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

| summary_md = <!File:AXA-2025- ARCHIVE_MD_LINK_HERE FY-->Earnings_release.md

'''AnnouncementDocument detailsmetadata'''

'''[[Definition:Underlying earnings per share|Underlyingunderlying EPS]] growth'''

* [[Definition:AXA|AXA]] reportsreported record results with [[Definition:Underlying earnings per share|underlying EPS]] growth at the top end of the [[Definition:Target range|target range]].

* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}: EUR 116bn, up +6% vs. [[Definition:Full year 2024|FY24]]

* [[Definition:Underlying earnings|Underlying earnings]] (excluding [[Definition:AXA Investment Managers|AXA IM]]){{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}: up +9% vs. [[Definition:Full year 2024|FY24]]

* [[Definition:Underlying earnings per share|Underlying earnings per share]] impactwas fromimpacted by a -2% [[Definition:Foreign exchangeHeadwind|foreign exchange movementsheadwind]]: -2%from [[Definition:HeadwindForeign exchange|headwindforeign exchange movements]]

* [[Definition:Underlying earnings per share|Underlying earnings per share]] impactwas fromimpacted by a -1% temporary [[Definition:Earnings dilution|earnings dilution]] from the sale of [[Definition:AXA Investment Managers|AXA IM]] sale (due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]):{{fn ref|4|2=On July -1%, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}

* Solvency II ratio: 215% on January 1, [[Definition:Year 2026|2026]], reflecting the end of the grandfathering period{{fn ref|6|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}}

'''Shareholder returnsReturns and [[Definition:Share buyback|Buyback]] Programs'''

* [[Definition:Dividend|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024|FY24]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}

* Launch of an annual [[Definition:Share buyback|share buyback]] program{{fn ref|8|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn.

* Completion of EUR 3.8bn additional [[Definition:Share buyback|share buyback]] related to [[Definition:AXA Investment Managers|AXA IM]] disposal{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}, executed between July 2, 2025, and January 20, [[Definition:Year 2026|2026]].

'''Outlook[[Definition:Year 2026|2026]] outlook and strategic plan'''

* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:Year 2026|2026]] is expected to be at the upper end of the 6-8% plan [[Definition:Target range|target range]]{{fn ref|9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}

* Expected impact of Solvency II revision atis +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}

* [[Definition:AXA|AXA]] towill present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026]].

'''2025 performance and segment resultscommentary'''

* In 2025, [[Definition:AXA|AXA]] delivered +9% earnings growth in core businesses (excluding [[Definition:AXA Investment Managers|AXA IM]]) in 2025.

* Reserve prudence was enhanced following strong 2025excellent results.

* [[Definition:Property & casualty|P&C]] franchise posted stellar results, combiningwith a healthy balance between price and volume with, best-in-class margins, a lower expense ratio, and higher investment income.

* [[Definition:AXA XL|AXA XL]] Insurance increased earnings with stable underlying margins.

* [[Definition:Life & health|Life & Health]] earnings rose +by 7%.

** Life earnings reflectreflected early benefits of business rejuvenationthe strategy. to rejuvenate the business

** Health earnings grew +by 17%, even after absorbing the adverse change on VAT treatment in Mexico.

* Investments in automation and Artificial Intelligence are driving efficiency gains.

* Solvency II ratio is at a very strong level.

* ResultsThomas demonstrateBuberl, the earnings powerCEO of [[Definition:AXA|AXA]]'s, stated that the results demonstrate the earnings power of the well-diversified franchise and reinforce confidence in generating[[Definition:AXA|AXA]]'s ability to generate sustainable, long-term value.

| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]] {{fn ref|1|2=Change in gross written premiums &amp; other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}

| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]] {{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}

| style="text-align:left" | Solvency II ratio (%) {{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}

| style="text-align:right" | —

'''[[Definition:Gross written premiums|grossGross written premiums]] and [[Definition:Other revenue|other revenues]] by [[Definition:Business mix|business line]]'''

* Total [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]]{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} were up 6%.

* [[Definition:Property & casualty|Property & Casualty]] ([[Definition:Property & casualty|P&C]]) premiums +5%.

** Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}: +4%, driven byfrom higher volumes (notably at [[Definition:AXA XL|AXA XL]] Insurance) and favorable price effects{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies.

** Personal lines: +7%, driven by favorable price effects and strong growth in net new contracts, (notably in [[Definition:AXA France|France]], [[Definition:AXA Europe|Europe]], Asia & EME-LATAM).

** [[Definition:AXA XL|AXA XL]] Reinsurance: +8%, with growth supported by alternative capital.

* [[Definition:Life & health|Life & Health]] premiums: +8%.

** Life premiums: +9%.

*** Protection: +11%, from strong sales in Hong Kong, Switzerland, and Japan.

*** Unit-Linked: +13%, from higher volumes across all geographies.

*** G/A{{fn ref|13|2=General account.}}: +4%, from continued momentum in Italy and [[Definition:AXA France|France]].

** Health premiums: +5%, driven by price effects in all geographies.

* [[Definition:Underlying earnings|Underlying earnings]] growthincreased wasby driven+9% byexcluding [[Definition:AXA Investment Managers|AXA IM]]{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}.

** [[Definition:Property & casualty|Property & Casualty]]: +9%, from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.

** [[Definition:Life & health|Life & Health]]: +7%, from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from businessstrategy rejuvenationto strategyrejuvenate the business.

* Holdings{{fn ref|14|2=Including banking activities.}} [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2bn.

* [[Definition:AXA Investment Managers|Asset Management]] [[Definition:Underlying earnings|underlying earnings]] decreased by EUR 0.2bn due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.

* This increase was partially offset by the unfavorable impact of [[Definition:Foreign exchange|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).

* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] (-1%) due to the timing of the associated [[Definition:Share buyback|share buyback]] (-1%).

* This increase mainly reflects the riseincrease in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].

=== Balance sheet ===

'''Shareholders' equity and CSM'''

* The decrease in shareholders' equity was due to: [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid to shareholders (EUR -4.6bn), impact of [[Definition:Share buyback|share buybacks]] in 2025 (EUR -4.7bn) including athe EUR 3.5bn anti-dilutive [[Definition:Share buyback|share buyback]] related to the sale of [[Definition:AXA Investment Managers|AXA IM]] sale, and an unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) mainlynotably from USD depreciation.

* These negative impacts moreon thanshareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).

'''CSM and Solvency II ratio'''

'''Financial metricsratios and cash at holding'''

* ThisThe increase in debt gearing was driven by lower shareholders' equity and CSM, andas well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).

* The [[Definition:AXA|Group]]'s debt gearing was in line with its 19-23% plan guidance for 2024-2026.

* Cash at Holding{{fn ref|16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.

* This reflectedincrease in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.

=== Capital management ===

* A [[Definition:Dividend|dividend]] of EUR 2.32 per share (+8% versusvs [[Definition:Full year 2024|FY24]]) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026|2026]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}.

* [[Definition:AXA|AXA]]'s Board of Directors approved on February 25, [[Definition:Year 2026|2026]], the launch of an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.

* The [[Definition:Share buyback|share buyback]] program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.

* [[Definition:AXA|AXA]] intends to cancel all shares repurchased pursuant tounder this [[Definition:Share buyback|share buyback]] program.

* The [[Definition:Share buyback|share buyback]] program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.

=== Outlook ===

''''Unlock the Future' Planplan Outlooktargets and strategy'''

* In [[Definition:Property & casualty|P&C]] Retail and SME & Mid-market:, pricing remains favorable, withand the Group expectedexpects continuedto benefit from earnthrough of higher pricing and underwriting actions.

* At [[Definition:AXA XL|AXA XL]]:, pricing conditions vary by line; the [[Definition:AXA|Group]] will ensurecontinue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.

* NormalizedThe Group guidance for normalized natural catastrophe{{fn load: [[Definition:AXAref|Group]]18|2=Natural guidancecatastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca.approximately 4.5 points of combined ratio for [[Definition:Year 2026|2026]].

* In [[Definition:Life & health|Life & Health]]:, earnings growth is expected from the short-term business due to disciplined pricing and claims management.

* [[Definition:Life & health|Life & Health]]:The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time.

'''Holdings results and Financialfinancial Targetstargets'''

* HoldingsResults results:in expected to remain similarHoldings in [[Definition:Year 2026|2026]] asare inexpected to be similar to 2025 levels.

* ManagementAssuming believescurrent operating conditions persist and given strong 2025 operating performance, [[Definition:AXA|AXA]] is on track to deliver the main financial targets of theits 'Unlock the Future' plan, assuming current operating conditions persist and following strong 2025 operating performance.

* Main financial targets include: (i) [[Definition:Underlying earnings per share|Underlyingunderlying earnings per share]] growth: expected at the upper end of the 6-8% CAGR [[Definition:Target range|target range]] for both 2023-2026E and for [[Definition:Year 2026|2026]]{{fn ref|9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}.

* UnderlyingMain financial targets include: (ii) underlying return on equity: expected between 14% and 16% between 2024 and 2026E.

* CumulativeMain organicfinancial cashtargets upstreaminclude: expected(iii) incumulative excessorganic cash upstream ofexceeding EUR 21bn for 2024-2026E.

* The total [[Definition:DividendPayout ratio|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]]: 60and an additional 15% from annual [[Definition:Share buyback|share buybacks]].

=== Property & Casualty ===

* Commercial lines: +4% to EUR 35.8bn.

** [[Definition:AXA XL|AXA XL]] Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.

** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: +13% mainly driven byfrom Türkiye (higher average premiums) and Mexico (favorable volume and price effects).

** [[DefinitionFrance:AXA France|France]] +6% from favorable price effects across all lines and higher volumes.

* Personal lines: +7% to EUR 19.7bn.

** [[DefinitionEurope:AXA Europe|Europe]] +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened after strong repricing in 2024.

** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: +14% driven byfrom Türkiye (higher average premiums and volumes).

** [[DefinitionFrance:AXA France|France]] +9% withfrom strong volume growth in all lines (direct business and, proprietary agent networks) and favorable price effects in Motor.

* [[Definition:AXA XL|AXA XL]] Reinsurance: +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines.

'''All-year combinedCombined ratio'''

* All-year combined ratio improved by 0.3pts3pt to 90.6%.

* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts3pt) from margin expansion in Commercial lines (-0.5pts)5pt, specificallydriven by SME & mid-market business (at -0.9pts9pt) inand aPersonal favorable pricing environment, while [[Definition:AXA XL|AXA XL]] Insurance margins were stablelines (+-0.1pts4pt).

* Lower expense ratio (-0.3pts3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.

* Lower natural catastrophe charges (-0.4pts4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pts7pt at -1.1%).

* Driven by a higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in theincreased unwind of the discount of claims reserves.

=== Life & Health ===

| style="text-align:right" | —

==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====

'''[[Definition:Life & health|Life & Health]] [[Definition:Gross written premiums|GWPgross written premiums]]'''

* Life [[Definition:Gross written premiums|GWP]] grew by +9% to EUR 37.5bn., mainly from:

** Unit-Linked [[Definition:Gross written premiums|GWP]] +13% driven by successful sales initiatives across all geographies.

** G/A{{fn [[Definitionref|13|2=General account.}}:Gross written premiums|GWP]] +4%, notably in [[Definition:AXA France|France]] (+4%), and from elevated sales of a capital-light product in Italy.

** G/A [[Definition:Gross written premiums|GWP]]was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.

** Protection [[Definition:Gross written premiums|GWP]] +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland.

* Health [[Definition:Gross written premiums|GWP]] grew by +5% to EUR 19.0bn, driven by favorable price effects in both [[Definition:AXA|Group]] and Individual businesses across most geographies, partly offset by lower volumes.

{{chunk|doc=chq99br5nr|c=24|p=76}}

* Present value of expected premiums (PVEP){{fn ref|1,21}} decreased by 2% to EUR 49.4bn.

** HealthLife PVEP: -12+1%, mainly from thehigher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums, and lower volumes in [[Definition:AXA France|France]] following underwriting and pruning actions.

* NB CSM{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.

* NBV (post-tax){{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in [[Definition:AXA France|France]].

* Net flows{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were EUR +5.4bn compared to EUR +1.5bn in 2024.

** Protection: (EUR +4.9bn), mainly in Hong Kong, Japan, and [[Definition:AXA France|France]].

** Health: (EUR +2.7bn), mainly in Germany, Japan, and [[Definition:AXA France|France]].

** Unit-Linked: (EUR +1.5bn), primarily in [[Definition:AXA France|France]].

** PartlyNet flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).

** Long-term technical result: (EUR +0.2bn) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.

** Short-term technical result: (EUR +0.1bn) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies.

** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).

** Lower income taxes: (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, [[Definition:AXA France|France]] and Mexico.

** Lower contribution from affiliates, notably ICBC-AXA and improved results at [[Definition:AXA|AXA]] MPS that resulted in an increase in earnings of minority shareholders.

* Holdings [[Definition:Underlying earnings|underlying earnings]]{{fn ref|14|2=Including banking activities.}} remained broadly stable at EUR -1.2bn.

! colspan="2" style="text-align:center" | [[Definition:AXA|AXA]]'s credit ratings {{fn ref|22|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}

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* Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a [[Definition:AXA|group]] of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.

** [[Definition:Other revenue|Other Revenues]] represent premiums and fees collected on activities other than insurance (i.e., banking, services, and [[Definition:AXA Investment Managers|asset management]] activities).

* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes, net of reinsurance.

'''Scope of operations by geography and entity'''

* [[Definition:AXA France|France]]: includes insurance activities, banking activities, and holding.

* [[Definition:AXA Europe|Europe]]: includes Switzerland (insurance activities);, Germany (insurance activities and holding);, Belgium and Luxembourg (insurance activities and holding);, United Kingdom and Ireland (insurance activities and holding);, Spain (insurance activities and holding);, Italy (insurance activities);, Prima (insurance activities);{{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}, and [[Definition:AXA|AXA]] Life [[Definition:AXA Europe|Europe]] (insurance activities).

** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty|P&C]], Indonesia L&S (excluding the bancassurance entity), China [[Definition:Property & casualty|P&C]], South Korea, and Asia Holdings are fully consolidated.

** Other: [[Definition:AXA|AXA]] Mediterranean Holdings is included.

* [[Definition:AXA Transversal & Other|Transversal & Other]]: includes [[Definition:AXA|AXA]] Assistance, [[Definition:AXA|AXA]] Liabilities Managers, [[Definition:AXA|AXA]] SA (including [[Definition:AXA|Group]]'s internal reinsurance activity), and other Central Holdings.

* [[Definition:AXA Investment Managers|AXA Investment Managers]]{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}}: includes [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.

'''Reporting Basis of reporting and Assumptionsfinancial statement approval'''

* Media Relations contactcontacts: +33.1.40.75.46.74;, ziad.gebran@axa.com;, ahlem.girard@axa.com;, sylwia.tulak@axa.com.

==* Important[[Definition:AXA|AXA]] legaldisclaims informationany andobligation cautionaryto statementspublicly concerningupdate or revise these forward-looking statements, andexcept theas userequired ofby non-gaapapplicable financiallaws measuresand ==regulations.

{{chunk|doc=chq99br5nr|c=3936|p=13}}

|+ [[Definition:Gross written premiums|Gross Writtenwritten Premiumspremiums]] and [[Definition:Other revenue|Otherother Revenuesrevenues]] by geography and [[Definition:Business mix|business line]]

! style="text-align:left" | inIn EuroEUR million

| style="text-align:left" | [[Definition:AXA France|France]]{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}

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| style="text-align:left" | Total{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}

{{chunk|doc=chq99br5nr|c=4037|p=14}}

! style="text-align:left" | inIn EuroEUR million

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| style="text-align:left" | Total{{fn ref|i|2=Including underlying earnings of Holdings and Banking.}}

{{chunk|doc=chq99br5nr|c=4138|p=15}}

|+ Total [[Definition:Property & casualty|P&amp;C]] by Commercial lines, Personal lines,geography and [[Definition:AXABusiness XLmix|AXAbusiness XLline]] Reinsurance

! style="text-align:left" | inIn EuroEUR million

! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]{{fn ref|ii|2=Average of monthly opening discount rates of 2025}}

{| id="t14" class="wikitable fintable"

! class="col-s" style="text-align:right" | Commercial lines

! class="col-s" style="text-align:right" | Personal lines

! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]] Reinsurance

| style="text-align:left" | <strong>[[Definition:AXA France|France]]</strong>

| style="text-align:right" | <strong>+4.0%</strong>

| style="text-align:right" | <strong>+3.3%</strong>

| style="text-align:right" | —

| style="text-align:left" | <strong>[[Definition:AXA Europe|Europe]]</strong>

| style="text-align:right" | <strong>+3.1%</strong>

| style="text-align:right" | <strong>+5.4%</strong>

| style="text-align:right" | —

| style="text-align:left" | —

| style="text-align:left" | <emi>Switzerland</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Germany</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Belgium &amp; Luxembourg</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>UK &amp; Ireland</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Spain</emi>

| style="text-align:right" | —

| style="text-align:left" | <emi>Italy</emi>

| style="text-align:right" | —

| style="text-align:left" | <strong>[[Definition:AXA XL|AXA XL]]{{fn ref|ii|2=ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.}}</strong>

| style="text-align:right" | <strong>+0.2%</strong>

| style="text-align:right" | —

| style="text-align:right" | <strong>+0.3%</strong>

| style="text-align:left" | <strong>[[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]</strong>

| style="text-align:right" | <strong>+3.8%</strong>

| style="text-align:right" | <strong>+7.1%</strong>

| style="text-align:right" | —

| style="text-align:left" | <strong>Total</strong>

| style="text-align:right" | <strong>+1.9%</strong>

| style="text-align:right" | <strong>+5.2%</strong>

| style="text-align:right" | <strong>+0.3%</strong>

| style="text-align:left" | —

{{chunk|doc=chq99br5nr|c=4340|p=17}}

! style="text-align:left" | inIn EuroEUR million

! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

{{chunk|doc=chq99br5nr|c=4441|p=18}}

! colspan="6" style="text-align:center" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} New Business Metrics [[Definition:Full year 2025|FY25]]

! colspan="6" style="text-align:center" | Total{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}} New Business Metrics [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}

! class="col-s" style="text-align:right" | Total{{fn ref|i|2=Includes Health business written predominantly in Life entities}}

{{chunk|doc=chq99br5nr|c=4542|p=19}}

! class="col-ms" style="text-align:right" | [[Definition:Full year 2024|FY24]]

! class="col-ms" style="text-align:right" | [[Definition:Full year 2025|FY25]]

| style="text-align:left" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}

| style="text-align:left" | <i>o/w capital light{{fn ref|ii|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%}}</i>

| style="text-align:right" | <i>+2.2</i>

| style="text-align:right" | <i>+1.2</i>

| style="text-align:left" | <i>o/w traditional G/A</i>

| style="text-align:right" | <i>-5.8</i>

| style="text-align:right" | <i>-5.0</i>

!| style="text-align:left" | Total [[Definition:Life & health|Life &amp; Health]]{{fn ref|i|2=Includes Health business written predominantly in Life entities}} net flows

! class="col-m"| style="text-align:right" | +1.5

! class="col-m"| style="text-align:right" | +5.4

{{chunk|doc=chq99br5nr|c=4643|p=20}}

* Announced the completion of the acquisition of Nobis [[Definition:AXA|Group]] in Italy (April 1, 2025)

=== Next main investor events ===

{{chunk|doc=chq99br5nr|c=4744|p=20}}

'''InvestorUpcoming eventinvestor calendarevents'''

* [[Definition:Year 2026|2026]] Shareholder’sShareholder's Annual General Meeting: April 30, [[Definition:Year 2026|2026]]