AXA/2025/FY/Earnings presentation

Document info
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document type	Analyst presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	Original URL
Archive file	.md file

This article summarizes AXA's full-year 2025 earnings presentation, published on 26 February 2026.

Front matter

Full Year 2025 earnings presentation

• Full Year 2025 Earnings Presentation ^{p. 1}
• February 26, 2026 ^{p. 1}

Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures

• Certain statements are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and are identified by words like 'expects', 'anticipates', 'may', 'plan,' 'target' or conditional verbs such as 'would' and 'could' ^{p. 2}.
• Statements regarding expected underlying earnings per share ('UEPS') growth for 2026 are forward-looking statements providing one-off guidance for the last year of the Group's current strategic plan ^{p. 2}.
• These statements are based on Management's current views and intentions and are subject to change ^{p. 2}.
• Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially ^{p. 2}.
• Each forward-looking statement speaks only at the date of this presentation ^{p. 2}.
• 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 important factors, risks, and uncertainties ^{p. 2}.
• AXA disclaims any obligation to publicly update or revise any forward-looking statements, except as required by applicable laws and regulations ^{p. 2}.
• This presentation refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management for analyzing operating trends, financial performance, and financial position ^{p. 2}.
• These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies ^{p. 2}.
• 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 ^{p. 2}.
• 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 ^{p. 2}.
• 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) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), under the heading 'Use of non-GAAP and alternative performance measures' ^{p. 2}.
• For further information on non-GAAP financial measures, see the Glossary in AXA's 2025 Activity Report ^{p. 2}.
• AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com) ^{p. 2}.
• 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. 2}.

Table of contents

• 1. FY25 Highlights: presented by Thomas Buberl, Group CEO, starting on page 04 ^{p. 3}.
• 2. FY25 Business Performance: presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on page 09 ^{p. 3}.
• 3. FY25 Financial Performance: presented by Alban de Mailly Nesle, Group CFO, starting on page 13 ^{p. 3}.

1 FY25 Highlights

• FY25 Highlights ^{p. 4}
• Thomas Buberl, Group CEO ^{p. 4}

Full Year 2025 | Excellent performance

• Revenues +6% vs. FY24 ^{p. 5}
• Underlying EPS +8% vs. FY24 ^{p. 5}
• ROE FY25: 16% ^{p. 5}
• Solvency II ratio FY25: 224% ^{p. 5}
• Delivering value for shareholders with DPS +8% growth and EUR 1.25bn annual share buy back ^{p. 5}.
  • DPS growth is based on the dividend proposed by AXA's Board of Directors on February 25, 2026, and is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 ^{p. 5}.
  • The annual share buy back follows AXA's Board of Directors' approval on February 25, 2026, and is expected to commence as soon as reasonably practicable, subject to market conditions ^{p. 5}.
• Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026 ^{p. 5}.

Executing the plan on growth, margin and efficiency

Underlying earnings and top line growth, FY24 vs FY25 ^{p. 6}

EUR billion	FY24	FY25
Underlying earnings	8.1	8.4

• High organic growth: +6% top line growth, well balanced across lines ^{p. 6}
  • P&C: +5% ^{p. 6}
  • Life: +9% ^{p. 6}
  • Health: +5% ^{p. 6}
• Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency ^{p. 6}
• Scaling the business: Continued investments in growth and technology ^{p. 6}
• Consistent earnings growth while enhancing reserve prudence ^{p. 6}
• Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX ^{p. 6}.

Diversified franchise, well positioned in an attractive industry

FY25 gross written premium split (excluding AXA IM and holdings) ^{p. 7}

Segment	Share
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

• Secular trends fueling demand across businesses: ^{p. 7}
  • Protection gaps and emerging corporate risks (relevant for SME & Mid-market and Large & Specialty segments) ^{p. 7}
  • Demographics driving demand for private retirement and healthcare (relevant for Life and Health segments) ^{p. 7}
• Our right to win: ^{p. 7}
  • Leading brand & high customer NPS ^{p. 7}
  • Strong and diversified distribution ^{p. 7}
  • Technical expertise to price & underwrite risks ^{p. 7}
  • Scale offering cost advantage ^{p. 7}
• Pie chart represents FY25 gross written premium split excluding AXA IM and holdings ^{p. 7}.

Laying the foundation for the next plan

• (icon) Clear tech and AI roadmap ^{p. 8}
• (icon) Driving efficiency ^{p. 8}
• (icon) Enhancing capital allocation discipline ^{p. 8}
• (icon) Building resilience ^{p. 8}
• Confidence in sustaining earnings growth ^{p. 8}

Divider

• Guillaume Borie ^{p. 9}
• Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}
• FY25 Business Performance ^{p. 9}

Strong delivery across our businesses

GWP and Underlying Earnings by Segment ^{p. 10}

EUR billion unless otherwise mentioned	GWP % change	GWP	Underlying earnings % change	Underlying earnings
France	+6%	31	+7%	2.2
Europe	+6%	43	+9%	3.5
AXA XL	+4%	19	+9%	1.9
Asia, Africa & EME-LATAM	+13%	20	+6%	1.5

• Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.
• ¹ FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.
• France (27% of total GWP¹): ^{p. 10}
• Europe (38% of total GWP¹): ^{p. 10}
• AXA XL (17% of total GWP¹): ^{p. 10}
• Asia, Africa & EME-LATAM (18% of total GWP¹): ^{p. 10}

P&C | Strong margins, confidence in sustaining growth

GWP split by segment, EUR 58bn total ^{p. 11}

Segment	Share
Retail	34%
SME & Mid-market	33%
AXA XL (Large & Specialty)	33%

• Underlying earnings +9% to EUR 5.9bn (change FY25 vs. FY24 at constant FX)
• (diagram) 2025 Strategic Focus
  • Retail and SME & Mid-market: Growing volumes while expanding margins
  • AXA XL (Large & Specialty): Profitable growth with stable margins
• (diagram) Beyond 2025 Strategic Focus
  • Retail and SME & Mid-market: Investing to improve customer retention & expanding distribution footprint
  • AXA XL (Large & Specialty): Capitalizing on attractive growth opportunities and continued cycle management
• (diagram) Additional Strategic Initiatives
  • Continued progress on efficiency
  • Higher investment income
  • Data & AI to further enhance customer experience & technical excellence
• AXA XL (Large & Specialty): 33% (includes AXA XL Re premiums of EUR 2.6bn) ^{p. 11}

L&H | Good momentum, well positioned to capture growth opportunities

GWP split by term, EUR 57bn total ^{p. 12}

Segment	Share
Short-term	28%
Long-term	72%

• Underlying earnings +7% to EUR 3.5bn (change FY25 vs. FY24 at constant FX)
• (diagram) 2025 Strategic Focus
  • Long-term business: Accelerating net flows in Savings at attractive margins
  • Short-term business: Growing technical results while absorbing Mexico VAT impact
• (diagram) Beyond 2025 Strategic Focus
  • Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for our customers
  • Short-term business: Capitalizing on demand for health & protection while further improving our margins
• (diagram) Additional Strategic Initiatives
  • Focus on cost reduction
  • Increasing penetration of Protection riders in Savings offerings
  • Leveraging AI to reduce claims leakage & improve customer outcomes in Health

• FY25 Financial Performance ^{p. 13}
• Alban de Mailly Nesle ^{p. 13}
• Group CFO ^{p. 13}

P&C | Continued disciplined growth

GWP & other revenues by line, FY24 vs FY25 ^{p. 14}

EUR billion	FY24	FY25
Commercial lines	35.8	35.8
AXA XL Reinsurance	2.6	2.6
Retail lines	18.1	19.7
Total	56.5	58.0

• Commercial lines: +4% change (o/w pricing +2%, o/w volume +2%) ^{p. 14}
  • Continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}
• AXA XL Reinsurance: +8% change (o/w pricing +0.3%, o/w volume +7%) ^{p. 14}
  • Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}
  • Growth supported by alternative capital ^{p. 14}
• Retail lines: +7% change (o/w pricing +5%, o/w volume +2%) ^{p. 14}
  • Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) ^{p. 14}
• Change at constant scope and FX ^{p. 14}

P&C | Delivering further margin expansion while enhancing reserve prudence

Combined ratio breakdown, FY24 vs FY25 ^{p. 15}

—	FY24	FY25
Undiscounted CY loss ratio (ex Nat Cat)	67.4%	67.0%
Expense ratio	25.0%	24.8%
Nat Cat	3.8%	3.4%
Prior year reserve development	-1.6%	-1.1%
Discount	-3.6%	-3.5%
Total Combined Ratio	91.0%	90.6%

• Better undiscounted current year loss ratio excluding Nat Cat from: ^{p. 15}
  • Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment ^{p. 15}
  • Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}
• Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}
• Nat Cat charges below normalized load ^{p. 15}
• Lower reliance on prior year reserve development ^{p. 15}
• Taking advantage of a good year to enhance reserve prudence ^{p. 15}

P&C | Earnings growth from higher underwriting and financial result

Underlying earnings walk, FY24 to FY25 ^{p. 16}

EUR million	Underlying Earnings
FY24	5,510
Volume growth	+292
Margin improvement	+189
Investment income	+435
Insurance finance expenses	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872

• Underlying Earnings +9% (change at constant FX) ^{p. 16}
• Better underwriting result from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}
• Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}
• Higher unwind of discount of claims reserves, in line with guidance ^{p. 16}
• Unfavorable forex impact notably due to USD depreciation vs. EUR ^{p. 16}

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

Life GWP & other revenues by line, FY24 vs FY25 ^{p. 17}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Protection	17.3	19.0	+11%
Unit-linked	9.3	10.5	+13%
Capital light G/A	6.0	6.1	+7%
Traditional G/A	1.9	1.9	-7%
Total	34.5	37.5	+9%

Health GWP & other revenues by line, FY24 vs FY25 ^{p. 17}

EUR billion	FY24	FY25	Change
Individual	10.5	11.1	+6%
Group	7.0	7.9	+4%
Total	17.5	19.0	+5%

Net flows by segment ^{p. 17}

EUR billion	Net flows
Protection	+4.9
Health	+2.7
Unit-Linked	+1.5
Capital light G/A	+1.2
Traditional G/A	-5.0

• Employee Benefits (including both short-term and long-term Employee Benefits GWP and other revenues) FY25: EUR 12.9bn (+4% vs. FY24) ^{p. 17}
• (bar) Net flows: EUR +5.4bn vs. EUR +1.5bn in FY24 ^{p. 17}

Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

• PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes (change at constant scope and FX) ^{p. 18}

PVEP by segment, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Protection & Health	39.4	31.4	-4%
Unit-Linked	8.5	8.5	+18%
Capital-light G/A	2.0	7.8	-10%
Traditional G/A	1.0	1.7	-10%
Total	50.9	49.4	-2%

• NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits ^{p. 18}

NB CSM (pre-tax), FY24 vs FY25 ^{p. 18}

EUR billion	FY24	FY25	Change
NB CSM	2.2	2.2	+3%

• NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France ^{p. 18}

NBV (post-tax) and margin, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25
NBV	2.3	2.2
NBV margin	4.4%	4.5%

Life & Health | Growth in new business driving Normalized CSM growth

• Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates (change at constant scope and FX) ^{p. 19}

Contractual Service Margin rollforward, FY24 to FY25 ^{p. 19}

EUR billion	Contractual Service Margin
FY24	33.6
New business CSM	+2.2
Underlying return on in-force	+1.3
CSM release	-3.0
Economic variance	+0.6
Operating variance	-0.3
Affiliates, FX & other	-1.4
FY25	33.0

• Economic variance reflecting government spreads tightening and positive equity market returns ^{p. 19}
• Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland ^{p. 19}
• FX impact mainly from JPY and HKD depreciation ^{p. 19}
• CSM o/w Life: FY24 EUR 25.8bn, FY25 EUR 25.4bn ^{p. 19}
• CSM o/w Health: FY24 EUR 7.7bn, FY25 EUR 7.6bn ^{p. 19}

Life & Health | Strong momentum in both short-term and long-term business

Underlying earnings walk, FY24 to FY25 ^{p. 20}

EUR million	Underlying Earnings
FY24	3,323
Short-term technical margin	+60
Long-term result incl. CSM release	+156
Financial result	-11
Tax, FX and others	-27
FY25	3,501

• Underlying Earnings +7% (change at constant FX) ^{p. 20}
• 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 (EUR -0.1bn) ^{p. 20}
• Higher long-term results from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}
• Underlying Earnings o/w Life: FY24 EUR 2.6bn, FY25 EUR 2.7bn (+4% vs. FY24) ^{p. 20}
• Underlying Earnings o/w Health: FY24 EUR 0.7bn, FY25 EUR 0.8bn (+17% vs. FY24) ^{p. 20}
• Short-term technical margin: EUR 479m ^{p. 20}
• Long-term result incl. CSM release: EUR 2,804m ^{p. 20}
• Financial result: EUR 946m ^{p. 20}
• Tax & others: -EUR 728m ^{p. 20}

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

Underlying earnings and net income, FY24 vs FY25 ^{p. 21}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Underlying earnings	8.1	8.4	+6%
Property & Casualty	5.4	5.9	+9%
Life & Health	3.3	3.5	+7%
Asset Management	0.5	0.2	-57%
Holdings & other	-1.2	-1.2	stable
Net income	7.9	9.8	+26%
Non-financial flows	-0.5	2.1	—
Capital gains from AXA IM disposal	—	2.2	—
Financial flows (incl. RCG)	0.3	-0.7	—
Underlying earnings per share	3.59	3.86	+8%

• Underlying earnings driven by strong performance from insurance businesses ^{p. 21}
• Holding cost stable, expected to remain at current level in 2026 ^{p. 21}
• Net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM ^{p. 21}
• Financial flows lower, reflecting unfavorable forex impact ^{p. 21}
• +3% from capital management ^{p. 21}
• -2% from forex ^{p. 21}
• Including -1% from temporary earnings dilution from AXA IM sale due to timing of anti-dilutive share buyback ^{p. 21}

Shareholders' Equity

Shareholders' equity and related metrics ^{p. 22}

EUR billion unless otherwise mentioned	FY24	HY25	FY25
SHE (excl. OCI)	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
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%
Shareholders' equity walk	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	—

Higher organic cash remittance and robust cash position at Holding

Cash flow and cash position walk, FY24 to FY25 ^{p. 23}

EUR billion unless otherwise mentioned	Value
Net Cash Remittance (FY24)	7.7
Ordinary cash remittance (FY24)	7.1
Proceeds related to in-force treaties² (FY24)	0.6
Remittance ratio¹ (FY24)	82%
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 Cash position	5.6
Net Cash Remittance (FY25)	7.5
Remittance ratio¹ (FY25)	82%

• ¹Based on ordinary cash remittance of EUR 7.1bn in FY24 and EUR 7.5bn in FY25 ^{p. 23}.
• ²EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe ^{p. 23}.

Solvency II at 224%

Solvency II walk and sensitivities, FY24 to FY25 ^{p. 24}

EUR billion unless otherwise mentioned	EOF	SCR	Solvency II ratio (pts)
FY24	55.9	25.9	216
Regulatory & model changes	+0.2	0.0	+0
Normalized capital generation	+8.8	+0.6	+28
Operating variance	-0.4	0.0	-1
Economic & FX	-2.1	-1.2	+4
Dividend & annual share buyback	-6.0	0.0	-24
Management actions, debt & other	-0.1	-0.2	+2
FY25	56.4	25.2	224

Key sensitivities on Solvency II Ratio as of December 31, 2025 (224%) ^{p. 24}

Sensitivity	Impact (pts)
Interest rate +50bps	+2
Interest rate -50bps	-1
Corporate spreads +50bps	-1
Euro Sovereign spreads +50bps	-7
Credit migration	-4
Listed Equity (excl. PE & Infra) +25%	-1
Listed Equity (excl. PE & Infra) -25%	+2
PE & Infra +25%	+14
PE & Infra -25%	-19
Inflation swap curve +50bps	-5

• ¹Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures) ^{p. 24}.
• ²Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches) ^{p. 24}.
• Changes: +EUR 0.2bn, +EUR 8.8bn, -EUR 0.4bn, -EUR 2.1bn, -EUR 6.0bn (Foreseeable dividends: EUR 4.8bn; Provision for annual Share buyback for 2026: EUR -1.25bn), -EUR 0.1bn ^{p. 24}

Solvency II -impact of the end of grandfathering period and Solvency II revision

Solvency II ratio impacts ^{p. 25}

Item	Impact (pts)
Ratio as of 31/12/2025	224
Impact of the end of grandfathering period on January 1, 2026	-10
Ratio after grandfathering impact	215
Impact of Solvency II revision to come into effect in 1Q27	+17

• EUR 2.4bn grandfathered debt no longer eligible as capital from January 1, 2026 ^{p. 25}
• No change expected in organic capital generation ^{p. 25}
• Additional capital flexibility ^{p. 25}
• ¹Estimated 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 ^{p. 25}.

Thomas Buberl, Group CEO conclusion

• Conclusion by Thomas Buberl, Group CEO ^{p. 26}

Conclusion

• Record results, at the top end of the target range while enhancing reserve prudence ^{p. 27}
• All businesses in excellent shape, delivering strong growth and profitability ^{p. 27}
• Diversified franchise, well-positioned to capture future growth opportunities ^{p. 27}
• Laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}

February 26, 2026 Q&A Full Year 2025 earnings

• Q&A for Full Year 2025 Earnings ^{p. 28}
• Date: February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

• Meet our management ^{p. 29}
  • March: Roadshows in Europe and US ^{p. 29}
  • May 5: 1Q25 Activity Indicators in Paris ^{p. 29}
  • June 2: BNP Paribas Exane CEO Conference in Paris ^{p. 29}
  • June 2-4: Goldman Sachs European Financials Conference in Zurich ^{p. 29}
  • July 31: HY26 Earnings Release in Paris ^{p. 29}
  • September 21: AXA Investor Day in London ^{p. 29}
• Contact us ^{p. 29}
  • Investor Relations: +33 1 40 75 48 42 ^{p. 29}
  • Email: investor.relations@axa.com ^{p. 29}
• Follow us ^{p. 29}
  • Website: www.axa.com ^{p. 29}
  • Social media icons for YouTube, Facebook, Instagram, Twitter, LinkedIn, and a leaf icon ^{p. 29}

Appendices

• Appendices ^{p. 30}

• Debt and Invested Assets p.31
• Additional P&C disclosures p.36
• Additional IFRS17 disclosures p.41
• Sustainability p.44

Gross financial debt and maturity breakdown as of December 31st, 2025

Gross financial debt by type, FY24-FY26 ^{p. 32}

EUR billion unless otherwise mentioned	FY24	FY25	Jan 1st 2026
Tier 1	3.5	3.5	5.8
Tier 2	10.8	12.2	11.3
Senior debt	4.8	4.6	3.2
Total	19.2	22.3	20.3

Debt gearing: 20.6% for FY24; 22.3% for FY25 ^{p. 32}

Contractual maturity breakdown by debt type ^{p. 32}

EUR billion	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Senior debt	0.5	0.9	0.5	0.9	0.9	0.9	0.9	10.8	4.6
Tier 2	0.5	0.9	0.5	0.9	0.9	0.9	0.9	0.2	0.7
Tier 1	0.5	0.5	0.5	0.5	0.5	0.5	0.5	1.4	0.5

Grandfathered debt (contractual maturity) ^{p. 32}

EUR billion	2031-2039	≥2040	Undated
Tier 1	0.7	0.2	0.5
Tier 2	0.2	—	—

Economic maturity breakdown by debt type ^{p. 32}

EUR billion	2025	2026	2027	2028	2029	2030	2031-2039	≥2040	Undated
Senior debt	0.1	0.1	2.4	2.0	0.9	0.7	6.4	0.5	4.0
Tier 2	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.1
Tier 1	0.1	0.1	0.1	0.1	0.1	0.1	1.5	0.7	0.7

Grandfathered debt (economic maturity) ^{p. 32}

EUR billion	2031-2039	≥2040	Undated
Tier 1	0.7	0.2	0.8
Tier 2	0.2	—	—

Nominal debt ^{p. 32} In January 2026, AXA has called (i) the remaining T2 GF GBP 139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32} Economic maturity takes into account the first date of step up calls on institutionally placed subordinated debt ^{p. 32} For Solvency 2 RT1 debt, which has no step-up, the undated nature of the instrument is retained for the purpose of this diagram ^{p. 32} This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable ^{p. 32} Such decision will depend on several factors, including capital and liquidity position and refinancing economics at the prevailing time ^{p. 32}

• Jan 1st 2026 (End of the grandfathering period): Total EUR 20.3bn; Tier 1 EUR 5.8bn (o/w EUR 0.4bn redeemed in Jan 2026), Tier 2 EUR 11.3bn, Senior debt EUR 3.2bn ^{p. 32}

General Account invested assets

FY25 Total General Account invested assets: EUR 450bn ^{p. 33}

Segment	Share
Fixed income	77%
Real estate	9%
Infrastructure equity	2%
Listed equities	2%
Private equity and hedge funds	5%
Cash	4%
Policy loans	0%

Invested assets by type, FY25 ^{p. 33}

EUR billion	Value	Share
Fixed income	345	77%
o/w Government bonds	167	37%
o/w Corporate bonds and loans	121	27%
o/w Other fixed income	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities	10	2%
Private equity and hedge funds	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets	450	100%

Duration gap: -0.4 year ^{p. 33} ¹ Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn) and Agency Pools (EUR 8bn) ^{p. 33} ² Listed equities includes hedges; Listed equities excluding hedges at EUR 14bn ^{p. 33} ³ Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn) and Non-listed Equities (EUR 1bn) ^{p. 33} ⁴ Please refer to the financial supplement for more details ^{p. 33}

Structured and Private Credit assets

Invested assets by type, FY25 ^{p. 34}

EUR billion unless otherwise mentioned	Value	Share of G/A portfolio
Residential Mortgages	16	4%
CLO & ABS	25	6%
Infrastructure debt	8	2%
CRE debt	8	2%
Mid-Market lending	10	2%
Other	2	0%
Total Structured and Private Credit Assets	69	15%

G/A: General Account ^{p. 34}

• Invested assets (100%) in EUR bn (FY25):
• EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) ^{p. 34}
• 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) ^{p. 34}
• Skewed towards resilient industries (Telecom, Utilities, Transport) ^{p. 34}
• Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV ^{p. 34}
• Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation ^{p. 34}
• o/w 54% participating ^{p. 34}

Investment portfolio | Fixed Income reinvestment

FY25 Fixed Income Reinvestment and Yield ^{p. 35}

EUR billion unless otherwise mentioned	Value	Share	Yield
Government bonds & related	—	32%	3.5%
Investment grade credit	—	40%	—
ABS/CLO/IG fund financing	—	21%	—
Below investment grade credit	—	7%	—
Private & Structured fixed income	19.7	—	4.7%
Total fixed income	57	100%	3.9%

• Euro 57 billion fixed income invested at 3.9%
  • Average duration of 9 years
  • Includes EUR 19.7bn of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
  • Gradual shift from alternative total return assets to Private & Structured credit
• ¹ Government bonds & related refers to Government and Corporate bonds and related
• ² Private & Structured fixed income refers to Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid)

• Table of contents:
  • 1. Debt and Invested Assets, p.31 ^{p. 36}
  • 2. Additional P&C disclosures, p.36 ^{p. 36}
  • 3. Additional IFRS17 disclosures, p.41 ^{p. 36}
  • 4. Sustainability, p.44 ^{p. 36}

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP by line of business and geography ^{p. 37}

USD billion unless otherwise mentioned	Share by line of business	Share by geography
Casualty	35%	—
Property	29%	—
Specialty	19%	—
Professional lines	17%	—
Americas	—	46%
Europe & APAC	—	35%
UK & Lloyds	—	19%
Total	19	19

• Well diversified across lines of business and geographies
• Leading market positions across lines
  • Top 3 globally
    • Multinational Programs (Source: McKinsey)
    • Marine (Source: Aon, Guy Carpenter, and Global Market Insights)
    • Fine Art & Specie (Source: Industry Research Biz (January 2026))
• Managing the cycle to deliver consistent profitability
  • (scatter plot) Profitability vs. Ex-price growth:
    • Property (top right)
    • Specialty (middle right)
    • Casualty (middle left)
    • Professional lines (bottom left)

P&C | Focus on Reserves

Claims and technical reserves ratios by accounting standard ^{p. 38}

%	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Claims reserves ratio IFRS4	179	185	193	188	189	—	—	—
Claims reserves ratio IFRS17	—	—	—	—	198	195	180	175
Technical reserves ratio IFRS4	213	227	233	226	227	—	—	—
Technical reserves ratio IFRS17	—	—	—	—	234	232	216	210

• Technical reserves include net undiscounted claims reserves and unearned premium reserves ^{p. 38}
• Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ^{p. 38}
• Technical reserves ratio (Net undiscounted technical reserves /Net earned premiums) ^{p. 38}

P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1

Insurance segment occurrence protection capacity and retention ^{p. 39}

EUR billion	Capacity	Retention
EU Windstorm	4.0	0.6
Europe Flood	2.1	0.45
Europe Earthquake	2.1	0.4
NA Hurricane	1.2	0.6
NA Earthquake	1.2	0.6
Per other perils	0.8	0.4

• Stable retention levels maintained in 2026 as in 2025 ^{p. 39}
• (diagram) Reinsurance segment (illustrative): Alternative Capital & Cat Bonds ^{p. 39}
• Excludes local reinsurance covers ^{p. 39}
• Varying retention between MX and NA (EUR 400m MX, EUR 600m NA) ^{p. 39}
• Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils ^{p. 39}
• Capacity varies by peril type ^{p. 39}
• Europe Flood: Capacity EUR 2.1bn, Retention EUR 450m ^{p. 39}

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

Group underlying earnings deviation to average Nat Cat charges and average expected Nat Cat charges ^{p. 40}

EUR billion unless otherwise mentioned	Group underlying earnings deviation	Average Expected Nat Cat charges
1/20y (95th percentile)	-1.2	—
1/10y (90th percentile)	-0.8	—
1/5y (80th percentile)	-0.4	—
Median (50th percentile)	0.1	—
1/5y (20th percentile)	0.5	—
1/10y (10th percentile)	0.7	—
1/20y (5th percentile)	0.8	—
2025	—	2.6 (Estimated impact on GEP ca. 4.5%)
2026	—	2.7 (Estimated impact on GEP ca. 4.5%)

• More severe years - Negative deviation in ca. 40% of cases ^{p. 40}
• Less severe years - Positive deviation in ca. 60% of cases ^{p. 40}
• Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance ^{p. 40}
• Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance) ^{p. 40}
• Average Expected Nat Cat charges net of reinsurance, pre-tax (in Euro billion) ^{p. 40}

• 1. Debt and Invested Assets ^{p. 31}
• 2. Additional P&C disclosures ^{p. 36}
• 3. Additional IFRS17 disclosures ^{p. 41}
• 4. Sustainability ^{p. 44}

P&C | Margin analysis

P&C Underlying Earnings walk, pre-tax ^{p. 42}

EUR million unless otherwise mentioned	Value	Change
Technical Result	—	—
Current Accident Year Undiscounted Technical Margin	2,778	+707
Gross Earned Premiums	57,656	+6%
Current Accident Year Undiscounted Combined Ratio	95.2%	-1.0pt
o/w Nat Cats	3.4%	-0.4pt
Current Accident Year Discounting	2,009	+115
Discounting Ratio (in Combined Ratio points)	-3.5%	+0.0pt
Current Accident Year Net Claims reserves	19.0bn	—
Duration	4.0 years	—
Current Accident Year Discount Rate	2.8%	—
Prior Years' Reserve Development (PYD)	622	-341
PYD ratio	-1.1%	+0.7pt
Sensitivity to Current Accident Year discount rate changes +25bps	+0.2bn	—
Sensitivity to Current Accident Year discount rate changes -25bps	-0.2bn	—
Financial Result	—	—
Investment Income	3,988	+435
FY25 Average Assets	115bn	—
Asset book yield	3.5%	—
FY25 Reinvestment yield	4.3%	—
Insurance Finance Expenses	-1,358	-235
FY24 Reserves at locked-in rate	71bn	—
Liability book yield	1.9%	—
2025 Insurance Finance Expenses (pre-tax)	~-1.4bn	—
Sensitivity of 2025e Insurance Finance Expenses to changes in 2025 current AY Discount +25bps	~-50m	—
Sensitivity of 2025e Insurance Finance Expenses to changes in 2025 current AY Discount -25bps	~+50m	—
Underlying Earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying Earnings	5,872	+501

• Growth vs. FY24 (at constant FX): +9%
• (flow) Technical Result (in EUR million, pre-tax) ^{p. 42}
• (flow) Financial Result (in EUR million, pre-tax) ^{p. 42}

L&H | Margin analysis

L&H Underlying Earnings walk, pre-tax ^{p. 43}

EUR million unless otherwise mentioned	Value	Change
Technical Result	—	—
Short-term Technical Margin	479	+60
Gross Earned Premiums	17,416	+10%
All Year Combined Ratio	97.2%	-0.1pts
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58
Financial Result	—	—
Investment Income (non-VFA only)	2,484	-1
FY25 Average Assets	98bn	—
Asset book yield	2.5%	—
FY25 Reinvestment yield	3.8%	—
Insurance Finance Expenses (non-VFA only)	-1,538	-9
FY24 Reserves at locked-in rate	62bn	—
Liability book yield	2.5%	—
Underlying Earnings before tax	4,229	+205
Tax	-800	+65
Affiliates, Minority interests & Other	72	-51
Underlying Earnings	3,501	+219

• Includes scope impact
• Growth vs. FY24 (at constant FX): +7%

Life & Health FY25 CSM Key Sensitivities ^{p. 43}

EUR billion	Value
Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.8
Equities +25%	1.8
Equities -25%	-2.2

Invested assets (100%) ^{p. 43}

EUR billion	% of total G/A portfolio
Residential Mortgages	16	4%
CLO & ABS	25	6%
Infrastructure debt	8	2%
CRE debt	8	2%
Mid-Market lending	10	2%
Other	2	0%
Total Structured and Private Credit Assets	69	15%

• EUR 6bn Dutch mortgages, NHG guaranteed
• EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
• 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
• Skewed towards resilient industries (Telecom, Utilities, Transport)
• Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
• Strong diversification with EUR 8m average ticket
• Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation
• o/w 54% participating
• (flow) Technical Result (in EUR million, pre-tax) ^{p. 43}
• (flow) Financial Result (in EUR million, pre-tax) ^{p. 43}

Expanding AXA's role in society: AXA for Progress Index 1

Sustainability targets and 2025 results ^{p. 45}

Target area	Target	2025 Result
As a Global INVESTOR	EUR 5bn in climate transition financing per year	EUR 6.4bn
As a Global INVESTOR	EUR 500m in community resilience financing per year	EUR 1.4bn
As a Global INSURER	EUR 6bn in P&C GWP to support transition underwriting (cumulative 2024-2026)	EUR 4.6bn
As a Global INSURER	>20,000 climate adaptation solutions & services (cumulative 2024-2026)	19,698 Cumulative 2024-2025
As a Global INSURER	>20m inclusive insurance customers by 2026	20.6m
As a COMPANY	>80,000 AXA Group employees trained on climate adaptation by 2026	46,420
As a COMPANY	Contribute to Net-Zero -50% by 2030 in absolute carbon emissions and offset of residual emissions	-64% Reduction against 2019
As a COMPANY	50% Percentage of AXA Group employees engaged in volunteering activities by 2026	56%

• Target revised in 2025 ^{p. 45}
• Footnote 7: Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030. ^{p. 45}
• Footnote 8: Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage). ^{p. 45}

Sustainability Performance & Ratings

ESG ratings and scores ^{p. 46}

Rating agency	2025 Score
S&P Global	97th percentile in Dow Jones Best-in-Class Europe & World indices
S&P Global	AAA
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0 - Low risk
FTSE Russell	4.3/5 in FTSE4Good Index Series

• 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) ^{p. 46}.
• Results as of February 6th, 2026 ^{p. 46}.

Scope

• France: includes insurance activities, banking activities and holding ^{p. 47}.
• 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 holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities) ^{p. 47}.
• AXA XL: includes insurance and reinsurance activities and holding ^{p. 47}.
• Asia, Africa & EME-LATAM: ^{p. 47}
  • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated ^{p. 47}.
  • 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 ^{p. 47}.
  • Africa: Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated ^{p. 47}.
  • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated ^{p. 47}.
  • Russia (Reso) (insurance activities) which consolidated under the equity method and contributes only to the net income ^{p. 47}.
  • AXA Mediterranean Holdings ^{p. 47}.
• Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings ^{p. 47}.
• AXA Investment Managers (until July 1, 2025): 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. 47}.
• Unless otherwise specified, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023 ^{p. 47}.
• Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9 ^{p. 47}.

Glossary

• 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% ^{p. 48}.
• 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 ^{p. 48}.
• 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 ^{p. 48}.
• 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 ^{p. 48}.
• 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 ^{p. 48}.
• 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) ^{p. 48}.
• Other Revenues: represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}.
• New Business Value (NBV): the value of newly issued contracts during the current year ^{p. 48}.
  • 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 ^{p. 48}.
• 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 ^{p. 48}.
• New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 48}.
• 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 ^{p. 48}.
  • Operating variance is net of reinsurance ^{p. 48}.
• 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 ^{p. 48}.
  • PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}.
• 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 ^{p. 48}.
• 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. 48}.

February 26, 2026 Thank you Full Year 2025 earnings

• Thank you ^{p. 49}.
• Full Year 2025 Earnings ^{p. 49}.
• February 26, 2026 ^{p. 49}.

Abbreviations

• ABS: Asset-Backed Securities
• AEP: Aggregate Exceedance Probability
• AI: Artificial Intelligence
• AMF: Autorité des Marchés Financiers
• APAC: Asia-Pacific
• BBA: Beneficial Business Acquisitions
• BNP: Banque Nationale de Paris
• CDP: Carbon Disclosure Project
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Current Year
• DPS: Dividend Per Share
• EME: Emerging Markets
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• ESMA: European Securities and Markets Authority
• EU: European Union
• EUR: Euro
• FTSE: Financial Times Stock Exchange
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GEP: Gross Earned Premium
• GF: Grandfathered
• GWP: Gross Written Premiums
• HKD: Hong Kong Dollar
• HY: High Yield
• IFE: Insurance Finance Expenses
• IFRS: International Financial Reporting Standards
• IG: Investment Grade
• JPY: Japanese Yen
• LATAM: Latin America
• LTV: Loan-To-Value
• MSCI: Morgan Stanley Capital International
• MX: Mexico
• NA: North America
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• NHG: Nationale Hypotheek Garantie
• NPS: Net Promoter Score
• OCI: Other Comprehensive Income
• PAA: Premium Allocation Approach
• PE: Private Equity
• PVEP: Present Value of Expected Profits
• PYD: Prior Years' Reserve Development
• RCG: Regulatory Capital Generation
• ROE: Return On Equity
• SCR: Solvency Capital Requirement
• SHE: Shareholders' Equity
• SME: Small and Medium-sized Enterprises
• TVOG: Time Value of Options & Guarantees
• UEPS: Underlying Earnings Per Share
• UK: United Kingdom
• US: United States
• USD: United States Dollar
• VAT: Value Added Tax
• VFA: Variable Fee Approach