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

Browse history interactively

← Older edit

Content deleted Content added

VisualWikitext

Revision as of 23:42, 22 July 2026 view source Wikilah admin (talk \| contribs) Bots, Bureaucrats, Editors, emailconfirmed, Interface administrators, Administrators (Semantic MediaWiki), Curators (Semantic MediaWiki), Editors (Semantic MediaWiki), Suppressors, Administrators, Widget editors 9,530 edits doc_archive: publish snjra2xp9r (.md link) ← Older edit		Latest revision as of 21:57, 23 July 2026 view source Wikilah admin (talk \| contribs) Bots, Bureaucrats, Editors, emailconfirmed, Interface administrators, Administrators (Semantic MediaWiki), Curators (Semantic MediaWiki), Editors (Semantic MediaWiki), Suppressors, Administrators, Widget editors 9,530 edits doc_archive: publish snjra2xp9r (.md link)
(3 intermediate revisions by the same user not shown)
Line 20: {{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''' * 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 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. * 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. * In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. “[[Definition:Underlying earnings\|Underlying earnings]]”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report. * 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''' * In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. * These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. * As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. * “[[Definition:Underlying earnings\|Underlying earnings]]”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. * AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. * For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s 2025 Activity Report. '''Additional information''' * 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 ~~p.04~~ * Thomas Buberl, Group CEO * p.04 * 2. FY25 Business Performance p.09 * 2. FY25 Business Performance * Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology * p.09 * 3. FY25 Financial Performance p.13 * 3. FY25 Financial Performance * Alban de Mailly Nesle, Group CFO * p.13 == FY25 Highlights == {{chunk\|doc=snjra2xp9r\|c=4\|p=4}} ~~===~~=== Section ~~===~~=== * '''Thomas Buberl, Group CEO''' {{chunk\|doc=snjra2xp9r\|c=5\|p=5}} ~~===~~=== Full Year 2025 – Excellent performance ~~===~~=== '''[[Definition:Full year 2025\|Full Year 2025]] Key Performance Indicators''' * +6% Revenues vs. [[Definition:Full year 2024\|FY24]] * +8% [[Definition:Underlying earnings per share\|Underlying EPS]] vs. FY24 * 16% ROE ~~[[Definition:Full year 2025\|~~FY25]] * 224% Solvency II ratio FY25 * Delivering value for shareholders +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.}} '''Delivering value for shareholders''' * +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.}} '''Outlook''' * Confident to deliver underlying EPS growth at the upper end of 6%-8% [[Definition:Target range\|target range]] for [[Definition:Year 2026\|2026]] Line 63 ⟶ 88: {{chunk\|doc=snjra2xp9r\|c=6\|p=6}} ~~===~~=== Executing the plan on growth, margin and efficiency ~~===~~=== <div style="overflow-x:auto"> Line 86 ⟶ 111: </div> '''High organic growth''' * High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) * +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) * Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency * Scaling the business: Continued investments in growth and technology '''Record profitability''' * Consistent earnings growth while enhancing reserve prudence * Further margin expansion in P&C and L&H; improvement in efficiency '''Scaling the business''' * Continued investments in growth and technology '''Consistent earnings growth while enhancing reserve prudence''' <div class="ed-fn-notes" style="display:none"> Line 96 ⟶ 127: {{chunk\|doc=snjra2xp9r\|c=7\|p=7}} ~~===~~=== Diversified franchise, well positioned in an attractive industry ~~===~~=== * '''Secular trends fueling demand across businesses''' * Protection gaps and emerging corporate risks * Demographics driving demand for private retirement and healthcare Line 107 ⟶ 138: \|- ! style="text-align:left" \| Business Segment ! class="col-s" style="text-align:right" \| ~~FY25 GWP Split~~Share (%) \|- \| style="text-align:left" \| Life Line 126 ⟶ 157: </div> * '''Our right to win''' * Leading brand & high customer NPS * Strong and diversified distribution Line 132 ⟶ 163: * Scale offering cost advantage {{fn note\|1=1\|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}} ~~<!-- furniture -->~~ {{chunk\|doc=snjra2xp9r\|c=8\|p=8}} ~~===~~=== Laying the foundation for the next plan ~~===~~=== * Clear tech and AI roadmap Line 141 ⟶ 172: * Enhancing capital allocation discipline * Building resilience * Confidence in sustaining earnings growth '''Confidence in sustaining earnings growth''' == FY25 Business Performance == {{chunk\|doc=snjra2xp9r\|c=9\|p=9}} ~~===~~=== Section ~~===~~=== * Guillaume Borie Line 152 ⟶ 184: {{chunk\|doc=snjra2xp9r\|c=10\|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. ~~\|+ Strong delivery across our businesses~~ \|- ! style="text-align:left" \| Line 162 ⟶ 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 & 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> * Change for [[Definition:Gross written premiums\|Gross written premiums]] at constant scope and [[Definition:Foreign exchange\|FX]] and for [[Definition:Underlying earnings\|underlying earnings]] at constant FX. {{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]] * 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 * [[Definition:Underlying earnings\|Underlying earnings]] +9%{{fn ref\|2\|2=Change FY25 vs. FY24 at constant FX.}} to €5.9bn * 2025 * '''Retail and SME & Mid-market~~: Growing volumes while expanding margins~~''' * ~~AXA XL (Large & Specialty)~~2025: ~~Profitable~~Growing ~~growth~~volumes ~~with~~while ~~stable~~expanding margins * Beyond 2025: Investing to improve customer retention & expanding distribution footprint * Beyond 2025 * Retail and SME & Mid-market: Investing to improve customer retention & expanding distribution footprint * '''AXA XL (Large & Specialty)~~: Capitalizing on attractive growth opportunities and continued cycle management~~''' * 2025: Profitable growth with stable margins * Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management '''Key drivers''' * Continued progress on efficiency * Higher investment income Line 204 ⟶ 238: {{chunk\|doc=snjra2xp9r\|c=12\|p=12}} ~~===~~=== L&H – Good momentum, well positioned to capture growth opportunities ~~===~~=== * €57bn [[Definition:Gross written premiums\|GWP]] ~~<!-- furniture -->~~ * Short-term * Long-term * [[Definition:Underlying earnings\|Underlying earnings]] +7%{{fn ref\|1\|2=Change FY25 vs. FY24 at constant FX.}} to €3.5bn <div style="overflow-x:auto"> {\| id="t4" class="wikitable" \|+ Strategic Priorities ~~\|+ GWP mix~~ \|- \|! style="text-align:left" \| ~~In Euro billion~~ \|! style="text-align:~~right~~left" \| ~~GWP~~2025 ! style="text-align:left" \| Beyond 2025 \|- ~~\| style="text-align:left" \| Short-term~~ ~~\| style="text-align:right" \| —~~ \|- ~~\| style="text-align:left" \| Long-term~~ ~~\| style="text-align:right" \| —~~ \|- ~~\| style="text-align:left" \| Total~~ ~~\| style="text-align:right" \| €57bn~~ \|} ~~</div>~~ * [[Definition:Underlying earnings\|Underlying earnings]] +7%{{fn ref\|1\|2=1. Change FY25 vs. FY24 at constant FX.}} to €3.5bn ~~<div style="overflow-x:auto">~~ ~~{\| id="t5" class="wikitable"~~ \|- ~~\| style="text-align:left" \| —~~ ~~\| style="text-align:left" \| 2025~~ ~~\| style="text-align:left" \| Beyond 2025~~ \|- \| style="text-align:left" \| Long-term business Line 249 ⟶ 267: * Leveraging AI to reduce claims leakage & improve customer outcomes in Health {{fn note\|1=1\|2=1. Change FY25 vs. FY24 at constant FX.}} == FY25 Financial Performance == {{chunk\|doc=snjra2xp9r\|c=13\|p=13}} ~~===~~=== Section ~~===~~=== * Alban de Mailly Nesle Line 260 ⟶ 278: {{chunk\|doc=snjra2xp9r\|c=14\|p=14}} ~~===~~=== P&C – Continued disciplined growth ~~===~~=== * In Euro billion * Change at constant scope and [[Definition:Foreign exchange\|FX]]. <div style="overflow-x:auto"> {\| id="t6t5" class="wikitable fintable" \|+ GWP & Other Revenues (In Euro billion) \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change ! class="col-s" style="text-align:right" \| o/w pricing{{fn ref\|1\|2=Price effect.}} Line 297 ⟶ 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" \| — Line 306 ⟶ 321: </div> '''Commercial lines''' * Continued pricing momentum and volume growth in Mid-market and SME * Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance '''AXA XL Reinsurance''' * 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]]) Line 315 ⟶ 335: {{chunk\|doc=snjra2xp9r\|c=15\|p=15}} ~~===~~=== P&C – Delivering further margin expansion while enhancing reserve prudence ~~===~~=== <div style="overflow-x:auto"> {\| id="t7t6" class="wikitable fintable" \|+ Combined ratio \|- ! style="text-align:left" \| ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 \|- ~~\| style="text-align:left" \| Combined ratio~~ ~~\| style="text-align:right" \| 91.0%~~ ~~\| style="text-align:right" \| 90.6%~~ \|- \| style="text-align:left" \| Undiscounted CY loss ratio (ex Nat Cat) Line 348 ⟶ 364: \| style="text-align:right" \| -3.6% \| style="text-align:right" \| -3.5% \|- \| style="text-align:left" \| <b>Combined ratio</b> \| style="text-align:right" \| <b>91.0%</b> \| style="text-align:right" \| <b>90.6%</b> \|} </div> Line 360 ⟶ 380: {{chunk\|doc=snjra2xp9r\|c=16\|p=16}} ~~===~~=== P&C – Earnings growth from higher underwriting and financial result ~~===~~=== '''[[Definition:Underlying earnings\|Underlying Earnings]]''' * In Euro million * Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence * Change at constant [[Definition:Foreign exchange\|FX]]. * 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 * Unfavorable forex impact notably due to USD depreciation vs. EUR <div style="overflow-x:auto"> {\| id="t8t7" class="wikitable fintable" \|+ Underlying Earnings \|- ! style="text-align:left" \| In Euro million ! class="col-sm" style="text-align:right" \| Value \|- \| style="text-align:left" \| FY24 \| style="text-align:right" \| 5,510 \|- \| style="text-align:left" \| Volume growth ~~(Underwriting result{{fn ref\|1\|2=Underwriting result includes expenses.}})~~ \| style="text-align:right" \| +292 \|- \| style="text-align:left" \| Margin improvement ~~(Underwriting result{{fn ref\|1\|2=Underwriting result includes expenses.}})~~ \| 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 393 ⟶ 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 ~~change~~at ~~(%)~~constant FX \| style="text-align:right" \| +9% \|} </div> '''Underwriting result{{fn ref\|1\|2=Underwriting result includes expenses.}}''' * Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence * Volume growth * Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets * Margin improvement * Higher unwind of discount of claims reserves, in line with guidance * Unfavorable forex impact notably due to USD depreciation vs. EUR '''Financial result''' * Investment income * Insurance finance expenses Change at constant [[Definition:Foreign exchange\|FX]]. {{fn note\|1=1\|2=Underwriting result includes expenses.}} {{chunk\|doc=snjra2xp9r\|c=17\|p=17}} ~~===~~=== Life & Health – Strong growth in premiums, positive net flows ~~===~~=== * In Euro billion * Change at constant scope and [[Definition:Foreign exchange\|FX]]. <div style="overflow-x:auto"> {\| id="t9t8" class="wikitable fintable" \|+ Life GWP & Other Revenues \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change \|- Line 443 ⟶ 469: \| style="text-align:right" \| -7% \|- \| style="text-align:left" \| <b>Total ~~Life GWP & Other Revenues~~</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> <div style="overflow-x:auto"> {\| id="~~t10~~t9" class="wikitable ~~fintable~~" \|+ Health GWP & Other Revenues \|- ! style="text-align:left" \| In Euro billion ! ~~class="col-s"~~ style="text-align:right" \| FY24 ! ~~class="col-s"~~ style="text-align:right" \| FY25 ! ~~class="col-s"~~ style="text-align:right" \| Change \|- \| style="text-align:left" \| Individual Line 469 ⟶ 495: \| style="text-align:right" \| +4% \|- \| style="text-align:left" \| <b>Total ~~Health GWP & Other Revenues~~</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.}} ~~Euro 12.9 billion (+4% vs. [[Definition:Full year 2024\|FY24]])~~ * Euro 12.9 billion (+4% vs. [[Definition:Full year 2024\|FY24]]) <div style="overflow-x:auto"> {\| id="~~t11~~t10" class="wikitable fintable" \|+ Net flows: €+5.4bn vs. €+1.5bn in FY24 \|- Line 505 ⟶ 532: {{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''' * PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes Line 512 ⟶ 541: <div style="overflow-x:auto"> {\| id="~~t12~~t11" class="wikitable fintable" \|+ PVEP ~~(In Euro billion)~~ \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-s" style="text-align:right" \| Change ~~at constant scope and FX~~ \|- \| style="text-align:left" \| Protection & Health Line 540 ⟶ 569: \| 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> <div style="overflow-x:auto"> {\| id="~~t13~~t12" class="wikitable fintable" \|+ NB CSM (pre-tax) \|- Line 554 ⟶ 583: ! 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" \| NB CSM (pre-tax) \| style="text-align:right" \| 2.2 \| style="text-align:right" \| 2.2 \|- ~~\| style="text-align:left" \| Change at constant scope and FX~~ ~~\| style="text-align:right" \| —~~ \| style="text-align:right" \| +3% \|} Line 566 ⟶ 593: <div style="overflow-x:auto"> {\| id="~~t14~~t13" class="wikitable fintable" \|+ NBV (post-tax) \|- Line 572 ⟶ 599: ! 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" \| NBV (post-tax) \| style="text-align:right" \| 2.3 \| style="text-align:right" \| 2.2 \|- ~~\| style="text-align:left" \| Change at constant scope and FX~~ ~~\| style="text-align:right" \| —~~ \| style="text-align:right" \| stable \|- Line 584 ⟶ 609: \| style="text-align:right" \| 4.4% \| style="text-align:right" \| 4.5% \| style="text-align:right" \| — \|} </div> * Change at constant scope and [[Definition:Foreign exchange\|FX]]. ~~<!-- furniture -->~~ {{chunk\|doc=snjra2xp9r\|c=19\|p=19}} ~~===~~=== Life & Health – Growth in new business driving Normalized CSM growth ~~===~~=== <!-- furniture --> * In Euro billion * Normalized CSM growth +2% * Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates * 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 <div style="overflow-x:auto"> {\| id="~~t15~~t14" class="wikitable fintable" \|+ Contractual Service Margin rollforward \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| Value \|- \| style="text-align:left" \| FY24 Line 627 ⟶ 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%''' ~~<div style="overflow-x:auto">~~ * Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ~~{\| id="t16" class="wikitable fintable"~~ * Economic variance reflecting government spreads tightening and positive equity market returns ~~\|+ Contractual Service Margin rollforward (continued)~~ * 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 ~~! style="text-align:left" \| In Euro billion~~ ~~! class="col-s" style="text-align:right" \| FY24~~ '''CSM breakdown''' ~~! class="col-s" style="text-align:right" \| FY25~~ * [[Definition:Full year 2024\|FY24]] o/w Life: 25.8 \|- * FY24 o/w Health: 7.7 ~~\| style="text-align:left" \| o/w Life~~ * [[Definition:Full year 2025\|FY25]] o/w Life: 25.4 ~~\| style="text-align:right" \| 25.8~~ * FY25 o/w Health: 7.6 ~~\| 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.}} <!-- furniture --> {{chunk\|doc=snjra2xp9r\|c=20\|p=20}} ~~===~~=== Life & Health – Strong momentum in both short-term and long-term business ~~===~~=== <div style="overflow-x:auto"> {\| id="~~t17~~t15" class="wikitable fintable" \|+ Underlying Earnings ~~(In Euro million)~~+7% \|- ! style="text-align:left" \| In Euro million Line 666 ⟶ 683: ! 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 Line 698 ⟶ 723: \| style="text-align:right" \| — \| style="text-align:right" \| -728 \|- ~~\| style="text-align:left" \| Total Underlying Earnings~~ ~~\| 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~~ \|} </div> in billions * o/w Life (in billions): 2.6 in [[Definition:Full year 2024\|FY24]]; 2.7 in [[Definition:Full year 2025\|FY25]] (+4% vs. FY24) * o/w Health (in billions): 0.7 in FY24; 0.8 in FY25 (+17% vs. FY24) * o/w Life: 2.6 → 2.7, +4% vs. [[Definition:Full year 2024\|FY24]] * o/w Health: 0.7 → 0.8, +17% vs. FY24 Change at constant [[Definition:Foreign exchange\|FX]]. * Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn) * Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ~~{{fn note\|1=1\|2=Change at constant FX.}}~~ {{chunk\|doc=snjra2xp9r\|c=21\|p=21}} ~~===~~=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ~~===~~=== <div style="overflow-x:auto"> {\| id="~~t18~~t16" class="wikitable fintable" \|+ In Euro billion \|- ! style="text-align:left" \| ~~In Euro billion~~ ! class="col-s" style="text-align:right" \| FY24 ! class="col-s" style="text-align:right" \| FY25 ! class="col-sm" style="text-align:right" \| Change \|- \| style="text-align:left" \| Property & Casualty Line 748 ⟶ 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 Line 758 ⟶ 778: \| 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" \| — Line 768 ⟶ 788: \| 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]]''' * Strong performance from insurance businesses * Stable holding cost, expected to remain at current level in [[Definition:Year 2026\|2026]] '''Net Income''' * Higher net income mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers\|AXA IM]] * Lower financial flows reflecting unfavorable forex impact <div style="overflow-x:auto"> {\| id="~~t19~~t17" class="wikitable fintable" \|+ Underlying earnings per share \|- Line 782 ⟶ 810: ! 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% \|} Line 792 ⟶ 822: * +6% from earnings growth * 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]] * +3% from [[Definition:Capital management\|capital management]] * -2% from forex * including -1% from temporary [[Definition:Earnings dilution\|earnings dilution]] from [[Definition:AXA Investment Managers\|AXA IM]] sale due to the timing of anti-dilutive [[Definition:Share buyback\|share buyback]] * [[Definition:Underlying earnings\|Underlying earnings]] * Strong performance from insurance businesses * Stable holding cost, expected to remain at current level in [[Definition:Year 2026\|2026]] * Net Income * Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM * Lower financial flows reflecting unfavorable forex impact {{fn note\|1=1\|2=Change at constant ~~[[Definition:Foreign exchange\|~~FX]] for underlying earnings and net income. Change on reported basis for ~~[[Definition:Underlying earnings per share\|~~underlying earnings per share]].}} {{chunk\|doc=snjra2xp9r\|c=22\|p=22}} ~~===~~=== Shareholders’ Equity ~~===~~=== '''In Euro billion''' <div style="overflow-x:auto"> {\| id="~~t20~~t18" class="wikitable fintable" \|+ Shareholders’ equity{{fn ref\|1\|2=Shareholders’ equity Group share.}} \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| HY25 ! class="col-sm" style="text-align:right" \| FY25 \|- \| style="text-align:left" \| SHE (excl. OCI) Line 828 ⟶ 852: \| style="text-align:right" \| -6.8 \|- \| style="text-align:left" \| ~~Total~~ <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 & undated subordinated debt) Line 851 ⟶ 875: <div style="overflow-x:auto"> {\| id="~~t21~~t19" class="wikitable fintable" \|+ FY24 to FY25 and HY25 to FY25 Shareholders' equity ~~roll-forward~~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 894 ⟶ 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 903 ⟶ 927: {{chunk\|doc=snjra2xp9r\|c=23\|p=23}} ~~===~~=== Higher organic cash remittance and robust cash position at Holding ~~===~~=== * In Euro billion <div style="overflow-x:auto"> {\| id="~~t22~~t20" class="wikitable fintable" \|+ Net Cash Remittance (In Euro billion) \|- ! style="text-align:left" \| In Euro billion Line 915 ⟶ 937: ! 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&S reinsurance in-force treaties at AXA France and AXA Life Europe.}} \| style="text-align:right" \| 0.6 \| style="text-align:right" \| — Line 923 ⟶ 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% Line 934 ⟶ 956: <div style="overflow-x:auto"> {\| id="~~t23~~t21" class="wikitable fintable" \|+ FY24 to FY25 Cash ~~position~~Position (In Euro billion) \|- !\| style="text-align:left" \| In<b>FY24 ~~Euro~~Cash ~~billion~~position</b> ~~! class="col-s"~~\| style="text-align:right" \| <b>4.0</b> \|- ~~\| style="text-align:left" \| FY24 Cash position~~ ~~\| style="text-align:right" \| 4.0~~ \|- \| style="text-align:left" \| Net cash remittance from subsidiaries Line 964 ⟶ 983: \| style="text-align:right" \| +3.1 \|- \| style="text-align:left" \| <b>FY25 Cash position</b> \| style="text-align:right" \| <b>5.6</b> \|} </div> {{fn note\|1=1\|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}} {{fn note\|1=2\|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}} {{chunk\|doc=snjra2xp9r\|c=24\|p=24}} ~~===~~=== Solvency II at 224% ~~===~~=== <div style="overflow-x:auto"> {\| id="~~t24~~t22" class="wikitable fintable" \|+ Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio bridges ~~\|+ Solvency II at 224%~~ \|- ! style="text-align:left" \| In Euro billion Line 987 ⟶ 1,006: ! class="col-s" style="text-align:right" \| Dividend & annual share buyback ! class="col-s" style="text-align:right" \| Management actions, debt & other ! class="col-sm" style="text-align:right" \| FY25 \|- \| style="text-align:left" \| Eligible Own Funds (EOF) Line 997 ⟶ 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 1,007 ⟶ 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 1,017 ⟶ 1,036: \| style="text-align:right" \| 0.0 \| style="text-align:right" \| -0.2 \| style="text-align:right" \| <b>25.2</b> \|} </div> * ~~Foreseeable~~ [[Definition:Dividend\|~~dividends~~Dividend]] & annual [[Definition:Share buyback\|share buyback]] ~~€-4.8bn~~details * Foreseeable dividends: €-4.8bn * Provision for annual [[Definition:Share buyback\|share buyback]] for [[Definition:Year 2026\|2026]]: €-1.25bn * Provision for annual share buyback for [[Definition:Year 2026\|2026]]: €-1.25bn <div style="overflow-x:auto"> {\| id="~~t25~~t23" class="wikitable fintable" \|+ Key sensitivities \|- !\| style="text-align:left" \| Ratio as of December 31, 2025 ~~! class="col-s"~~\| style="text-align:right" \| <b>224%</b> \|- \| style="text-align:left" \| Interest rate +50bps Line 1,067 ⟶ 1,087: {{chunk\|doc=snjra2xp9r\|c=25\|p=25}} ~~===~~=== Solvency II – impact of the end of grandfathering period and Solvency II revision ~~===~~=== ~~<div style="overflow-x:auto">~~ ~~{\| id="t26" class="wikitable fintable"~~ ~~\|+ Solvency II – impact of the end of grandfathering period and Solvency II revision~~ \|- ~~! style="text-align:left" \| Solvency II Ratio~~ ~~! class="col-m" style="text-align:right" \| Impact~~ \|- ~~\| 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\|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>~~ * Ratio as of 31/12/2025: 224% * Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, [[Definition:Year 2026\|2026]] * Impact of the end of grandfathering period on January 1, [[Definition:Year 2026\|2026]]: -10pts to 215% * 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.}} * No change expected in organic capital generation * Additional capital flexibility Line 1,096 ⟶ 1,101: {{chunk\|doc=snjra2xp9r\|c=26\|p=26}} ~~===~~=== Section ~~===~~=== * '''Thomas 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 Line 1,108 ⟶ 1,113: * Laying foundations for the next plan and confident in delivering sustainable earnings growth == Q&A Full Year 2025 Earnings February 26, 2026 == {{chunk\|doc=snjra2xp9r\|c=28\|p=29}} ~~===~~=== AXA Investor Relations – Keep in touch ~~===~~=== * '''Meet our management''' * March: Roadshows — Europe and US ~~<div style="overflow-x:auto">~~ * May 5: 1Q25 Activity Indicators — Paris ~~{\| id="t27" class="wikitable"~~ * June 2: BNP Paribas Exane CEO Conference — Paris \|- * June 2-4: Goldman Sachs European Financials Conference — Zurich ~~\| style="text-align:left" \| March~~ * July 31: HY26 [[Definition:Earnings release\|Earnings Release]] — Paris ~~\| style="text-align:left" \| Roadshows~~ * September 21: AXA Investor Day — London ~~\| style="text-align:right" \| Europe and US~~ \|- '''Contact us''' ~~\| style="text-align:left" \| May 5~~ ~~\| style="text-align:left" \| 1Q25 Activity Indicators~~ ~~\| style="text-align:right" \| Paris~~ \|- ~~\| style="text-align:left" \| June 2~~ ~~\| style="text-align:left" \| BNP Paribas Exane CEO Conference~~ ~~\| style="text-align:right" \| Paris~~ \|- ~~\| style="text-align:left" \| June 2-4~~ ~~\| style="text-align:left" \| Goldman Sachs European Financials Conference~~ ~~\| style="text-align:right" \| Zurich~~ \|- ~~\| style="text-align:left" \| July 31~~ ~~\| style="text-align:left" \| HY26 Earnings Release~~ ~~\| style="text-align:right" \| Paris~~ \|- ~~\| style="text-align:left" \| September 21~~ ~~\| style="text-align:left" \| AXA Investor Day~~ ~~\| style="text-align:right" \| London~~ \|} ~~</div>~~ * Contact us * Investor Relations * +33 1 40 75 48 42 * investor.relations@axa.com * Follow us www.axa.com '''Follow us''' * www.axa.com == Appendices == {{chunk\|doc=snjra2xp9r\|c=29\|p=31}} ~~===~~=== Contents ~~===~~=== * 1. Debt and Invested Assets p.31 * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{chunk\|doc=snjra2xp9r\|c=30\|p=32}} ~~===~~=== Gross financial debt and maturity breakdown as of December 31st, 2025 ~~===~~=== In Euro billion * Debt gearing: 20.6% ([[Definition:Full year 2024\|FY24]]) * Debt gearing: 22.3% ([[Definition:Full year 2025\|FY25]]) <div style="overflow-x:auto"> {\| id="~~t28~~t24" class="wikitable fintable" \|+ Gross financial debt{{fn ref\|1,2}} \|- ! style="text-align:left" \| In Euro billion ! class="col-sm" style="text-align:right" \| FY24 ! class="col-sm" style="text-align:right" \| FY25 ! class="col-sm" style="text-align:right" \| Jan 1st 2026 End of the grandfathering period \|- \| style="text-align:left" \| Debt gearing \| style="text-align:right" \| 20.6% \| style="text-align:right" \| 22.3% \| style="text-align:right" \| — \|- \| style="text-align:left" \| Tier 1 Line 1,185 ⟶ 1,176: \| style="text-align:right" \| 3.5 \| style="text-align:right" \| 3.5 \| style="text-align:right" \| 5.8 ~~{{fn ref\|\|2=o/w €0.4bn redeemed in Jan 2026}}~~ \|- \| 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> ~~{{fn~~ ~~note~~Jan 1st [[Definition:Year 2026\|~~1=\|2=~~2026]]: o/w €0.4bn redeemed in Jan 2026}} <div style="overflow-x:auto"> {\| id="~~t29~~t25" class="wikitable fintable" \|+ Contractual maturity breakdown \|- Line 1,229 ⟶ 1,220: \| style="text-align:right" \| — \| style="text-align:right" \| 0.7 \| style="text-align:right" \| ~~1.5~~— \| style="text-align:right" \| 10.8 \| style="text-align:right" \| 0.7 Line 1,240 ⟶ 1,231: \| 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 \|- \| style="text-align:left" \| <b>o/w Grandfathered debt~~: Tier 1~~</b> \| 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" \| — \|- \| style="text-align:left" \| Tier 1 \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,255 ⟶ 1,257: \| style="text-align:right" \| 1.4 \|- \| style="text-align:left" \| ~~o/w Grandfathered debt:~~ Tier 2 \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,269 ⟶ 1,271: <div style="overflow-x:auto"> {\| id="~~t30~~t26" 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.}} \|- Line 1,296 ⟶ 1,298: \| style="text-align:left" \| Tier 2 \| style="text-align:right" \| — \| style="text-align:right" \| ~~0.1~~— \| style="text-align:right" \| 2.4 \| style="text-align:right" \| ~~0.1~~— \| style="text-align:right" \| 2.0 \| style="text-align:right" \| 0.7 Line 1,307 ⟶ 1,309: \| 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" \| 0.9 Line 1,316 ⟶ 1,318: \| style="text-align:right" \| 4.0 \|- \| style="text-align:left" \| <b>o/w Grandfathered debt~~: Tier 1~~</b> \| 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" \| — \|- \| style="text-align:left" \| Tier 1 \| style="text-align:right" \| — \| style="text-align:right" \| 0.1 Line 1,327 ⟶ 1,340: \| style="text-align:right" \| 0.8 \|- \| style="text-align:left" \| ~~o/w Grandfathered debt:~~ Tier 2 \| style="text-align:right" \| — \| style="text-align:right" \| — Line 1,345 ⟶ 1,358: {{chunk\|doc=snjra2xp9r\|c=31\|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 <div style="overflow-x:auto"> {\| id="~~t31~~t27" class="wikitable fintable" \|+ Invested assets (100%) \|- ! style="text-align:left" \| 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 1,398 ⟶ 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 1,410 ⟶ 1,424: {{chunk\|doc=snjra2xp9r\|c=32\|p=34}} ~~===~~=== Structured and Private Credit assets ~~===~~=== ~~<!-- furniture -->~~ <div style="overflow-x:auto"> {\| id="~~t32~~t28" class="wikitable fintable" \|+ Structured and Private Credit assets \|- Line 1,421 ⟶ 1,433: ! 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:~~right~~left" \| 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 & 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}} ~~<!-- furniture -->~~ {{chunk\|doc=snjra2xp9r\|c=33\|p=35}} ~~===~~=== Investment portfolio – Fixed Income reinvestment ~~===~~=== <div style="overflow-x:auto"> {\| id="~~t33~~t29" class="wikitable fintable" \|+ FY25 Fixed Income Reinvestment \|- Line 1,488 ⟶ 1,484: ! class="col-m" style="text-align:right" \| Share (%) \|- \| style="text-align:left" \| Government bonds & related – (Average rating: AA) \| style="text-align:right" \| 32% \|- \| style="text-align:left" \| Investment grade credit – (Average rating: A) \| style="text-align:right" \| 40% \|- Line 1,500 ⟶ 1,496: \| style="text-align:right" \| 7% \|- \| style="text-align:left" \| <b>Total</b> \| style="text-align:right" \| <b>Euro 57 billion</b> \|} </div> <div style="overflow-x:auto"> {\| id="~~t34~~t30" class="wikitable fintable" \|+ FY25 Fixed Income Reinvestment Yield \|- Line 1,523 ⟶ 1,519: </div> * '''Euro 57 billion fixed income invested at 3.9%''' * Average duration of 9 years * Includes Euro 19.7 billion of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY) Line 1,532 ⟶ 1,528: {{chunk\|doc=snjra2xp9r\|c=34\|p=36}} ~~===~~=== Contents ~~===~~=== * 1. Debt and Invested Assets p.31 * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{chunk\|doc=snjra2xp9r\|c=35\|p=37}} ~~===~~=== AXA XL Insurance – Large Commercial & Specialty business ~~===~~=== '''Well diversified across lines of business and geographies''' <div style="overflow-x:auto"> {\| id="~~t35~~t31" class="wikitable fintable" \|+ $19bn FY25 GWP by line of business \|- Line 1,559 ⟶ 1,556: \| style="text-align:right" \| 19% \|- \| style="text-align:left" \| Professional lines{{fn ref\|1\|2=Including Cyber;}} \| style="text-align:right" \| 17% \|} Line 1,565 ⟶ 1,562: <div style="overflow-x:auto"> {\| id="~~t36~~t32" class="wikitable fintable" \|+ $19bn FY25 GWP by geography \|- Line 1,582 ⟶ 1,579: </div> '''Leading market positions across lines''' * Top 3 globally * Multinational Programs{{fn ref\|2\|2=Source: McKinsey;}} * Marine{{fn ref\|3\|2=Source: Aon, Guy Carpenter, and Global Market Insights;}} * Fine Art & Specie{{fn ref\|4\|2=Source: Industry Research Biz (January 2026).}} '''Managing the cycle to deliver consistent profitability''' * Qualitative chart: Profitability vs Ex-price growth (%) * Managing the cycle to deliver consistent profitability: * Property: ~~high~~High profitability, high ex-price growth * Specialty: ~~medium~~Medium-high profitability, medium-high ex-price growth * Casualty: ~~medium~~Medium profitability, medium ex-price growth * Professional lines: ~~lower~~Low-medium profitability, ~~lower~~low-medium ex-price growth {{fn note\|1=1\|2=Including Cyber;}} {{fn note\|1=2\|2=Source: McKinsey;}} {{fn note\|1=3\|2=Source: Aon, Guy Carpenter, and Global Market Insights;}} {{fn note\|1=4\|2=Source: Industry Research Biz (January 2026).}} {{chunk\|doc=snjra2xp9r\|c=36\|p=38}} ~~===~~=== P&C – Focus on Reserves ~~===~~=== <div style="overflow-x:auto"> {\| id="~~t37~~t33" class="wikitable ~~fintable~~" \|+ Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) \|- ! style="text-align:left" \| ~~Basis~~ ! ~~colspan="5"~~ style="text-align:~~center~~right" \| ~~IFRS4~~FY18 ! ~~colspan="4"~~ style="text-align:~~center~~right" \| ~~IFRS17~~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" \| ~~Period~~Accounting Basis !\| ~~class~~colspan="~~col-s~~5" style="text-align:right" \| ~~FY18~~IFRS4 !\| ~~class~~colspan="~~col-s~~4" style="text-align:right" \| ~~FY19~~IFRS17 ~~! class="col-s" style="text-align:right" \| FY20~~ ~~! 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" \| Ratio Line 1,638 ⟶ 1,635: <div style="overflow-x:auto"> {\| id="~~t38~~t34" class="wikitable ~~fintable~~" \|+ Technical reserves ratio (Net undiscounted technical reserves{{fn ref\|1\|2=Includes net undiscounted claims reserves and unearned premium reserves.}}/Net earned premiums) \|- ! style="text-align:left" \| ~~Basis~~ ! ~~colspan="5"~~ style="text-align:~~center~~right" \| ~~IFRS4~~FY18 ! ~~colspan="4"~~ style="text-align:~~center~~right" \| ~~IFRS17~~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" \| ~~Period~~Accounting Basis !\| ~~class~~colspan="~~col-s~~5" style="text-align:right" \| ~~FY18~~IFRS4 !\| ~~class~~colspan="~~col-s~~4" style="text-align:right" \| ~~FY19~~IFRS17 ~~! class="col-s" style="text-align:right" \| FY20~~ ~~! 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" \| Ratio Line 1,672 ⟶ 1,669: {{chunk\|doc=snjra2xp9r\|c=37\|p=39}} ~~===~~=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ~~===~~=== '''Insurance segment (occurrence protection)''' * Stable retention levels maintained in [[Definition:Year 2026\|2026]] as in 2025 <div style="overflow-x:auto"> {\| id="~~t39~~t35" class="wikitable fintable" \|+ In Euro ~~\|+ Insurance segment (occurrence protection) (In Euro)~~ \|- ! style="text-align:left" \| ~~In Euro~~Peril ! class="col-s" style="text-align:right" \| EU Windstorm ! class="col-s" style="text-align:right" \| Europe Flood Line 1,706 ⟶ 1,703: </div> * '''Reinsurance segment (illustrative)''' * Alternative Capital & Cat Bonds '''Key Takeaway''' * Stable retention levels maintained in [[Definition:Year 2026\|2026]] as in 2025 {{fn note\|1=1\|2=Excludes local reinsurance covers;}} Line 1,714: {{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)''' <div style="overflow-x:auto"> {\| id="~~t40~~t36" class="wikitable" \|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax) \|- ! style="text-align:left" \| ~~In Euro billion (net of reinsurance)~~Probability ! style="text-align:right" \| Percentile ! 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~~: Negative deviation in ca. 40% of cases~~ * ~~Less severe years: Positive~~Negative deviation in ca. 6040% of cases * Less severe years * Positive deviation in ca. 60% of cases <div style="overflow-x:auto"> {\| id="~~t41~~t37" class="wikitable ~~fintable~~" \|+ 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 Line 1,772 ⟶ 1,782: {{chunk\|doc=snjra2xp9r\|c=39\|p=41}} ~~===~~=== Contents ~~===~~=== * 1. Debt and Invested Assets p.31 * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{chunk\|doc=snjra2xp9r\|c=40\|p=42}} ~~===~~=== P&C – Margin Analysis ~~===~~=== * Changes versus [[Definition:Full year 2024\|FY24]] at constant [[Definition:Foreign exchange\|FX]]. <div style="overflow-x:auto"> {\| id="~~t42~~t38" 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 1,807 ⟶ 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 1,827 ⟶ 1,840: \| 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 1,838 ⟶ 1,855: <div style="overflow-x:auto"> {\| id="~~t43~~t39" 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 Line 1,861 ⟶ 1,878: \| 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 Line 1,874 ⟶ 1,895: \|} </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.}}''' * +25bps: €+0.2bn * -25bps: €-0.2bn <div style="overflow-x:auto"> {\| id="~~t44~~t40" 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 1,895 ⟶ 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) Line 1,905 ⟶ 1,930: </div> '''2026e Insurance Finance Expenses (pre-tax)''' * [[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.}} * ~~+25bps:~~~ €+0-1.~~2bn~~4bn * -25bps: €-0.2bn '''Sensitivity of 2026e Insurance Finance Expenses ~~(pre-tax):~~to changes in 2025 current ~AY ~~€-1.4bn~~Discount''' Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount * +25bps: ~ €-50m * -25bps: ~ €+50m Changes versus [[Definition:Full year 2024\|FY24]] at constant [[Definition:Foreign exchange\|FX]]. {{fn note\|1=1\|2=Reinvestment yield on fixed income assets.}} {{fn note\|1=2\|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}} {{chunk\|doc=snjra2xp9r\|c=41\|p=43}} ~~===~~=== L&H – Margin Analysis ~~===~~=== * '''Includes scope impact''' <div style="overflow-x:auto"> {\| id="~~t45~~t41" 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 1,941 ⟶ 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 1,958 ⟶ 1,983: <div style="overflow-x:auto"> {\| id="~~t46~~t42" 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 Line 1,981 ⟶ 2,006: \| 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 Line 1,996 ⟶ 2,021: <div style="overflow-x:auto"> {\| id="~~t47~~t43" class="wikitable fintable" \|+ Life & Health FY25 CSM Key Sensitivities ~~(in Euro billion)~~ \|- ! style="text-align:left" \| (in Euro billion) ! class="col-sm" style="text-align:right" \| \|- \| style="text-align:left" \| <b>Baseline</b> \| style="text-align:right" \| <b>33.3</b> \|- \| style="text-align:left" \| Interest rates +50bps Line 2,032 ⟶ 2,057: <div style="overflow-x:auto"> {\| id="~~t48~~t44" class="wikitable ~~fintable~~" \|- ! style="text-align:left" \| In Euro million, pre-tax ! ~~class="col-s"~~ style="text-align:right" \| FY25 ! ~~class="col-s"~~ style="text-align:right" \| Change \|- \| style="text-align:left" \| <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 Line 2,050 ⟶ 2,075: \| 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) Line 2,063 ⟶ 2,088: {{chunk\|doc=snjra2xp9r\|c=42\|p=44}} ~~===~~=== Contents ~~===~~=== * 1. Debt and Invested Assets p.31 * 2. Additional P&C disclosures p.36 * 3. Additional IFRS17 disclosures p.41 * 4. Sustainability p.44 {{chunk\|doc=snjra2xp9r\|c=43\|p=45}} ~~===~~=== Expanding AXA’s role in society: AXA for Progress Index ~~===~~=== <div style="overflow-x:auto"> {\| id="~~t49~~t45" class="wikitable" \|+ As a GLOBAL INVESTOR \|- ! style="text-align:left" \| ~~Target~~Metric ! 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" \| >€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" \| >€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 \|} Line 2,088 ⟶ 2,117: <div style="overflow-x:auto"> {\| id="~~t50~~t46" class="wikitable" \|+ As a GLOBAL INSURER \|- ! style="text-align:left" \| ~~Target~~Metric ! style="text-align:right" \| Target ! style="text-align:right" \| 2025 Result \|- \| style="text-align:left" \| €6bn{{fn ref\|3\|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} in P&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 & 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" \| >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 & 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 & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.}} climate adaptation solutions & services (cumulative 2024-2026) <i>Target revised in 2025</i> \| style="text-align:right" \| >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 & 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 & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >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" \| >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" \| >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 \|} Line 2,106 ⟶ 2,139: <div style="overflow-x:auto"> {\| id="~~t51~~t47" class="wikitable fintable" \|+ As a COMPANY \|- ! style="text-align:left" \| ~~Target~~Metric ! class="col-s" style="text-align:right" \| Target ! class="col-m" style="text-align:right" \| 2025 Result \|- \| style="text-align:left" \| >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" \| >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 ~~Reduction~~ref\|7\|2=Variation ~~against~~of 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 2,125 ⟶ 2,162: {{fn note\|1=1\|2=AXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}} {{fn note\|1=2\|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}} {{fn note\|1=3\|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}} {{fn note\|1=4\|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & 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 & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.}} {{fn note\|1=5\|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} {{fn note\|1=6\|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} Line 2,133 ⟶ 2,170: {{chunk\|doc=snjra2xp9r\|c=44\|p=46}} ~~===~~=== Sustainability Performance & Ratings ~~===~~=== '''S&P Global''' * S&P Global: 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 * 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 * MSCI: 2025 score: AAA * CDP: 2025 score: B '''MSCI''' * MORNINGSTAR SUSTAINALYTICS: 2025 ESG Risk Rating: 17.0– Low risk * 2025 score: AAA * FTSE RUSSELL An LSEG Business: 2025 score: 4.3/5 in FTSE4Good Index Series '''CDP''' * 2025 score: B '''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. Line 2,152 ⟶ 2,198: * 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 '''Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9''' {{chunk\|doc=snjra2xp9r\|c=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% Line 2,172 ⟶ 2,219: {{chunk\|doc=snjra2xp9r\|c=47\|p=49}} ~~===~~=== Thank you ~~===~~=== * [[Definition:Full year 2025\|Full Year 2025]] Earnings * February 26, [[Definition:Year 2026\|2026]]