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

| summary_md stored_file = File:AXA-2025-FY-Earnings_releaseEarnings release.mdpdf

* Paris,[[Definition:Earnings release|Earnings release]] date: February 26th26, [[Definition:Year 2026|2026]], (6:45am CET).

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

* [[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|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]] was impacted byincluded a -2% [[Definition:Headwind|headwind]] from [[Definition:Foreign exchange|foreign exchange movements]]

* [[Definition:Underlying earnings per share|Underlying earnings per share]] was impacted byincluded a -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'''

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

* 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 1.25bn25 billion

* Completion of EUR 3.8bn8 billion 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]]

'''[[Definition:Year 2026|2026]] outlookOutlook 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.}}.

* ExpectedThe expected impact of Solvency II revision is +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]] will present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026]].

'''2025 performance commentaryand segment results'''

* 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 stellarstrong results, withcombining 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 earningsbusiness reflected early benefits of the strategy to rejuvenate the business.

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

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

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

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

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

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

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

** Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}: +4%, fromdriven by 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 France, Europe, Asia & EME-LATAM.

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

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

'''[[Definition:Underlying earnings|Underlying earnings]] and EPS'''

* [[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, 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.}}.

** [[Definition:PropertyLife & casualtyhealth|PropertyLife & CasualtyHealth]]: +97%, from improved short-term technical results in Health & Protection and higher volumes,earnings underwritingin marginlong-term expansionbusiness, andincluding increasedearly financialbenefits resultfrom duestrategy to higherrejuvenate investmentthe incomebusiness.

** Holdings{{fnAsset ref|14|2=Including banking activities.}}Management [[Definition:Underlying earnings|underlying earnings]] remaineddecreased broadly stable atby EUR -10.2bn due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.

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

* 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 thea EUR 3.5bn anti-dilutive [[Definition:Share buyback|share buyback]] related to the sale offor [[Definition:AXA Investment Managers|AXA IM]] sale, and an unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) notablymainly from USD depreciation.

* 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.

* TheDrivers increase inof Solvency II ratio was due tochange: 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 markets impacts (+4 points).

* These positive impacts were partly offset by the net impact of the acquisitions of (Nobis and Prima,) and the disposal of [[Definition:AXA Investment Managers|AXA IM]], including the associated EUR 3.8bn [[Definition:Share buyback|share buyback]] (-5 points).

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

* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +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.}} by +17 points.

'''Financial ratios and cash at holdingmetrics'''

* 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, notablydue fromto 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.

* TheDebt gearing increase in debt gearing was driven by lower shareholders' equity and CSM, as well asand 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).

* 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 versusvs. December 31, 2024.

* This increase in cash at Holding reflectsreflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versusvs. December 31, 2024.

'''Shareholder returnsdistributions'''

* [[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.

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

* ConfidenceThis confidence is underpinnedbased by: (i)on profitable organic growth, (ii) scaling technical capabilities across businesses, and (iii) driving operational efficiency through reinforced cost management.

* TheThis 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]].

{{chunk|doc=chq99br5nr|c=1819|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=1920|p=5}}

* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] +were up 5% to EUR 58.0bn.

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

** [[Definition:AXA XL|AXA XL]] Insurance: (+3%) from growth in lines with attractive marginmargins, linesincluding ([[Definition:Property & casualty|Property) and 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 fromdriven by Türkiye (from higher average premiums), andalong Mexicowith (favorable volume and price effects) in Mexico.

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

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

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

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

** France: (+9%) fromwith strong volume growth in all [[Definition:Business mix|lines (directof business]], from direct business and proprietary agent networks), andcombined 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=2021|p=5}}

* AllThe all-year combined ratio improved by 0.3pt3 points to 90.6%., mainly driven by:

** Driven by lowerLower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt3 points) from further margin expansion in Commercial lines (-0.5pt5 points), driven by the SME & mid-market business at (-0.9pt9 points) andin Personala linesfavorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance were stable at attractive levels (-+0.4pt1 points).

** Lower expense ratio (-0.3pt3 points) primarily from lower non-commission expense ratio reflecting efficiency gains.

** Lower natural catastrophe charges (-0.4pt4 points to 3.4%) more than offset by lower prior years' reserve development (+0.7pt7 points at -1.1%).

{{chunk|doc=chq99br5nr|c=2122|p=6}}

* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]] +were up 9% to EUR 5.9bn. driven by:

** Driven by an increaseIncrease in technical result (+EUR +0.5bn) reflecting strong volume growth andin improvedvolumes, combined with an improvement in technical margin.

** Driven by higherHigher financial result (+EUR +0.2bn) duethanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting increasedthe 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=2223|p=6}}

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

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

{{chunk|doc=chq99br5nr|c=2324|p=6}}

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

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

** G/A{{fn ref|13|2=General account.}}: (+4%) notably in 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 wasproduct partlyin offsetHong byKong non-repeatand ofcontinued elevatedgood sales of aProtection singlewith premium wholeUnit-lifeLinked product in Japan and lower sales in Hong KongSwitzerland.

{{chunk|doc=chq99br5nr|c=2425|p=6}}

'''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=2526|p=7}}

'''NBNew CSMbusiness and NBVvalue'''

* 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=2627|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:

** Protection:Health (EUR +42.9bn7bn), mainly in Hong KongGermany, Japan, and France.

** Health:Unit-Linked (EUR +21.7bn5bn), mainlyprimarily in Germany, Japan, and France.

{{chunk|doc=chq99br5nr|c=2728|p=7}}

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

{{chunk|doc=chq99br5nr|c=2829|p=7}}

{{chunk|doc=chq99br5nr|c=2930|p=8}}

|+ 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=3031|p=8}}

'''GlossaryIFRS of17 financial termsmetrics'''

* 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 the asset or liability for a 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 theperiod end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.

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

* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well asand 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 asset management activities).

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

** Newthe businesspresent value marginof ("NBVfuture Margin"): the ratioprofits of (i)Short-Term NBV representing the value ofBusiness newly issued contracts during the currentperiod, carried by Life yearentities, toconsidering (ii)expected PVEP.renewals

{{chunk|doc=chq99br5nr|c=3132|p=10}}

'''Scope of operationsFrance by geographysegment'''

* France: segment includes insurance activities, banking activities, and holding activities.

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

** EME-LATAM:Belgium Russiaand (Reso)Luxembourg (insurance activities) is consolidated under the equity method and contributes only to net incomeholding).

{{chunk|doc=chq99br5nr|c=3237|p=10}}

! 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=3338|p=11}}

{{chunk|doc=chq99br5nr|c=3439|p=11}}

'''Basis of reportingpreparation and financial statement approval'''

{{chunk|doc=chq99br5nr|c=3540|p=12}}

'''Company overviewinformation and legalcautionary informationstatements'''

* 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.

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

* ThisForward-looking pressstatements releasein containsthe forward-lookingpress statementsrelease, including those regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“[[Definition:Underlying earnings per share|UEPS]]”) growth for [[Definition:Year 2026|2026]], which are based on Management’s current views and intentions and are subject to risks and uncertaintieschange.

* [[Definition:AXA|AXA]]Undue disclaimsreliance anyshould obligationnot tobe publiclyplaced update or revise theseon forward-looking statements, exceptdue asto requiredknown byand applicableunknown lawsrisks and regulationsuncertainties outside [[Definition:AXA|AXA]]’s control.

* Reconciliations of APMs to IFRS financial statements and their calculation methodologiesmethodology are provided in [[Definition:AXA|AXA]]’s 2025 Activity Report as of December 31, 2025.

{{chunk|doc=chq99br5nr|c=3641|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

{{chunk|doc=chq99br5nr|c=3742|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=3843|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=3944|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.

{{chunk|doc=chq99br5nr|c=4045|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)}}

{{chunk|doc=chq99br5nr|c=4146|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]].

! colspan="7" style="text-align:centerleft" | Life New Business Metrics [[Definition:Full year 2025|FY25]] In EUR million

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

! colspanclass="6col-s" style="text-align:centerright" | TotalLife New Business Metrics [[Definition:Full year 2025|FY25]] Change{{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" | PVEPLife 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" | NBVHealth{{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" | NBVHealth{{fn marginref|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" | PVEPHealth{{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" | NBVTotal{{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" | NBVTotal{{fn marginref|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" | PVEPTotal{{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=4247|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=4348|p=20}}

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

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

{{chunk|doc=chq99br5nr|c=4449|p=20}}

'''Upcoming investorInvestor events [[Definition:Year 2026|2026]]'''