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Line 10: \| pages = 20 \| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf \| ~~summary_md~~ stored_file = <!File:AXA-2025-FY-Earnings ~~ARCHIVE_MD_LINK_HERE -->~~release.pdf \| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages). \| wide = yes Line 20: {{chunk\|doc=chq99br5nr\|c=1\|p=1}} '''[[Definition:Earnings release\|Earnings release]] date''' ~~'''Document metadata'''~~ * ~~Paris,~~[[Definition:Earnings release\|Earnings release]] date: February ~~26th~~26, [[Definition:Year 2026\|2026]], (6:45am CET). == Full Year 2025 Earnings == Line 29: '''[[Definition:Underlying earnings per share\|Underlying EPS]] growth''' * [[Definition:AXA\|AXA]] ~~reports~~reported record results with [[Definition:Underlying earnings per share\|underlying EPS]] growth at the top end of the [[Definition:Target range\|target range]]. == Key FY25 highlights == Line 36: '''Financial Performance''' * [[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]]{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}: EUR 116bn, +up +6% vs. [[Definition:Full year 2024\|FY24]] * [[Definition:Underlying earnings\|Underlying earnings]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 8.4bn, +up 6% vs. [[Definition:Full year 2024\|FY24]]; +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:Underlying earnings\|Underlying earnings]] excluding [[Definition:AXA Investment Managers\|AXA IM]]: up 9% vs. [[Definition:Full year 2024\|FY24]] * [[Definition:Underlying earnings per share\|Underlying earnings per share]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 3.86, ++8% vs. [[Definition:Full year 2024\|FY24]] * [[Definition:Underlying earnings per share\|Underlying earnings per share]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 3.86, up +8% vs. [[Definition:Full year 2024\|FY24]] ** Includes -2% [[Definition:Headwind\|headwind]] from [[Definition:Foreign exchange\|foreign exchange movements]] * [[Definition:Underlying earnings per share\|Underlying earnings per share]] included a -2% [[Definition:Headwind\|headwind]] from [[Definition:Foreign exchange\|foreign exchange movements]] ** Includes -1% 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.}} * [[Definition:Underlying earnings per share\|Underlying earnings per share]] included 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.}} {{chunk\|doc=chq99br5nr\|c=4\|p=1}} '''Solvency II Ratio''' * Solvency II ratio{{fn ref\|5\|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}: 224% at December 31, 2025, +up +9 points vs. [[Definition:Full year 2024\|FY24]] * Solvency II ratio: 215% on January 1, [[Definition:Year 2026\|2026]], reflecting the end of the grandfathering period{{fn ref\|6\|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} Line 60 ⟶ 61: {{chunk\|doc=chq99br5nr\|c=6\|p=1}} '''~~[[Definition:Year 2026\|2026]] outlook~~Outlook 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.}}. Line 70 ⟶ 71: * In 2025, [[Definition:AXA\|AXA]] delivered +9% earnings growth in its core businesses excluding [[Definition:AXA Investment Managers\|AXA IM]]. * The company used these results to enhance reserve prudence. * [[Definition:AXA\|AXA]] enhanced reserve prudence following strong results. * The [[Definition:Property & casualty\|P&C]] 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. * [[Definition:AXA XL\|AXA XL]] Insurance increased earnings with stable underlying margins. * [[Definition:Life & health\|Life & Health]] earnings rose by 7%. Life ~~earnings~~business reflected early benefits of the strategy to rejuvenate the business. Health ~~earnings~~ 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. * These results demonstrate the earnings power of [[Definition:AXA\|AXA]]'s well-diversified franchise and reinforce confidence in ~~generating~~its ability to generate sustainable, long-term value. * Thomas Buberl, Chief Executive Officer of [[Definition:AXA\|AXA]], thanked colleagues, agents, partners, and customers for their commitment and trust. Line 169 ⟶ 170: * Total [[Definition:Gross written premiums\|gross written premiums]] and [[Definition:Other revenue\|other revenues]]{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} were up 6%. * [[Definition:Property & casualty\|Property & Casualty]] ~~premiums increased~~: +5%. Commercial lines{{fn ref\|11\|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} ~~grew~~: +4%, ~~due~~driven toby 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 ~~grew~~: +7%, ~~due~~driven toby favorable price effects and strong growth in net new contracts in France, Europe, Asia & EME-LATAM. ** [[Definition:AXA XL\|AXA XL]] Reinsurance ~~grew~~: +8%, supported by alternative capital. * [[Definition:Life & health\|Life & Health]] ~~premiums increased~~: +8%. Life premiums: ~~were up~~ +9%. * Protection ~~grew~~: +11% from strong sales in Hong Kong, Switzerland, and Japan. * Unit-Linked ~~grew~~: +13% from higher volumes across all geographies. * G/A{{fn ref\|13\|2=General account.}} ~~grew~~: +4% from continued momentum in Italy and France. ** Health premiums: ~~were up~~ +5%, driven by price effects in all geographies. {{chunk\|doc=chq99br5nr\|c=10\|p=2}} '''[[Definition:Underlying earnings\|Underlying earnings]]''' * [[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 8.44bn, ~~billion~~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:Property & casualty\|Property & Casualty]]: +9%, driven by higher volumes, underwriting margin expansion, and increased financial result from higher investment income. * 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:Underlying earnings\|underlying earnings]] increased by +9%. ** [[Definition:Life & health\|Life & Health]]: +7%, from improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business. * This increase was driven by: Holdings{{fn ref\|14\|2=Including banking activities.}} [[Definition:Underlying earnings\|underlying earnings]] remained stable at EUR -1.2bn. [[Definition:Property & casualty\|Property & Casualty]]: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income. Asset Management [[Definition:Underlying earnings\|underlying earnings]] decreased by EUR 0.2bn due to the disposal of [[Definition:AXA Investment Managers\|AXA IM]] on July 1, 2025. [[Definition:Life & health\|Life & Health]]: +7% from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from business rejuvenation strategy. * Holdings{{fn ref\|14\|2=Including banking activities.}} [[Definition:Underlying earnings\|underlying earnings]] remained stable at EUR -1.2 billion. * Asset Management [[Definition:Underlying earnings\|underlying earnings]] decreased by EUR 0.2 billion due to the disposal of [[Definition:AXA Investment Managers\|AXA IM]] on July 1, 2025. * [[Definition:Underlying earnings per share\|Underlying earnings per share]]{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 8% to EUR 3.86. ** This was mainly driven by the increase in [[Definition:Underlying earnings\|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. * This increase was mainly driven by: Also driven by the impact of [[Definition:Share buyback\|share buybacks]] (+3%), including the annual [[Definition:Share buyback\|share buyback]] program and the anti-dilutive [[Definition:Share buyback\|share buyback]] associated with the sale of [[Definition:AXA Investment Managers\|AXA IM]]. Increase in [[Definition:Underlying earnings\|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. Partially offset by the unfavorable impact of [[Definition:Foreign exchange\|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). Impact of [[Definition:Share buyback\|share buybacks]] (+3%), including the annual [[Definition:Share buyback\|share buyback]] program and the anti-dilutive [[Definition:Share buyback\|share buyback]] associated with the sale of [[Definition:AXA Investment Managers\|AXA IM]]. * The sale of [[Definition:AXA Investment Managers\|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share\|underlying earnings per share]] due to the timing of the associated [[Definition:Share buyback\|share buyback]] (-1%). * These positive drivers were partially offset by the unfavorable impact of [[Definition:Foreign exchange\|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). * The sale of [[Definition:AXA Investment Managers\|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share\|underlying earnings per share]] (-1%) due to the timing of the associated [[Definition:Share buyback\|share buyback]]. {{chunk\|doc=chq99br5nr\|c=11\|p=2}} '''Net income''' * Net income increased by 26% to EUR 9.~~8 billion~~8bn. * 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]]. === Balance sheet === Line 208 ⟶ 206: '''Shareholders' equity and CSM''' * Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn ~~versus~~vs. 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 (EUR -4.6bn), [[Definition:Share buyback\|share buybacks]] (EUR -4.7bn) including a EUR 3.5bn anti-dilutive [[Definition:Share buyback\|buyback]] ~~related to the~~for [[Definition:AXA Investment Managers\|AXA IM]] sale, and an unfavorable [[Definition:Foreign exchange\|foreign exchange]] impact (EUR -3.5bn) mainly from USD depreciation. * CSM{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|15\|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs. December 31, 2024. * These negative impacts on shareholders' equity were partly offset by net income (EUR +9.8bn) and net OCI (EUR +1.3bn). * CSM normalized growth was +2%, with new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) offsetting CSM release (EUR -3.0bn). * CSM{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|15\|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024. * Market conditions had a favorable impact of EUR +0.6bn, driven by tightening government spreads and positive equity market performance. * 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). * This was offset by unfavorable [[Definition:Foreign exchange\|foreign exchange]] impacts (EUR -1.5bn), mainly from JPY and HKD depreciation, and a negative operating variance (EUR -0.3bn) due to better margins and net flows being offset by reduced duration of Group Life business in Switzerland. * Favorable market conditions, mainly from tightening government spreads and positive equity market performance, had a EUR +0.6bn impact on CSM. * This was more than offset by unfavorable [[Definition:Foreign exchange\|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. {{chunk\|doc=chq99br5nr\|c=13\|p=3}} '''Solvency II ratio''' * 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 ~~versus~~vs. December 31, 2024. * ~~The~~Drivers ~~increase in~~of Solvency II ratio ~~was due to~~change: 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 (+4 points). * These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima) and 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 ~~qualify~~qualifying as eligible own funds~~, resulting in a -10 point decrease in the Solvency II ratio to 215%~~. * The Group estimates 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. {{chunk\|doc=chq99br5nr\|c=14\|p=3}} '''Financial metrics''' ~~'''Underlying return on equity and debt gearing'''~~ * 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 ~~points~~point ~~versus~~vs. December 31, 2024, ~~notably~~due ~~from~~to higher [[Definition:Underlying earnings\|underlying earnings]] and lower shareholders' equity. * Debt gearing{{fn ref\|2\|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 22.3% as of December 31, 2025, up 1.7 points ~~versus~~vs. December 31, 2024. * ~~The increase in debt~~Debt gearing increase was driven by lower shareholders' equity and CSM, ~~as well as~~and 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). * This was partly offset by the redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). * The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026. * 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 vs. December 31, 2024. * This increase reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024. ~~{{chunk\|doc=chq99br5nr\|c=15\|p=3}}~~ ~~'''Cash at Holding'''~~ * Cash at Holding{{fn ref\|16\|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024. * This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024. == Capital management and outlook == Line 244 ⟶ 236: === Capital management === {{chunk\|doc=chq99br5nr\|c=1615\|p=4}} '''Shareholder ~~returns~~distributions''' * A [[Definition:Dividend\|dividend]] of EUR 2.32 per share (+8% vs [[Definition:Full year 2024\|FY24]]) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026\|2026]]{{fn ref\|7\|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}. * The [[Definition:Dividend\|dividend]] is expected to be paid on May 13, [[Definition:Year 2026\|2026]], with an ex-dividend date on May 11, [[Definition:Year 2026\|2026]]. * [[Definition:AXA\|AXA]]'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. * [[Definition:AXA\|AXA]] intends to cancel all shares repurchased under this program. * 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. Line 256 ⟶ 248: === Outlook === {{chunk\|doc=chq99br5nr\|c=1716\|p=4}} ''''Unlock the Future' plan targets and ~~financial targets~~strategy''' * [[Definition:AXA\|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan. * ~~Confidence~~This confidence is ~~underpinned~~based ~~by: (i)~~on profitable organic growth, ~~(ii)~~ scaling technical capabilities across businesses, and ~~(iii)~~ driving operational efficiency through reinforced cost management. {{chunk\|doc=chq99br5nr\|c=1817\|p=4}} '''[[Definition:Business mix\|Business ~~segment~~line]] outlook''' * [[Definition:Property & casualty\|P&C]] Retail and SME & Mid-market: pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions. * [[Definition:AXA XL\|AXA XL]]: pricing conditions vary by line; the Group will ~~ensure~~continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. * The Group guidance for normalized natural catastrophe{{fn ref\|18\|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca. 4.5 points of combined ratio for [[Definition:Year 2026\|2026]]. * [[Definition:Life & health\|Life & Health]]: earnings growth is expected from the short-term business due to disciplined pricing and claims management. * The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time. * Holdings: results in [[Definition:Year 2026\|2026]] are expected to remain similar to 2025. {{chunk\|doc=chq99br5nr\|c=1918\|p=4}} '''Financial targets and [[Definition:Capital management\|capital management]]''' ~~'''Holdings results and overall financial targets'''~~ * Management believes [[Definition:AXA\|AXA]] is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong overall operating performance in 2025. * Results in Holdings in [[Definition:Year 2026\|2026]] are expected to remain similar to 2025 levels. * [[Definition:Underlying earnings per share\|Underlying earnings per share]] growth: at the upper end of the 6-8% CAGR [[Definition:Target range\|target range]] for both the 2023-2026E plan period and for [[Definition:Year 2026\|2026]]{{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.}}. * Management believes [[Definition:AXA\|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. * Underlying return on equity: between 14% and 16% between 2024 and 2026E. * Targets include: (i) [[Definition:Underlying earnings per share\|underlying earnings per share]] growth at the upper end of the 6-8% CAGR [[Definition:Target range\|target range]] for 2023-2026E and for [[Definition:Year 2026\|2026]]{{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.}}. * ~~Targets~~Cumulative ~~include:~~organic ~~(ii)~~cash ~~underlying~~upstream: ~~return~~in onexcess ~~equity~~of ~~between~~Euro ~~14%~~21 ~~and~~billion ~~16% between~~for 2024 ~~and~~ -2026E. * Targets include: (iii) cumulative organic cash upstream in excess of EUR 21bn for 2024-2026E. * The Group is committed to its [[Definition:Capital management\|capital management]] policy{{fn ref\|19\|2=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 [[Definition:Payout ratio\|payout ratio]] of 75%{{fn ref\|20\|2=Payout ratio is calculated based on underlying earnings per share.}}. * ~~The~~This total [[Definition:Payout ratio\|payout ratio]] comprises a 60% [[Definition:Dividend\|dividend]] [[Definition:Payout ratio\|payout ratio]] and an additional 15% from annual [[Definition:Share buyback\|share buybacks]]. * The proposed [[Definition:Dividend\|dividend]] per share in a given year is expected to be at least equal to the [[Definition:Dividend\|dividend]] per share paid in the prior year. == Property & Casualty == {{chunk\|doc=chq99br5nr\|c=2019\|p=5}} <div style="overflow-x:auto"> Line 344 ⟶ 336: </div> {{chunk\|doc=chq99br5nr\|c=2120\|p=5}} '''[[Definition:Gross written premiums & other revenues\|Gross written premiums & other revenues]]''' * [[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 margins, including [[Definition:Property, ~~and~~& incasualty\|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 driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico. ** France (+6%) from favorable price effects in all [[Definition:Business mix\|lines of business]] and higher volumes. * Personal lines grew by 7% to EUR 19.7bn, driven by: Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024. [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] (+14%) driven by Türkiye from higher average premiums and volumes. ** France (+9%) with strong volume growth in all [[Definition:Business mix\|lines of business]], from ~~both~~ direct business and proprietary agent networks, combined with favorable price effects in Motor. * [[Definition:AXA XL\|AXA XL]] Reinsurance grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by a softening in other lines. {{chunk\|doc=chq99br5nr\|c=2221\|p=5}} '''Combined ratio''' * The all-year combined ratio improved by 0.3 points to 90.6%, mainly driven by: Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 points) from further margin expansion in Commercial lines (-0.5 points), driven by the SME & mid-market business (-0.9 points) in a favorable pricing environment, while margins at [[Definition:AXA XL\|AXA XL]] Insurance were stable at attractive levels (+0.1 points). 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. Lower expense ratio (-0.3 points) primarily from lower non-commission expense ratio reflecting efficiency gains. 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%). {{chunk\|doc=chq99br5nr\|c=2322\|p=6}} '''[[Definition:Property & casualty\|P&C]] [[Definition:Underlying earnings\|underlying earnings]]''' * [[Definition:Property & casualty\|P&C]] [[Definition:Underlying earnings\|underlying earnings]] were up 9% to EUR 5.9bn, driven by: Increase in technical result (+EUR +0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin. Higher financial result (+EUR +0.2bn) 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. ** Partly offset by higher income taxes (-EUR -0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings\|underlying earnings]]. == Life & Health == {{chunk\|doc=chq99br5nr\|c=2423\|p=6}} <div style="overflow-x:auto"> {\| id="t6" class="wikitable fintable" \|+ 6 <nowiki>\|</nowiki> ~~Key figures:~~ [[Definition:Life & health\|Life & Health]] [[Definition:Gross written premiums & other revenues\|gross written premiums & other revenues]], PVEP, NB CSM, NBV, NBV margin, and net flows, [[Definition:Full year 2024\|FY24]] vs [[Definition:Full year 2025\|FY25]]. \|- ! style="text-align:left" \| In EUR billion Line 458 ⟶ 450: === Gross written premiums & other revenues were up 8% to Euro 56.5 billion. === {{chunk\|doc=chq99br5nr\|c=2524\|p=6}} '''[[Definition:Life & health\|Life & Health]] [[Definition:Gross written premiums\|gross written premiums]]''' * 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 product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland. * Health [[Definition:Gross written premiums\|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. {{chunk\|doc=chq99br5nr\|c=2625\|p=6}} '''Present value of expected premiums''' Line 474 ⟶ 466: ** Health (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions. {{chunk\|doc=chq99br5nr\|c=2726\|p=7}} '''NBNew ~~CSM~~business ~~and NBV~~value''' * NB CSM{{fn ref\|1\|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref\|21\|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. Line 481 ⟶ 473: * 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 0.1 point to 4.5%. {{chunk\|doc=chq99br5nr\|c=2827\|p=7}} '''Net flows''' Line 490 ⟶ 482: ** Partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn). {{chunk\|doc=chq99br5nr\|c=2928\|p=7}} '''[[Definition:Life & health\|Life & Health]] [[Definition:Underlying earnings\|underlying earnings]]''' Line 501 ⟶ 493: == Holdings == {{chunk\|doc=chq99br5nr\|c=3029\|p=7}} '''Holdings [[Definition:Underlying earnings\|underlying earnings]]''' Line 510 ⟶ 502: === Ratings === {{chunk\|doc=chq99br5nr\|c=3130\|p=8}} <div style="overflow-x:auto"> Line 554 ⟶ 546: === Glossary === {{chunk\|doc=chq99br5nr\|c=3231\|p=8}} '''~~Glossary~~IFRS of17 ~~financial terms~~metrics''' * 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") 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. * CSM release is: the portion of CSM stock net of reinsurance at ~~the~~period 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 is: the variance of ~~the~~ year-end CSM ~~arising~~ from changes in market conditions, net of the underlying return on in-force. * Financial result ~~includes~~: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, ~~as well as~~and 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:Gross written premiums\|Gross written premiums]] and [[Definition:Other revenue\|other revenues]] ~~include~~: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). * [[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") 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. * 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.: ** the NB CSM * 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. the present value of future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals ~~{{chunk\|doc=chq99br5nr\|c=32\|p=9\|cont=1}}~~ the present value of future profits of pure investment contracts accounted for under IFRS 9 * 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. ** net of the cost of reinsurance, taxes, and minority interests * 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. * New business value margin ("NBV Margin"): the ratio of NBV (value of newly issued contracts during the current year) to PVEP. {{chunk\|doc=chq99br5nr\|c=31\|p=9\|cont=1}} * Operating variance: the variation of year-end CSM versus expected at opening due to: differences between realized and expected operational assumptions changes in assumptions such as mortality, longevity, lapses, and expenses ** impact of model changes * Operating variance is net of reinsurance. * Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of total premiums expected to be received over the policy term. * PVEP is discounted at the reference interest rate and is Group share. * Technical experience: consists of ~~the~~ impacts on ~~the~~ [[Definition:Underlying earnings\|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.from: ** the difference between expected and incurred cash-flows in the defined period * Underlying return on in-force is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. the risk adjustment release changes in onerous contracts ** other long-term elements, mainly non-attributable expenses * Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. == Scope and exchange rates == === Scope === {{chunk\|doc=chq99br5nr\|c=32\|p=10}} '''Scope of France segment''' * France segment includes insurance activities, banking activities, and holding activities. {{chunk\|doc=chq99br5nr\|c=33\|p=10}} '''Scope of ~~reporting~~Europe ~~by geography and entity~~segment''' * Europe segment includes: * France: includes insurance activities, banking activities, and holding. ** Switzerland (insurance activities). * Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities){{fn ref\|23\|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}, and [[Definition:AXA\|AXA]] Life Europe (insurance activities). ~~[[Definition:AXA XL\|AXA XL]]: includes~~Germany (insurance ~~and reinsurance~~ activities and holding). Belgium and Luxembourg (insurance activities and holding). * [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]]: United Kingdom and Ireland (insurance activities and holding). Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty\|P&C]], Indonesia L&S (excluding the bancassurance entity), China [[Definition:Property & casualty\|P&C]], South Korea, and Asia Holdings are fully consolidated. Spain (insurance activities and holding). Asia: China L&S, Thailand L&S, the Philippines L&S and [[Definition:Property & casualty\|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) businesses are consolidated under the equity method and contribute only to NBV, PVEP, [[Definition:Underlying earnings\|underlying earnings]], and net income. Italy (insurance activities). Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated. ~~EME-LATAM: Mexico~~Prima (insurance activities),{{fn ~~Colombia~~ref\|23\|2=AXA ~~(insurance~~completed ~~activities),~~its ~~Brazil~~acquisition ~~(insurance~~of ~~activities~~a ~~and~~majority ~~holding),~~stake ~~and~~in ~~Türkiye~~Prima ~~(insurance~~in ~~activities~~Italy ~~and~~on ~~holding)~~November ~~are fully~~28, ~~consolidated~~2025.}}. ~~EME-LATAM~~[[Definition:AXA\|AXA]] ~~Russia~~Life ~~(Reso)~~Europe (insurance activities) ~~is consolidated under the equity method and contributes only to net income~~. ** ~~EME-LATAM:~~ [[Definition:AXA XL\|AXA XL]] ~~Mediterranean~~includes insurance and reinsurance ~~Holdings~~activities isand ~~included~~holding. * [[Definition:AXA Transversal & Other\|Transversal & Other]]: includes [[Definition:AXA\|AXA]] Assistance, [[Definition:AXA\|AXA]] Liabilities Managers, [[Definition:AXA\|AXA]] SA (including Group's internal reinsurance activity), and other Central Holdings. {{chunk\|doc=chq99br5nr\|c=34\|p=10}} * [[Definition:AXA Investment Managers\|AXA Investment Managers]]{{fn ref\|24\|2=Disposal to BNP Paribas completed on July 1, 2025.}}: includes [[Definition:AXA Investment Managers\|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method. '''Scope of [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] segment''' * [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] segment includes: Asia: * Fully consolidated: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty\|P&C]], Indonesia L&S (excluding bancassurance entity), China [[Definition:Property & casualty\|P&C]], South Korea, and Asia Holdings. * Consolidated under equity method (contributing to NBV, PVEP, [[Definition:Underlying earnings\|underlying earnings]], and net income): China L&S, Thailand L&S, Philippines L&S and [[Definition:Property & casualty\|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) businesses. Africa: * Fully consolidated: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding). EME-LATAM: * Fully consolidated: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding). * Consolidated under equity method (contributing to net income only): Russia (Reso) (insurance activities). ** [[Definition:AXA\|AXA]] Mediterranean Holdings. {{chunk\|doc=chq99br5nr\|c=35\|p=10}} '''Scope of [[Definition:AXA Transversal & Other\|Transversal & Other]] segment''' * [[Definition:AXA Transversal & Other\|Transversal & Other]] segment includes [[Definition:AXA\|AXA]] Assistance, [[Definition:AXA\|AXA]] Liabilities Managers, [[Definition:AXA\|AXA]] SA (including Group's internal reinsurance activity), and other Central Holdings. {{chunk\|doc=chq99br5nr\|c=36\|p=10}} '''Scope of [[Definition:AXA Investment Managers\|AXA Investment Managers]] segment''' * [[Definition:AXA Investment Managers\|AXA Investment Managers]]{{fn ref\|24\|2=Disposal to BNP Paribas completed on July 1, 2025.}} segment includes: Fully consolidated: [[Definition:AXA Investment Managers\|AXA Investment Managers]], Select (previously Architas), and Capza. Consolidated under equity method: Asian joint ventures. === Exchange rates === {{chunk\|doc=chq99br5nr\|c=3437\|p=10}} <div style="overflow-x:auto"> Line 642 ⟶ 675: == Notes == {{chunk\|doc=chq99br5nr\|c=3538\|p=11}} '''Notes''' Line 670 ⟶ 703: {{fn note\|1=24\|2=Disposal to BNP Paribas completed on July 1, 2025.}} {{chunk\|doc=chq99br5nr\|c=3639\|p=11}} '''Basis of ~~reporting~~preparation and financial ~~statements~~statement approval''' * All comments and changes for activity indicators are on a comparable basis ~~for activity indicators~~ (constant forex, scope, and methodology). * Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year. * [[Definition:AXA\|AXA]]'s consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026\|2026]]. * The financial statements are subject to completion of an audit procedure by [[Definition:AXA\|AXA]]'s statutory auditors. {{chunk\|doc=chq99br5nr\|c=3740\|p=12}} '''Company information and ~~legal~~cautionary ~~disclaimers~~statements''' * ~~The~~ [[Definition:AXA\|AXA Group]] ~~is a worldwide leader in insurance with~~has 156,000 employees serving over 92 million clients in 52 countries. * In 2025, IFRS17 revenues ~~amounted to~~were Euro 115.5 ~~billion and IFRS17 [[Definition:Underlying earnings\|underlying earnings]] to Euro 8.4~~ billion. * In 2025, IFRS17 [[Definition:Underlying earnings\|underlying earnings]] were Euro 8.4 billion. * Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com. * The [[Definition:AXA\|AXA]] ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). Line 688 ⟶ 722: * Individual Shareholder Relations contact: +33.1.40.75.48.43. * Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com. * The [[Definition:AXA\|AXA Group]] is included in ~~main~~ international SRI indexes~~, such~~ aslike Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. * [[Definition:AXA\|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. * Forward-looking statements in the press release, 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]], are based on Management’s current views and intentions and are subject to change. * This press release and regulated information are available on the [[Definition:AXA\|AXA Group]] website (axa.com). * Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside [[Definition:AXA\|AXA]]’s control. * Certain statements in the press release are forward-looking, 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 provide one-off guidance for the last year of the Group’s current strategic plan. * [[Definition:AXA\|AXA]] disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations. * Forward-looking statements are subject to known and unknown risks and uncertainties, many outside [[Definition:AXA\|AXA]]’s control, and actual results may differ materially. * The press release refers to non-GAAP financial measures (APMs) used by Management, which may not be comparable to measures used by other companies. * [[Definition:AXA\|AXA]] disclaims any obligation to publicly update or revise forward-looking statements, except as required by law. * 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. * The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management. * "[[Definition:Underlying earnings\|Underlying earnings]]", [[Definition:Underlying earnings per share\|UEPS]], "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement. * These APMs generally have no standardized meaning and may not be comparable to measures used by other companies. * Reconciliations of APMs to IFRS financial statements and their calculation methodology are provided in [[Definition:AXA\|AXA]]’s 2025 Activity Report. * APMs should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS. * "[[Definition:Underlying earnings\|Underlying earnings]]", [[Definition:Underlying earnings per share\|UEPS]] (“[[Definition:Underlying earnings per share\|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. * Reconciliations of APMs to IFRS financial statements are provided in [[Definition:AXA\|AXA]]’s 2025 Activity Report. == Appendix 1: Gross written premiums et other revenues by geography and business line == {{chunk\|doc=chq99br5nr\|c=3841\|p=13}} <div style="overflow-x:auto"> Line 810 ⟶ 842: == Appendix 2: Underlying earnings by geography and by business line == {{chunk\|doc=chq99br5nr\|c=3942\|p=14}} <div style="overflow-x:auto"> Line 910 ⟶ 942: == Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates == {{chunk\|doc=chq99br5nr\|c=4043\|p=15}} <div style="overflow-x:auto"> Line 1,059 ⟶ 1,091: === P&C: Price effects i by country and business line === {{chunk\|doc=chq99br5nr\|c=4144\|p=16}} <div style="overflow-x:auto"> Line 1,144 ⟶ 1,176: == Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line == {{chunk\|doc=chq99br5nr\|c=4245\|p=17}} <div style="overflow-x:auto"> Line 1,253 ⟶ 1,285: == Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin == {{chunk\|doc=chq99br5nr\|c=4346\|p=18}} <div style="overflow-x:auto"> Line 1,399 ⟶ 1,431: == Appendix 7: Life & Health – net flows == {{chunk\|doc=chq99br5nr\|c=4447\|p=19}} <div style="overflow-x:auto"> Line 1,449 ⟶ 1,481: == Appendix 8: Main transactions and next main investor events == {{chunk\|doc=chq99br5nr\|c=4548\|p=20}} '''Main transactions in 2025''' * Announced the execution of a [[Definition:Share buyback\|share repurchase]] agreement for [[Definition:AXA\|AXA]]'s [[Definition:Share buyback\|share buyback]] program of up to EUR 1.~~2 billion~~2bn (February 28, 2025) * Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025) * Announced the placement of EUR ~~1 billion~~1bn Restricted Tier 1 Notes and EUR ~~1 billion~~1bn Tier 2 Notes (May 28, 2025) * Announced the execution of a [[Definition:Share buyback\|share repurchase]] agreement for [[Definition:AXA\|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025) * Announced the completion of the sale of [[Definition:AXA Investment Managers\|AXA Investment Managers]] to BNP Paribas (July 1, 2025) * Announced the execution of a [[Definition:Share buyback\|share repurchase]] agreement of up to EUR 3.~~8 billion~~8bn following the sale of [[Definition:AXA Investment Managers\|AXA IM]] (July 1, 2025) * Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025) * Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025) * Announced the placement of EUR ~~750 million~~750m Restricted Tier 1 Notes and EUR ~~750 million~~750m Tier 2 Notes (October 14, 2025) * Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025) === Next main investor events === {{chunk\|doc=chq99br5nr\|c=4649\|p=20}} '''Investor events [[Definition:Year 2026\|2026]]''' * [[Definition:Year 2026\|2026]] Shareholder's Annual General Meeting: April 30, [[Definition:Year 2026\|2026]] * First quarter [[Definition:Year 2026\|2026]] Activity Indicators: May 5, [[Definition:Year 2026\|2026]] * HY26 [[Definition:Earnings release\|Earnings Release]]: July 31, [[Definition:Year 2026\|2026]]