Data:AXA/2025/FY/Earnings release.json: Difference between revisions

"heading": "Document metadata",

"content": "* Paris, February 26th, 2026 (Year 2026) (6:45am CET)\n\n== Full Year 2025 Earnings =="

"content": "* AXA reports record results with underlying EPS (Underlying earnings per share) growth at the top end of the target range.\n\n== Key FY25 highlights =="

"content": "* Gross written premiums \u0026 other revenues(1)(footnote: Change in gross written premiums \u0026 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, ++6% vs. FY24 (Full year 2024)\n* Underlying earnings(2)(footnote: '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, +6% vs. FY24; +9% excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.)\n* Underlying earnings per share(2)(footnote: '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, ++8% vs. FY24\n** Includes -2% headwind from foreign exchange movements (Foreign exchange)\n** Includes -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback(4)(footnote: 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.)"

"content": "* Solvency II ratio(5)(footnote: 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, ++9 points vs. FY24 (Full year 2024)\n* Solvency II ratio: 215% on January 1, 2026 (Year 2026), reflecting the end of the grandfathering period(6)(footnote: 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.)\n\n== Capital Management =="

"heading": "2026 outlook and strategic plan",

"content": "* In 2025, AXA delivered +9% earnings growth in its core businesses excluding AXA IM (AXA Investment Managers).\n* AXA enhanced reserve prudence following strong results.\n* The P\u0026C (Property \u0026 casualty) franchise posted strong results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio, and higher investment income.\n* AXA XL Insurance increased earnings with stable underlying margins.\n* Life \u0026 Health earnings rose by 7%.\n** Life earnings reflected early benefits of the strategy to rejuvenate the business.\n** Health earnings grew by 17%, even after absorbing the adverse change on VAT treatment in Mexico.\n* Investments in automation and Artificial Intelligence are driving efficiency gains.\n* The Solvency II ratio is at a very strong level.\n* These results demonstrate the earnings power of AXA's diversified franchise and reinforce confidence in generating sustainable, long-term value.\n* Thomas Buberl, Chief Executive Officer of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust.\n\n== FY25 key highlights =="

"heading": "[t. 1] - Key figures – FY25 key highlights",

"Full year 2025",

"Full year 2024",

"content": "**Key figures – FY25 (Full year 2025) key highlights**\n\n| in Euro million | FY24 (Full year 2024) | FY25 | Change on a reported basis | Change at comparable basis |\n| --- | --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) (1) | 110,316 | 115,524 | +5% | +6% |\n| o/w Property \u0026 Casualty (Property \u0026 casualty) | 56,514 | 58,038 | +3% | +5% |\n| o/w Life \u0026 Health (Life \u0026 health) | 51,983 | 56,512 | +9% | +8% |\n| o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | Change at constant Forex |\n| --- | --- | --- | --- | --- |\n| Underlying earnings (2) | 8,078 | 8,368 | +4% | +6% |\n| Net income | 7,886 | 9,797 | +24% | +26% |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%) (5) | 216% | 224% | +9 pts | — |\n\n=== Activity indicators ==="

"content": "* Total gross written premiums and other revenues(1)(footnote: Change in gross written premiums \u0026 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%.\n* Property \u0026 Casualty premiums increased +5%.\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.) grew +4% due to higher volumes (notably at AXA XL Insurance) and favorable price effects(12)(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies.\n** Personal lines grew +7% due to favorable price effects and strong growth in net new contracts in France, Europe, Asia \u0026 EME-LATAM.\n** AXA XL Reinsurance grew +8%, supported by alternative capital.\n* Life \u0026 Health premiums increased +8%.\n** Life premiums were up 9%.\n*** Protection grew +11% from strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked grew +13% from higher volumes across all geographies.\n*** G/A(13)(footnote: General account.) grew +4% from continued momentum in Italy and France.\n** Health premiums were up 5%, driven by price effects in all geographies."

"content": "* Underlying earnings(2)(footnote: '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 8.4 billion.\n* Excluding AXA IM (AXA Investment Managers)(3)(footnote: 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.), underlying earnings increased by +9%.\n* This increase was driven by:\n** Property \u0026 Casualty: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.\n** Life \u0026 Health: +7% from improved short-term technical results in Health \u0026 Protection, and higher earnings in long-term business, including early benefits from business rejuvenation strategy.\n* Holdings(14)(footnote: Including banking activities.) underlying earnings remained stable at EUR -1.2 billion.\n* Asset Management underlying earnings decreased by EUR 0.2 billion due to the disposal of AXA IM on July 1, 2025.\n* Underlying earnings per share(2)(footnote: '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.\n* This increase was mainly driven by:\n** Increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** Impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.\n* These positive drivers were partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback."

"content": "* Net income increased by 26% to EUR 9.8 billion.\n* This increase mainly reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM (AXA Investment Managers).\n\n=== Balance sheet ==="

"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.\n* The decrease in shareholders' equity was due to: FY24 (Full year 2024) dividend paid (EUR -4.6bn), share buybacks (EUR -4.7bn) including a EUR 3.5bn anti-dilutive buyback (Share buyback) related to the AXA IM (AXA Investment Managers) sale, and an unfavorable foreign exchange impact (EUR -3.5bn) from USD depreciation.\n* These negative impacts on shareholders' equity were partly offset by net income (EUR +9.8bn) and net OCI (EUR +1.3bn).\n* CSM(1)(footnote: Change in gross written premiums \u0026 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.)(15)(footnote: Including P\u0026C. 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.\n* Normalized growth in CSM was +2%, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).\n* Favorable market conditions, mainly from tightening government spreads and positive equity market performance, had a EUR +0.6bn impact on CSM.\n* This was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of the Japanese yen and Hong Kong dollar, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows."

"content": "* Solvency II ratio(5)(footnote: 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 versus December 31, 2024.\n* The increase in Solvency II ratio was due to: strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets (+4 points).\n* These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima) and disposal of AXA IM (AXA Investment Managers), including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualify as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points(10)(footnote: 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.)."

"heading": "Underlying return on equity and debt gearing",

"content": "* Underlying return on equity(2)(footnote: '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 points versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity.\n* Debt gearing(2)(footnote: '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.\n* The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn).\n* This was partly offset by the redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).\n* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026."

"pages": [

3

],

"heading": "Cash at Holding",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

"content": "* Cash at Holding(16)(footnote: 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.\n* This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.\n\n== Capital management and outlook ==\n\n=== Capital management ==="

},

{

"id": "chq99br5nr-c16",

"chunk": 16,

"heading": "Shareholder returns",

"content": "* A dividend of EUR 2.32 per share (+8% vs FY24 (Full year 2024)) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 (Year 2026)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.).\n* The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.\n* AXA's Board of Directors approved on February 25, 2026, an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the Shareholders' Annual General Meeting authorization.\n* AXA intends to cancel all shares repurchased under this program.\n* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end.\n\n=== Outlook ==="

"id": "chq99br5nr-c17",

"chunk": 17,

"content": "**'Unlock the Future' plan and financial targets**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management."

"id": "chq99br5nr-c18",

"chunk": 18,

"heading": "Business segment outlook",

"content": "* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* The Group guidance for normalized natural catastrophe(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at ca. 4.5 points of combined ratio for 2026 (Year 2026).\n* Life \u0026 Health: earnings growth is expected from the short-term business due to disciplined pricing and claims management.\n* The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time."

"id": "chq99br5nr-c19",

"chunk": 19,

"heading": "Holdings results and overall financial targets",

"Year 2026",

"content": "* Results in Holdings in 2026 (Year 2026) are expected to remain similar to 2025 levels.\n* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong operating performance in 2025.\n* Targets include: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for 2023-2026E and for 2026(9)(footnote: 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.).\n* Targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.\n* Targets include: (iii) cumulative organic cash upstream in excess of EUR 21bn for 2024-2026E.\n* The Group is committed to its capital management policy(19)(footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.), targeting a total payout ratio of 75%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.\n* The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

"id": "chq99br5nr-c20",

"chunk": 20,

"heading": "[t. 4] - Key figures – Property \u0026amp; Casualty",

"Full year 2024",

"Full year 2025",

"content": "**Key figures – Property \u0026 Casualty (Property \u0026 casualty)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis | FY25 Price effect(12) (in %) |\n| --- | --- | --- | --- | --- |\n| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |\n| o/w Commercial lines(11) | 34.9 | 35.8 | +4% | +1.9% |\n| o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% |\n| o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |\n\n| in Euro million | FY24 | FY25 | Change at constant Forex |\n| --- | --- | --- | --- |\n| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt |\n| Underlying earnings | 5,510 | 5,872 | +9% |"

"id": "chq99br5nr-c21",

"chunk": 21,

"Gross written premiums \u0026 other revenues"

"content": "* Gross written premiums \u0026 other revenues were up 5% to EUR 58.0bn.\n* Commercial lines grew by 4% to EUR 35.8bn, driven by:\n** 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.\n** Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) +13% mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico.\n** France +6% from favorable price effects in all lines of business (Business mix) and higher volumes.\n* Personal lines grew by 7% to EUR 19.7bn, driven by:\n** Europe +5% from favorable price effects across geographies, except in UK \u0026 Ireland Motor, where pricing softened following strong repricing in 2024.\n** Asia, Africa \u0026 EME-LATAM +14% driven by Türkiye from higher average premiums and volumes.\n** France +9% with strong volume growth in all lines of business, from both direct business and proprietary agent networks, combined with favorable price effects in Motor.\n* 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."

"id": "chq99br5nr-c22",

"chunk": 22,

"content": "* The all-year combined ratio improved by 0.3 points to 90.6%, mainly driven by:\n** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 points) from further margin expansion in Commercial lines (-0.5 points), driven by SME \u0026 mid-market business (-0.9 points) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 points).\n** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 points) from further margin expansion in Personal lines (-0.4 points) in a conducive pricing environment.\n** Lower expense ratio (-0.3 points) primarily from lower non-commission expense ratio reflecting efficiency gains.\n** Lower natural catastrophe charges (-0.4 points to 3.4%) more than offset by lower prior years' reserve development (+0.7 points at -1.1%)."

"id": "chq99br5nr-c23",

"chunk": 23,

"content": "* P\u0026C (Property \u0026 casualty) underlying earnings were up 9% to EUR 5.9bn, driven by:\n** Increase in technical result (+EUR 0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.\n** Higher financial result (+EUR 0.2bn) thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.\n** Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.\n\n== Life \u0026 Health =="

"id": "chq99br5nr-c24",

"chunk": 24,

"heading": "[t. 6] - Key figures – Life \u0026amp; Health",

"Gross written premiums \u0026 other revenues",

"Underlying earnings"

"content": "**Key figures – Life \u0026 Health (Life \u0026 health)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis |\n| --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) | 52.0 | 56.5 | +8% |\n| o/w Life | 34.5 | 37.5 | +9% |\n| o/w Health | 17.5 | 19.0 | +5% |\n| PVEP(1,21) | 50.9 | 49.4 | -2% |\n| NB CSM(1,21) | 2.2 | 2.2 | +3% |\n| NBV (post-tax)(1,21) | 2.3 | 2.2 | 0% |\n| NBV margin(1,21) | 4.4% | 4.5% | +0.1 pt |\n| Net flows(21) | +1.5 | +5.4 | — |\n\n| in Euro million | FY24 | FY25 | Change at constant forex |\n| --- | --- | --- | --- |\n| Underlying earnings | 3,323 | 3,501 | +7% |\n| o/w Life | 2,636 | 2,715 | +4% |\n| o/w Health | 687 | 787 | +17% |\n\n=== Gross written premiums \u0026 other revenues were up 8% to Euro 56.5 billion. ==="

"id": "chq99br5nr-c25",

"chunk": 25,

"content": "* Life GWP (Gross written premiums) grew by 9% to EUR 37.5bn, mainly from:\n** Unit-Linked (+13%) driven by successful sales initiatives across all geographies.\n** G/A(13)(footnote: General account.) (+4%) notably in France (+4%) and elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong.\n** Protection (11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland.\n* Health GWP grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes."

"id": "chq99br5nr-c26",

"chunk": 26,

6,

7

"id": "chq99br5nr-c27",

"chunk": 27,

"heading": "NB CSM and NBV",

"id": "chq99br5nr-c28",

"chunk": 28,

"id": "chq99br5nr-c29",

"chunk": 29,

"id": "chq99br5nr-c30",

"chunk": 30,

"id": "chq99br5nr-c31",

"chunk": 31,

"heading": "[t. 8] - Insurer financial strength ratings and AXA's credit ratings by Agency",

"content": "**Insurer financial strength ratings and AXA's credit ratings by Agency**\n\n| Agency | Date of last review | Insurer financial strength ratings AXA SA | Insurer financial strength ratings AXA's principal insurance subsidiaries | Insurer financial strength ratings Outlook | AXA's credit ratings (22) Senior debt of the Company | AXA's credit ratings (22) Short-term debt of the Company |\n| --- | --- | --- | --- | --- | --- | --- |\n| S\u0026P Global Ratings | October 3, 2025 | A+ | AA- | Positive | A+ | A-1+ |\n| Moody's Investor Service | October 8, 2025 | Aa2 | Aa2 | Stable | Aa3 | P-1 |\n| AM Best | October 9, 2025 | A+ Superior | — | Stable | aa Superior | — |\n\n(22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.\n\n=== Glossary ==="

"id": "chq99br5nr-c32",

"chunk": 32,

"heading": "Glossary of financial terms",

"content": "* 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%.\n* Contractual service margin (\"CSM\") is 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.\n* CSM release is the portion of CSM stock net of reinsurance at the 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.\n* Economic variance is the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.\n* Financial result includes 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.\n* Gross written premiums and other revenues include insurance premiums collected during the period (risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).\n* Other Revenues represent premiums and fees collected on activities other than insurance (banking, services, and asset management activities).\n* New business contractual service margin (\"NB CSM\") is 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.\n* New business value (\"NBV\") is the value of newly issued contracts during the current year, consisting of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.\n* New business value margin (\"NBV Margin\") is the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.\n* Operating variance is the variation of the year-end CSM vs the expected at opening due to (i) 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.\n* Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.\n* PVEP is discounted at the reference interest rate and is Group share.\n* Technical experience consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses.\n* Underlying return on in-force is the release of the time value of options \u0026 guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n== Scope and exchange rates ==\n\n=== Scope ==="

"heading": "scope of reporting by geography and entity",

"AXA XL",

"AXA Transversal \u0026 Other",

"AXA Investment Managers"

"AXA Investment Managers",

"AXA Transversal \u0026 Other",

"AXA XL",

"content": "* France: includes insurance activities, banking activities, and holding.\n* 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)(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM):\n** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding the bancassurance entity), China P\u0026C, South Korea, and Asia Holdings are fully consolidated.\n** Asia: China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed on March 11, 2024, and holding) businesses are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income.\n** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.\n** EME-LATAM: AXA Mediterranean Holdings is included.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.\n* AXA Investment Managers(24)(footnote: Disposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.\n\n=== Exchange rates ==="

"id": "chq99br5nr-c34",

"chunk": 34,

"heading": "[t. 9] - Exchange rates",

"content": "**Exchange rates**\n\n| For 1 Euro | End of Period Exchange rate FY24 (Full year 2024) | End of Period Exchange rate FY25 (Full year 2025) | Average Exchange rate FY24 | Average Exchange rate FY25 |\n| --- | --- | --- | --- | --- |\n| USD | 1.04 | 1.17 | 1.08 | 1.13 |\n| CHF | 0.94 | 0.93 | 0.95 | 0.94 |\n| GBP | 0.83 | 0.87 | 0.85 | 0.86 |\n| JPY | 163 | 184 | 164 | 169 |\n| HKD | 8.04 | 9.14 | 8.44 | 8.82 |\n\n== Notes =="

"id": "chq99br5nr-c35",

"chunk": 35,

"id": "chq99br5nr-c36",

"chunk": 36,

"heading": "Basis of reporting and financial statements",

"content": "* All comments and changes are on a comparable basis for activity indicators (constant forex, scope, and methodology).\n* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.\n* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026 (Year 2026).\n* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors."

"id": "chq99br5nr-c37",

"chunk": 37,

"heading": "Company overview and legal information",

"content": "* The AXA Group (AXA) has 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues amounted to Euro 115.5 billion and IFRS17 underlying earnings to Euro 8.4 billion.\n* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.\n* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).\n* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.\n* Individual Shareholder Relations contact: +33.1.40.75.48.43.\n* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.\n* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.\n* 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.\n* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.\n* This press release and regulated information are available on the AXA Group website (axa.com).\n* Certain statements in the press release are forward-looking, identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like “would” and “could”.\n* Statements regarding expected underlying earnings per share (“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026) are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.\n* Forward-looking statements are based on Management’s current views and intentions and are subject to change, risks, and uncertainties outside AXA’s control.\n* Undue reliance should not be placed on forward-looking statements, which speak only at the date of the press release.\n* Refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024, for important factors, risks, and uncertainties.\n* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management for analyzing operating trends and financial performance.\n* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.\n* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.\n* “Underlying earnings”, UEPS (“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.\n* AXA provides a reconciliation of APMs to related financial statement items in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.\n* Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"id": "chq99br5nr-c38",

"chunk": 38,

"heading": "[t. 10] - Gross written premiums and other revenues by geography and business line",

"content": "**Gross written premiums and other revenues by geography and business line (Business mix)**\n\n| In EUR million | Gross Written Premiums and Other Revenues FY24 (Full year 2024) | Gross Written Premiums and Other Revenues FY25 (Full year 2025) | Gross Written Premiums and Other Revenues Change on a reported basis | Gross Written Premiums and Other Revenues Change on a comparable basis | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty Change on a comparable basis | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health Change on a comparable basis | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management Change on a comparable basis |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France(i) | 28,996 | 30,598 | +6% | +6% | 9,648 | +7% | 20,852 | +5% | — | — |\n| Europe (AXA Europe) | 39,298 | 43,005 | +9% | +6% | 21,257 | +4% | 21,748 | +8% | — | — |\n| AXA XL | 19,383 | 19,277 | -1% | +4% | 19,159 | +4% | 118 | -8% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 19,083 | 19,925 | +4% | +13% | 6,257 | +13% | 13,668 | +13% | — | — |\n| Transversal | 1,856 | 1,844 | -1% | -1% | 1,718 | -1% | 126 | -8% | — | — |\n| AXA Investment Managers | 1,701 | 875 | -49% | +4% | — | — | — | — | 875 | +4% |\n| Total(i) | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% |\n\n(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.\n\n== Appendix 2: Underlying earnings by geography and by business line =="

"id": "chq99br5nr-c39",

"chunk": 39,

"heading": "[t. 11] - Underlying earnings by geography and by business line",

"content": "**Underlying earnings by geography and by business line (Business mix)**\n\n| In EUR million | Underlying earnings FY24 (Full year 2024) | Underlying earnings FY25 (Full year 2025) | Underlying earnings Change at constant Forex | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty Change at constant Forex | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health Change at constant Forex | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management Change at constant Forex |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 2,071 | 2,224 | +7% | 1,237 | +7% | 1,039 | +8% | — | — |\n| Europe (AXA Europe) | 3,187 | 3,486 | +9% | 2,216 | +9% | 1,264 | +14% | — | — |\n| AXA XL | 1,820 | 1,893 | +9% | 1,913 | +9% | 12 | -49% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 1,504 | 1,493 | +6% | 355 | +24% | 1,165 | 0% | — | — |\n| Transversal | -907 | -903 | 0% | 151 | -4% | 22 | +16% | — | — |\n| AXA Investment Managers | 402 | 175 | -57% | — | — | — | — | 175 | -57% |\n| Total(i) | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% |\n\n(i) Including underlying earnings of Holdings and Banking.\n\n== Appendix 3: Property \u0026 Casualty – gross written premiums \u0026 other revenues by business line and discount rates =="

"id": "chq99br5nr-c40",

"chunk": 40,

"heading": "[t. 12] - Total P\u0026amp;C by geography and business line",

"AXA XL",

"content": "**Total P\u0026C (Property \u0026 casualty) by geography and business line (Business mix)**\n\n| In EUR million | Commercial lines Total Commercial | Commercial lines Change(i) | Personal lines Personal Motor | Personal lines Change(i) | Personal lines Personal Non-Motor | Personal lines Change(i) | AXA XL Reinsurance Total Personal | AXA XL Reinsurance Change(i) | AXA XL Reinsurance Total Reinsurance | AXA XL Reinsurance Change(i) | Total P\u0026C FY25 (Full year 2025) | Total P\u0026C Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 5,077 | +6% | 2,693 | +9% | 1,877 | +10% | 4,570 | +9% | - | - | 9,648 | +7% |\n| Europe (AXA Europe) | 9,179 | +1% | 7,434 | +6% | 4,644 | +5% | 12,078 | +5% | - | - | 21,257 | +4% |\n| AXA XL | 16,604 | +3% | - | - | - | - | - | - | 2,555 | +8% | 19,159 | +4% |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 3,193 | +13% | 2,315 | +14% | 749 | +12% | 3,064 | +14% | - | - | 6,257 | +13% |\n| Transversal | 1,718 | -1% | - | - | - | - | - | - | - | - | 1,718 | -1% |\n| Total | 35,771 | +4% | 12,443 | +8% | 7,269 | +7% | 19,712 | +7% | 2,555 | +8% | 58,038 | +5% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n\n| | FY24 (Full year 2024)(i) | FY25(ii) |\n| --- | --- | --- |\n| EUR | 2.8% | 2.6% |\n| USD | 4.4% | 4.2% |\n| JPY | 0.4% | 1.0% |\n| GBP | 4.3% | 4.3% |\n| CHF | 0.8% | 0.2% |\n| HKD | 3.7% | 3.2% |\n\n(i) Calculated as monthly average from January 2024 to December 2024\n(ii) Average of monthly opening discount rates of 2025\n\n== Appendix 4: Property \u0026 Casualty – price effect \u0026 2026 market pricing trends ==\n\n=== P\u0026C: Price effects i by country and business line ==="

"id": "chq99br5nr-c41",

"chunk": 41,

"heading": "[t. 14] - P\u0026amp;C: Price effects by country and business line",

"AXA XL",

"content": "**P\u0026C (Property \u0026 casualty): Price effects by country and business line (Business mix)**\n\n| FY25 (Full year 2025) (in %) | Commercial lines | Personal lines | AXA XL Reinsurance | 2026 (Year 2026) Market pricing trends |\n| --- | --- | --- | --- | --- |\n| France (AXA France) | +4.0% | +3.3% | — | Moderation of price increase |\n| Europe (AXA Europe) | +3.1% | +5.4% | — | — |\n| Switzerland | +3.0% | +5.0% | — | Continued price increases both in Personal and Commercial lines |\n| Germany | +3.1% | +10.3% | — | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation |\n| Belgium \u0026 Luxembourg | +2.5% | +4.4% | — | Price increase broadly in line with 2025 |\n| UK \u0026 Ireland | +1.4% | -2.6% | — | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines |\n| Spain | +8.8% | +8.6% | — | Moderation of price increase |\n| Italy | +5.2% | +5.3% | — | Moderation of price increase |\n| AXA XL(ii) | +0.2% | — | +0.3% | Softening prices with conditions varying by lines |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | +3.8% | +7.1% | — | Moderation of price increase |\n| Total | +1.9% | +5.2% | +0.3% | — |\n\n(i) i. Price effect calculated as a percentage of total gross written premiums in the prior year.\n(ii) 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.\n\n== Appendix 5: Life \u0026 Health – gross written premiums \u0026 other revenues and growth by business line =="

"id": "chq99br5nr-c42",

"chunk": 42,

"heading": "[t. 15] - Gross written premiums \u0026amp; other revenues by geography and business line",

"Gross written premiums \u0026 other revenues"

"content": "**Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by geography and business line (Business mix)**\n\n| Gross written premiums \u0026 other revenues In EUR million | Total FY25 (Full year 2025) | Total Change(i) | o/w Protection FY25 | o/w Protection Change(i) | o/w G/A Savings FY25 | o/w G/A Savings Change(i) | o/w Unit-Linked FY25 | o/w Unit-Linked Change(i) | o/w Health FY25 | o/w Health Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 20,852 | +5% | 4,650 | +6% | 5,483 | +4% | 5,109 | +10% | 5,611 | +2% |\n| Europe (AXA Europe) | 21,748 | +8% | 5,090 | +4% | 4,444 | +18% | 3,419 | +10% | 8,795 | +4% |\n| AXA XL | 118 | -8% | 59 | -6% | 59 | -10% | - | - | - | - |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 13,668 | +13% | 7,454 | +19% | 971 | -31% | 761 | +63% | 4,483 | +11% |\n| Transversal | 126 | -8% | - | - | - | - | - | - | 126 | -8% |\n| Total | 56,512 | +8% | 17,253 | +11% | 10,957 | +4% | 9,289 | +13% | 19,014 | +5% |\n| o/w short-term(ii) | 17,651 | +6% | 4,337 | +6% | — | — | — | — | 13,314 | +6% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n(ii) Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period\n\n== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin =="

"id": "chq99br5nr-c43",

"chunk": 43,

"heading": "[t. 16] - PVEP, NBV, and NBV margin by geography",

"content": "**PVEP, NBV, and NBV margin by geography**\n\n| Life New Business Metrics FY25 (Full year 2025) In EUR million | Life New Business Metrics FY25 PVEP | Life New Business Metrics FY25 Change(ii) | Life New Business Metrics FY25 NBV | Life New Business Metrics FY25 Change(ii) | Life New Business Metrics FY25 NBV margin | Life New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 PVEP | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV margin | Health(i) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 PVEP | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV margin | Total(ii) New Business Metrics FY25 Change(ii) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 14,971 | -4% | 519 | 0% | 3.5% | +0.1 pt | 7,887 | -20% | 177 | +13% | 2.2% | +0.7pt | 22,858 | -10% | 695 | +3% | 3.0% | +0.4pts |\n| Europe (AXA Europe) | 10,102 | +3% | 474 | -11% | 4.7% | -0.7pt | 2,549 | +16% | 104 | +36% | 4.1% | +0.6pt | 12,651 | +5% | 578 | -5% | 4.6% | -0.5pts |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 12,029 | +7% | 754 | +5% | 6.3% | -0.1pt | 1,817 | -6% | 205 | -12% | 11.3% | -0.8pt | 13,847 | +5% | 959 | +1% | 6.9% | -0.3pts |\n| Total | 37,103 | +1% | 1,747 | -1% | 4.7% | -0.1pt | 12,254 | -12% | 486 | +4% | 4.0% | +0.6pt | 49,357 | -2% | 2,233 | 0% | 4.5% | +0.1pt |\n\n**NB CSM to NBV**\n\n| In EUR million | Life | Health(i) | Total(i) |\n| --- | --- | --- | --- |\n| NB CSM (pre-tax) | 1,822 | 377 | 2,199 |\n| Other NBV (pre-tax) | 491 | 266 | 757 |\n| Tax \u0026 Other | -567 | -157 | -724 |\n| NBV | 1,747 | 486 | 2,233 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Changes are at comparable basis (constant forex, scope and methodology)\n\n== Appendix 7: Life \u0026 Health – net flows =="

"id": "chq99br5nr-c44",

"chunk": 44,

"heading": "[t. 18] - Net flows by business line",

"Full year 2025",

"Life \u0026 health"

"content": "**Net flows by business line (Business mix)**\n\n| In EUR billion | FY24 (Full year 2024) | FY25 (Full year 2025) |\n| --- | --- | --- |\n| Health(i) | +2.7 | +2.7 |\n| Protection | +3.2 | +4.9 |\n| G/A Savings | -3.6 | -3.7 |\n| o/w capital light(ii) | +2.2 | +1.2 |\n| o/w traditional G/A | -5.8 | -5.0 |\n| Unit-Linked(iii) | -0.8 | +1.5 |\n| Mutual Funds \u0026 Other | 0.0 | 0.0 |\n| Total Life \u0026 Health (Life \u0026 health)(i) net flows | +1.5 | +5.4 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%\n(iii) Including Investment contracts with no discretionary participation features (\u0026quot;DPF\u0026quot;)\n\n== Appendix 8: Main transactions and next main investor events =="

"id": "chq99br5nr-c45",

"chunk": 45,

"content": "* Announced the execution of a share repurchase (Share buyback) agreement for AXA's share buyback program of up to EUR 1.2 billion (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)\n* Announced the placement of EUR 1 billion Restricted Tier 1 Notes and EUR 1 billion Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025)\n* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)\n* Announced the execution of a share repurchase agreement of up to EUR 3.8 billion following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)\n* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)\n* Announced the placement of EUR 750 million Restricted Tier 1 Notes and EUR 750 million Tier 2 Notes (October 14, 2025)\n* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)\n\n=== Next main investor events ==="

"id": "chq99br5nr-c46",

"chunk": 46,

"heading": "Investor events",

"content": "* Shareholder's Annual General Meeting: April 30, 2026 (Year 2026)\n* First quarter 2026 Activity Indicators: May 5, 2026\n* HY26 Earnings Release: July 31, 2026\n* AXA Investor Day: September 21, 2026"