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== AXA — FY25 Full-Year Results Summary ==

=== Enriched Key Financial Metrics ===

{| class="wikitable" style="width:100%; text-align:right"
{| class="wikitable" style="width:100%; text-align:right"
|+ AXA FY25 key financial metrics
|+ 📊 AXA — Key Financial Metrics (EUR mm), FY24–FY25 — Enriched
|-
|-
! style="background:#eaecf0; text-align:left" | Metric
! style="background:#eaecf0; text-align:left; width:18em" | Metric
! style="background:#eaecf0; width:5.5em" | FY24
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:5.5em" | FY25
! style="background:#eaecf0; width:6em" | FY24
! style="background:#eaecf0; width:5em" | Reported Δ
! style="background:#eaecf0; width:6em" | FY25
! style="background:#eaecf0; width:5em" | Comparable Δ
! style="background:#eaecf0; width:6em" | Change
! style="background:#eaecf0; text-align:left" | Comments
! style="background:#eaecf0; text-align:left" | Comments
|-
|-
| style="background:#f8f9fa; text-align:left" | '''GWP & other revenues'''
| style="text-align:left" | '''GWP & other revenues'''
| €m
| style="background:#f8f9fa" | '''110,316'''
| style="background:#f8f9fa" | '''115,524'''
| '''110,316'''
| '''115,524'''
| style="background:#f8f9fa" | '''+5%'''
| style="background:#f8f9fa" | '''+6%'''
| '''+6%'''
| style="background:#f8f9fa; text-align:left" | ↑ Broad-based growth across P&C (+5%) and L&H (+8%). See sub-lines below.
| style="text-align:left" |
* +5% on reported basis
* ↑ P&C Commercial lines (+4%): higher volumes (notably AXA XL Insurance) and favorable pricing across all geographies
* ↑ P&C Personal lines (+7%): favorable pricing + strong net new contracts in France, Europe, Asia & EME-LATAM
* ↑ AXA XL Reinsurance (+8%): growth supported by alternative capital
* ↑ Life (+9%): Protection +11% (Hong Kong, Switzerland, Japan), Unit-Linked +13% (all geographies), G/A +4% (Italy, France)
* ↑ Health (+5%): price effects in all geographies
|-
|-
| style="text-align:left" |    o/w Property & Casualty
| style="text-align:left" |    o/w Property & Casualty
| €m
| 56,514
| 56,514
| 58,038
| 58,038
| +3%
| +5%
| +5%
| style="text-align:left" |
| style="text-align:left" | ↑ Commercial lines (+4%): higher volumes at AXA XL Insurance + favorable pricing across all geographies. Personal lines (+7%): price effects + strong net new contracts in France, Europe, Asia & EME-LATAM. AXA XL Reinsurance (+8%): growth supported by alternative capital.
* +3% on reported basis
|-
|-
| style="text-align:left" |    o/w Life & Health
| style="text-align:left" |    o/w Life & Health
| €m
| 51,983
| 51,983
| 56,512
| 56,512
| +9%
| +8%
| +8%
| style="text-align:left" |
| style="text-align:left" | ↑ Life premiums +9%: Protection +11% (strong sales in HK, CH, JP), Unit-Linked +13% (all geographies), G/A +4% (Italy, France momentum). Health premiums +5%: price effects in all geographies.
* +9% on reported basis
|-
|-
| style="text-align:left" |    o/w Asset Management
| style="text-align:left" |    o/w Asset Management
| €m
| 1,701
| 1,701
| 875
| 875
| n.m.
| n.m.
| style="text-align:left" |
| n.m.
| style="text-align:left" | ↓ AXA IM disposed on July 1, 2025; only H1 contribution included. One-off impact.
* ↓ Disposal of AXA IM completed July 1, 2025; only H1 contribution included
|-
|-
| style="text-align:left" | '''Underlying earnings'''
| style="text-align:left" | '''Underlying earnings'''
| €m
| '''8,078'''
| '''8,078'''
| '''8,368'''
| '''8,368'''
| '''+4%'''
| '''+6%'''
| '''+6%'''
| style="text-align:left" |
| style="text-align:left" | ↑ +9% excl. AXA IM. P&C earnings +9% (volume growth, margin expansion, higher investment income). L&H +7% (improved short-term technical results in Health & Protection; early benefits of Life rejuvenation strategy). Holdings stable at ca. Euro −1.2 bn. Asset Mgmt. earnings ↓ Euro 0.2 bn due to AXA IM disposal (one-off).
* +4% on reported basis; +9% excluding AXA IM
* ↑ P&C (+9%): higher volumes, underwriting margin expansion, higher investment income
* ↑ Life & Health (+7%): improved short-term technical results in Health & Protection; higher long-term earnings from strategy to rejuvenate the business; Health +17% after absorbing adverse Mexico VAT change
* ↔ Holdings broadly stable at €-1.2bn
* ↓ Asset Management: €0.2bn decrease from AXA IM disposal
|-
| style="text-align:left" | '''Underlying earnings per share'''
| €/share
| 3.57
| 3.86
| +8%
| style="text-align:left" |
* ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
* ↑ Share buyback accretion (+3 pts): annual program + AXA IM anti-dilutive buyback
* ↓ FX headwind (-2 pts): mainly USD depreciation vs EUR
* ↓ Temporary dilution (-1 pt) from timing of AXA IM-related buyback
|-
|-
| style="text-align:left" | '''Net income'''
| style="text-align:left" | '''Net income'''
| €m
| '''7,886'''
| '''7,886'''
| '''9,797'''
| '''9,797'''
| '''+24%'''
| '''+26%'''
| '''+26%'''
| style="text-align:left" |
| style="text-align:left" | ↑ Higher underlying earnings + significantly positive exceptional items, notably the one-off gain from sale of AXA IM.
* +24% on reported basis
* ↑ Higher underlying earnings + significantly positive exceptional items, notably one-off gain from AXA IM disposal
|-
|-
| style="text-align:left" | '''Solvency II ratio (%)'''
| style="text-align:left" | '''Solvency II ratio'''
| '''216%'''
| %
| '''224%'''
| '''216'''
| '''224'''
| '''+9 pts'''
| '''+9 pts'''
| style="text-align:left" |
| —
| style="text-align:left" | ↑ Operating return +28 pts, net sub-debt issuance +6 pts, financial markets +4 pts. Partly offset by dividend & annual buyback provision −24 pts, Nobis/Prima acquisitions & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Post-grandfathering: 215% on Jan 1, 2026 (−10 pts).
* ↑ Operating return (+28 pts) net of dividend & annual buyback provision (-24 pts)
* ↑ Net subordinated debt issuance (+6 pts)
* ↑ Favorable financial markets (+4 pts)
* ↓ Net impact of Nobis/Prima acquisitions + AXA IM disposal incl. €3.8bn buyback (-5 pts)
* Post-period: ratio falls to 215% on Jan 1, 2026, after grandfathered debt de-recognition (-10 pts)
|-
|-
| style="text-align:left" | Shareholders' equity
! colspan="6" style="background:#dfe3e8; text-align:left; font-style:italic" | [From narrative — additional metrics not in original table]
| €bn
| 50.0
| 47.2
| -€2.8bn
| style="text-align:left" |
* ↑ Net income (+€9.8bn) + net OCI (+€1.3bn)
* ↓ FY24 dividend paid (-€4.6bn)
* ↓ Share buybacks executed in 2025 (-€4.7bn), incl. €3.5bn AXA IM anti-dilutive buyback
* ↓ Unfavorable FX (-€3.5bn), mainly USD depreciation
|-
|-
| style="background:#f5f5dc; text-align:left" | Underlying EPS (Euro)
| style="text-align:left" | CSM
| €bn
| style="background:#f5f5dc" | 3.57*
| 33.9
| style="background:#f5f5dc" | 3.86
| 33.3
| style="background:#f5f5dc" | +8%
| -€0.6bn
| style="background:#f5f5dc" | —
| style="text-align:left" |
| style="background:#f5f5dc; text-align:left" | ↑ Underlying earnings growth (+6%) + lower interest expense on sub-debt + share buyback accretion (+3%). Offset by FX headwind (−2%, mainly USD depreciation) and temporary AXA IM timing dilution (−1%).
* ↑ New business contribution (+€2.2bn) + underlying return on in-force (+€1.3bn)
* ↓ CSM release (-€3.0bn); normalized growth +2%
* ↑ Market conditions (+€0.6bn): tighter government spreads, positive equity markets
* ↓ FX (-€1.5bn): JPY and HKD depreciation
* ↓ Operating variance (-€0.3bn): better margins and net flows offset by shorter Group Life duration in Switzerland
|-
|-
| style="background:#f5f5dc; text-align:left" | Underlying RoE (%)
| style="text-align:left" | Underlying return on equity
| %
| style="background:#f5f5dc" | 15.2%*
| 15.2
| style="background:#f5f5dc" | 16.0%
| 16.0
| style="background:#f5f5dc" | +0.8 pt
| +0.8 pts
| style="background:#f5f5dc" | —
| style="text-align:left" |
| style="background:#f5f5dc; text-align:left" | ↑ Higher underlying earnings + lower shareholders' equity base. Within 14–16% plan target range.
* ↑ Higher underlying earnings + lower shareholders' equity base
|-
|-
| style="background:#f5f5dc; text-align:left" | Shareholders' equity
| style="text-align:left" | Debt gearing
| %
| style="background:#f5f5dc" | 50,000*
| 20.6
| style="background:#f5f5dc" | 47,200
| 22.3
| style="background:#f5f5dc" | −Euro 2.8 bn
| +1.7 pts
| style="background:#f5f5dc" | —
| style="text-align:left" |
| style="background:#f5f5dc; text-align:left" | ↓ Net income +9.8 bn and OCI +1.3 bn more than offset by FY24 dividend −4.6 bn, share buybacks −4.7 bn (incl. Euro 3.5 bn AXA IM anti-dilutive buyback), FX impact −3.5 bn (USD depreciation).
* ↑ Lower shareholders' equity and CSM
* ↑ RT1 and Tier 2 subordinated debt issuance (€3.5bn), partly offset by redemption of grandfathered Tier 1 debt (-€1.9bn)
* Within plan guidance of 19-23%
|-
|-
| style="background:#f5f5dc; text-align:left" | CSM
| style="text-align:left" | Cash at Holding
| €bn
| style="background:#f5f5dc" | 33,900*
| 4.0
| style="background:#f5f5dc" | 33,300
| 5.6
| style="background:#f5f5dc" | −Euro 0.6 bn
| +€1.6bn
| style="background:#f5f5dc" | —
| style="text-align:left" |
| style="background:#f5f5dc; text-align:left" | Normalized growth +2%. New business +2.2 bn + return on in-force +1.3 bn offset CSM release −3.0 bn. Favorable markets +0.6 bn (spread tightening, equities). Offset by FX −1.5 bn (JPY, HKD depreciation) and operating variance −0.3 bn (shorter Group Life duration in CH).
* ↑ Organic cash remittance from subsidiaries of €7.5bn (up €0.4bn vs FY24)
|-
|-
| style="background:#f5f5dc; text-align:left" | Debt gearing (%)
| style="text-align:left" | Dividend per share
| €/share
| style="background:#f5f5dc" | 20.6%*
| 2.15
| style="background:#f5f5dc" | 22.3%
| 2.32
| style="background:#f5f5dc" | +1.7 pts
| +8%
| style="background:#f5f5dc" | —
| style="text-align:left" |
| style="background:#f5f5dc; text-align:left" | ↑ Lower equity and CSM base + RT1/T2 sub-debt issuance Euro 3.5 bn, partly offset by grandfathered T1 redemption Euro −1.9 bn. In line with 19–23% plan guidance.
* Subject to approval at AGM on April 30, 2026
|-
|-
| style="background:#f5f5dc; text-align:left" | Cash at Holding
| style="text-align:left" | Annual share buyback program
| €bn
| style="background:#f5f5dc" | 4,000*
| —
| style="background:#f5f5dc" | 5,600
| 1.25
| style="background:#f5f5dc" | +Euro 1.6 bn
| —
| style="background:#f5f5dc" | —
| style="background:#f5f5dc; text-align:left" | ↑ Organic cash remittance from subsidiaries Euro 7.5 bn (+0.4 bn vs. FY24).
| style="text-align:left" |
* Approved Feb 25, 2026; expected completion by year-end
* All repurchased shares to be cancelled
|}
|}


'''Shareholder returns'''
''* FY24 figures for narrative-sourced rows are implied from reported deltas; exact prior-year values not disclosed for all metrics.''
* Dividend ex-date May 11, 2026; payment date May 13, 2026.

* AXA IM-related anti-dilutive buyback of €3.8bn completed between July 2, 2025, and January 20, 2026.
----
* Capital management policy targets 75% total payout (60% dividend + 15% annual buyback); dividend per share in any year expected to be at least equal to the prior year.

=== Structured Bullet Points — Remaining Information ===

==== Capital & Solvency ====

* '''Solvency II ratio bridge (FY24 → FY25):''' Operating return +28 pts; dividend & annual buyback provision −24 pts; net sub-debt issuance +6 pts; financial market impacts +4 pts; acquisitions (Nobis, Prima) & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Net movement: +9 pts to 224%.
* '''Grandfathering impact:''' As of Jan 1, 2026, grandfathered capital instruments/sub-debt no longer qualify as eligible own funds → −10 pts, bringing ratio to 215%.
* '''Solvency II revision (Q1 2027):''' Group estimates +17 pts uplift to the current ratio once the revised framework takes effect.

==== Shareholder Returns ====

* '''Dividend:''' Euro 2.32/share proposed (+8% vs. FY24). AGM vote on April 30, 2026; ex-date May 11, 2026; payment May 13, 2026.
* '''Annual share buyback:''' Up to Euro 1.25 bn approved by the Board on Feb 25, 2026. All repurchased shares to be cancelled. Expected to commence as soon as practicable and complete by year-end 2026.
* '''AXA IM-related buyback:''' Euro 3.8 bn anti-dilutive buyback completed (Jul 2, 2025 – Jan 20, 2026).
* '''Capital management policy:''' Total payout ratio target of 75% (60% dividend payout + 15% annual buybacks). DPS floor: at least equal to prior year.

==== Forward-looking Items ====

* '''2026 EPS guidance:''' Underlying EPS growth expected at the upper end of the 6–8% CAGR target range for both the plan period (2023–2026E) and for 2026 specifically.
* '''Plan targets ("Unlock the Future" 2024–2026):''' (i) EPS CAGR 6–8% (upper end expected), (ii) underlying RoE 14–16%, (iii) cumulative organic cash upstream >Euro 21 bn.
* '''P&C outlook:''' Favorable pricing in Retail and SME/Mid-market with continued earn-through benefits. AXA XL: pricing varies by line; disciplined cycle management and capital allocation. Nat-cat load guidance: ca. 4.5 pts of combined ratio for 2026.
* '''L&H outlook:''' Short-term earnings growth from disciplined pricing and claims management. Long-term business rejuvenation and improved persistency expected to drive positive net flows and CSM growth.
* '''Holdings:''' 2026 results expected at a similar level to 2025.
* '''New strategic plan:''' AXA to present its 2027–2029 plan on September 21, 2026.


'''Forward-looking items'''
==== Notable Events ====
* FY26 underlying EPS growth expected at the upper end of the 6-8% plan target range.
* Solvency II revision (effective Q1 2027) estimated to add +17 pts to the current ratio.
* 2024-2026 plan targets: (i) underlying EPS CAGR at upper end of 6-8%, (ii) underlying RoE between 14% and 16%, (iii) cumulative organic cash upstream in excess of €21bn.
* Normalized natural catastrophe load guidance remains at ca. 4.5 pts of combined ratio for 2026.
* P&C pricing remains favorable; AXA XL to maintain disciplined cycle management. Life & Health earnings growth driven by disciplined pricing, claims management, and rejuvenation of long-term business driving CSM growth over time. Holdings expected to remain at a similar level to 2025.
* New strategic plan for 2027-2029 to be presented on September 21, 2026.
* Investments in automation and AI cited as driving efficiency gains.


'''Notable events'''
* '''Disposal of AXA IM:''' Completed July 1, 2025. Generated a significant one-off gain recognized in net income. Led to temporary EPS dilution of −1% due to timing lag between disposal and completion of anti-dilutive buyback.
* AXA IM disposal completed July 1, 2025, generating a significant one-off gain booked in net income. The sale triggered a €3.8bn anti-dilutive share buyback and a temporary -1pt dilution to underlying EPS due to buyback timing.
* '''Acquisitions:''' Nobis and Prima acquired during the period; net impact on Solvency II ratio was −5 pts (combined with AXA IM disposal effects).
* Acquisitions of Nobis and Prima completed during FY25 (-5 pts Solvency II impact combined with AXA IM disposal effects).
* '''AI & automation:''' Management highlighted that investments in automation and AI are delivering efficiency gains, contributing to lower expense ratios.
* Adverse VAT treatment change in Mexico absorbed within Health earnings growth of +17%.

Revision as of 12:54, 21 March 2026

AXA FY25 key financial metrics
Metric Unit FY24 FY25 Change Comments
GWP & other revenues €m 110,316 115,524 +6%
  • +5% on reported basis
  • ↑ P&C Commercial lines (+4%): higher volumes (notably AXA XL Insurance) and favorable pricing across all geographies
  • ↑ P&C Personal lines (+7%): favorable pricing + strong net new contracts in France, Europe, Asia & EME-LATAM
  • ↑ AXA XL Reinsurance (+8%): growth supported by alternative capital
  • ↑ Life (+9%): Protection +11% (Hong Kong, Switzerland, Japan), Unit-Linked +13% (all geographies), G/A +4% (Italy, France)
  • ↑ Health (+5%): price effects in all geographies
   o/w Property & Casualty €m 56,514 58,038 +5%
  • +3% on reported basis
   o/w Life & Health €m 51,983 56,512 +8%
  • +9% on reported basis
   o/w Asset Management €m 1,701 875 n.m.
  • ↓ Disposal of AXA IM completed July 1, 2025; only H1 contribution included
Underlying earnings €m 8,078 8,368 +6%
  • +4% on reported basis; +9% excluding AXA IM
  • ↑ P&C (+9%): higher volumes, underwriting margin expansion, higher investment income
  • ↑ Life & Health (+7%): improved short-term technical results in Health & Protection; higher long-term earnings from strategy to rejuvenate the business; Health +17% after absorbing adverse Mexico VAT change
  • ↔ Holdings broadly stable at €-1.2bn
  • ↓ Asset Management: €0.2bn decrease from AXA IM disposal
Underlying earnings per share €/share 3.57 3.86 +8%
  • ↑ Underlying earnings growth (+6%) + lower interest expense on subordinated debt
  • ↑ Share buyback accretion (+3 pts): annual program + AXA IM anti-dilutive buyback
  • ↓ FX headwind (-2 pts): mainly USD depreciation vs EUR
  • ↓ Temporary dilution (-1 pt) from timing of AXA IM-related buyback
Net income €m 7,886 9,797 +26%
  • +24% on reported basis
  • ↑ Higher underlying earnings + significantly positive exceptional items, notably one-off gain from AXA IM disposal
Solvency II ratio % 216 224 +9 pts
  • ↑ Operating return (+28 pts) net of dividend & annual buyback provision (-24 pts)
  • ↑ Net subordinated debt issuance (+6 pts)
  • ↑ Favorable financial markets (+4 pts)
  • ↓ Net impact of Nobis/Prima acquisitions + AXA IM disposal incl. €3.8bn buyback (-5 pts)
  • Post-period: ratio falls to 215% on Jan 1, 2026, after grandfathered debt de-recognition (-10 pts)
Shareholders' equity €bn 50.0 47.2 -€2.8bn
  • ↑ Net income (+€9.8bn) + net OCI (+€1.3bn)
  • ↓ FY24 dividend paid (-€4.6bn)
  • ↓ Share buybacks executed in 2025 (-€4.7bn), incl. €3.5bn AXA IM anti-dilutive buyback
  • ↓ Unfavorable FX (-€3.5bn), mainly USD depreciation
CSM €bn 33.9 33.3 -€0.6bn
  • ↑ New business contribution (+€2.2bn) + underlying return on in-force (+€1.3bn)
  • ↓ CSM release (-€3.0bn); normalized growth +2%
  • ↑ Market conditions (+€0.6bn): tighter government spreads, positive equity markets
  • ↓ FX (-€1.5bn): JPY and HKD depreciation
  • ↓ Operating variance (-€0.3bn): better margins and net flows offset by shorter Group Life duration in Switzerland
Underlying return on equity % 15.2 16.0 +0.8 pts
  • ↑ Higher underlying earnings + lower shareholders' equity base
Debt gearing % 20.6 22.3 +1.7 pts
  • ↑ Lower shareholders' equity and CSM
  • ↑ RT1 and Tier 2 subordinated debt issuance (€3.5bn), partly offset by redemption of grandfathered Tier 1 debt (-€1.9bn)
  • Within plan guidance of 19-23%
Cash at Holding €bn 4.0 5.6 +€1.6bn
  • ↑ Organic cash remittance from subsidiaries of €7.5bn (up €0.4bn vs FY24)
Dividend per share €/share 2.15 2.32 +8%
  • Subject to approval at AGM on April 30, 2026
Annual share buyback program €bn — 1.25 —
  • Approved Feb 25, 2026; expected completion by year-end
  • All repurchased shares to be cancelled

Shareholder returns

  • Dividend ex-date May 11, 2026; payment date May 13, 2026.
  • AXA IM-related anti-dilutive buyback of €3.8bn completed between July 2, 2025, and January 20, 2026.
  • Capital management policy targets 75% total payout (60% dividend + 15% annual buyback); dividend per share in any year expected to be at least equal to the prior year.

Forward-looking items

  • FY26 underlying EPS growth expected at the upper end of the 6-8% plan target range.
  • Solvency II revision (effective Q1 2027) estimated to add +17 pts to the current ratio.
  • 2024-2026 plan targets: (i) underlying EPS CAGR at upper end of 6-8%, (ii) underlying RoE between 14% and 16%, (iii) cumulative organic cash upstream in excess of €21bn.
  • Normalized natural catastrophe load guidance remains at ca. 4.5 pts of combined ratio for 2026.
  • P&C pricing remains favorable; AXA XL to maintain disciplined cycle management. Life & Health earnings growth driven by disciplined pricing, claims management, and rejuvenation of long-term business driving CSM growth over time. Holdings expected to remain at a similar level to 2025.
  • New strategic plan for 2027-2029 to be presented on September 21, 2026.
  • Investments in automation and AI cited as driving efficiency gains.

Notable events

  • AXA IM disposal completed July 1, 2025, generating a significant one-off gain booked in net income. The sale triggered a €3.8bn anti-dilutive share buyback and a temporary -1pt dilution to underlying EPS due to buyback timing.
  • Acquisitions of Nobis and Prima completed during FY25 (-5 pts Solvency II impact combined with AXA IM disposal effects).
  • Adverse VAT treatment change in Mexico absorbed within Health earnings growth of +17%.
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