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

| pages = 20

| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

| wide = yes

 

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* [[Definition:Dividend|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024|FY24]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}

 

== Outlook ==

'''2025 performance and segment results'''

 

* [[Definition:AXA XL|AXA XL]] Insurance increased earnings with stable underlying margins.

* [[Definition:Life & health|Life & Health]] earnings rose by 7%.

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

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

* Thomas Buberl, Chief Executive Officer of [[Definition:AXA|AXA]], thanked colleagues, agents, partners, and customers for their commitment and trust.

 

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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%.

** Life premiums were up 9%.

** Health premiums were up 5%, driven by price effects in all geographies.

 

 

* [[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 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.

* 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]].

 

 

* Net income increased by 26% to EUR 9.8 billion.

 

=== Balance sheet ===

'''Shareholder distributions'''

 

* 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]] 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.

* [[Definition:AXA XL|AXA XL]]: pricing conditions vary by line; the Group will 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]].

* The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time.

 

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* 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.

* 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 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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! style="text-align:left" | In EUR billion

** [[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 direct business and proprietary agent networks, combined with favorable price effects in Motor.

 

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'''Combined ratio'''

 

 

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'''Holdings [[Definition:Underlying earnings|underlying earnings]]'''

 

 

== Ratings and glossary ==

* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside [[Definition:AXA|AXA]]’s control.

* [[Definition:AXA|AXA]] disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.

* 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.

* "[[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.

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! colspan="4" style="text-align:left" | NB CSM to NBV

 

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