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Data:AXA/2025/FY/Earnings presentation (press).json: Difference between revisions

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Line 63:
"AXA France"
],
"content": "* {{t|1|p1abw4-x71s}} Introduction\n* Thomas Buberl, Group CEO\n* {{t|2|p1abw4-9tbw}} Business Performance\n* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology\n* {{t|3|}} Financial Performance\n* Alban de Mailly Nesle, Group CFO\n* {{t|4|p1abw4-vacu}} France\n* Mathieu Godart, {{t|AXA France|p1abw4-kebo|AXA France}} CEO\n* {{t|5|p1abw4-ysod}} Conclusion\n* Thomas Buberl, Group CEO"
},
{
Line 104:
"Underlying earnings per share"
],
"content": "* REVENUES\n* {{t|€116€116bn|p1abw4-yxjw}}bn\n* {{t|+6%|p1abw4-yutx}} vs {{t|FY24|p1abw4-ndok|Full year 2024}}\n* {{t|UNDERLYING EARNINGS||Underlying earnings}}\n* {{t|€8.44bn|p1abw4-oasi}}bn\n* {{t|+6%|p1abw4-xtf8}} vs {{t|FY24|p1abw4-3bra|Full year 2024}}\n* {{t|+9%|p1abw4-z72l}} Excl. {{t|AXA IM|p1abw4-9cne|AXA Investment Managers}}\n* {{t|UEPS|p1abw4-5ldr|Underlying earnings per share}}\n* {{t|€3.86|p1abw4-l996}}\n* {{t|+8%|p1abw4-dpes}} vs {{t|FY24|p1abw4-ul38|Full year 2024}}\n* {{t|DIVIDEND|p1abw4-d0x9|Dividend}}(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.)\n* {{t|€2.32|p1abw4-1cs9}}\n* {{t|+8%|p1abw4-idom}} vs {{t|FY24|p1abw4-eqyj|Full year 2024}}\n* SOLVENCY II RATIO\n* {{t|224%|p1abw4-ts7x}}\n* {{t|+9pts|p1abw4-t41o}} {{t|FY25|p1abw4-f4de|Full year 2025}}\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
{
Line 129:
"Underlying earnings"
],
"content": "**GROSS WRITTEN PREMIUMS \u0026 OTHER REVENUES, UNDERLYING EARNINGS, and COMBINED RATIO by business line.**\n\n| {{t\\|Business Line\\|\\|Business mix}} | {{t\\|GROSS WRITTEN PREMIUMS \u0026 OTHER REVENUES\\|\\|Gross written premiums \u0026 other revenues}} | {{t\\|UNDERLYING EARNINGS\\|\\|Underlying earnings}} | COMBINED RATIO |\n| --- | --- | --- | --- |\n| {{t\\|P\u0026C\\|p1abw4-b57v\\|Property \u0026 casualty}} | {{t\\|€58.0bn\\|p1abw4-jqov}} {{t\\|+5%\\|p1abw4-pawh}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|€5.9bn\\|p1abw4-1m4z}} {{t\\|+9%\\|p1abw4-0iy6}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|90.6%\\|p1abw4-v9el}} vs {{t\\|91.0%\\|p1abw4-dwya}} {{t\\|FY24\\|\\|Full year 2024}} |\n| LIFE | {{t\\|€37.5bn\\|p1abw4-qrrm}} {{t\\|+9%\\|p1abw4-0iy6}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|€2.7bn\\|p1abw4-j8uf}} {{t\\|+4%\\|p1abw4-z85f}} vs {{t\\|FY24\\|\\|Full year 2024}} | — |\n| HEALTH | {{t\\|€19.0bn\\|p1abw4-okof}} {{t\\|+5%\\|p1abw4-bxk2}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|€0.8bn\\|p1abw4-xr40}} {{t\\|+17%\\|p1abw4-4l05}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|97.9%\\|p1abw4-w1gu}} vs {{t\\|98.1%\\|p1abw4-mae8}} {{t\\|FY24\\|\\|Full year 2024}} |\n\n* See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
{
Line 159:
"AXA"
],
"content": "**ACQUISITION OF prima**\n* Enhances distribution capacity of {{t|AXA|p1abw4-pxa4|AXA}} in Europe thanks to a modern tech platform\n* Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio\n* {{t|1,100+|p1abw4-jjpn}} employees including {{t|400|p1abw4-muyy}} developers, engineers and data scientists\n\n**ARTIFICIAL INTELLIGENCE**\n* AI is a strategic technology, bringing major benefits to businesses\n* Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; {{t|AXA|p1abw4-scha|AXA}} wants to be firmly positioned in this evolution\n* AI is already concretely improving pricing accuracy, underwriting quality, and claims management"
},
{
Line 178:
"Year 2026"
],
"content": "**Customers**\n* More than {{t|€49€49bn|p1abw4-sp63}}bn in claims paid\n* {{t|€438m|p1abw4-a069}} climate related claims in France\n\n**Economy**\n* More than {{t|€40€40bn|p1abw4-astb}}bn invested in the economy\n* {{t|€12.8bn|p1abw4-mdil}}(1)(footnote: €12.8bn of tax and social contributions paid) of tax and social contributions paid, of which {{t|36.7%|p1abw4-zfkw}} in France\n* Launch of {{t|AXA|p1abw4-x72v|AXA}} Foundation for Human Progress with {{t|€60m/year|p1abw4-6jwz}} endowed by {{t|AXA|p1abw4-dirj|AXA}} Mutuelles d’Assurances and {{t|AXA Group|p1abw4-klo5|AXA}}\n\n**Employees**\n* {{t|€7bn|p1abw4-n0oi}} total compensation paid to our employees\n* {{t|15,115|p1abw4-7vdu}} recruitments worldwide (*excl. short-term contracts and trainees*) including {{t|2,138|p1abw4-f1b9}} in France\n* More than {{t|36%|p1abw4-wgww}} of employees are {{t|AXA|p1abw4-pt7c|AXA}} shareholders and hold {{t|4.82%|p1abw4-gq00}} of the capital and {{t|6.61%|p1abw4-q60s}} of its voting rights\n\n**Climate transition**\n* {{t|€4.6bn|p1abw4-7z3z}} in premiums related to transition with a target of {{t|€6bn|p1abw4-uur8}} cumulated between {{t|2024|p1abw4-5fmw}} and {{t|2026|p1abw4-723n|Year 2026}}(2)(footnote: target of €6bn cumulated between 2024 and 2026)\n* {{t|€6.4bn|p1abw4-2akx}} in investments to accelerate climate transition with a target of {{t|€5bn|p1abw4-pu7f}} annually(3)(footnote: target of €5bn annually)\n\n(1) €12.8bn of tax and social contributions paid\n(2) target of €6bn cumulated between 2024 and 2026\n(3) target of €5bn annually"
},
{
Line 228:
"Underlying earnings"
],
"content": "**Excellent performance in all our geographies.**\n\n| Geography | {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}} | {{t\\|UNDERLYING EARNINGS\\|\\|Underlying earnings}} |\n| --- | --- | --- |\n| France (27% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€31bn\\|p1abw4-y899}} {{t\\|+6%\\|p1abw4-luln}} | {{t\\|€2.2bn\\|p1abw4-xvcn}} {{t\\|+7%\\|p1abw4-g633}} |\n| Europe (38% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€43bn\\|p1abw4-79dl}} {{t\\|+6%\\|p1abw4-luln}} | {{t\\|€3.5bn\\|p1abw4-efpj}} {{t\\|+9%\\|p1abw4-bwba}} |\n| {{t\\|AXA XL\\|p1abw4-z73y\\|AXA XL}} (17% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€19bn\\|p1abw4-kuuu}} {{t\\|+4%\\|p1abw4-7lte}} | {{t\\|€1.9bn\\|p1abw4-qdgj}} {{t\\|+9%\\|p1abw4-jxem}} |\n| {{t\\|Asia, Africa \u0026 EME-LATAM\\|\\|AXA Asia, Africa \u0026 EME-LATAM}} (18% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€20bn\\|p1abw4-2prq}} {{t\\|+13%\\|p1abw4-xzp6}} | {{t\\|€1.5bn\\|p1abw4-2vf0}} {{t\\|+6%\\|p1abw4-luln}} |\n\n* See glossary for terminologies and footnotes on page 36 \u0026amp; 37 of this document."
},
{
Line 250:
"Underlying earnings"
],
"content": "* {{t|€58bn|p1abw4-2b31}} {{t|GWP|p1abw4-07ne|Gross written premiums}}\n* Retail\n* SME \u0026 Mid-market\n* {{t|AXA XL|p1abw4-6wor|AXA XL}}(2)(footnote: AXA XL includes AXA XL Insurance and AXA XL Reinsurance) (Large \u0026 Specialty)\n* {{t|UNDERLYING EARNINGS|p1abw4-un4a|Underlying earnings}} {{t|+9%|p1abw4-exy4}}(1)(footnote: Underlying earnings growth) to {{t|€5.9bn|p1abw4-j3vo}}\n\n**Strategic Outlook.**\n\n| | 2025 | BEYOND 2025 |\n| --- | --- | --- |\n| Retail and SME \u0026 Mid-market | Growing volumes while expanding margins | Investing to improve customer retention \u0026 expanding distribution footprint |\n| {{t\\|AXA XL\\|p1abw4-18nd\\|AXA XL}} (Large \u0026 Specialty) | Profitable growth with stable margins | Capitalizing on attractive growth opportunities and continued cycle management |\n\n(1) Underlying earnings growth\n(2) AXA XL includes AXA XL Insurance and AXA XL Reinsurance"
},
{
Line 269:
"Underlying earnings"
],
"content": "* {{t|€57bn|p1abw4-3iqs}} {{t|GWP|p1abw4-971o|Gross written premiums}}\n* {{t|GWP|p1abw4-971o|Gross written premiums}} mix: Health, Protection, G/A Savings — shares not printed\n* {{t|UNDERLYING EARNINGS||Underlying earnings}} {{t|+7%|p1abw4-ld81}}(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) to {{t|€3.5bn|p1abw4-x68g}}\n\n**Health**\n* {{t|2025|}}: Competitive advantages with innovative products integrating more prevention\n* BEYOND {{t|2025|}}: Capitalizing on demand for health \u0026 protection while further improving our margins\n\n**Protection**\n* {{t|2025|}}: Continued strong commercial momentum, especially in Japan and Switzerland\n* BEYOND {{t|2025|}}: Capitalizing on demand for health \u0026 protection while further improving our margins\n\n**G/A Savings**\n* {{t|2025|}}: Accelerating net flows in Savings at attractive margins\n* BEYOND {{t|2025|}}: Capturing savings \u0026 retirement opportunity, sourcing best asset management products for our customers\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
{
Line 286:
"AXA"
],
"content": "**Artificial intelligence**\n\n* A better customer experience with an holistic approach for simple inquiries\n* EXAMPLE: {{t|AXA|p1abw4-rvvn|AXA}} Agents Assist supports {{t|1|p1abw4-d5ty}} million calls per year in Swiss call center.\n* SmartInAXA, conversational AI agent used daily by more than {{t|2,000|p1abw4-lmcj}} agencies in France\n* Acceleration of scaling thanks to agentic AI\n* EXAMPLE: Augmented Sales force, Empower Underwriters Decisions, Document Processing and Extraction, Claims Handler Support, Prevention and Advisory…\n* An attractive brand retaining talents and upskilling teams\n* EXAMPLE: {{t|AXA|p1abw4-463s|AXA}} mobilizes over {{t|2,000|p1abw4-u038}} experts (product, engineering, UX, research…) and hired more than {{t|900|p1abw4-gm3q}} data scientists and data engineers"
},
{
Line 323:
"Full year 2025"
],
"content": "**GWP \u0026 OTHER REVENUES.**\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-bvnq\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-0en6\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| Commercial lines | — | {{t\\|35.8\\|p1abw4-m6k3}} | {{t\\|+4%\\|p1abw4-psux}} |\n| {{t\\|AXA XL\\|p1abw4-kgzz\\|AXA XL}} Reinsurance | — | {{t\\|2.6\\|p1abw4-3uym}} | {{t\\|+8%\\|p1abw4-uk22}} |\n| Retail lines | — | {{t\\|19.7\\|p1abw4-fn5i}} | {{t\\|+7%\\|p1abw4-qkfu}} |\n| Total | 56.5 | 58.0 | +5% |\n\n**Commercial lines**\n* Mid-market and SME: continued pricing momentum and volume growth\n* {{t|AXA XL||AXA XL}} Insurance: growing in {{t|lines of business|p1abw4-9y4n|Business mix}} with attractive margins while remaining focused on retention\n\n**{{t|AXA XL||AXA XL}} Reinsurance**\n* Growth supported by alternative capital\n\n**Retail lines**\n* Favorable pricing trends and strong growth in net new contracts ({{t|+1.77m|p1abw4-vvry}}m in {{t|FY25|p1abw4-h7vb|Full year 2025}})"
},
{
Line 344:
"Underlying earnings"
],
"content": "**Delivering further margin expansion while enhancing reserve prudence**\n\n**UNDERLYING EARNINGS.**\n\n| In Euro million | {{t\\|FY24\\|p1abw4-6r8k\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-1o4g\\|Full year 2025}} |\n| --- | --- | --- |\n| {{t\\|Underlying earnings\\|\\|Underlying earnings}} | {{t\\|5,510\\|p1abw4-cg6b}} | {{t\\|5,872\\|p1abw4-5bqp}} |\n| Change (%) | {{t\\|+9%\\|p1abw4-z4yj}} | {{t\\|+9%\\|p1abw4-z4yj}} |\n\n* Better underwriting result from:\n* volume growth\n* better margins\n* Increase in investment income reflecting:\n* higher volumes\n* better reinvestment yields on fixed income assets\n\n**COMBINED RATIO**\n* {{t|90.6%|p1abw4-akxo}} vs {{t|91.0%|p1abw4-0bzw}} {{t|FY24|p1abw4-0njl|Full year 2024}}\n* Better undiscounted current year loss ratio excluding Nat Cat\n* Nat Cat charges below normalized load\n* Taking advantage of a good year to enhance reserve prudence"
},
{
Line 365:
"Full year 2025"
],
"content": "In Euro billion\n\n**LIFE GWP \u0026 OTHER REVENUES.**\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-votc\\|Full year 2024}} | {{t\\|FY25\\|\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| Protection | — | {{t\\|17.3\\|p1abw4-r3n1}} | {{t\\|+11%\\|p1abw4-zyxo}} |\n| Unit-Linked | — | {{t\\|9.3\\|p1abw4-cnnv}} | {{t\\|+13%\\|p1abw4-dh8o}} |\n| Capital light G/A | — | {{t\\|9.0\\|p1abw4-axty}} | {{t\\|+7%\\|p1abw4-z9y8}} |\n| Traditional G/A | — | {{t\\|1.9\\|p1abw4-5pg8}} | {{t\\|-7%\\|p1abw4-u9eg}} |\n| Total | 34.5 | 37.5 | +9% |\n\n* o/w {{t|FY25|p1abw4-yiub|Full year 2025}} Employee Benefits(1)\n* Euro {{t|12.9|p1abw4-oja2}} billion ({{t|+4%|p1abw4-epst}} vs {{t|FY24|p1abw4-cbg3|Full year 2024}})\n\n**HEALTH GWP \u0026 OTHER REVENUES.**\n\n| In Euro billion | {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|FY25\\|\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| Individual | — | {{t\\|10.5\\|p1abw4-f3iv}} | {{t\\|+6%\\|p1abw4-l7fk}} |\n| {{t\\|Group\\|\\|AXA}} | — | {{t\\|8.5\\|p1abw4-d7m6}} | {{t\\|+4%\\|p1abw4-rfjw}} |\n| Total | 17.5 | 19.0 | +5% |\n\n**NET FLOWS.**\n\n| In Euro billion | {{t\\|FY25\\|\\|Full year 2025}} |\n| --- | --- |\n| Protection | {{t\\|+4.9\\|p1abw4-q99a}} |\n| Health | {{t\\|+2.7\\|p1abw4-4tdi}} |\n| Unit-Linked | {{t\\|+1.5\\|p1abw4-r5wk}} |\n| Capital light G/A | {{t\\|+1.2\\|p1abw4-x6yc}} |\n| Traditional G/A | {{t\\|-5.0\\|p1abw4-cbwv}} |\n| Total | €+5.4bn |\n\n* Net Flows vs {{t|FY24||Full year 2024}}\n* {{t|€+5.44bn|p1abw4-cocg}}bn vs {{t|€+1.55bn|p1abw4-sgh7}}bn in {{t|FY24|p1abw4-votc|Full year 2024}}"
},
{
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"Underlying earnings"
],
"content": "**UNDERLYING EARNINGS.**\n\n| In Euro million unless otherwise mentioned | {{t\\|FY24\\|p1abw4-hua4\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-i2j0\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| Short-term technical margin | {{t\\|415\\|p1abw4-omxq}} | {{t\\|479\\|p1abw4-xxb8}} | — |\n| Long-term result incl. CSM release | {{t\\|2,680\\|p1abw4-qcok}} | {{t\\|2,804\\|p1abw4-ag8n}} | — |\n| Financial result | {{t\\|975\\|p1abw4-jk4d}} | {{t\\|946\\|p1abw4-3jfr}} | — |\n| Tax \u0026 others | {{t\\|-748\\|p1abw4-rtjy}} | {{t\\|-728\\|p1abw4-st26}} | — |\n| Total {{t\\|Underlying Earnings\\|\\|Underlying earnings}} | 3,323 | 3,501 | {{t\\|+7%\\|p1abw4-904b}} |\n| o/w Life (In Euro billion) | 2.6 | 2.7 | {{t\\|+4%\\|p1abw4-bego}} vs {{t\\|FY24\\|\\|Full year 2024}} |\n| o/w Health (In Euro billion) | 0.7 | 0.8 | {{t\\|+17%\\|p1abw4-iu0y}} vs {{t\\|FY24\\|\\|Full year 2024}} |\n\n* Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn)\n* Higher long-term results from increase in CSM release {{t|(+8%)|p1abw4-uenh}}\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
{
Line 419:
"Year 2026"
],
"content": "**In Euro billion.**\n\n| | {{t\\|FY24\\|p1abw4-n008\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-j5c3\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| {{t\\|Property \u0026 Casualty\\|p1abw4-6pya\\|Property \u0026 casualty}} | {{t\\|5.5\\|p1abw4-2ag0}} | {{t\\|5.9\\|p1abw4-jzfe}} | {{t\\|+9%\\|p1abw4-5gmn}} |\n| {{t\\|Life \u0026 Health\\|p1abw4-6pmh\\|Life \u0026 health}} | {{t\\|3.3\\|p1abw4-ij5y}} | {{t\\|3.5\\|p1abw4-q3s6}} | {{t\\|+7%\\|p1abw4-409c}} |\n| {{t\\|Asset Management\\|\\|AXA Investment Managers}} | {{t\\|0.4\\|p1abw4-akrj}} | {{t\\|0.2\\|p1abw4-9kg7}} | {{t\\|-57%\\|p1abw4-1s7c}} |\n| Holdings \u0026 other | {{t\\|-1.2\\|p1abw4-p5a2}} | {{t\\|-1.2\\|p1abw4-6m1o}} | — |\n| {{t\\|Underlying earnings\\|p1abw4-shx2\\|Underlying earnings}}(1) | 8.1 | 8.4 | +6% |\n| Non-financial flows | {{t\\|-0.5\\|p1abw4-fion}} | {{t\\|+2.1\\|p1abw4-35sw}} | — |\n| o/w capital gains from {{t\\|AXA IM\\|p1abw4-ri2t\\|AXA Investment Managers}} disposal | — | {{t\\|+2.2\\|p1abw4-9d0t}} | — |\n| Financial flows (incl. RCG) | {{t\\|+0.3\\|p1abw4-082x}} | {{t\\|-0.7\\|p1abw4-spzt}} | — |\n| Net income(1) | 7.9 | 9.8 | +26% |\n\n**{{t|UNDERLYING EARNINGS||Underlying earnings}}**\n* Strong performance from insurance businesses\n* Stable holding cost, expected to remain at current level in {{t|2026|p1abw4-ehjs|Year 2026}}\n\n**NET INCOME**\n* Higher net income mainly reflecting higher {{t|underlying earnings|p1abw4-ezd4|Underlying earnings}} and the gain from the sale of {{t|AXA IM|p1abw4-pln4|AXA Investment Managers}}\n* Lower financial flows reflecting unfavorable forex impact\n\n**UNDERLYING EARNINGS PER SHARE(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) (In Euro).**\n\n| | {{t\\|FY24\\|p1abw4-vpwn\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-nlyl\\|Full year 2025}} |\n| --- | --- | --- |\n| {{t\\|Underlying earnings per share\\|\\|Underlying earnings per share}} | {{t\\|3.59\\|p1abw4-w9ye}} | {{t\\|3.86\\|p1abw4-r3yy}} |\n| Total Change | — | {{t\\|+8%\\|p1abw4-7jdw}} |\n| from earnings growth | — | {{t\\|+6%\\|p1abw4-zzfe}} |\n| from {{t\\|capital management\\|p1abw4-injl\\|Capital management}} | — | {{t\\|+3%\\|p1abw4-k7ds}} |\n| from Forex | — | {{t\\|-2%\\|p1abw4-9o90}} |\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
{
Line 445:
"Share buyback"
],
"content": "**In Euro billion.**\n\n| | {{t\\|FY24\\|p1abw4-3yau\\|Full year 2024}} | HY25 | {{t\\|FY25\\|p1abw4-m4hl\\|Full year 2025}} |\n| --- | --- | --- | --- |\n| SHE (excl. OCI) | {{t\\|58.0\\|p1abw4-9ivb}} | {{t\\|52.7\\|p1abw4-yn00}} | {{t\\|54.0\\|p1abw4-cw7f}} |\n| Net OCI | {{t\\|-8.1\\|p1abw4-6ah3}} | {{t\\|-7.2\\|p1abw4-xnp9}} | {{t\\|-6.8\\|p1abw4-dvri}} |\n| Total SHE | 49.9 | 45.5 | 47.2 |\n| SHE (excl. OCI \u0026 undated subordinated debt) | {{t\\|53.2\\|p1abw4-4y5y}} | {{t\\|47.0\\|p1abw4-0m55}} | {{t\\|49.4\\|p1abw4-h5up}} |\n| Debt gearing | {{t\\|20.6%\\|p1abw4-mtba}} | {{t\\|23.4%\\|p1abw4-eqsh}} | {{t\\|22.3%\\|p1abw4-au0n}} |\n| Underlying ROE | {{t\\|15.2%\\|p1abw4-1fch}} | {{t\\|17.5%\\|p1abw4-n7j8}} | {{t\\|16.0%\\|p1abw4-1tnb}} |\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-ptmz\\|Full year 2024}} to {{t\\|FY25\\|p1abw4-nlcq\\|Full year 2025}} | HY25 to {{t\\|FY25\\|p1abw4-7ktd\\|Full year 2025}} |\n| --- | --- | --- |\n| **Opening Shareholders’ equity** | 49.9 | 45.5 |\n| Change in net OCI | {{t\\|1.3\\|p1abw4-t56v}} | {{t\\|0.4\\|p1abw4-6ib0}} |\n| Net income for the period | {{t\\|9.8\\|p1abw4-oxgn}} | {{t\\|5.9\\|p1abw4-n7qx}} |\n| {{t\\|Dividend\\|p1abw4-vxa5\\|Dividend}} | {{t\\|-4.6\\|p1abw4-2d4n}} | — |\n| Annual {{t\\|share buyback\\|p1abw4-ca0x\\|Share buyback}} | {{t\\|-1.2\\|p1abw4-2ger}} | — |\n| Anti-dilutive {{t\\|share buyback\\|p1abw4-vnam\\|Share buyback}} following the sale of {{t\\|AXA IM\\|p1abw4-3d63\\|AXA Investment Managers}} | {{t\\|-3.5\\|p1abw4-nhv1}} | {{t\\|-3.5\\|p1abw4-xpr5}} |\n| Undated subordinated debt (including interest charges) | {{t\\|-0.3\\|p1abw4-1afu}} | {{t\\|-1.2\\|p1abw4-0zyk}} |\n| Forex | {{t\\|-3.5\\|p1abw4-0h59}} | {{t\\|-0.1\\|p1abw4-7tmc}} |\n| Other | {{t\\|-0.6\\|p1abw4-afr9}} | {{t\\|0.3\\|p1abw4-29n8}} |\n| **Closing Shareholders’ equity** | 47.2 | 47.2 |\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026amp; 37 of this document."
},
{
Line 473:
"Year 2026"
],
"content": "**SOLVENCY II RATIO.**\n\n| Ratio | {{t\\|FY24\\|p1abw4-9rgg\\|Full year 2024}} | Regulatory \u0026 model changes | Normalized capital generation | Operating variance | Economic variance \u0026 {{t\\|FX\\|p1abw4-5zic\\|Foreign exchange}} | {{t\\|Dividend\\|p1abw4-9wyw\\|Dividend}} \u0026 annual {{t\\|share buyback\\|p1abw4-h3nt\\|Share buyback}} | Other | {{t\\|FY25\\|p1abw4-z72f\\|Full year 2025}} |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Value | 216% | {{t\\|+0\\|p1abw4-r1v9}}pt | {{t\\|+28\\|p1abw4-23w9}}pts | {{t\\|-1\\|p1abw4-2e0f}}pt | {{t\\|+4\\|p1abw4-gaiy}}pts | {{t\\|-24\\|p1abw4-zbtt}}pts | {{t\\|+2\\|p1abw4-gjhn}}pts | 224% |\n\n**IMPACTS OF THE END OF GRANDFATHERING PERIOD AND SOLVENCY II REVISION.**\n\n| Impact description | Ratio / Impact | Details |\n| --- | --- | --- |\n| Ratio as of 31/12/2025 | 224% | — |\n| Impact of the the end of grandfathering period on January 1, {{t\\|2026\\|p1abw4-qfy6\\|Year 2026}} | -10pts to {{t\\|215%\\|p1abw4-ihxj}} | - Euro {{t\\|2.4\\|p1abw4-aw5q}} billion grandfathered debt no longer eligible as capital from January {{t\\|1\\|p1abw4-1vtn}}, {{t\\|2026\\|p1abw4-zc9z\\|Year 2026}} |\n| Impact of Solvency II revision to come into effect in 1Q27 | +17pts(1) | |\n* No change expected in organic capital generation\n* Additional capital flexibility\n\u003C/td\u003E\n\u003C/tr\u003E\n\u003C/table\u003E\n\n(1) Impact of Solvency II revision to come into effect in 1Q27"
},
{
Line 510:
"Property \u0026 casualty"
],
"content": "**SOLID AND DIVERSIFIED FRANCHISE(1)**\n* {{t|\u0026#35;1|p1abw4-g31e}} Health \u0026 Protection\n* {{t|\u0026#35;2|p1abw4-t1su}} {{t|Property \u0026 Casualty|p1abw4-8wpp|Property \u0026 casualty}}\n* {{t|\u0026#35;7|p1abw4-z6om}} Savings \u0026 Pensions\n\n**SOLID AND DIVERSIFIED FRANCHISE(1) (FY25 Revenues including international activities).**\n\n| Segment | Share |\n| --- | --- |\n| Savings \u0026 Pensions | {{t\\|35%\\|p1abw4-895s}} |\n| {{t\\|Property \u0026 Casualty\\|\\|Property \u0026 casualty}} | 31% |\n| Health \u0026 Protection | {{t\\|34%\\|p1abw4-72lt}} |\n| **Total** | €31bn |\n\n**KEY FIGURES(2)**\n* {{t|\u003E8m|p1abw4-vyyf}} Retail clients(3)(footnote: target of €5bn annually)\n* {{t|1|p1abw4-x9vp}} out of {{t|5|p1abw4-r2tj}} households insured by {{t|AXA|p1abw4-o92o|AXA}} in France\n* {{t|2.5|p1abw4-dbhe}} contracts per client on average\n* {{t|1|p1abw4-twwv}} out of {{t|3|p1abw4-qwel}} SMEs insured by {{t|AXA|p1abw4-alpi|AXA}} in France\n* {{t|\u003E6m|p1abw4-yfw3}} Employee Benefits beneficiaries\n* {{t|1|p1abw4-dsag}} / minute commercial claims covered\n* {{t|33,000|p1abw4-d1yd}} people working for {{t|AXA|p1abw4-xjjx|AXA}} in France\n* {{t|\u003E€10bn|p1abw4-q4y4}} invested in the economy\n* {{t|€37€37m|p1abw4-xvfc}}m claims paid per day on average"
},
{
Line 533:
"Underlying earnings"
],
"content": "**REVENUES**\n* {{t|€31€31bn|p1abw4-ryoe}}bn {{t|+6%|p1abw4-7pby}} vs. {{t|FY24|p1abw4-vwzt|Full year 2024}}\n* {{t|P\u0026C|p1abw4-76we|Property \u0026 casualty}} {{t|+7%|}}\n* Health \u0026 Protection {{t|+4%|p1abw4-2ino}}\n* Savings \u0026 Pensions {{t|+7%|}}\n\n**KEY TAKEAWAYS**\n* Additional new distributors {{t|+430|p1abw4-8g1q}} nouveaux distributeurs\n* Additional contracts(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) {{t|+550550k|p1abw4-xv9t}}k net\n* Additional clients(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) {{t|+250250k|p1abw4-oq7f}}k net\n* Growth of individuals savings assets {{t|€+3.33bn|p1abw4-c8vs}}bn\n\n**UNDERLYING EARNINGS.**\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-6elb\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-ewvy\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| {{t\\|Underlying earnings\\|\\|Underlying earnings}} | {{t\\|2.1\\|p1abw4-mxrv}} | {{t\\|2.2\\|p1abw4-8rfo}} | {{t\\|+7%\\|p1abw4-akud}} |\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
{
Line 576:
"Underlying earnings per share",
"Full year 2024",
"Year 2026",
"Target range"
],
Line 583 ⟶ 582:
"Full year 2024",
"Target range",
"Underlying earnings per share",
"Year 2026"
],
"content": "**MAIN FINANCIAL TARGETS.**\n\n| {{t\\|UNDERLYING EARNINGS PER SHARE\\|\\|Underlying earnings per share}} | TARGET 2024-2026E 6% - 8% CAGR 2023-2026E | ACHIEVEMENTS IN 2025 +8% vs {{t\\|FY24\\|p1abw4-vsyu\\|Full year 2024}} |\n| --- | --- | --- |\n| UNDERLYING RETURN ON EQUITY | 14% - 16% | 16% |\n| CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND {{t\\|2026\\|\\|Year 2026}}(1) | \u003E€21bn | €14.6bn |\n\n* Record results, at the top end of the {{t|target range|p1abw4-yg5j|Target range}} while enhancing reserve prudence\n* Confident to deliver {{t|underlying EPS|p1abw4-de0k|Underlying earnings per share}} growth at the upper end of {{t|6%-8%|p1abw4-vkh3}} {{t|target range|p1abw4-twkx|Target range}} for {{t|2026||Year 2026}}\n* Laying foundations for the next plan and confident in delivering sustainable earnings growth\n\n(1) Cumulative cash remittance between 2024 and 2026"
},
{
Line 612 ⟶ 610:
"data_items": [],
"effective_tags": [],
"content": "**S\u0026P Global**\n* {{t|2025|p1abw4-bzki}} percentile: {{t|9797th|p1abw4-pynb}}th(1) in Dow Jones Best-in-Class Europe \u0026 World indices\n\n**MSCI**\n* {{t|2025|}} score: AAA\n\n**CDP**\n* {{t|2025|}} score: B\n\n**MORNINGSTAR SUSTAINALYTICS**\n* {{t|2025|}} ESG Risk Rating: {{t|17.0|p1abw4-lgy1}} – Low risk\n\n**FTSE RUSSELL An LSEG Business**\n* {{t|2025|}} score: {{t|4.3/5|p1abw4-z8e0}} in {{t|FTSE4Good|p1abw4-yy7v}} Index Series"
},
{
Line 641 ⟶ 639:
"Underlying earnings"
],
"content": "* France: includes insurance activities, banking activities and holding.\n* 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)(23) and {{t|AXA|p1abw4-hqk7|AXA}} Life Europe (insurance activities). {{t|AXA XL|p1abw4-3n5j|AXA XL}}: includes insurance and reinsurance activities and holding.\n* {{t|Asia, Africa \u0026 EME-LATAM|p1abw4-zd39|AXA Asia, Africa \u0026 EME-LATAM}}: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand {{t|P\u0026C|p1abw4-o3v8|Property \u0026 casualty}}, Indonesia L\u0026S (excl. the bancassurance entity), China {{t|P\u0026C|p1abw4-dmuz|Property \u0026 casualty}}, South Korea, and Asia Holdings which are fully consolidated, and China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and {{t|P\u0026C|p1abw4-np7c|Property \u0026 casualty}}, Indonesia L\u0026S and India (Life activities disposed on {{t|March 11, 2024|p1abw4-mywn}} and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the {{t|underlying earnings|p1abw4-254s|Underlying earnings}} and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) {{t|AXA|p1abw4-14h2|AXA}} Mediterranean Holdings.\n* {{t|Transversal \u0026 Other|p1abw4-7eky|AXA Transversal \u0026 Other}}: includes {{t|AXA|p1abw4-wwtf|AXA}} Assistance, {{t|AXA|p1abw4-axq6|AXA}} Liabilities Managers, {{t|AXA|p1abw4-gaew|AXA}} SA (incl. Group’s internal reinsurance activity) and other Central Holdings.\n* {{t|AXA Investment Managers|p1abw4-lhk3|AXA Investment Managers}}: includes {{t|AXA Investment Managers|p1abw4-2r7r|AXA Investment Managers}}, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method."
},
{
Line 697 ⟶ 695:
"AXA France",
"AXA XL",
"Full year 2024",
"Other revenue"
],
Line 708 ⟶ 705:
"Capital management",
"Dividend",
"Full year 2024",
"Full year 2025",
"Gross written premiums",
"Other revenue"
],
"content": "* {{t|1|p1abw4-1m82}}. Based on the {{t|dividend|p1abw4-tfix|Dividend}} proposed by {{t|AXA||AXA}}’s Board of Directors on {{t|February 25, 2026|p1abw4-prkx}} and subject to approval by the Shareholders’ Annual General Meeting to be held on {{t|April 30, 2026|p1abw4-dhxn}}.\n\n* {{t|1|p1abw4-lqst}}. Pie chart represents {{t|FY25|p1abw4-qgls|Full year 2025}} {{t|gross written premium|p1abw4-mzkt|Gross written premiums}} split excluding {{t|AXA IM|p1abw4-8dai|AXA Investment Managers}} and holdings.\n\n* {{t|1|p1abw4-0svf}}. Estimate of the final {{t|2025|p1abw4-wp2e}} figures made in {{t|February 2026|p1abw4-g37u}}.\n* {{t|2|p1abw4-l41l}}. Scope: {{t|AXA France|p1abw4-8vml|AXA France}}, {{t|AXA|p1abw4-de44|AXA}} Germany, {{t|AXA|p1abw4-m8gi|AXA}} Switzerland, {{t|AXA|p1abw4-ncse|AXA}} UK \u0026 Ireland, {{t|AXA|p1abw4-369g|AXA}} Belgium, {{t|AXA|p1abw4-zxe3|AXA}} Hong Kong, {{t|AXA|p1abw4-e3tb|AXA}} Mexico, and {{t|AXA XL|p1abw4-5ai6|AXA XL}}; Unit: {{t|Gross Written Premiums|p1abw4-l4m7|Gross written premiums}} ({{t|GWP|p1abw4-mj83|Gross written premiums}}); Timeframe: cumulative {{t|2024-2026|p1abw4-ibqg}}.\n* {{t|3|p1abw4-bbnh}}. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through {{t|2030|p1abw4-l684}}.\n\n* {{t|1|p1abw4-jul2}}. {{t|FY25|p1abw4-vnif|Full year 2025}} {{t|gross written premiums|p1abw4-nxao|Gross written premiums}} excluding {{t|AXA IM|p1abw4-pjde|AXA Investment Managers}}, Holdings, {{t|AXA|p1abw4-nha5|AXA}} Assistance, and {{t|AXA|p1abw4-pj1x|AXA}} Liabilities Managers.\n\n* {{t|1|}}. Change {{t|FY25||Full year 2025}} vs. {{t|FY24||Full year 2024}} at constant fx.\n* {{t|2|p1abw4-vjoz}}. Includes {{t|AXA XL|p1abw4-s4u5|AXA XL}} Re premiums of {{t|€2.66bn|p1abw4-g38y}}bn.\n\n* {{t|1|}}. Change {{t|FY25||Full year 2025}} vs {{t|FY24||Full year 2024}} at constant fx.\n\n* {{t|1|p1abw4-unf7}}. Including both short-term and long-term Employee Benefits {{t|GWP|p1abw4-pvfy|Gross written premiums}} and {{t|other revenues|p1abw4-ldgp|Other revenue}}.\n\n\u003C!-- furniture --\u003E"
},
{
Line 738 ⟶ 734:
"Underlying earnings per share"
],
"content": "Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified.\n\n* {{t|1|p1abw4-dlfi}}. Change at constant {{t|FX|p1abw4-2t2e|Foreign exchange}} for {{t|underlying earnings|p1abw4-ueq6|Underlying earnings}} and net income. Change on reported basis for {{t|underlying earnings per share|p1abw4-x2db|Underlying earnings per share}}.\n\n* {{t|1|p1abw4-wodi}}. Shareholders’ equity Group share.\n\n* {{t|1|}}. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of {{t|January 1, 2026|p1abw4-fqc0}}, as if the Solvency II revision had come into force on the same date.\n\n* {{t|1|p1abw4-0te4}}. Sources: France Assureurs \u0026 Argus de l’assurance, {{t|2024|p1abw4-ljg4}} data.\n* {{t|2|p1abw4-m28i}}. All the data concern {{t|AXA France|p1abw4-e52r|AXA France}}.\n* {{t|3|p1abw4-21si}}. Including professionals and Direct Assurance.\n\n* {{t|1|p1abw4-df6u}}. Including Direct Assurance.\n\n* {{t|1|p1abw4-9zqh}}. Scope: {{t|AXA France|p1abw4-j2ra|AXA France}} Retail clients.\n\n* {{t|1|p1abw4-ktni}}. Organic cash remittance only.\n\n* {{t|1|p1abw4-xdun}}. The CSA ranking is a key performance indicator for {{t|AXA Group|p1abw4-yvf2|AXA}}, used to calculate the grant of Long-Term Incentives (more precisely {{t|AXA|p1abw4-beyy|AXA}} Restricted Shares). Results as of {{t|February 6th, 2026|p1abw4-p255}}."
}
],
Retrieved from "https://www.insurerbrain.com/wiki/Data:AXA/2025/FY/Earnings_presentation_(press).json"