Closing Shareholders' equity</b>
| style="text-align:right" | <b>47.2</b>
| style="text-align:right" | <b>47.2</b>
|}
</div>
Line 1,041 ⟶ 926:
{{fn note|1=1|2=Shareholders’ equity Group share.}}
 
{{chunk|doc=snjra2xp9r|c=23|p=23}}
=== Higher organic cash remittance and robust cash position at Holding ===
 
{{chunk|doc=snjra2xp9r|c=64|p=23}}
====== Currency notation ======
 
* All figures are in EUR billion.
 
==== Net Cash Remittance ====
 
{{chunk|doc=snjra2xp9r|c=65|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t22t20" class="wikitable fintable"
|+ Net Cash Remittance (In Euro billion)
|-
! style="text-align:left" | inIn Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
| style="text-align:right" | 0.6
| style="text-align:right" | —
|-
| style="text-align:left" | Ordinary cash remittance
Line 1,068 ⟶ 945:
| style="text-align:right" | 7.5
|-
| style="text-align:left" | <b>Total Net Cash Remittance</b>
| style="text-align:right" | <b>7.7</b>
| style="text-align:right" | <b>7.5</b>
|-
| style="text-align:left" | Remittance ratio{{fn ref|1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=66|p=23}}
====== Cash position bridge (in Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t23t21" class="wikitable fintable"
|+ FY24 to FY25 Cash Position (In Euro billion)
|-
| style="text-align:left" | <b>FY24 Cash position</b>
| style="text-align:right" | <b>4.0</b>
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 1,108 ⟶ 983:
| style="text-align:right" | +3.1
|-
!| style="text-align:left" | <b>FY25 Cash position</b>
! class="col-s"| style="text-align:right" | <b>5.6</b>
|}
</div>
 
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
{{chunk|doc=snjra2xp9r|c=24|p=24}}
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=67|p=24}}
====== Solvency II ratio ======
 
* Solvency II ratio was 224% as of December 31, 2023.
* The ratio was 215% as of September 30, 2023.
* The ratio was 212% as of December 31, 2022.
* The Solvency II ratio increased by 9pts from September 30, 2023, and by 12pts from December 31, 2022.
* The Solvency II ratio was 200% at the lower end of the target operating range.
* The Solvency II ratio was 230% at the upper end of the target operating range.
* The Solvency II ratio was 224% at December 31, 2023, above the target operating range of 200%-230%.
* The Solvency II ratio was 215% at September 30, 2023, within the target operating range of 200%-230%.
* The Solvency II ratio was 212% at December 31, 2022, within the target operating range of 200%-230%.
 
{{chunk|doc=snjra2xp9r|c=68|p=24}}
====== Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio waterfall from FY24 to FY25 ======
 
<div style="overflow-x:auto">
{| id="t24t22" class="wikitable fintable"
|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory &amp; model changes
Line 1,145 ⟶ 1,006:
! class="col-s" style="text-align:right" | Dividend &amp; annual share buyback
! class="col-s" style="text-align:right" | Management actions, debt &amp; other
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Eligible Own Funds (EOF)
Line 1,155 ⟶ 1,016:
| style="text-align:right" | -6.0
| style="text-align:right" | -0.1
| style="text-align:right" | <b>56.4</b>
|-
| style="text-align:left" | Solvency II ratio
Line 1,165 ⟶ 1,026:
| style="text-align:right" | -24pts
| style="text-align:right" | +2pts
| style="text-align:right" | <b>224%</b>
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)
Line 1,175 ⟶ 1,036:
| style="text-align:right" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | <b>25.2</b>
|}
</div>
 
* [[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]] details
{{chunk|doc=snjra2xp9r|c=69|p=24}}
* Foreseeable dividends: €-4.8bn
====== Solvency II ratio components ======
* Provision for annual share buyback for [[Definition:Year 2026|2026]]: €-1.25bn
 
* Foreseeable [[Definition:Dividend|dividends]]: EUR -4.8bn
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn
 
==== Key sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=70|p=24}}
====== Key sensitivities ======
 
<div style="overflow-x:auto">
{| id="t25t23" class="wikitable fintable"
|+ Key sensitivities
|-
| style="text-align:left" | Ratio as of December 31, 2025
| style="text-align:right" | <b>224%</b>
|-
| style="text-align:left" | Interest rate +50bps
Line 1,205 ⟶ 1,060:
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit migration{{fn ref|2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
| style="text-align:right" | -4 pts
|-
Line 1,231 ⟶ 1,086:
{{fn note|1=2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
 
{{chunk|doc=snjra2xp9r|c=25|p=25}}
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
* Ratio as of 31/12/2025: 224%
{{chunk|doc=snjra2xp9r|c=71|p=25}}
* Impact of the end of grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts to 215%
====== Solvency II Ratio Impacts ======
* Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
 
* Impact of Solvency II revision to come into effect in 1Q27: +17pts{{fn ref|1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
<div style="overflow-x:auto">
* No change expected in organic capital generation
{| id="t26" class="wikitable fintable"
* Additional capital flexibility
|-
! style="text-align:left" | Metric / Event
! class="col-m" style="text-align:right" | Impact / Ratio
|-
| style="text-align:left" | Ratio as of 31/12/2025
| style="text-align:right" | 224%
|-
| style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026
| style="text-align:right" | -10pts to 215%
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
| style="text-align:right" | +17pts{{fn ref|1}}
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=72|p=25}}
====== Solvency II capital impacts ======
 
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, [[Definition:Year 2026|2026]].
* No change is expected in organic capital generation.
* Additional capital flexibility is anticipated.
 
{{chunk|doc=snjra2xp9r|c=73|p=25}}
====== Solvency II – impact of the end of grandfathering period and Solvency II revision ======
 
{{fn note|1=1|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
Line 1,267 ⟶ 1,100:
== Conclusion ==
 
{{chunk|doc=snjra2xp9r|c=7426|p=26}}
====== ConclusionSection ======
 
==='''Thomas Theme:Buberl, Group CEO [ ==='''
 
{{chunk|doc=snjra2xp9r|c=27|p=27}}
=== Conclusion ===
 
* Record results, at the top end of the [[Definition:Target range|target range]] while enhancing reserve prudence
{{chunk|doc=snjra2xp9r|c=75|p=27}}
* All businesses in excellent shape, delivering strong growth and profitability
====== Business performance and outlook ======
* Diversified franchise, well-positioned to capture future growth opportunities
* Laying foundations for the next plan and confident in delivering sustainable earnings growth
 
== Q&A Full Year 2025 Earnings February 26, 2026 ==
* Record results were achieved at the top end of the [[Definition:Target range|target range]], while enhancing reserve prudence.
* All businesses are in excellent shape, delivering strong growth and profitability.
* The diversified franchise is well-positioned to capture future growth opportunities.
* Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.
 
== Q&A ==
 
{{chunk|doc=snjra2xp9r|c=76|p=28}}
====== Full Year 2025 Earnings ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
 
{{chunk|doc=snjra2xp9r|c=28|p=29}}
=== AXA Investor Relations – Keep in touch ===
 
==== '''Meet our management ===='''
* March: Roadshows — Europe and US
 
* May 5: 1Q25 Activity Indicators — Paris
{{chunk|doc=snjra2xp9r|c=77|p=29}}
* June 2: BNP Paribas Exane CEO Conference — Paris
====== Investor calendar ======
* June 2-4: Goldman Sachs European Financials Conference — Zurich
 
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] — Paris
* March: Roadshows in Europe and US
* September 21: AXA Investor Day — London
* May 5: 1Q25 Activity Indicators in Paris
* June 2: BNP Paribas Exane CEO Conference in Paris
* June 2-4: Goldman Sachs European Financials Conference in Zurich
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] in Paris
* September 21: AXA Investor Day in London
 
==== Contact us ====
 
{{chunk|doc=snjra2xp9r|c=78|p=29}}
====== Investor relations contact information ======
 
* Investor Relations contact number: +33 1 40 75 48 42
* Investor Relations email: investor.relations@axa.com
 
==== Follow us www.axa.com ====
 
'''Contact us'''
{{chunk|doc=snjra2xp9r|c=79|p=29}}
* Investor Relations
====== social media links ======
* +33 1 40 75 48 42
* investor.relations@axa.com
 
'''Follow us'''
* YouTube
* www.axa.com
* Facebook
* Instagram
* Twitter
* LinkedIn
* AXA logo icon
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=29|p=31}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=80|p=31}}
* 2. Additional P&C disclosures p.36
====== Presentation contents ======
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
* Debt and Invested Assets are detailed on page 31.
* Additional P&C disclosures are on page 36.
* Additional IFRS17 disclosures are on page 41.
 
{{chunk|doc=snjra2xp9r|c=30|p=32}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
In Euro billion
{{chunk|doc=snjra2xp9r|c=81|p=32}}
====== Gross financial debt and maturity breakdown ======
 
<div style="overflow-x:auto">
* Gross financial debt and maturity breakdown is presented in EUR billion.
{| id="t24" class="wikitable fintable"
|+ Gross financial debt{{fn ref|1,2}}
|-
! style="text-align:left" | In Euro billion
! class="col-m" style="text-align:right" | FY24
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Jan 1st 2026 End of the grandfathering period
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
| style="text-align:right" | —
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | 10.8
| style="text-align:right" | 12.2
| style="text-align:right" | 11.3
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>19.2</b>
| style="text-align:right" | <b>20.3</b>
| style="text-align:right" | <b>20.3</b>
|}
</div>
 
* Jan 1st [[Definition:Year 2026|2026]]: o/w €0.4bn redeemed in Jan 2026
==== Gross financial debt ====
 
{{chunk|doc=snjra2xp9r|c=82|p=32}}
====== Debt gearing and gross financial debt ======
 
* Debt gearing: 20.6% ([[Definition:Full year 2024|FY24]]); 22.3% ([[Definition:Full year 2025|FY25]])
* Gross financial debt (EUR bn):
** FY24: Tier 1 EUR 4.8bn; Tier 2 EUR 10.8bn; Senior debt EUR 3.5bn; Total EUR 19.2bn
** FY25: Tier 1 EUR 4.6bn; Tier 2 EUR 12.2bn; Senior debt EUR 3.5bn; Total EUR 20.3bn
** Jan 1st [[Definition:Year 2026|2026]]: Tier 1 EUR 3.2bn; Tier 2 EUR 11.3bn; Senior debt EUR 5.8bn; Total EUR 20.3bn
* EUR 0.4bn of Tier 2 debt redeemed in January 2026
* End of the grandfathering period
 
==== Contractual maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=83|p=32}}
====== Contractual maturity breakdown ======
 
<div style="overflow-x:auto">
{| id="t28t25" class="wikitable fintable"
|+ Contractual maturity breakdown
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,374 ⟶ 1,203:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | —
| style="text-align:right" | 0.5
| style="text-align:right" | -—
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | -
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | 0.7
| style="text-align:right" | -—
| style="text-align:right" | 10.8
| style="text-align:right" | 40.67
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -0.9
| style="text-align:right" | -1.5
| style="text-align:right" | -—
| style="text-align:right" | -4.6
|}
</div>
* o/w Grandfathered debt
<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ o/w Grandfathered debt
|-
!| style="text-align:left" | <b>o/w Grandfathered debt</b>
! class="col-s"| style="text-align:right" | 2025—
! class="col-s"| style="text-align:right" | 2026—
! class="col-s"| style="text-align:right" | 2027—
! class="col-s"| style="text-align:right" | 2028—
! class="col-s"| style="text-align:right" | 2029—
! class="col-s"| style="text-align:right" | 2030—
! class="col-s"| style="text-align:right" | 2031-2039—
! class="col-s"| style="text-align:right" | ≥2040—
! class="col-s"| style="text-align:right" | Undated—
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | 1.4
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | 0.7
| style="text-align:right" | -—
| style="text-align:right" | 0.2
| style="text-align:right" | -—
|}
</div>
 
==== Economic maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=84|p=32}}
====== Economic maturity breakdown ======
 
<div style="overflow-x:auto">
{| id="t30t26" class="wikitable fintable"
|+ Economic maturity breakdown{{fn ref|3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
|-
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,467 ⟶ 1,286:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | 0.5
| style="text-align:right" | -—
| style="text-align:right" | 0.9—
| style="text-align:right" | 1.5—
| style="text-align:right" | 0.5
| style="text-align:right" | -—
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | 2.4
| style="text-align:right" | -—
| style="text-align:right" | 2.0
| style="text-align:right" | 0.7
| style="text-align:right" | 6.4
| style="text-align:right" | -—
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | -—
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | -—
| style="text-align:right" | -0.9
| style="text-align:right" | 01.45
| style="text-align:right" | -—
| style="text-align:right" | 4.0
|}
</div>
* o/w Grandfathered debt
<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ o/w Grandfathered debt
|-
!| style="text-align:left" | <b>o/w Grandfathered debt</b>
! class="col-s"| style="text-align:right" | 2025—
! class="col-s"| style="text-align:right" | 2026—
! class="col-s"| style="text-align:right" | 2027—
! class="col-s"| style="text-align:right" | 2028—
! class="col-s"| style="text-align:right" | 2029—
! class="col-s"| style="text-align:right" | 2030—
! class="col-s"| style="text-align:right" | 2031-2039—
! class="col-s"| style="text-align:right" | ≥2040—
! class="col-s"| style="text-align:right" | Undated—
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -—
| style="text-align:right" | 0.1
| style="text-align:right" | -—
| style="text-align:right" | 0.1
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | 0.4
| style="text-align:right" | -—
| style="text-align:right" | 0.8
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | -—
| style="text-align:right" | 0.7
| style="text-align:right" | 0.2
| style="text-align:right" | -—
| style="text-align:right" | -—
|}
</div>
Line 1,544 ⟶ 1,357:
{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
 
{{chunk|doc=snjra2xp9r|c=31|p=33}}
=== General Account Invested Assets ===
 
'''[[Definition:Full year 2025|FY25]] Total General Account invested assets'''
{{chunk|doc=snjra2xp9r|c=85|p=33}}
====== General Account invested assets ======
 
* [[Definition:Full year 2025|FY25]] Total General Account invested assets
* Duration gap at -0.4 year
* Euro 450 billion
 
{{chunk|doc=snjra2xp9r|c=86|p=33}}
====== FY25 Total General Account invested assets (Euro 450 billion) ======
 
<div style="overflow-x:auto">
{| id="t32t27" class="wikitable fintable"
|+ Invested assets (100%)
|-
! style="text-align:left" | Invested assets (100%)<br/>In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | %
|-
| style="text-align:left" | Fixed income
Line 1,574 ⟶ 1,384:
| style="text-align:right" | 27%
|-
| style="text-align:left" | o/w Other fixed income {{fn ref|1|2=Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
| style="text-align:right" | 56
| style="text-align:right" | 13%
Line 1,586 ⟶ 1,396:
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities {{fn ref|2|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds {{fn ref|3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 1,602 ⟶ 1,412:
| style="text-align:right" | 0%
|-
| style="text-align:left" | <b>Total Insurance Invested Assets {{fn ref|4|2=Please refer to the financial supplement for more details.}}</b>
| style="text-align:right" | <b>450</b>
| style="text-align:right" | <b>100%</b>
|}
</div>
Line 1,613 ⟶ 1,423:
{{fn note|1=4|2=Please refer to the financial supplement for more details.}}
 
{{chunk|doc=snjra2xp9r|c=32|p=34}}
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=87|p=34}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t33t28" class="wikitable fintable"
|+ Structured and Private Credit assets
|-
! style="text-align:left" | Invested assets (100%) In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1|2=G/A: General Account}} portfolio
! class="col-s" style="text-align:rightleft" | Comments
|-
| style="text-align:left" | Residential Mortgages
| style="text-align:right" | 16
| style="text-align:right" | 4%
| style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
| style="text-align:right" |
|-
| style="text-align:left" | CLO &amp; ABS
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|-
| style="text-align:left" | Infrastructure debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport)
|-
| style="text-align:left" | CRE debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|-
| style="text-align:left" | Mid-Market lending
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|-
| style="text-align:left" | Other
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" | —
|-
| style="text-align:left" | <b>Total Structured and Private Credit Assets</b>
| style="text-align:right" | <b>69</b>
| style="text-align:right" | <b>15%</b>
| style="text-align:left" | o/w 54% participating
|}
</div>
* €6bn Dutch mortgages, NHG guaranteed
* €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
</td>
</tr>
<tr>
<td>CLO & ABS</td>
<td>25</td>
<td>6%</td>
<td>- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)</td>
</tr>
<tr>
<td>Infrastructure debt</td>
<td>8</td>
<td>2%</td>
<td>- Skewed towards resilient industries (Telecom, Utilities, Transport)</td>
</tr>
<tr>
<td>CRE debt</td>
<td>8</td>
<td>2%</td>
<td>- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV</td>
</tr>
<tr>
<td>Mid-Market lending</td>
<td>10</td>
<td>2%</td>
<td>
* Strong diversification with €8m average ticket
* Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
</td>
</tr>
<tr>
<td>Other</td>
<td>2</td>
<td>0%</td>
<td></td>
</tr>
<tr>
<td>Total Structured and Private Credit Assets</td>
<td>69</td>
<td>15%</td>
<td>o/w 54% participating</td>
</tr>
</table>
 
{{fn note|1=1|2=G/A: General Account}}
 
{{chunk|doc=snjra2xp9r|c=33|p=35}}
=== Investment portfolio – Fixed Income reinvestment ===
 
==== FY25 Fixed Income Reinvestment ====
 
{{chunk|doc=snjra2xp9r|c=88|p=35}}
====== FY25 Fixed Income Reinvestment (Total: Euro 57 billion) ======
 
<div style="overflow-x:auto">
{| id="t34t29" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment
|-
|! style="text-align:left" | Government bonds &amp; related (32%) – Average rating:Asset AAClass
! class="col-m" style="text-align:right" | Share (%)
|-
| style="text-align:left" | InvestmentGovernment gradebonds credit&amp; (40%)-related (Average rating: AAA)
| style="text-align:right" | 32%
|-
| style="text-align:left" | ABS/CLO/IGInvestment fundgrade financingcredit (21%Average rating: A)
| style="text-align:right" | 40%
|-
| style="text-align:left" | BelowABS/CLO/IG investmentfund grade credit (7%)financing
| style="text-align:right" | 21%
|-
| style="text-align:left" | Below investment grade credit
| style="text-align:right" | 7%
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>Euro 57 billion</b>
|}
</div>
 
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=89|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
<div style="overflow-x:auto">
{| id="t35t30" class="wikitable fintable"
|+ FY25 Fixed Income Reinvestment Yield
|-
! style="text-align:left" | Category
! class="col-s" style="text-align:right" | Yield
|-
| style="text-align:left" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}
| style="text-align:right" | 3.5%
|-
| style="text-align:left" | Private &amp; Structured fixed income{{fn ref|2|2=Private &amp; Structured credit (CLOs, ABS, Infra &amp; CRE debt, Fund financing and Private hybrid).}}
| style="text-align:right" | 4.7%
|-
Line 1,721 ⟶ 1,519:
</div>
 
'''Euro 57 billion fixed income invested at 3.9%'''
{{chunk|doc=snjra2xp9r|c=90|p=35}}
====== Fixed income investment ======
 
* EUR 57bn fixed income invested at 3.9%
* Average duration of 9 years
* Includes EUREuro 19.7bn7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
** Private & Structured Credit includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=91|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
{{fn note|1=1|2=Government and Corporate bonds and related.}}
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
 
{{chunk|doc=snjra2xp9r|c=34|p=36}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=92|p=36}}
======* additional2. Additional P&C disclosures ======p.36
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
* Debt and Invested Assets are detailed on p.31.
* Additional P&C disclosures are on p.36.
* Additional IFRS17 disclosures are on p.41.
 
{{chunk|doc=snjra2xp9r|c=35|p=37}}
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
'''Well diversified across lines of business and geographies'''
{{chunk|doc=snjra2xp9r|c=93|p=37}}
====== Business diversification ======
 
* Business is well diversified across lines of business and geographies.
 
{{chunk|doc=snjra2xp9r|c=94|p=37}}
====== $19bn FY25 GWP by line of business ======
 
<div style="overflow-x:auto">
{| id="t36t31" class="wikitable fintable"
|+ $19bn FY25 GWP by line of business
|-
! style="text-align:left" | Line of business
Line 1,770 ⟶ 1,556:
| style="text-align:right" | 19%
|-
| style="text-align:left" | Professional lines{{fn ref|1|2=Including Cyber}}
| style="text-align:right" | 17%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=95|p=37}}
====== $19bn FY25 GWP by geography ======
 
<div style="overflow-x:auto">
{| id="t37t32" class="wikitable fintable"
|+ $19bn FY25 GWP by geography
|-
! style="text-align:left" | Geography
Line 1,795 ⟶ 1,579:
</div>
 
'''Leading market positions across lines'''
{{chunk|doc=snjra2xp9r|c=96|p=37}}
====== Market positions and profitability management ======
 
* Top 3 globally
* AXA XL Insurance holds leading market positions across its lines.
* AXA XL Insurance is a Top 3 global player in Multinational Programs, Marine, and Fine Art{{fn &ref|2|2=Source: Specie.McKinsey}}
* Marine{{fn ref|3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
* The company manages the cycle to deliver consistent profitability.
* Fine Art & Specie{{fn ref|4|2=Source: Industry Research Biz (January 2026)}}
* Profitability versus ex-price growth (%) is analyzed by line, including Professional lines, Casualty, Specialty, and Property.
* A chart indicates a positive correlation between ex-price growth and profitability for these lines.
 
'''Managing the cycle to deliver consistent profitability'''
{{chunk|doc=snjra2xp9r|c=97|p=37}}
 
====== AXA XL Insurance – Large Commercial & Specialty business ======
* Qualitative chart: Profitability vs Ex-price growth (%)
* Property: High profitability, high ex-price growth
* Specialty: Medium-high profitability, medium-high ex-price growth
* Casualty: Medium profitability, medium ex-price growth
* Professional lines: Low-medium profitability, low-medium ex-price growth
 
{{fn note|1=1|2=Including Cyber}}
Line 1,812 ⟶ 1,599:
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
 
{{chunk|doc=snjra2xp9r|c=36|p=38}}
=== P&C – Focus on Reserves ===
 
==== Claims reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=98|p=38}}
====== Claims reserves ratio definition ======
 
* Claims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=99|p=38}}
====== Claims reserves ratio ======
 
<div style="overflow-x:auto">
{| id="t38t33" class="wikitable fintable"
|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums)
|-
! colspan="5" style="text-align:centerleft" | IFRS4
! colspan="4" style="text-align:centerright" | IFRS17FY18
! style="text-align:right" | FY19
! style="text-align:right" | FY20
! style="text-align:right" | FY21
! style="text-align:right" | FY22
! style="text-align:right" | FY22
! style="text-align:right" | FY23
! style="text-align:right" | FY24
! style="text-align:right" | FY25
|-
!| style="text-align:left" | FY18Accounting Basis
!| classcolspan="col-s5" style="text-align:right" | FY19IFRS4
!| classcolspan="col-s4" style="text-align:right" | FY20IFRS17
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | 179%Ratio
| style="text-align:right" | 179%
| style="text-align:right" | 185%
| style="text-align:right" | 193%
Line 1,851 ⟶ 1,633:
|}
</div>
 
==== Technical reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=100|p=38}}
====== Net undiscounted technical reserves ratio ======
 
* Net undiscounted technical reserves are presented as a ratio to Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=101|p=38}}
====== Technical reserves ratio ======
 
<div style="overflow-x:auto">
{| id="t39t34" class="wikitable fintable"
|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref|1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums)
|-
! colspan="5" style="text-align:centerleft" | IFRS4
! colspan="4" style="text-align:centerright" | IFRS17FY18
! style="text-align:right" | FY19
! style="text-align:right" | FY20
! style="text-align:right" | FY21
! style="text-align:right" | FY22
! style="text-align:right" | FY22
! style="text-align:right" | FY23
! style="text-align:right" | FY24
! style="text-align:right" | FY25
|-
!| style="text-align:left" | FY18Accounting Basis
!| classcolspan="col-s5" style="text-align:right" | FY19IFRS4
!| classcolspan="col-s4" style="text-align:right" | FY20IFRS17
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY22
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | 213%Ratio
| style="text-align:right" | 213%
| style="text-align:right" | 227%
| style="text-align:right" | 233%
Line 1,892 ⟶ 1,668:
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
 
{{chunk|doc=snjra2xp9r|c=37|p=39}}
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===
 
'''Insurance segment (occurrence protection)'''
{{chunk|doc=snjra2xp9r|c=102|p=39}}
====== Currency basis ======
 
* All figures are in EUR.
 
{{chunk|doc=snjra2xp9r|c=103|p=39}}
====== Insurance segment (occurrence protection) ======
 
<div style="overflow-x:auto">
{| id="t40t35" class="wikitable fintable"
|+ In Euro
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | CapacityEU Windstorm
! class="col-s" style="text-align:right" | RetentionEurope Flood
! class="col-s" style="text-align:right" | Europe Earthquake
! class="col-s" style="text-align:right" | NA Hurricane
! class="col-s" style="text-align:right" | NA Earthquake
! class="col-s" style="text-align:right" | Per other perils{{fn ref|3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
|-
| style="text-align:left" | EU WindstormCapacity
| style="text-align:right" | 4.0bn
| style="text-align:right" | 600m
|-
| style="text-align:left" | Europe Flood
| style="text-align:right" | 2.1bn
| style="text-align:right" | 450m
|-
| style="text-align:left" | Europe Earthquake
| style="text-align:right" | 2.1bn
| style="text-align:right" | 400m
|-
| style="text-align:left" | NA Hurricane
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2}}
|-
| style="text-align:left" | NA Earthquake
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2}}—
|-
| style="text-align:left" | Per other perils{{fn ref|3}}Retention
| style="text-align:right" | 600m
| style="text-align:right" | 450m
| style="text-align:right" | 400m
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 600m{{fn ref|2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
| style="text-align:right" | 400m
|}
</div>
 
'''Reinsurance segment (illustrative)'''
{{chunk|doc=snjra2xp9r|c=104|p=39}}
* Alternative Capital & Cat Bonds
====== 2026 Simplified Group Nat Cat Reinsurance Program ======
 
'''Key Takeaway'''
* Reinsurance segment is illustrative.
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025
* Includes Alternative Capital & Cat Bonds.
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025.
 
{{chunk|doc=snjra2xp9r|c=105|p=39}}
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,949 ⟶ 1,713:
{{fn note|1=3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
 
{{chunk|doc=snjra2xp9r|c=38|p=40}}
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
 
'''In Euro billion (net of reinsurance)'''
{{chunk|doc=snjra2xp9r|c=106|p=40}}
====== Nat Cat cost scenarios ======
 
* Nat Cat cost scenarios are presented in EUR billion, net of reinsurance.
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 ====
 
{{chunk|doc=snjra2xp9r|c=107|p=40}}
====== Nat Cat charges deviation ======
 
* Net of reinsurance, post-tax.
* More severe years show negative deviation in approximately 40% of cases.
* Less severe years show positive deviation in approximately 60% of cases.
 
{{chunk|doc=snjra2xp9r|c=108|p=40}}
====== Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax) ======
 
<div style="overflow-x:auto">
{| id="t41t36" class="wikitable"
|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax)
|-
! style="text-align:left" | Probability (Percentile)
! style="text-align:right" | Earnings DeviationPercentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 1/20y (95th)
| style="text-align:right" | (95th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y (90th)
| style="text-align:right" | (90th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y (80th)
| style="text-align:right" | (80th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median (50th)
| style="text-align:right" | (50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y (20th)
| style="text-align:right" | (20th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y (10th)
| style="text-align:right" | (10th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y (5th)
| style="text-align:right" | (5th)
| style="text-align:right" | €+0.8bn
|}
</div>
 
* More severe years
==== Average Expected Nat Cat charges ====
* Negative deviation in ca. 40% of cases
 
* Less severe years
{{chunk|doc=snjra2xp9r|c=109|p=40}}
* Positive deviation in ca. 60% of cases
====== Average expected natural catastrophe charges ======
 
* Average expected natural catastrophe charges are net of reinsurance and pre-tax.
 
{{chunk|doc=snjra2xp9r|c=110|p=40}}
====== Average Expected Nat Cat charges (net of reinsurance, pre-tax) ======
 
<div style="overflow-x:auto">
{| id="t42t37" class="wikitable"
|+ Average Expected Nat Cat charges (net of reinsurance, pre-tax)
|-
! style="text-align:left" | In Euro billion
! style="text-align:right" | 2025
! style="text-align:right" | 2026
|-
| style="text-align:left" | Average Expected Nat Cat charges (in Euro billion)
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
Line 2,024 ⟶ 1,779:
</div>
 
{{fn note|1=1|2=1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).}}
 
{{chunk|doc=snjra2xp9r|c=39|p=41}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=111|p=41}}
======* 2. Additional P&C disclosures ======p.36
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
* Debt and Invested Assets are detailed on p.31.
* Additional P&C disclosures are on p.36.
* Additional IFRS17 disclosures are on p.41.
 
{{chunk|doc=snjra2xp9r|c=40|p=42}}
=== P&C – Margin Analysis ===
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=112|p=42}}
====== In Euro million (pre-tax) ======
 
<div style="overflow-x:auto">
{| id="t43t38" class="wikitable fintable"
|+ Technical Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Current Accident Year Undiscounted Technical Margin</b>
| style="text-align:right" | <b>2,778</b>
| style="text-align:right" | <b>+707</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,065 ⟶ 1,816:
| style="text-align:right" | -0.4pt
|-
| style="text-align:left" | Current Accident Year Discounting—
| style="text-align:right" | 2,009—
| style="text-align:right" | +115—
|-
| style="text-align:left" | <b>Current Accident Year Discounting</b>
| style="text-align:right" | <b>2,009</b>
| style="text-align:right" | <b>+115</b>
|-
| style="text-align:left" | Discounting Ratio (in Combined Ratio points)
Line 2,075 ⟶ 1,830:
| style="text-align:left" | Current Accident Year Net Claims reserves
| style="text-align:right" | €19.0bn
| style="text-align:right" | —
|-
| style="text-align:left" | Duration
| style="text-align:right" | 4.0 years
| style="text-align:right" | —
|-
| style="text-align:left" | Current Accident Year Discount rate
| style="text-align:right" | 2.8%
| style="text-align:right" | —
|-
| style="text-align:left" | Prior Years' Reserve Development (PYD)—
| style="text-align:right" | 622—
| style="text-align:right" | -341—
|-
| style="text-align:left" | <b>Prior Years' Reserve Development (PYD)</b>
| style="text-align:right" | <b>622</b>
| style="text-align:right" | <b>-341</b>
|-
| style="text-align:left" | PYD ratio
Line 2,094 ⟶ 1,853:
|}
</div>
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=113|p=42}}
====== In Euro million (pre-tax) ======
 
<div style="overflow-x:auto">
{| id="t44t39" class="wikitable fintable"
|+ Financial Result In Euro million (pre-tax)
|-
! style="text-align:left" | In Euro million (pre-tax)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Investment Income</b>
| style="text-align:right" | <b>3,988</b>
| style="text-align:right" | <b>+435</b>
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €115bn
| style="text-align:right" | —
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 3.5%
| style="text-align:right" | —
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 4.3%
| style="text-align:right" | —
|-
| style="text-align:left" | Insurance Finance Expenses—
| style="text-align:right" | -1,358—
| style="text-align:right" | -235—
|-
| style="text-align:left" | <b>Insurance Finance Expenses</b>
| style="text-align:right" | <b>-1,358</b>
| style="text-align:right" | <b>-235</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €71bn
| style="text-align:right" | —
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 1.9%
| style="text-align:right" | —
|}
</div>
 
'''[[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes{{fn ref|2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}'''
{{chunk|doc=snjra2xp9r|c=114|p=42}}
* +25bps: €+0.2bn
====== Financial Result ======
* -25bps: €-0.2bn
 
<div style="overflow-x:auto">
{| id="t45t40" class="wikitable fintable"
|+ Underlying Earnings
|-
! style="text-align:left" | In Euro million (pre-tax)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Underlying Earnings before tax</b>
| style="text-align:right" | <b>8,040</b>
| style="text-align:right" | <b>+681</b>
|-
| style="text-align:left" | Tax
Line 2,159 ⟶ 1,920:
| style="text-align:right" | -10
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>5,872</b>
| style="text-align:right" | <b>+501</b>
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" | —
| style="text-align:right" | +9%
|}
</div>
 
'''2026e Insurance Finance Expenses (pre-tax)'''
{{chunk|doc=snjra2xp9r|c=115|p=42}}
* ~ €-1.4bn
====== Discount rate sensitivity ======
 
'''Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount'''
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes: +25bps results in +EUR 0.2bn; -25bps results in -EUR 0.2bn.
* +25bps: ~ €-50m
* 2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn.
* -25bps: ~ €+50m
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps results in ~EUR -50m; -25bps results in ~EUR +50m.
* Changes are versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
 
Changes versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{fn note|1=2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
 
{{chunk|doc=snjra2xp9r|c=41|p=43}}
=== L&H – Margin Analysis ===
 
'''Includes scope impact'''
{{chunk|doc=snjra2xp9r|c=116|p=43}}
====== Scope impact ======
 
* Includes scope impact.
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=117|p=43}}
====== In Euro million, pre-tax ======
 
<div style="overflow-x:auto">
{| id="t46t41" class="wikitable fintable"
|+ Technical Result (In Euro million, pre-tax)
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Short-term Technical Margin</b>
| style="text-align:right" | <b>479</b>
| style="text-align:right" | <b>+60</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,208 ⟶ 1,966:
| style="text-align:right" | -0.1pts
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
| style="text-align:right" | <b>2,804</b>
| style="text-align:right" | <b>+156</b>
|-
| style="text-align:left" | CSM release
Line 2,222 ⟶ 1,980:
</div>
 
* Incl. recapture of Laya
{{chunk|doc=snjra2xp9r|c=118|p=43}}
====== Laya recapture ======
 
* Includes recapture of Laya.
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=119|p=43}}
====== In Euro million, pre-tax ======
 
<div style="overflow-x:auto">
{| id="t47t42" class="wikitable fintable"
|+ Financial Result (In Euro million, pre-tax)
|-
! style="text-align:left" | In Euro million, pre-tax
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Investment Income (non-VFA only)</b>
| style="text-align:right" | <b>2,484</b>
| style="text-align:right" | <b>-1</b>
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €98bn
| style="text-align:right" | —
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 2.5%
| style="text-align:right" | —
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1|2=Reinvestment yield on fixed income assets.}}
| style="text-align:right" | 3.8%
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
| style="text-align:right" | <b>-1,538</b>
| style="text-align:right" | <b>-9</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €62bn
| style="text-align:right" | —
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 2.5%
| style="text-align:right" | —
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=120|p=43}}
====== Financial Result ======
 
<div style="overflow-x:auto">
{| id="t48t43" class="wikitable fintable"
|+ Life &amp; Health FY25 CSM Key Sensitivities
|-
! style="text-align:left" | (in Euro billion)
! class="col-sm" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying Earnings before tax
| style="text-align:right" | 4,229
| style="text-align:right" | +205
|-
| style="text-align:left" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" |
| style="text-align:right" | +7%
|}
</div>
 
==== Life & Health FY25 CSM Key Sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=121|p=43}}
====== (in Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t49" class="wikitable fintable"
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
Line 2,335 ⟶ 2,053:
| style="text-align:left" | Equities -25%
| style="text-align:right" | -2.2
|}
</div>
 
<div style="overflow-x:auto">
{| id="t44" class="wikitable"
|-
! style="text-align:left" | In Euro million, pre-tax
! style="text-align:right" | FY25
! style="text-align:right" | Change
|-
| style="text-align:left" | <b>Underlying Earnings before tax</b>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>+205</b>
|-
| style="text-align:left" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" | —
| style="text-align:right" | +7%
|}
</div>
Line 2,340 ⟶ 2,087:
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
{{chunk|doc=snjra2xp9r|c=42|p=44}}
=== Contents ===
 
* 1. Debt and Invested Assets p.31
{{chunk|doc=snjra2xp9r|c=122|p=44}}
======* 2. Additional P&C disclosures ======p.36
* 3. Additional IFRS17 disclosures p.41
 
* 4. Sustainability p.44
* Additional disclosures include: Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosures.
 
{{chunk|doc=snjra2xp9r|c=43|p=45}}
=== Expanding AXA’s role in society: AXA for Progress Index ===
 
==== As a GLOBAL INVESTOR ====
 
{{chunk|doc=snjra2xp9r|c=123|p=45}}
====== As a GLOBAL INVESTOR ======
 
<div style="overflow-x:auto">
{| id="t50t45" class="wikitable"
|+ As a GLOBAL INVESTOR
|-
! style="text-align:left" | TargetMetric
! style="text-align:right" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in climate transition financing per year
| style="text-align:right" | €5bn{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} in community resilience financing per year
| style="text-align:right" | &gt;€500m{{fn ref|2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
| style="text-align:right" | €1.4bn
|}
</div>
 
==== As a GLOBAL INSURER ====
 
{{chunk|doc=snjra2xp9r|c=124|p=45}}
====== As a GLOBAL INSURER ======
 
<div style="overflow-x:auto">
{| id="t51t46" class="wikitable"
|+ As a GLOBAL INSURER
|-
! style="text-align:left" | TargetMetric
! style="text-align:right" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €6bn{{fn ref|3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}} climate adaptation solutions &amp; services (cumulative 2024-2026) <i>Target revised in 2025</i>
| style="text-align:left" | &gt;20,000{{fn ref|4}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025
| style="text-align:right" | &gt;20,000{{fn ref|4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
| style="text-align:right" | 19,698 Cumulative 2024-2025
| style="text-align:right" | 19,698<br/>Cumulative 2024-2025
|-
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
| style="text-align:right" | 20.6m
|}
</div>
 
==== As a COMPANY ====
 
{{chunk|doc=snjra2xp9r|c=125|p=45}}
====== As a COMPANY ======
 
<div style="overflow-x:auto">
{| id="t52t47" class="wikitable fintable"
|+ As a COMPANY
|-
! style="text-align:left" | TargetMetric
! class="col-s" style="text-align:right" | Target
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:right" | -6450%{{fn Reductionref|7|2=Variation againstof AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
| style="text-align:right" | -64%<br/>Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 50%
| style="text-align:right" | 56%
|}
Line 2,421 ⟶ 2,169:
{{fn note|1=8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
 
{{chunk|doc=snjra2xp9r|c=44|p=46}}
=== Sustainability Performance & Ratings ===
 
'''S&P Global'''
{{chunk|doc=snjra2xp9r|c=126|p=46}}
* 2025 percentile: 97th {{fn ref|1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe & World indices
====== ESG ratings ======
 
'''MSCI'''
* S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices for 2025.
* MSCI2025 score: AAA score for 2025.
* CDP: B score for 2025.
* Morningstar Sustainalytics: ESG Risk Rating of 17.0 (Low risk) for 2025.
* FTSE Russell (an LSEG Business): 4.3/5 score in FTSE4Good Index Series for 2025.
 
'''CDP'''
{{chunk|doc=snjra2xp9r|c=127|p=46}}
* 2025 score: B
====== Sustainability Performance & Ratings ======
 
'''MORNINGSTAR SUSTAINALYTICS'''
* 2025 ESG Risk Rating: 17.0 – Low risk
 
'''FTSE RUSSELL An LSEG Business'''
* 2025 score: 4.3/5 in FTSE4Good Index Series
 
{{fn note|1=1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
 
{{chunk|doc=snjra2xp9r|c=45|p=47}}
=== Scope ===
 
* France: includes insurance activities, banking activities and holding.
{{chunk|doc=snjra2xp9r|c=128|p=47}}
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities).
====== Scope definitions ======
* AXA XL: includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the [[Definition:Underlying earnings|underlying earnings]] and net income, (ii) Africa : Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
 
'''Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9'''
* France includes insurance activities, banking activities, and holding.
* 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).
* AXA XL includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM includes:
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (fully consolidated).
** Asia (equity method): China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) businesses, contributing only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (fully consolidated).
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).
** EME-LATAM (equity method): Russia (Reso) (insurance activities), contributing only to net income.
** AXA Mediterranean Holdings.
* Transversal & Other includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025) includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method).
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
 
{{chunk|doc=snjra2xp9r|c=46|p=48}}
=== Glossary ===
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%
{{chunk|doc=snjra2xp9r|c=129|p=48}}
====== Glossary of financial terms ======
 
* 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%
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
* Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities)
* New Business Value (NBV): the value of newly issued contracts during the current year. 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
** Other Revenues: represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities)
* New Business Value (NBV): the value of newly issued contracts during the current year
** It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests
* New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided
* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
* Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share
** Operating variance is net of reinsurance
* 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
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term
** PVEP is discounted at the reference interest rate and PVEP is Group share
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses
* Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance
 
{{chunk|doc=snjra2xp9r|c=47|p=49}}
=== Thank you ===
 
{{chunk|doc=snjra2xp9r|c=130|p=49}}
====== Full Year 2025 Earnings ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
* February 26, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"