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* {{t|€8.4bn|p1abw4-oasi}}
* {{t|€8.4bn|p1abw4-oasi}}
* {{t|+6%|p1abw4-xtf8}} vs {{t|FY24|p1abw4-3bra}}
* {{t|+6%|p1abw4-xtf8}} vs {{t|FY24|p1abw4-3bra}}
* {{t|+9%|}} Excl. {{t|AXA IM|p1abw4-9cne}}
* {{t|+9%|p1abw4-z72l}} Excl. {{t|AXA IM|p1abw4-9cne}}
* {{t|UEPS|p1abw4-5ldr}}
* {{t|UEPS|p1abw4-5ldr}}
* {{t|€3.86|p1abw4-l996}}
* {{t|€3.86|p1abw4-l996}}
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* SOLVENCY II RATIO
* SOLVENCY II RATIO
* {{t|224%|p1abw4-ts7x}}
* {{t|224%|p1abw4-ts7x}}
* {{t|+9pts|}} {{t|FY25|p1abw4-f4de}}
* {{t|+9pts|p1abw4-t41o}} {{t|FY25|p1abw4-f4de}}


<div class="ed-fn-notes" style="display:none">
<div class="ed-fn-notes" style="display:none">
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| style="text-align:left" | {{t|€58.0bn|p1abw4-jqov}} <br/> {{t|+5%|p1abw4-pawh}} vs FY24
| style="text-align:left" | {{t|€58.0bn|p1abw4-jqov}} <br/> {{t|+5%|p1abw4-pawh}} vs FY24
| style="text-align:right" | {{t|€5.9bn|p1abw4-1m4z}} <br/> {{t|+9%|p1abw4-0iy6}} vs FY24
| style="text-align:right" | {{t|€5.9bn|p1abw4-1m4z}} <br/> {{t|+9%|p1abw4-0iy6}} vs FY24
| style="text-align:right" | {{t|90.6%|p1abw4-v9el}} <br/> vs 91.0% FY24
| style="text-align:right" | {{t|90.6%|p1abw4-v9el}} <br/> vs {{t|91.0%|p1abw4-dwya}} FY24
|-
|-
| style="text-align:left" | LIFE
| style="text-align:left" | LIFE
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| style="text-align:left" | {{t|€19.0bn|p1abw4-okof}} <br/> {{t|+5%|p1abw4-bxk2}} vs FY24
| style="text-align:left" | {{t|€19.0bn|p1abw4-okof}} <br/> {{t|+5%|p1abw4-bxk2}} vs FY24
| style="text-align:right" | {{t|€0.8bn|p1abw4-xr40}} <br/> {{t|+17%|p1abw4-4l05}} vs FY24
| style="text-align:right" | {{t|€0.8bn|p1abw4-xr40}} <br/> {{t|+17%|p1abw4-4l05}} vs FY24
| style="text-align:right" | {{t|97.9%|p1abw4-w1gu}} <br/> vs 98.1% FY24
| style="text-align:right" | {{t|97.9%|p1abw4-w1gu}} <br/> vs {{t|98.1%|p1abw4-mae8}} FY24
|}
|}
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! style="text-align:left" | In Euro billion
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-votc}}
! class="col-s" style="text-align:right" | {{t|FY24|p1abw4-votc}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | {{t|FY25|}}
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Change
|-
|-
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|-
|-
! style="text-align:left" | In Euro billion
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | {{t|FY24|}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | {{t|FY25|}}
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Change
|-
|-
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|-
|-
! style="text-align:left" | In Euro billion
! style="text-align:left" | In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | {{t|FY25|}}
|-
|-
| style="text-align:left" | Protection
| style="text-align:left" | Protection

Latest revision as of 01:06, 3 August 2026

Document info
Document IDp1abw4
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document categoryEarnings presentation
Document nameAXA Full Year 2025 Press Conference Presentation
Publication date2026-02-26
LanguageEnglish
Pages37
Sourceoriginal URL
Stored file.pdf file
Docling document.txt file
Original md.md file
Analytic pagewiki page


p. 1

Full Year 2025 Earnings

  • Press conference
  • February 26, 2026

p. 2

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES

  • Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth for 2026, are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements and the other targets and expectations given in this presentation are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
  • In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. “Underlying earnings”, UEPS (“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 release, see the Glossary in AXA’s 2025 Activity Report. AXA’s 2025 Activity Report is available on the AXA Group website (www.axa.com).
  • AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.

p. 3

Agenda

  • 1 Introduction
  • Thomas Buberl, Group CEO
  • 2 Business Performance
  • Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology
  • 3 Financial Performance
  • Alban de Mailly Nesle, Group CFO
  • 4 France
  • Mathieu Godart, AXA France CEO
  • 5 Conclusion
  • Thomas Buberl, Group CEO

p. 4

Introduction

  • Thomas Buberl
  • Group CEO

p. 5

Full Year 2025 – Excellent performance

  • REVENUES
  • €116bn
  • +6% vs FY24
  • UNDERLYING EARNINGS
  • €8.4bn
  • +6% vs FY24
  • +9% Excl. AXA IM
  • UEPS
  • €3.86
  • +8% vs FY24
  • DIVIDEND1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.)
  • €2.32
  • +8% vs FY24
  • SOLVENCY II RATIO
  • 224%
  • +9pts FY25

p. 6

Strong growth, driven by all our business lines

GROSS WRITTEN PREMIUMS & OTHER REVENUES, UNDERLYING EARNINGS, and COMBINED RATIO by business line
Business Line GROSS WRITTEN PREMIUMS & OTHER REVENUES UNDERLYING EARNINGS COMBINED RATIO
P&C €58.0bn
+5% vs FY24 		€5.9bn
+9% vs FY24 		90.6%
vs 91.0% FY24
LIFE €37.5bn
+9% vs FY24 		€2.7bn
+4% vs FY24 		—
HEALTH €19.0bn
+5% vs FY24 		€0.8bn
+17% vs FY24 		97.9%
vs 98.1% FY24
  • See glossary for terminologies and footnotes on page 36 & 37 of this document.

p. 7

Diversified franchise, well positioned in an attractive industry

SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES1

  • Protection gaps and emerging corporate risks
  • Demographics driving demand for private retirement and healthcare
SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES1
Segment Share
Life 33%
Health 17%
Large & Specialty 17%
SME & Mid-market 16%
Retail 17%

OUR RIGHT TO WIN

  • Leading brand & high customer NPS
  • Strong and diversified distribution
  • Technical expertise to price & underwrite risks
  • Scale offering cost advantage

p. 8

Value creation through innovation

ACQUISITION OF prima

  • Enhances distribution capacity of AXA in Europe thanks to a modern tech platform
  • Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio
  • 1,100+ employees including 400 developers, engineers and data scientists

ARTIFICIAL INTELLIGENCE

  • AI is a strategic technology, bringing major benefits to businesses
  • Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; AXA wants to be firmly positioned in this evolution
  • AI is already concretely improving pricing accuracy, underwriting quality, and claims management

p. 9

AXA, a company committed to society in 2025

Customers

  • More than €49bn in claims paid
  • €438m climate related claims in France

Economy

  • More than €40bn invested in the economy
  • €12.8bn1(footnote: €12.8bn of tax and social contributions paid) of tax and social contributions paid, of which 36.7% in France
  • Launch of AXA Foundation for Human Progress with €60m/year endowed by AXA Mutuelles d’Assurances and AXA Group

Employees

  • €7bn total compensation paid to our employees
  • 15,115 recruitments worldwide (*excl. short-term contracts and trainees*) including 2,138 in France
  • More than 36% of employees are AXA shareholders and hold 4.82% of the capital and 6.61% of its voting rights

Climate transition

  • €4.6bn in premiums related to transition with a target of €6bn cumulated between 2024 and 20262(footnote: target of €6bn cumulated between 2024 and 2026)
  • €6.4bn in investments to accelerate climate transition with a target of €5bn annually3(footnote: target of €5bn annually)

p. 10

2026: laying the foundation for the next plan

  • CLEAR TECH AND AI ROADMAP
  • DRIVING EFFICIENCY
  • ENHANCING CAPITAL ALLOCATION DISCIPLINE
  • BUILDING RESILIENCE

Confidence in sustaining earnings growth

p. 11

Business Performance

Guillaume Borie

  • Global Head of Finance, Strategy, Underwriting, Risk and Technology

p. 12

Excellent performance in all our geographies

Excellent performance in all our geographies
Geography GWP UNDERLYING EARNINGS
France
(27% of total GWP1) 		€31bn
+6% 		€2.2bn
+7%
Europe
(38% of total GWP1) 		€43bn
+6% 		€3.5bn
+9%
AXA XL
(17% of total GWP1) 		€19bn
+4% 		€1.9bn
+9%
Asia, Africa & EME-LATAM
(18% of total GWP1) 		€20bn
+13% 		€1.5bn
+6%
  • See glossary for terminologies and footnotes on page 36 & 37 of this document.

p. 13

P&C – Strong margins, confidence in sustaining growth

  • €58bn GWP
  • Retail
  • SME & Mid-market
  • AXA XL2(footnote: AXA XL includes AXA XL Insurance and AXA XL Reinsurance) (Large & Specialty)
  • UNDERLYING EARNINGS +9%1(footnote: Underlying earnings growth) to €5.9bn
Strategic Outlook
2025 BEYOND 2025
Retail and SME & Mid-market Growing volumes while expanding margins Investing to improve customer retention & expanding distribution footprint
AXA XL (Large & Specialty) Profitable growth with stable margins Capitalizing on attractive growth opportunities and continued cycle management

p. 14

Life & Health – Good momentum, well positioned to capture growth opportunities

  • €57bn GWP
  • GWP mix: Health, Protection, G/A Savings — shares not printed
  • UNDERLYING EARNINGS +7%1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) to €3.5bn

Health

  • 2025: Competitive advantages with innovative products integrating more prevention
  • BEYOND 2025: Capitalizing on demand for health & protection while further improving our margins

Protection

  • 2025: Continued strong commercial momentum, especially in Japan and Switzerland
  • BEYOND 2025: Capitalizing on demand for health & protection while further improving our margins

G/A Savings

  • 2025: Accelerating net flows in Savings at attractive margins
  • BEYOND 2025: Capturing savings & retirement opportunity, sourcing best asset management products for our customers

p. 15

Pioneer in our industry in artificial intelligence

Artificial intelligence

  • A better customer experience with an holistic approach for simple inquiries
  • EXAMPLE: AXA Agents Assist supports 1 million calls per year in Swiss call center.
  • SmartInAXA, conversational AI agent used daily by more than 2,000 agencies in France
  • Acceleration of scaling thanks to agentic AI
  • EXAMPLE: Augmented Sales force, Empower Underwriters Decisions, Document Processing and Extraction, Claims Handler Support, Prevention and Advisory…
  • An attractive brand retaining talents and upskilling teams
  • EXAMPLE: AXA mobilizes over 2,000 experts (product, engineering, UX, research…) and hired more than 900 data scientists and data engineers

p. 16

Financial Performance

  • Alban de Mailly Nesle
  • Group CFO

p. 17

P&C – Continued disciplined growth

GWP & OTHER REVENUES
In Euro billion FY24 FY25 Change
Commercial lines — 35.8 +4%
AXA XL Reinsurance — 2.6 +8%
Retail lines — 19.7 +7%
Total 56.5 58.0 +5%

Commercial lines

  • Mid-market and SME: continued pricing momentum and volume growth
  • AXA XL Insurance: growing in lines of business with attractive margins while remaining focused on retention

AXA XL Reinsurance

  • Growth supported by alternative capital

Retail lines

  • Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25)

p. 18

P&C – Strong earnings growth

Delivering further margin expansion while enhancing reserve prudence

UNDERLYING EARNINGS
In Euro million FY24 FY25
Underlying earnings 5,510 5,872
Change (%) +9%
  • Better underwriting result from:
  • volume growth
  • better margins
  • Increase in investment income reflecting:
  • higher volumes
  • better reinvestment yields on fixed income assets

COMBINED RATIO

  • 90.6% vs 91.0% FY24
  • Better undiscounted current year loss ratio excluding Nat Cat
  • Nat Cat charges below normalized load
  • Taking advantage of a good year to enhance reserve prudence

p. 19

Life & Health – Strong growth in premiums, positive net flows

In Euro billion

LIFE GWP & OTHER REVENUES
In Euro billion FY24 FY25 Change
Protection — 17.3 +11%
Unit-Linked — 9.3 +13%
Capital light G/A — 9.0 +7%
Traditional G/A — 1.9 -7%
Total 34.5 37.5 +9%
  • o/w FY25 Employee Benefits1
  • Euro 12.9 billion (+4% vs FY24)
HEALTH GWP & OTHER REVENUES
In Euro billion FY24 FY25 Change
Individual — 10.5 +6%
Group — 8.5 +4%
Total 17.5 19.0 +5%
NET FLOWS
In Euro billion FY25
Protection +4.9
Health +2.7
Unit-Linked +1.5
Capital light G/A +1.2
Traditional G/A -5.0
Total €+5.4bn
  • Net Flows vs FY24
  • €+5.4bn vs €+1.5bn in FY24

p. 20

Life & Health – Strong momentum

UNDERLYING EARNINGS
In Euro million unless otherwise mentioned FY24 FY25 Change
Short-term technical margin 415 479 —
Long-term result incl. CSM release 2,680 2,804 —
Financial result 975 946 —
Tax & others -748 -728 —
Total Underlying Earnings 3,323 3,501 +7%
o/w Life (In Euro billion) 2.6 2.7 +4% vs FY24
o/w Health (In Euro billion) 0.7 0.8 +17% vs FY24
  • 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)
  • Higher long-term results from increase in CSM release (+8%)

p. 21

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

In Euro billion
FY24 FY25 Change
Property & Casualty 5.5 5.9 +9%
Life & Health 3.3 3.5 +7%
Asset Management 0.4 0.2 -57%
Holdings & other -1.2 -1.2 —
Underlying earnings1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) 8.1 8.4 +6%
Non-financial flows -0.5 +2.1 —
o/w capital gains from AXA IM disposal — +2.2 —
Financial flows (incl. RCG) +0.3 -0.7 —
Net income1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) 7.9 9.8 +26%

UNDERLYING EARNINGS

  • Strong performance from insurance businesses
  • Stable holding cost, expected to remain at current level in 2026

NET INCOME

  • Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM
  • Lower financial flows reflecting unfavorable forex impact
UNDERLYING EARNINGS PER SHARE1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) (In Euro)
FY24 FY25
Underlying earnings per share 3.59 3.86
Total Change — +8%
from earnings growth — +6%
from capital management — +3%
from Forex — -2%

p. 22

Shareholders’ Equity1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.)

In Euro billion
FY24 HY25 FY25
SHE (excl. OCI) 58.0 52.7 54.0
Net OCI -8.1 -7.2 -6.8
Total SHE 49.9 45.5 47.2
SHE (excl. OCI & undated subordinated debt) 53.2 47.0 49.4
Debt gearing 20.6% 23.4% 22.3%
Underlying ROE 15.2% 17.5% 16.0%
In Euro billion FY24 to FY25 HY25 to FY25
Opening Shareholders’ equity 49.9 45.5
Change in net OCI 1.3 0.4
Net income for the period 9.8 5.9
Dividend -4.6 —
Annual share buyback -1.2 —
Anti-dilutive share buyback following the sale of AXA IM -3.5 -3.5
Undated subordinated debt (including interest charges) -0.3 -1.2
Forex -3.5 -0.1
Other -0.6 0.3
Closing Shareholders’ equity 47.2 47.2

p. 23

Solvency II ratio at 224%

SOLVENCY II RATIO
Ratio FY24 Regulatory & model changes Normalized capital generation Operating variance Economic variance & FX Dividend & annual share buyback Other FY25
Value 216% +0pt +28pts -1pt +4pts -24pts +2pts 224%
IMPACTS OF THE END OF GRANDFATHERING PERIOD AND SOLVENCY II REVISION
Impact description Ratio / Impact Details
Ratio as of 31/12/2025 224% —
Impact of the the end of grandfathering period on January 1, 2026 -10pts to 215% - Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
Impact of Solvency II revision to come into effect in 1Q27 +17pts1(footnote: Impact of Solvency II revision to come into effect in 1Q27)
  • No change expected in organic capital generation
  • Additional capital flexibility

p. 24

France

Mathieu Godart

  • AXA France CEO

p. 25

AXA France – A leader with distinctive strengths

SOLID AND DIVERSIFIED FRANCHISE1

  • #1 Health & Protection
  • #2 Property & Casualty
  • #7 Savings & Pensions
SOLID AND DIVERSIFIED FRANCHISE1 (FY25 Revenues including international activities)
Segment Share
Savings & Pensions 35%
Property & Casualty 31%
Health & Protection 34%
Total €31bn

KEY FIGURES2

  • >8m Retail clients3(footnote: target of €5bn annually)
  • 1 out of 5 households insured by AXA in France
  • 2.5 contracts per client on average
  • 1 out of 3 SMEs insured by AXA in France
  • >6m Employee Benefits beneficiaries
  • 1 / minute commercial claims covered
  • 33,000 people working for AXA in France
  • >€10bn invested in the economy
  • €37m claims paid per day on average

p. 26

AXA France – Dynamic, organic and profitable growth...

REVENUES

  • €31bn +6% vs. FY24
  • P&C +7%
  • Health & Protection +4%
  • Savings & Pensions +7%

KEY TAKEAWAYS

  • Additional new distributors +430 nouveaux distributeurs
  • Additional contracts1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) +550k net
  • Additional clients1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) +250k net
  • Growth of individuals savings assets €+3.3bn
UNDERLYING EARNINGS
In Euro billion FY24 FY25 Change
Underlying earnings 2.1 2.2 +7%

p. 27

AXA France – ... and an acceleration of our commitments

CUSTOMER

  • New insurance product to address domestic violence
  • 90% customer satisfaction rate1(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.)
  • More than 90% of retail client journeys in the app.
  • 1.8 million modest income clients, more than 20% of whom are covered by dedicated offers

CLIMATE AND PREVENTION

  • 22% of auto repairs using reused parts
  • 300 Municipal Safeguard Plans initiated with AXA Prevention
  • More than 1,500 risks visits per year, by experts to support our Commercial clients
  • Partial reimbursement of genomic tests for breast cancer

p. 28

Conclusion

  • Thomas Buberl
  • Group CEO

p. 29

Full Year 2025 earnings – Well on track to deliver our plan

MAIN FINANCIAL TARGETS
TARGET 2024-2026E ACHIEVEMENTS IN 2025
UNDERLYING EARNINGS PER SHARE 6% - 8%
CAGR 2023-2026E 		+8%
vs FY24
UNDERLYING RETURN ON EQUITY 14% - 16% 16%
CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND 20261(footnote: Cumulative cash remittance between 2024 and 2026) >€21bn €14.6bn
  • Record results, at the top end of the target range while enhancing reserve prudence
  • Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026
  • Laying foundations for the next plan and confident in delivering sustainable earnings growth

p. 30

Q&A session

p. 31

Thank you

p. 32

AXA is a recognized sustainability leader

S&P Global

  • 2025 percentile: 97th1 in Dow Jones Best-in-Class Europe & World indices

MSCI

  • 2025 score: AAA

CDP

  • 2025 score: B

MORNINGSTAR SUSTAINALYTICS

  • 2025 ESG Risk Rating: 17.0 – Low risk

FTSE RUSSELL An LSEG Business

  • 2025 score: 4.3/5 in FTSE4Good Index Series

p. 33

Scope

  • France: includes insurance activities, banking activities and holding.
  • 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 AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holding.
  • Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the 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) AXA Mediterranean Holdings.
  • Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group’s internal reinsurance activity) and other Central Holdings.
  • AXA Investment Managers: includes 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.

p. 34

Glossary (1/2)

  • 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 asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
  • CSM release: a portion of CSM stock net of reinsurance at the 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: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
  • Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
  • Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the 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). 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. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (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.
  • New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
  • Operating variance: the variation of the year-end CSM versus the 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. Operating variance is net of reinsurance.
  • 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.

p. 35

Glossary (2/2)

  • Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of 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.
  • Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.


p. 36

Notes (1/2)

  • 1. Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.
  • 1. Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.
  • 1. Estimate of the final 2025 figures made in February 2026.
  • 2. Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.
  • 3. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.
  • 1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.
  • 1. Change FY25 vs. FY24 at constant fx.
  • 2. Includes AXA XL Re premiums of €2.6bn.
  • 1. Change FY25 vs FY24 at constant fx.
  • 1. Including both short-term and long-term Employee Benefits GWP and other revenues.


p. 37

Notes (2/2)

Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified.

  • 1. Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.
  • 1. Shareholders’ equity Group share.
  • 1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.
  • 1. Sources: France Assureurs & Argus de l’assurance, 2024 data.
  • 2. All the data concern AXA France.
  • 3. Including professionals and Direct Assurance.
  • 1. Including Direct Assurance.
  • 1. Scope: AXA France Retail clients.
  • 1. Organic cash remittance only.
  • 1. The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.
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