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'''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 ==
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* 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]] ([[Definition:Property & casualty|P&C]]) premiums increased by +5%.
** Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} grew[[Definition:Property & casualty|P&C]] premiums increased by +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[[Definition:Property & casualty|P&C]] premiums increased by +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 grewpremiums increased by +8%, supported by alternative capital.
* [[Definition:Life & health|Life & Health]] premiums increased by +8%.
** Life premiums were up 9%.
*** Protection grewpremiums increased by +11% fromdue to strong sales in Hong Kong, Switzerland, and Japan.
*** Unit-Linked grewpremiums increased by +13% fromdue to higher volumes across all geographies.
*** G/A{{fn ref|13|2=General account.}} grewpremiums increased by +4% fromdue to continued momentum in Italy and France.
** Health premiums were up 5%, driven by price effects in all geographies.
 
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* [[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 8.4 billion.
* [[Definition:Underlying earnings|Underlying earnings]] increased by +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:PropertyThe &increase casualty|Property & Casualty]]in [[Definition:Underlying earnings|underlying earnings]] increasedwas +9%driven due to higher volumes, underwriting margin expansion, and increased financial results from higher investment income.by:
** [[Definition:Property & casualty|Property & Casualty]]: +9%, from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.
** [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased +7%, due tofrom improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from the businessstrategy rejuvenationto strategyrejuvenate the business.
** Holdings{{fn ref|14|2=Including banking activities.}} [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2 billion.
** AssetHoldings{{fn Managementref|14|2=Including banking activities.}} [[Definition:Underlying earnings|underlying earnings]] decreasedremained bybroadly stable at EUR 0-1.2 billion due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.
* 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:
** This increase was mainly driven by the +6%The increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** 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 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, 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]].
 
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* Net income increased by 26% to EUR 9.8 billion.
* This increase primarilymainly 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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* 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]] for [[Definition:AXA Investment Managers|AXA IM]] sale, and 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.
* 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), resulting in +2% normalized growth in CSM.
* Market conditions had a favorable impact of EUR +0.6bn, mainlydriven fromby tightening government spreads and positive equity market performance.
* 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 areduced reductionduration inof Group Life business duration in Switzerland.
 
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* 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 vs. December 31, 2024.
* TheDrivers increaseof Solvency wasII drivenratio bychange: 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 market impactsmarkets (+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 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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* 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 point vs. 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 vs. December 31, 2024.
* TheDebt gearing increase in debt gearing 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.
* 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 reflectsincrease reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024.
 
== Capital management and outlook ==
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* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
* ConfidenceThis confidence is underpinnedbased byon (i) profitable organic growth, (ii) scaling technical capabilities across businesses, and (iii) driving operational efficiency through reinforced cost management.
 
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'''[[Definition:Business mix|Business linesegment]] 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 initiatives.
* [[Definition:Life & health|Life & Health]]:The strategy to rejuvenate sales in the long-term business, andcoupled with improved persistency, should continue to generate positive net flows, driving CSM growth over time.
 
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'''Holdings results and overall financial targets'''
 
* Holdings:Results resultsin Holdings in [[Definition:Year 2026|2026]] are expected to remain similar to 2025 levels.
* 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.
* [[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.}}.
* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.
* Cumulative organic cash upstream: expected in excess of EUREuro 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.
 
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* [[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.
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** 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.
 
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'''Combined ratio'''
 
* The all-year combined ratio improved by 0.3pts3 points to 90.6%, mainly driven by:
** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts3 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.
*** Commercial lines (-0.5pts), driven by the SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance were stable at attractive levels (+0.1pts).
** Lower expense ratio (-0.3pts3 points) primarily from lower non-commission expense ratio reflecting efficiency gains.▼
*** Personal lines (-0.4pts) in a conducive pricing environment.
** Lower natural catastrophe charges (-0.4pts4 points to 3.4%) more than offset by lower prior years' reserve development (+0.7pts7 points at -1.1%).▼
▲** Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
▲** Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).
 
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* [[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) duethanks 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]].
 
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'''GlossaryIFRS of17 financial termsmetrics'''
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
* Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: the portion of CSM stock net of reinsurance at theperiod end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well asand assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]: 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"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* New business value ("NBV"): the value of newly issued contracts during the current year., consisting of the sum of:
** the NB CSM
** It consists 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.
** Newthe businesspresent value marginof ("NBVfuture Margin"): the ratioprofits of (i)Short-Term NBV representing the value ofBusiness newly issued contracts during the currentperiod, carried by Life yearentities, toconsidering (ii)expected PVEP.renewals
** the present value of future profits of pure investment contracts accounted for under IFRS 9
** net of the cost of reinsurance, taxes, and minority interests
* New business value margin ("NBV Margin"): the ratio of NBV (value of newly issued contracts during the current year) to PVEP.
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* Operating variance: the variation of the year-end CSM vs theversus expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.:
** differences between realized and expected operational assumptions
** Operating variance is net of reinsurance.▼
** changes in assumptions such as mortality, longevity, lapses, and expenses
* Present value of expected premiums ('PVEP'): 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.▼
** impact of model changes
** PVEP is discounted at the reference interest rate and PVEP is Group share.▼
▲** Operating variance is net of reinsurance.
* 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) the other long-term elements which are mainly composed of non-attributable expenses.
▲* Present value of expected premiums ('PVEP'): 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.
▲** PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists of impacts on [[Definition:Underlying earnings|underlying earnings]] from:
** the difference between expected and incurred cash-flows in the defined period
** 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.
 
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'''Scope of operationsFrance by geographysegment'''
 
* France: segment includes insurance activities, banking activities, and holding 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).
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* [[Definition:AXA XL|AXA XL]]: includes insurance and reinsurance activities and holding.▼
'''Scope of Europe segment'''
* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]:▼
 
** 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.▼
* Europe segment includes:
** 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, contributing to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Switzerland (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 (insurance activities), Colombia (insurance activities), BrazilGermany (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** RussiaBelgium (Reso)and Luxembourg (insurance activities) isand consolidated under the equity method, contributing to net incomeholding).
** United Kingdom and Ireland (insurance activities and holding).
** Includes [[Definition:AXA|AXA]] Mediterranean Holdings.▼
** Spain (insurance activities and 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.▼
** Italy (insurance activities).
* [[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.▼
** Prima (insurance activities){{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}.
** Asian joint ventures are consolidated under the equity method.
** [[Definition:AXA|AXA]] Life Europe (insurance activities).
▲* [[Definition:AXA XL|AXA XL]]: includes insurance and reinsurance activities and holding.
 
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'''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:
▲*** AsiaFully consolidated: 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.
*** 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:
▲*** AfricaFully consolidated: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
** 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).
▲** Includes [[Definition:AXA|AXA]] Mediterranean Holdings.
 
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'''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.
 
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'''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 [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated.
** Fully consolidated: [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza.
** Consolidated under equity method: Asian joint ventures.
 
=== Exchange rates ===
 
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== Notes ==
 
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'''Notes'''
 
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{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
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'''Basis of preparation and financial statement approval'''
 
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* The financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.
 
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'''Company information and cautionary statements'''
 
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== Appendix 1: Gross written premiums et other revenues by geography and business line ==
 
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== Appendix 2: Underlying earnings by geography and by business line ==
 
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== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
 
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=== P&C: Price effects i by country and business line ===
 
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== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
 
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== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
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== Appendix 7: Life & Health – net flows ==
 
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{| id="t18" class="wikitable fintable"
|+ 18 <nowiki>|</nowiki> [[Definition:Life & health|Life &amp; Health]]: net flows by [[Definition:Business mix|business line]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].
|-
! style="text-align:left" | In EUR billion
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== Appendix 8: Main transactions and next main investor events ==
 
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'''Main transactions in 2025'''
 
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement related tofor [[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2 billion2bn (February 28, 2025)
* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)
* Announced the placement of EUR 1 billion1bn Restricted Tier 1 Notes and EUR 1 billion1bn Tier 2 Notes (May 28, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement related tofor [[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025)
* 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 billion8bn following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025)
* Announced the acquisition of Prima, the leadinga 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 million750m Restricted Tier 1 Notes and EUR 750 million750m 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 ===
 
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'''Investor events [[Definition:Year 2026|2026]]'''
 
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