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

"content": "* Total gross written premiums and other revenues(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.) were up 6%.\n* Property \u0026 Casualty (P\u0026C (Property \u0026 casualty)) premiums increased by: +5%.\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.) P\u0026C premiums increased by: +4%, driven by higher volumes (notably at AXA XL Insurance) and favorable price effects(12)(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies.\n** Personal lines P\u0026C premiums increased by: +7%, driven by favorable price effects and strong growth in net new contracts in France, Europe, Asia \u0026 EME-LATAM.\n** AXA XL Reinsurance premiums increased by: +8%, supported by alternative capital.\n* Life \u0026 Health premiums increased by: +8%.\n** Life premiums: were up +9%.\n*** Protection premiums increased by: +11% due tofrom strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked premiums increased by: +13% due tofrom higher volumes across all geographies.\n*** G/A(13)(footnote: General account.) premiums increased by: +4% due tofrom continued momentum in Italy and France.\n** Health premiums: were up +5%, driven by price effects in all geographies."

"content": "* Underlying earnings(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 6% to EUR 8.44bn, billion.\n* Underlying earnings increased byor +9% excluding AXA IM (AXA Investment Managers)(3)(footnote: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.).\n* The increase in underlying earnings was driven by:\n** Property \u0026 Casualty: +9%, fromdriven by higher volumes, underwriting margin expansion, and increased financial result due tofrom higher investment income.\n** Life \u0026 Health: +7%, from improved short-term technical results in Health \u0026 Protection and higher earnings in long-term business, including early benefits from the strategy to rejuvenate the business.\n** Holdings(14)(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2 billion2bn.\n** Asset Management underlying earnings decreased by EUR 0.2 billion2bn due to the disposal of AXA IM on July 1, 2025.\n* Underlying earnings per share(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 8% to EUR 3.86.\n** This increase was mainly driven by:\n** Thethe increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** TheAlso driven by the impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.\n** This was partiallyPartially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share by -1% due to the timing of the associated share buyback (-1%)."

"content": "* Net income increased by 26% to EUR 9.8 billion8bn.\n* This increase mainly reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM (AXA Investment Managers).\n\n=== Balance sheet ==="

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

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

"heading": "Business segmentline outlook",

"content": "* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* The Group guidance for normalized natural catastrophe(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at ca. 4.5 points of combined ratio for 2026 (Year 2026).\n* Life \u0026 Health: earnings growth is expected from the short-term business due to disciplined pricing and claims management initiatives.\n* The strategy to rejuvenate sales in the long-term business, coupled withand improved persistency, should continue to generate positive net flows, driving CSM growth over time.\n* Holdings: results in 2026 are expected to remain similar to 2025."

"heading": "HoldingsFinancial resultstargets and overallcapital financial targetsmanagement",

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