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

| pages = 20

| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

| wide = yes

 

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== Full Year 2025 Earnings ==

 

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== Key FY25 highlights ==

'''[[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Underlying earnings|underlying earnings]]'''

 

 

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'''Solvency II ratio'''

 

 

== Capital Management ==

 

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* [[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.}}

 

== Outlook ==

 

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== FY25 key highlights ==

 

 

<div style="overflow-x:auto">

! class="col-s" style="text-align:right" | Change at comparable basis

|-

| style="text-align:right" | 110,316

| style="text-align:right" | 115,524

! class="col-s" style="text-align:right" | Change at constant Forex

|-

| style="text-align:right" | 8,078

| style="text-align:right" | 8,368

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

|-

| style="text-align:right" | 216%

| style="text-align:right" | 224%

| style="text-align:right" | +9 pts

|}

</div>

=== Activity indicators ===

 

 

 

 

* [[Definition:Underlying earnings per share|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 EUR 3.86.

* This increase was mainly driven by:

* This 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]].

 

'''Net income'''

 

* Net income increased by 26% to EUR 9.8bn.

 

=== Balance sheet ===

 

'''Shareholders' equity and CSM'''

 

* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.

* 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|15|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.

 

'''Solvency II ratio'''

 

 

 

* Debt gearing{{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).}} was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.

* 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.

 

== Capital management and outlook ==

=== Capital management ===

 

 

* The [[Definition:Dividend|dividend]] is expected to be paid on May 13, [[Definition:Year 2026|2026]], with an ex-dividend date on May 11, [[Definition:Year 2026|2026]].

* [[Definition:AXA|AXA]] intends to cancel all shares repurchased under this program.

 

=== Outlook ===

 

 

* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.

 

'''Holdings results and financial targets'''

 

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

* The proposed [[Definition:Dividend|dividend]] per share in a given year is expected to be at least equal to the [[Definition:Dividend|dividend]] per share paid in the prior year.

== Property & Casualty ==

 

 

<div style="overflow-x:auto">

</div>

 

 

 

'''Combined ratio'''

 

 

'''[[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]'''

 

 

== Life & Health ==

 

 

<div style="overflow-x:auto">

| style="text-align:right" | +1.5

| style="text-align:right" | +5.4

|}

</div>

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

 

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

 

 

'''Present value of expected premiums (PVEP)'''

 

 

'''NB CSM and NBV'''

 

 

'''Net flows'''

 

 

'''[[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]]'''

 

 

== Holdings ==

 

'''Holdings [[Definition:Underlying earnings|underlying earnings]]'''

 

=== Ratings ===

 

 

<div style="overflow-x:auto">

=== Glossary ===

 

'''Glossary of financial terms'''

 

* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.

* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).

* New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.

* New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.

* Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.

 

=== Scope ===

 

 

* [[Definition:AXA XL|AXA XL]]: includes insurance and reinsurance activities and holding.

* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]:

** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.

** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.

 

 

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{| id="t9" class="wikitable fintable"

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! style="text-align:left" | For 1 Euro

== Notes ==

 

'''Notes'''

 

{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}

 

 

* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).

* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.

 

 

* The [[Definition:AXA|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.

* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bn.

* The [[Definition:AXA|AXA]] ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).

* [[Definition:AXA|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.

* The [[Definition:AXA|AXA Group]] is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

 

== Appendix 1: Gross written premiums et other revenues by geography and business line ==

 

 

<div style="overflow-x:auto">

! class="col-s" style="text-align:right" | Change on a comparable basis

|-

| style="text-align:right" | 28,996

| style="text-align:right" | 30,598

== Appendix 2: Underlying earnings by geography and by business line ==

 

 

<div style="overflow-x:auto">

== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==

 

 

<div style="overflow-x:auto">

=== P&C: Price effects i by country and business line ===

 

 

<div style="overflow-x:auto">

| style="text-align:right" | +4.0%

| style="text-align:right" | +3.3%

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:right" | +3.1%

| style="text-align:right" | +5.4%

|-

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

| style="text-align:right" | +3.0%

| style="text-align:right" | +5.0%

| style="text-align:left" | Continued price increases both in Personal and Commercial lines

|-

| style="text-align:right" | +3.1%

| style="text-align:right" | +10.3%

| style="text-align:left" | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation

|-

| style="text-align:right" | +2.5%

| style="text-align:right" | +4.4%

| style="text-align:left" | Price increase broadly in line with 2025

|-

| style="text-align:right" | +1.4%

| style="text-align:right" | -2.6%

| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines

|-

| style="text-align:right" | +8.8%

| style="text-align:right" | +8.6%

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:right" | +5.2%

| style="text-align:right" | +5.3%

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:left" | [[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.}}

| style="text-align:right" | +0.2%

| style="text-align:right" | +0.3%

| style="text-align:left" | Softening prices with conditions varying by lines

| style="text-align:right" | +3.8%

| style="text-align:right" | +7.1%

| style="text-align:left" | Moderation of price increase

|-

| style="text-align:right" | +5.2%

| style="text-align:right" | +0.3%

|}

</div>

== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==

 

 

<div style="overflow-x:auto">

| style="text-align:right" | 4,337

| style="text-align:right" | +6%

| style="text-align:right" | 13,314

| style="text-align:right" | +6%

== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==

 

 

<div style="overflow-x:auto">

== Appendix 7: Life & Health – net flows ==

 

 

<div style="overflow-x:auto">

== Appendix 8: Main transactions and next main investor events ==

 

'''Main transactions in 2025'''

 

* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)

* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025)

* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement of up to EUR 3.8bn following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025)

=== Next main investor events ===

 

 

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