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

* Announcement[[Definition:Earnings maderelease|Earnings inrelease]] Paris ondate: February 26, [[Definition:Year 2026|2026]], at 6:45am CET.

* [[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]]{{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).}}: EUR 8.4bn, +up 6% vs. [[Definition:Full year 2024|FY24]]

* [[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).}}: EUR 3.86, up +8% vs. [[Definition:Full year 2024|FY24]]

* [[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 providesincluded 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).}} includes -1% [[Definition:Headwind|headwind]] from temporary [[Definition:Earnings dilution|earnings dilution]] from the sale of [[Definition:AXA Investment Managers|AXA IM]] 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 ratioRatio'''

* 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.}}: 224% at December 31, 2025, up +9pts9 points vs. [[Definition:Full year 2024|FY24]]

* 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.}}: 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'''

* Launch of an annual [[Definition:Share buyback|share buyback]] program of up to EUR 1.25bn{{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 1.25 billion

* Completion of EUR 3.8bn8 billion additional [[Definition:Share buyback|share buyback]] related to [[Definition:AXA Investment Managers|AXA IM]] disposal, executed between July 2, 2025, and January 20, [[Definition:Year 2026|2026]]{{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]]

'''[[Definition:Year 2026|2026]] Outlook and Solvencystrategic IIplan'''

* [[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.}}.

* ExpectedThe 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 Performanceperformance and Strategicbusiness Commentaryhighlights'''

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

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

* Life businessearnings reflectsalready reflect early benefits of rejuvenationthe strategy to rejuvenate the business.

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

* The Solvency II ratio is at a very strong level.

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

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

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

! style="text-align:left" | in Euro million

| 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" | in Euro million

| 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" | —

{{chunk|doc=chq99br5nr|c=109|p=2}}

'''[[Definition:Gross written premiums|Gross 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:AXALife XL& health|AXALife XL& Health]] Reinsurance:premiums increased +8%, supported by alternative capital.

** [[Definition:Life &premiums health|Life &were Health]]:up +89%.

* [[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).}} increased by 6% to EUR 8.4bn,4 or +9% 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.}}billion.

** [[Definition:Property & casualty|Property & Casualty]] [[Definition:Underlying earnings|underlying earnings]] increased +9%, fromdue to higher volumes, underwriting margin expansion, and increased financial results due tofrom higher investment income.

** [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased +7%, fromdue to improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from the business rejuvenation strategy.

** Holdings{{fn ref|14|2=Including banking activities.}} [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2bn2 billion.

** [[Definition:AXA Investment Managers|Asset Management]] [[Definition:Underlying earnings|underlying earnings]] decreased by EUR 0.2bn2 billion due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.

{{chunk|doc=chq99br5nr|c=1211|p=2}}

* Net income increased by 26% to EUR 9.8bn8 billion.

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

{{chunk|doc=chq99br5nr|c=1312|p=3}}

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

* The decrease in shareholders' equity was due to: net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset by [[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 a EUR 3.5bn anti-dilutive [[Definition:Share buyback|buyback]] related to thefor [[Definition:AXA Investment Managers|AXA IM]] sale, and unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (-EUR -3.5bn) mainly from USD depreciation.

{{chunk|doc=chq99br5nr|c=1413|p=3}}

* 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.}} was 224% as of December 31, 2025, up +9 points versusvs. December 31, 2024.

* The increase in Solvency II ratio was driven by a: strong operating return (+28 points) net of [[Definition:Dividend|dividend]] provision and annual [[Definition:Share buyback|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial marketsmarket impacts (+4 points).

* As of January 1, [[Definition:Year 2026|2026]], capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualifyqualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.

* The [[Definition:AXA|Group]] estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio{{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.}} by +17 points.

{{chunk|doc=chq99br5nr|c=1514|p=3}}

* Underlying return on equity{{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 16.0% as of December 31, 2025, up 0.8 pointspoint versusvs. December 31, 2024, due to higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.

* 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 versusvs. December 31, 2024.

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

* CashThis atreflects Holding{{fn ref|16|2=Includingorganic cash andremittance liquidfrom investedsubsidiaries assets at AXA SA Holding and other central holdings.}} amounted toof EUR 57.6bn as of December 31, 20255bn, up EUR 10.6bn4bn versusvs. December 31, 2024.

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* 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.}}.

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''''Unlock the Future' plan and financial targets'''

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{{chunk|doc=chq99br5nr|c=2019|p=5}}

|+ Key4 figures –<nowiki>|</nowiki> [[Definition:Property & casualty|Property &amp; Casualty]] [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]] by [[Definition:Business mix|business line]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].

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

! style="text-align:left" | in Euro million

{{chunk|doc=chq99br5nr|c=2120|p=5}}

'''[[Definition:Gross written premiums & other revenues|Gross written premiums]] and& [[Definition:Other revenue|other revenues]]'''

* Commercial lines: grew by 4% to EUR 35.8bn, driven by:

** [[Definition:AXA XL|AXA XL]] Insurance: (+3%) from growth in lines with attractive margins, including (Property, and in Casualty from favorable price effects and 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 by Türkiye from higher average premiums, andalong with favorable volume and price effects in Mexico.

** [[Definition:AXA France|France]]: (+6%) from favorable price effects in all [[Definition:Business mix|lines of business]] and higher volumes.

* Personal lines: grew by 7% to EUR 19.7bn, driven by:

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

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

** [[Definition:AXA France|France]]: (+9%) with strong volume growth in all [[Definition:Business mix|lines of business]], from both (direct business and proprietary agent networks), combined with favorable price effects in Motor.

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

{{chunk|doc=chq99br5nr|c=2221|p=5}}

** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from further margin expansion in Commercial lines (-0.5pts), driven by SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance were stable at attractive levels (+0.1pts), as well as in Personal lines (-0.4pts) in a conducive pricing environment.

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** Increase in technical result (+EUR +0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.

** Higher financial result (+EUR +0.2bn) thanksdue to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.

** Partly offset by higher income taxes (-EUR -0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].

{{chunk|doc=chq99br5nr|c=2423|p=6}}

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

| style="text-align:right" | —

! style="text-align:left" | in Euro million

{{chunk|doc=chq99br5nr|c=2524|p=6}}

* Life [[Definition:Gross written premiums|GWP]] grew +by 9% to EUR 37.5bn, mainly from Unit-Linked (+13%), G/A{{fn ref|13|2=General account.}} (+4%), and Protection (+11%).:

** Unit-Linked growth(+13%) driven by successful sales initiatives across all geographies.

** G/A{{fn growthref|13|2=General account.}} (+4%) notably in [[Definition:AXA France|France]] (+4%) and from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.

** Protection (11%), notably from a commercial campaign on a Protection with G/A growthproduct partlyin offsetHong byKong non-repeatand ofcontinued elevatedgood sales of aProtection singlewith premium wholeUnit-lifeLinked product in Japan and lower sales in Hong KongSwitzerland.

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

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

{{chunk|doc=chq99br5nr|c=2726|p=7}}

'''NBNew CSMbusiness and NBVvalue'''

* 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]].

* NBV margin (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.}} increased +by 0.1pt1 point to 4.5%.

{{chunk|doc=chq99br5nr|c=2827|p=7}}

* 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., driven by:

* Net flows in 2025 driven by* Protection (+EUR +4.9bn), mainly in Hong Kong, Japan, and [[Definition:AXA France|France]].

* Net flows in 2025 driven by* Health (+EUR +2.7bn), mainly in Germany, Japan, and [[Definition:AXA France|France]].

* Net flows in 2025 driven by* Unit-Linked (+EUR +1.5bn), primarily in [[Definition:AXA France|France]].

** Net flows partlyPartly 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).

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* [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased +by 7% to EUR 3.5bn., driven by:

* [[Definition:Underlying earnings|Underlying earnings]] driven by* Long-term technical result (+EUR +0.2bn) duedriven toby increasedan increase in CSM release, following both growth in reserves and better margins in the long-term business.

* [[Definition:Underlying earnings|Underlying earnings]] driven by* Short-term technical result (+EUR +0.1bn) duedriven toby the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).

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|+ 8 <nowiki>|</nowiki> Insurer financial strength ratings and [[Definition:AXA|AXA]]'s credit ratings by Agencyagency, as of October 2025.

! style="text-align:left" | Insurer financial strength ratings [[Definition:AXA|AXA]] SA

! style="text-align:left" | Insurer financial strength ratings [[Definition:AXA|AXA]]'s principal insurance subsidiaries

! style="text-align:left" | Insurer financial strength ratings Outlook

! style="text-align:rightleft" | [[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.}} Senior debt of the Company

! style="text-align:left" | [[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.}} Short-term debt of the Company

| style="text-align:rightleft" | A+

| style="text-align:rightleft" | Aa3

| style="text-align:rightleft" | aa Superior

{{chunk|doc=chq99br5nr|c=3231|p=8}}

* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.

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

* CSM release: the portion of CSM stock net of reinsurance at the end of athe defined period, flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.

* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.

** [[Definition: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).

* New business value ("NBV"): the value of newly issued contracts during the current year, consisting of the sum of:.

{{chunk|doc=chq99br5nr|c=3231|p=9|cont=1}}

* Operating variance: the variation of the year-end CSM versusvs 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) the impact of model changes, net of reinsurance.

{{chunk|doc=chq99br5nr|c=3332|p=10}}

'''scopeScope of operations by geography and segment'''

* [[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 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 [[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.

** Asia (equity method): China L&S, Thailand L&S, the Philippines L&S and [[Definition:Property & casualty|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) contributebusinesses are consolidated under the equity method, contributing to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.

** EME-LATAM (equity method): Russia (Reso) (insurance activities) contributesis consolidated under the equity method, onlycontributing to net income.

** Other:Includes [[Definition:AXA|AXA]] Mediterranean Holdings.

* [[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 (fully consolidated), andwhich Asianare jointfully ventures (consolidated under equity method).

! colspanclass="2col-s" style="text-align:centerright" | End of Period Exchange rate [[Definition:Full year 2024|FY24]]

! colspanclass="2col-s" style="text-align:centerright" | AverageEnd of Period Exchange rate [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:leftright" | Average Exchange rate [[Definition:Full year 2025|FY25]]

{{chunk|doc=chq99br5nr|c=3534|p=11}}

{{chunk|doc=chq99br5nr|c=3635|p=11}}

'''ReportingBasis basisof preparation and financial statementsstatement approval'''

* [[Definition:AXA|AXA]]'s consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026|2026]], and are subject to audit completion by [[Definition:AXA|AXA]]'s statutory auditors.

{{chunk|doc=chq99br5nr|c=3736|p=12}}

'''Company information and legalcautionary disclosuresstatements'''

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

* In 2025, IFRS17 revenues amountedwere to EUREuro 115.5bn5 and IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bnbillion.

* Individual Shareholder Relations can be reached atcontact: +33.1.40.75.48.43.

* Media Relations can be reached atcontacts: +33.1.40.75.46.74 or via email at, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.

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

* The press release refers to non-GAAP financial measures, or(APMs) alternativeused performanceby measures (“APMs”)Management, which aremay usednot bybe Managementcomparable forto analyzingmeasures operatingused trends, financial performance,by andother positioncompanies.

{{chunk|doc=chq99br5nr|c=3837|p=13}}

|+ 10 <nowiki>|</nowiki> [[Definition:Gross written premiums|Gross writtenWritten premiumsPremiums]] and [[Definition:Other revenue|otherOther revenues]] by geography and [[Definition:Business mix|business line]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].

! class="col-s" style="text-align:right" | [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] [[Definition:Full year 2024|FY24]]

! class="col-s" style="text-align:right" | [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] Change on a reported basis

! class="col-s" style="text-align:right" | [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] Change on a comparable basis

! class="col-s" style="text-align:right" | o/w [[Definition:Property & casualty|Property &amp; Casualty]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | o/w [[Definition:Property & casualty|Property &amp; Casualty]] Change on a comparable basis

! class="col-s" style="text-align:right" | o/w [[Definition:Life & health|Life &amp; Health]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | o/w [[Definition:Life & health|Life &amp; Health]] Change on a comparable basis

! class="col-s" style="text-align:right" | o/w [[Definition:AXA Investment Managers|Asset Management]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | o/w [[Definition:AXA Investment Managers|Asset Management]] Change on a comparable basis

| 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.}}

{{chunk|doc=chq99br5nr|c=3938|p=14}}

|+ 11 <nowiki>|</nowiki> [[Definition:Underlying earnings|Underlying earnings]] by geography and by [[Definition:Business mix|business line]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].

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

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

! class="col-s" style="text-align:right" | [[Definition:Underlying earnings|Underlying earnings]] Change at constant Forex

! class="col-s" style="text-align:right" | o/w [[Definition:Property & casualty|Property &amp; Casualty]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | o/w [[Definition:Property & casualty|Property &amp; Casualty]] Change at constant Forex

! class="col-s" style="text-align:right" | o/w [[Definition:Life & health|Life &amp; Health]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | o/w [[Definition:Life & health|Life &amp; Health]] Change at constant Forex

! class="col-s" style="text-align:right" | o/w [[Definition:AXA Investment Managers|Asset Management]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | o/w [[Definition:AXA Investment Managers|Asset Management]] Change at constant Forex

{{chunk|doc=chq99br5nr|c=4039|p=15}}

|+ Total12 <nowiki>|</nowiki> [[Definition:Property & casualty|PProperty &amp;C Casualty]] by[[Definition:Gross geographywritten andpremiums & other revenues|gross written premiums &amp; other revenues]] by [[Definition:Business mix|business line]] and geography, [[Definition:Full year 2025|FY25]].

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

! class="col-s" style="text-align:right" | Commercial lines Change{{fn ref|i}}

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

! class="col-s" style="text-align:right" | Personal lines Change{{fn ref|i}}

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

! class="col-s" style="text-align:right" | Personal lines Change{{fn ref|i}}

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

! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]] Reinsurance Change{{fn ref|i}}

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

! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]] Reinsurance Change{{fn ref|i}}

! class="col-s" style="text-align:right" | Total [[Definition:Property & casualty|P&amp;C]] [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | Total [[Definition:Property & casualty|P&amp;C]] Change{{fn ref|i}}

{{chunk|doc=chq99br5nr|c=4140|p=16}}

|+ 14 <nowiki>|</nowiki> [[Definition:Property & casualty|P&amp;C]]: Priceprice effects by country and [[Definition:Business mix|business line]], [[Definition:Full year 2025|FY25]] with [[Definition:Year 2026|2026]] Market pricing trends.

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | —

| 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" | —

{{chunk|doc=chq99br5nr|c=4241|p=17}}

|+ 15 <nowiki>|</nowiki> [[Definition:Life & health|Life &amp; Health]] [[Definition:Gross written premiums & other revenues|Grossgross written premiums &amp; other revenues]] byand geographygrowth andby [[Definition:Business mix|business line]], [[Definition:Full year 2025|FY25]].

! style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums &amp; other revenues]] In EUR million

! colspanclass="2col-s" style="text-align:centerright" | Total [[Definition:Full year 2025|FY25]]

! colspanclass="2col-s" style="text-align:centerright" | o/wTotal Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and Protectionmethodology)}}

! colspanclass="2col-s" style="text-align:centerright" | o/w G/AProtection Savings[[Definition:Full year 2025|FY25]]

! colspanclass="2col-s" style="text-align:centerright" | o/w Unit-LinkedProtection Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! colspanclass="2col-s" style="text-align:centerright" | o/w HealthG/A Savings [[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:leftright" | Ino/w EURUnit-Linked million[[Definition:Full year 2025|FY25]]

! class="col-s" style="text-align:right" | [[Definition:Fullo/w yearUnit-Linked 2025Change{{fn ref|FY25]]i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Change{{fno/w ref|i|2=ChangesHealth are[[Definition:Full atyear comparable basis (constant forex, scope and methodology)}}2025|FY25]]

! class="col-s" style="text-align:right" | [[Definition:Fullo/w yearHealth 2025Change{{fn ref|FY25]]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=4342|p=18}}

|+ 16 <nowiki>|</nowiki> New Business Metrics: PVEP, NBV, and NBV margin by geography and [[Definition:Business mix|business line]], [[Definition:Full year 2025|FY25]].

! style="text-align:left" | inLife EuroNew Business Metrics [[Definition:Full year 2025|FY25]] In EUR million

! class="col-s" style="text-align:right" | Life New Business Metrics [[Definition:Full year 2025|FY25]] PVEP

! class="col-s" style="text-align:right" | Life New Business Metrics [[Definition:Full year 2025|FY25]] Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Life New Business Metrics [[Definition:Full year 2025|FY25]] NBV

! class="col-s" style="text-align:right" | Life New Business Metrics [[Definition:Full year 2025|FY25]] Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

! class="col-s" style="text-align:right" | Life New Business Metrics [[Definition:Full year 2025|FY25]] NBV margin

! class="col-s" style="text-align:right" | Life New Business Metrics [[Definition:Full year 2025|FY25]] 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}} New Business Metrics [[Definition:Full year 2025|FY25]] PVEP

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

! class="col-s" style="text-align:right" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} New Business Metrics [[Definition:Full year 2025|FY25]] 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}} New Business Metrics [[Definition:Full year 2025|FY25]] NBV margin

! class="col-s" style="text-align:right" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} New Business Metrics [[Definition:Full year 2025|FY25]] Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

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

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

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

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

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

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

! colspan="4" style="text-align:centerleft" | NB CSM to NBV

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

{{chunk|doc=chq99br5nr|c=4443|p=19}}

|+ Net18 <nowiki>|</nowiki> [[Definition:Life & health|Life &amp; Health]]: net flows by [[Definition:Business mix|business line]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].

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

{{chunk|doc=chq99br5nr|c=4544|p=20}}

* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement forrelated to [[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn2 billion (February 28, 2025)

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

* Announced the placement of EUR 1bn1 billion Restricted Tier 1 Notes and EUR 1bn1 billion Tier 2 Notes (May 28, 2025)

* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement forrelated to [[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025)

* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement of up to EUR 3.8bn8 billion following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025)

* Announced the acquisition of Prima, athe leading direct insurance player in Italy (August 1, 2025)

* Announced the placement of EUR 750m750 million Restricted Tier 1 Notes and EUR 750m750 million Tier 2 Notes (October 14, 2025)

{{chunk|doc=chq99br5nr|c=4645|p=20}}

'''Investor eventevents calendar[[Definition:Year 2026|2026]]'''