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Line 20: --- title: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf source_file: ~~tmpok83r591~~tmp7sa9cgqc.pdf source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf doc_type: report Line 27: converter: anchor_injection/1 tier: economic parsed_at: '2026-07-~~25T16~~26T05:3758:~~24Z~~34Z' scanned_pages: [] residue: Line 74: {{pdf page\|2\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} ~~KEY HIGHLIGHTS~~ ~~Press release~~ == FY25 key highlights == Line 89 ⟶ 86: ! class="col-s" style="text-align:right" \| Change at comparable basis \|- \| style="text-align:left" \| 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.}} \| style="text-align:right" \| 110,316 \| style="text-align:right" \| 115,524 Line 124 ⟶ 121: ! class="col-s" style="text-align:right" \| Change at constant Forex \|- \| style="text-align:left" \| 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:right" \| 8,078 \| style="text-align:right" \| 8,368 Line 147 ⟶ 144: ! style="text-align:right" \| \|- \| 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" \| 216% \| style="text-align:right" \| 224% \| style="text-align:right" \| +9 pts \| style="text-align:right" \| — \|} </div> === Activity indicators === Total gross written premiums and 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%, driven by: * Property & Casualty (+5%), with growth in (i) Commercial lines{{fn ref\|11\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%) from both higher volumes, notably at 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, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and▼ ▲* Property & Casualty (+5%), with growth in (i) Commercial lines {{fn ref\|11\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%) from both higher volumes, notably at 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, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and * Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A{{fn ref\|13\|2=General account.}} (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies.▼ ▲* Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A {{fn ref\|13\|2=General account.}} (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies. === 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).}} increased by 6% to Euro 8.4 billion, or +9% excluding 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.}}, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings {{fn ref\|14\|2=Including banking activities.}} underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion. Underlying earnings per share {{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).}} increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%). Line 356 ⟶ 351: \| style="text-align:right" \| +1.5 \| style="text-align:right" \| +5.4 \| style="text-align:right" \| — \|} </div> Line 503 ⟶ 498: {{pdf page\|10\|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}} == SCOPE AND EXCHANGE RATES == === Scope === France: includes insurance activities, banking activities and holding. Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and 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 AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holding. Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings. Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity ) and other Central Holdings. AXA Investment Managers{{fn ref\|24\|2=Disposal to BNP Paribas completed on 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. === Exchange rates === Line 1,000 ⟶ 1,002: \| style="text-align:right" \| +4.0% \| style="text-align:right" \| +3.3% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- Line 1,006 ⟶ 1,008: \| style="text-align:right" \| +3.1% \| style="text-align:right" \| +5.4% \| style="text-align:right" \| — \| style="text-align:left" \| — \|- \| style="text-align:left" \| <i>Switzerland</i> \| style="text-align:right" \| +3.0% \| style="text-align:right" \| +5.0% \| style="text-align:right" \| — \| style="text-align:left" \| Continued price increases both in Personal and Commercial lines \|- Line 1,018 ⟶ 1,020: \| style="text-align:right" \| +3.1% \| style="text-align:right" \| +10.3% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation \|- Line 1,024 ⟶ 1,026: \| style="text-align:right" \| +2.5% \| style="text-align:right" \| +4.4% \| style="text-align:right" \| — \| style="text-align:left" \| Price increase broadly in line with 2025 \|- Line 1,030 ⟶ 1,032: \| style="text-align:right" \| +1.4% \| style="text-align:right" \| -2.6% \| style="text-align:right" \| — \| style="text-align:left" \| In UK Personal lines, continuation of current trend, continued moderation in Commercial lines \|- Line 1,036 ⟶ 1,038: \| style="text-align:right" \| +8.8% \| style="text-align:right" \| +8.6% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- Line 1,042 ⟶ 1,044: \| style="text-align:right" \| +5.2% \| style="text-align:right" \| +5.3% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- \| style="text-align:left" \| 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.}} \| style="text-align:right" \| +0.2% \| style="text-align:right" \| — \| style="text-align:right" \| +0.3% \| style="text-align:left" \| Softening prices with conditions varying by lines Line 1,054 ⟶ 1,056: \| style="text-align:right" \| +3.8% \| style="text-align:right" \| +7.1% \| style="text-align:right" \| — \| style="text-align:left" \| Moderation of price increase \|- Line 1,061 ⟶ 1,063: \| style="text-align:right" \| +5.2% \| style="text-align:right" \| +0.3% \| style="text-align:left" \| — \|} </div> Line 1,170 ⟶ 1,172: \| style="text-align:right" \| 4,337 \| style="text-align:right" \| +6% \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| — \| style="text-align:right" \| 13,314 \| style="text-align:right" \| +6%