AXA/2025/FY/Earnings presentation: Difference between revisions

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

 

* These statements are based on Management's current views and intentions and are subject to change ^{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}.

* 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}.

* 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}.

=== Table of contents ===

 

 

== FY25 Highlights ==

 

 

=== Full Year 2025 | Excellent performance ===

 

* '''Revenues''' +6% vs. FY24 ^{p. 5}

* '''Underlying EPS''' +8% vs. FY24 ^{p. 5}

 

=== Executing the plan on growth, margin and efficiency ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

! class="col-s" style="text-align:right" | FY24

|}

</div>

* Consistent earnings growth while enhancing reserve prudence ^{p. 6}

 

=== Diversified franchise, well positioned in an attractive industry ===

|}

</div>

 

=== Laying the foundation for the next plan ===

 

== FY25 Business Performance ==

 

* Guillaume Borie ^{p. 9}

* Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}

 

=== Strong delivery across our businesses ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | GWP

! class="col-s" style="text-align:right" | Underlying earnings

|-

| style="text-align:left" | France

| style="text-align:right" | 31

| style="text-align:right" | 2.2

|-

| style="text-align:left" | Europe

| style="text-align:right" | 43

| style="text-align:right" | 3.5

|-

| style="text-align:left" | AXA XL

| style="text-align:right" | 19

| style="text-align:right" | 1.9

|-

| style="text-align:left" | Asia, Africa & EME-LATAM

| style="text-align:right" | 20

| style="text-align:right" | 1.5

|}

</div>

 

=== P&C | Strong margins, confidence in sustaining growth ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | Segment

! class="col-s" style="text-align:right" | Share

|}

</div>

** '''Retail and SME & Mid-market''': Growing volumes while expanding margins

** '''AXA XL''' (Large & Specialty): Profitable growth with stable margins

** '''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

** Continued progress on efficiency

** Higher investment income

** Data & AI to further enhance customer experience & technical excellence

 

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

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | Segment

! class="col-s" style="text-align:right" | Share

|}

</div>

** '''Long-term business''': Accelerating net flows in Savings at attractive margins

** '''Short-term business''': Growing technical results while absorbing Mexico VAT impact

** '''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

** Focus on cost reduction

** Increasing penetration of Protection riders in Savings offerings

== FY25 Financial Performance ==

 

 

=== P&C | Continued disciplined growth ===

{| class="wikitable fintable"

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

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|}

</div>

 

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

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | —

! class="col-s" style="text-align:right" | FY24

|}

</div>

 

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

|}

</div>

 

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

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

! class="col-s" style="text-align:right" | Change

|-

| style="text-align:left" | Protection

| style="text-align:right" | -7%

|-

|-

| style="text-align:left" | Individual

| style="text-align:right" | 7.9

| style="text-align:right" | +4%

|}

</div>

</div>

 

 

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

 

<div style="overflow-x:auto">

! class="col-s" style="text-align:right" | FY25

! class="col-s" style="text-align:right" | Change

|-

| style="text-align:left" | Protection & Health

| style="text-align:right" | 1.7

| style="text-align:right" | -10%

|}

</div>

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

! class="col-s" style="text-align:right" | FY24

! class="col-s" style="text-align:right" | FY25

|-

| style="text-align:right" | 2.2

| style="text-align:right" | 2.2

|-

| style="text-align:right" | 2.3

| style="text-align:right" | 2.2

|}

</div>

 

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

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

! class="col-s" style="text-align:right" | Contractual Service Margin

</div>

 

 

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

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

|-

| style="text-align:left" | FY24

</div>

 

* '''Short-term technical margin''': EUR 479m ^{p. 20}

* '''Long-term result incl. CSM release''': EUR 2,804m ^{p. 20}

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | FY24

|-

| style="text-align:left" | '''Underlying earnings'''

| style="text-align:right" | +6%

|-

| style="text-align:left" | Property & Casualty

| style="text-align:right" | 5.9

| style="text-align:right" | +9%

|-

| style="text-align:left" | Life & Health

| style="text-align:right" | 3.5

| style="text-align:right" | +7%

|-

| style="text-align:left" | Asset Management

| style="text-align:right" | 0.2

| style="text-align:right" | -57%

|-

| style="text-align:left" | Holdings & other

| style="text-align:right" | -1.2

|-

| style="text-align:right" | +26%

|-

| style="text-align:left" | Non-financial flows

| style="text-align:right" | -0.5

| style="text-align:right" | —

|-

| style="text-align:right" | —

|-

| style="text-align:left" | Financial flows (incl. RCG)

| style="text-align:right" | -0.7

| style="text-align:right" | —

|}

</div>

{| class="wikitable fintable"

|+ Underlying earnings per share walk, FY24 to FY25 ^{p. 21}

! class="col-s" style="text-align:right" | Underlying earnings per share

|-

</div>

 

 

=== Shareholders' Equity ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

! class="col-s" style="text-align:right" | FY24 to FY25

| style="text-align:left" | Dividend

| style="text-align:right" | -4.6

|-

| style="text-align:left" | Annual share buyback

| style="text-align:right" | -1.2

|-

| style="text-align:left" | Anti-dilutive share buyback following the sale of AXA IM

|}

</div>

 

=== Higher organic cash remittance and robust cash position at Holding ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion unless otherwise mentioned

|-

| style="text-align:right" | 7.7

|-

| style="text-align:right" | 82%

|-

| style="text-align:right" | 4.0

| style="text-align:right" | 5.6

|}

</div>

 

 

=== Solvency II at 224% ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion unless otherwise mentioned

! class="col-s" style="text-align:right" | Solvency II ratio (pts)

|-

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | Sensitivity

! class="col-s" style="text-align:right" | Impact (pts)

</div>

 

 

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

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | Item

|-

| style="text-align:left" | Ratio as of 31/12/2025

|-

| style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026

|-

| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27

|}

</div>

 

 

=== Thomas Buberl, Group CEO conclusion ===

 

 

=== Conclusion ===

=== February 26, 2026 Q&A Full Year 2025 earnings ===

 

 

=== AXA Investor Relations | Keep in touch ===

 

** March: Roadshows in Europe and US ^{p. 29}

** May 5: 1Q25 Activity Indicators in Paris ^{p. 29}

** July 31: HY26 Earnings Release in Paris ^{p. 29}

** September 21: AXA Investor Day in London ^{p. 29}

 

== Appendices ==

* Appendices ^{p. 30}

 

 

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

<div style="overflow-x:auto">

{| class="wikitable fintable"

|-

| style="text-align:right" | 3.5

| style="text-align:right" | 3.5

| style="text-align:right" | 5.8

| style="text-align:right" | 11.3

| style="text-align:right" | 3.2

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

|-

| style="text-align:right" | 0.5

| style="text-align:right" | 0.5

| style="text-align:right" | 0.9

| style="text-align:right" | 0.9

| style="text-align:right" | 0.9

| style="text-align:right" | 0.9

| style="text-align:right" | 0.5

| style="text-align:right" | 0.9

| style="text-align:right" | 0.5

| style="text-align:right" | 0.9

| style="text-align:right" | 0.9

| style="text-align:right" | 0.9

| style="text-align:right" | 0.9

| style="text-align:right" | 0.2

| style="text-align:right" | 0.7

| style="text-align:right" | 0.5

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

|-

| style="text-align:right" | 0.7

| style="text-align:right" | 0.2

|-

| style="text-align:right" | 0.2

| style="text-align:right" | —

| style="text-align:right" | —

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

|-

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

|-

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

|-

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.1

| style="text-align:right" | 0.7

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

|-

| style="text-align:right" | 0.7

| style="text-align:right" | 0.2

|-

| style="text-align:right" | 0.2

| style="text-align:right" | —

| style="text-align:right" | —

|}

</div>

 

=== General Account invested assets ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! class="col-s" style="text-align:right" | Share

|-

| style="text-align:right" | 345

| style="text-align:right" | 77%

|-

| style="text-align:left" | Real estate

| style="text-align:right" | 0%

|-

|}

</div>

 

=== Structured and Private Credit assets ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion unless otherwise mentioned

|-

| style="text-align:left" | Residential Mortgages

| style="text-align:right" | 0%

|-

|}

</div>

* EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) ^{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 ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! class="col-s" style="text-align:right" | Share

! class="col-s" style="text-align:right" | Yield

|-

| style="text-align:left" | Government bonds & related

| style="text-align:right" | 32%

| style="text-align:right" | 3.5%

|-

| style="text-align:left" | Investment grade credit

| style="text-align:right" | 40%

| style="text-align:right" | —

|-

| style="text-align:left" | ABS/CLO/IG fund financing

| style="text-align:right" | 21%

| style="text-align:right" | —

|-

| style="text-align:left" | Below investment grade credit

| style="text-align:right" | 7%

| style="text-align:right" | —

|-

| style="text-align:left" | Private & Structured fixed income

| style="text-align:right" | —

| style="text-align:right" | 4.7%

|-

|}

</div>

 

* '''Table of contents''':

<div style="overflow-x:auto">

{| class="wikitable fintable"

|-

| style="text-align:left" | Casualty

| style="text-align:right" | —

| style="text-align:right" | 19%

|}

</div>

 

=== P&C | Focus on Reserves ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | %

|-

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | —

|}

</div>

* '''Claims reserves ratio''' (Net undiscounted claims reserves/Net earned premiums) ^{p. 38}

* '''Technical reserves ratio''' (Net undiscounted technical reserves /Net earned premiums) ^{p. 38}

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

! class="col-s" style="text-align:right" | Capacity

| style="text-align:left" | EU Windstorm

| style="text-align:right" | 4.0

|-

| style="text-align:left" | Europe Flood

| style="text-align:right" | 2.1

|-

| style="text-align:left" | Europe Earthquake

| style="text-align:right" | 2.1

|-

| style="text-align:left" | NA Hurricane

| style="text-align:right" | 1.2

|-

| style="text-align:left" | NA Earthquake

| style="text-align:right" | 1.2

|-

| style="text-align:left" | Per other perils

|}

</div>

 

 

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

 

<div style="overflow-x:auto">

|-

| style="text-align:left" | 1/20y (95th percentile)

|-

| style="text-align:left" | 1/10y (90th percentile)

|-

| style="text-align:left" | 1/5y (80th percentile)

|-

| style="text-align:left" | Median (50th percentile)

|-

| style="text-align:left" | 1/5y (20th percentile)

|-

| style="text-align:left" | 1/10y (10th percentile)

|-

| style="text-align:left" | 1/20y (5th percentile)

|-

|-

|}

</div>

 

 

 

=== P&C | Margin analysis ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million unless otherwise mentioned

! class="col-s" style="text-align:right" | Change

|-

| style="text-align:right" | -1.1%

| style="text-align:right" | +0.7pt

|-

| style="text-align:left" | '''Financial Result'''

| style="text-align:left" | 2025 Insurance Finance Expenses (pre-tax)

| style="text-align:right" | ~-1.4bn

| style="text-align:right" | —

|-

| style="text-align:right" | 5,872

| style="text-align:right" | +501

|}

</div>

 

 

=== L&H | Margin analysis ===

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million unless otherwise mentioned

! class="col-s" style="text-align:right" | Change

|-

| style="text-align:right" | 3,501

| style="text-align:right" | +219

|}

</div>

 

<div style="overflow-x:auto">

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

! class="col-s" style="text-align:right" | % of total G/A portfolio

|-

| style="text-align:right" | 0%

|-

|}

</div>

 

 

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

<div style="overflow-x:auto">

{| class="wikitable"

! class="col-m" style="text-align:right" | Target

! class="col-m" style="text-align:right" | 2025 Result

|-

| class="col-m" style="text-align:right" | EUR 6.4bn

|-

| class="col-m" style="text-align:right" | EUR 1.4bn

|-

| class="col-m" style="text-align:right" | EUR 4.6bn

|-

| class="col-m" style="text-align:right" | 19,698 Cumulative 2024-2025

|-

| class="col-m" style="text-align:right" | 20.6m

|-

| class="col-m" style="text-align:right" | 46,420

|-

| class="col-m" style="text-align:right" | -64% Reduction against 2019

|-

| class="col-m" style="text-align:right" | 56%

|}

</div>

* Target revised in 2025 ^{p. 45}

 

=== Sustainability Performance & Ratings ===

<div style="overflow-x:auto">

{| class="wikitable"

|-

| style="text-align:left" | S&P Global

|-

| style="text-align:left" | S&P Global

| class="col-m" style="text-align:right" | AAA

|-

| style="text-align:left" | MSCI

| class="col-m" style="text-align:right" | AAA

|-

| style="text-align:left" | CDP

| class="col-m" style="text-align:right" | B

|-

| style="text-align:left" | Morningstar Sustainalytics

| class="col-m" style="text-align:right" | 17.0 - Low risk

|-

| style="text-align:left" | FTSE Russell

|}

</div>

* 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}.

** 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}.

** 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}.

* 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}.

 

* '''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}.

* '''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}.

* '''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}.

== Abbreviations ==

 

* '''ABS''': Asset-Backed Securities

* '''AEP''': Aggregate Exceedance Probability

* '''AI''': Artificial Intelligence

* '''APAC''': Asia-Pacific

* '''AY''': Accident Year

* '''BNP''': Banque Nationale de Paris

* '''CDP''': Carbon Disclosure Project

* '''CSA''': Corporate Sustainability Assessment

* '''CSM''': Contractual Service Margin

* '''DPS''': Dividend Per Share

* '''EME''': Emerging Markets

* '''FX''': Foreign Exchange

* '''GAAP''': Generally Accepted Accounting Principles

* '''GWP''': Gross Written Premiums

* '''HKD''': Hong Kong Dollar

* '''PVEP''': Present Value of Expected Profits

* '''PYD''': Prior Years' Reserve Development

* '''SCR''': Solvency Capital Requirement

* '''SHE''': Shareholders' Equity

* '''SME''': Small and Medium-sized Enterprises

* '''UEPS''': Underlying Earnings Per Share

* '''UK''': United Kingdom