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| 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_releaseEarnings release.mdpdf
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
| wide = yes
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{{chunk|doc=chq99br5nr|c=7|p=1}}
'''2025 performance and businesssegment highlightsresults'''
 
* In 2025, [[Definition:AXA|AXA]] delivered +9% earnings growth in its core businesses, excluding [[Definition:AXA Investment Managers|AXA IM]].
* ExcellentThe resultscompany inused 2025these allowed for furtherresults enhancementto ofenhance reserve prudence.
* The [[Definition:Property & casualty|P&C]] franchise posted stellarstrong 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 earningsbusiness already reflectreflected early benefits of the strategy to rejuvenate the business.
** Health grew by 17%, even after absorbing the adverse change on VAT treatment in Mexico.
* Investments in automation and Artificial Intelligence are driving efficiency gains.
* The Solvency II ratio is at a very strong level.
* These results demonstrate the earnings power of [[Definition:AXA|AXA]]'s well-diversified franchise and reinforce confidence in its ability to generate sustainable, long-term value.
* Thomas Buberl, CEOChief Executive Officer of [[Definition:AXA|AXA]], thanked colleagues, agents, partners, and customers for their commitment and trust.
 
== FY25 key highlights ==
Line 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%, duedriven 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%, duedriven 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, billionor +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]] [[Definition:Underlying earnings|underlying earnings]] increased +9%, duedriven toby higher volumes, underwriting margin expansion, and increased financial resultsresult from higher investment income.▼
* [[Definition:Underlying earnings|Underlying earnings]] increased +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: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.
▲** [[Definition:Property & casualty|Property & Casualty]] [[Definition:Underlying earnings|underlying earnings]] increased +9% due to higher volumes, underwriting margin expansion, and increased financial results from higher investment income.
** [[Definition:LifeHoldings{{fn & healthref|14|Life2=Including &banking Health]]activities.}} [[Definition:Underlying earnings|underlying earnings]] increasedremained +7%stable dueat toEUR improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from the business rejuvenation strategy1.2bn.
** Holdings{{fnAsset ref|14|2=Including banking activities.}}Management [[Definition:Underlying earnings|underlying earnings]] remaineddecreased broadlyby stableEUR at0.2bn EURdue to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July -1.2, billion2025.
** 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 increase was mainly driven by the +6% increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** Also driven by the impact of [[Definition:Share buyback|Shareshare buybacks]] contributed (+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]].
** This was partiallyPartially offset by the unfavorable impact of [[Definition:Foreign exchange|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro, which caused a (-2% reduction).
* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] by -1% due to the timing of the associated [[Definition:Share buyback|share buyback]] (-1%).
 
{{chunk|doc=chq99br5nr|c=11|p=2}}
'''Net income'''
 
* Net income increased by 26% to EUR 9.8 billion8bn.
* This increase primarily reflects the riseincrease in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, includingnotably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
 
=== Balance sheet ===
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'''Shareholders' equity and CSM'''
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versusvs. December 31, 2024.
** ThisThe decrease in shareholders' equity was due to: net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset theby [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid (EUR -4.6bn), [[Definition:Share buyback|share buybacks]] in 2025 (EUR -4.7bn,) including a EUR 3.5bn anti-dilutive [[Definition:Share buyback|buyback]] 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 versusvs. December 31, 2024.▼
** These negative impacts more than offset the positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).
** NewCSM normalized growth was +2%, with new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offsetoffsetting CSM release (EUR -3.0bn), leading to +2% normalized growth in CSM.▼
▲* 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 fromby tightening government spreads and positive equity market performance.▼
▲** New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), leading to +2% normalized growth in CSM.
** This was more than 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 areduced reductionduration inof Group Life business duration in Switzerland.▼
▲** Market conditions had a favorable impact (EUR +0.6bn) from tightening government spreads and positive equity market performance.
▲** This was more than 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 a reduction in Group Life business duration in Switzerland.
 
{{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 versusvs. December 31, 2024.
** ThisDrivers increaseof wasSolvency drivenII byratio achange: 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 acquisitions,) and the disposal of [[Definition:AXA Investment Managers|AXA IM]], including the associated EUR 3.8bn [[Definition:Share buyback|share buyback]] (-5 points).
* As of January 1, [[Definition:Year 2026|2026]], the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualifiedqualifying as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.
* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} by +17 points.
 
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'''Financial metrics'''
 
* Underlying return on equity{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 16.0% as of December 31, 2025, up 0.8 pointspoint versusvs. December 31, 2024, due to higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.
* Debt gearing{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 22.3% as of December 31, 2025, up 1.7 points versusvs. December 31, 2024.
** ThisDebt gearing increase was driven by lower shareholders' equity and CSM, 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).
** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.▼
** This was partly offset by the redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
* Cash at Holding{{fn ref|16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024.
▲** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
* CashThis atincrease Holding{{fnreflected ref|16|2=Includingorganic cash andremittance liquidfrom investedsubsidiaries assets at AXA SA Holding and other central holdings.}} amounted toof EUR 57.6bn as of December 31, 20255bn, up EUR 10.6bn4bn versusvs. December 31, 2024.
** This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
 
== Capital management and outlook ==
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* 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.
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{{chunk|doc=chq99br5nr|c=16|p=4}}
''''Unlock the Future' plan targets and financial targetsstrategy'''
 
* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
* ConfidenceThis confidence is underpinnedbased byon profitable organic growth, scaling technical capabilities across businesses, and driving operational efficiency through reinforced cost management.
 
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'''[[Definition:Business mix|Business line]] outlook'''
 
* [[Definition:Property & casualty|P&C]] Retail and SME & Mid-market: pricing remains favorable, withand expectedthe benefitsGroup 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 ensurecontinue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
* [[Definition:AXAThe XL|AXAGroup guidance XL]]:for normalized natural catastrophe load{{fn ref|18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} guidanceload 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.
* [[Definition:Life & health|Life & Health]]: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 levels.▼
 
{{chunk|doc=chq99br5nr|c=18|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.▼
▲* Holdings: results in [[Definition:Year 2026|2026]] are expected to remain similar to 2025 levels.
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth: expected 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 strong overall operating performance in 2025.
* Underlying return on equity: between 14% and 16% between 2024 and 2026E.
▲* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth: expected 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.}}.
* UnderlyingCumulative returnorganic oncash equityupstream: expectedin betweenexcess 14%of andEuro 16%21 betweenbillion for 2024 and -2026E.
* Cumulative organic cash upstream: expected in excess of EUR 21 billion 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.}}.
* TheThis total [[Definition:Payout ratio|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]] and an additional 15% from annual [[Definition:Share buyback|share buybacks]].
* 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.
 
Line 376 ⟶ 373:
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ 6 <nowiki>|</nowiki> Key figures: [[Definition:Life & health|Life &amp; Health]] [[Definition:Gross written premiums & other revenues|gross written premiums &amp; 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 1,292 ⟶ 1,289:
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ 16 <nowiki>|</nowiki> New Business VolumeMetrics: (PVEP), New Business Value (NBV), and NBV margin by geography and [[Definition:Business mix|business segmentline]], [[Definition:Full year 2025|FY25]].
|-
! style="text-align:left" | Life New Business Metrics [[Definition:Full year 2025|FY25]] In EUR million
Line 1,501 ⟶ 1,498:
 
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'''Investor events [[Definition:Year 2026|2026]]'''
 
* The [[Definition:Year 2026|2026]] Shareholder's Annual General Meeting is scheduled for: April 30, [[Definition:Year 2026|2026]].
* First quarter [[Definition:Year 2026|2026]] Activity Indicators will be released on: May 5, [[Definition:Year 2026|2026]].
* The HY26 [[Definition:Earnings release|Earnings Release]] is scheduled for: July 31, [[Definition:Year 2026|2026]].
* [[Definition:AXA|AXA]] Investor Day will take place on: September 21, [[Definition:Year 2026|2026]].
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