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

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

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

• Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors outside AXA's control ^{p. 2}.
• Expected underlying earnings per share (UEPS) growth for 2026 is provided as one-off guidance in the context of the last year of the Group's current strategic plan ^{p. 2}.
• Non-GAAP financial measures (APMs) used by management include underlying earnings, UEPS, underlying return on equity, combined ratio, and debt gearing ^{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 ^{p. 2}.

Table of contents

• FY25 Highlights presented by Thomas Buberl, Group CEO ^{p. 3, 4}.
• FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 3, 9}.
• FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 3, 13}.

FY25 Highlights

• Section divider: FY25 Highlights, presented by Thomas Buberl, Group CEO ^{p. 4}.

Full Year 2025 | Excellent performance

• Revenues +6% vs. FY24 ^{p. 5}.
• Underlying EPS +8% vs. FY24 ^{p. 5}.
• Return on equity (ROE) 16% for FY25 ^{p. 5}.
• Solvency II ratio 224% for FY25 ^{p. 5}.
• Shareholder value delivery supported by +8% DPS growth and EUR 1.25bn annual share buyback ^{p. 5}.
  • Dividend proposed by AXA's Board of Directors on February 25, 2026, subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 ^{p. 5}.
  • Share buyback approved by the Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable ^{p. 5}.
• Management outlook expresses confidence to deliver underlying EPS growth at the upper end of the 6% to 8% target range for 2026 ^{p. 5}.

Executing the plan on growth, margin and efficiency

Underlying earnings, FY24 vs FY25 ^{p. 6}

EUR billion unless otherwise mentioned	FY24	FY25	LFL change
Underlying earnings	8.1	8.4	+6%

• Top line growth +6% LFL, well balanced across lines with P&C +5%, Life +9%, and Health +5%
• Record profitability driven by further margin expansion in P&C and L&H, alongside improvement in efficiency
• Scaling the business through continued investments in growth and technology
• Consistent earnings growth achieved while enhancing reserve prudence
• Footnote: Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX

Diversified franchise, well positioned in an attractive industry

Business mix by FY25 gross written premium split ^{p. 7}

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

• Secular trends fueling demand across businesses:
  • Protection gaps and emerging corporate risks driving commercial and retail segments ^{p. 7}
  • Demographics driving demand for private retirement and healthcare driving Life and Health segments ^{p. 7}
• Our right to win supported by four strategic pillars:
  • 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}

Laying the foundation for the next plan

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

FY25 Business Performance

• Section divider presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}

Strong delivery across our businesses

Gross written premiums and underlying earnings by region ^{p. 10}

EUR billion unless otherwise mentioned	% of total GWP	GWP LFL change	GWP	Underlying earnings LFL change	Underlying earnings
France	27%	+6%	31	+7%	2.2
Europe	38%	+6%	43	+9%	3.5
AXA XL	17%	+4%	19	+9%	1.9
Asia, Africa & EME-LATAM	18%	+13%	20	+6%	1.5

• Footnotes: Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX; FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers ^{p. 10}.

P&C | Strong margins, confidence in sustaining growth

• (pie) GWP mix: EUR 58bn GWP total, split by Retail, SME & Mid-market, and AXA XL (Large & Specialty) ^{p. 11}
  • AXA XL segment includes AXA XL Re premiums of EUR 2.6bn ^{p. 11}
• Underlying earnings +9% at constant FX to EUR 5.9bn ^{p. 11}
• Retail and SME strategy:
  • 2025: Growing volumes while expanding margins ^{p. 11}
  • Beyond 2025: Investing to improve customer retention & expanding distribution footprint ^{p. 11}
• AXA XL strategy:
  • 2025: Profitable growth with stable margins ^{p. 11}
  • Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}
• Strategic enablers:
  • Continued progress on efficiency ^{p. 11}
  • Higher investment income ^{p. 11}
  • Data & AI to further enhance customer experience & technical excellence ^{p. 11}

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

GWP mix by business line ^{p. 12}

Segment	Share
Long-term	57%
Short-term	43%

• Underlying earnings +7% at constant FX to EUR 3.5bn ^{p. 12}
• Long-term business strategy:
  • 2025: Accelerating net flows in Savings at attractive margins ^{p. 12}
  • Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for our customers ^{p. 12}
• Short-term business strategy:
  • 2025: Growing technical results while absorbing Mexico VAT impact ^{p. 12}
  • Beyond 2025: Capitalizing on demand for health & protection while further improving our margins ^{p. 12}
• Strategic enablers:
  • Focus on cost reduction ^{p. 12}
  • Increasing penetration of Protection riders in Savings offerings ^{p. 12}
  • Leveraging AI to reduce claims leakage & improve customer outcomes in Health ^{p. 12}

FY25 Financial Performance

• Section divider slide presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C | Continued disciplined growth

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

EUR billion unless otherwise mentioned	FY24	FY25	Change	Pricing	Volume
Commercial lines	35.8	35.8	+4%	+2%	+2%
AXA XL Reinsurance	2.4	2.6	+8%	+0.3%	+7%
Retail lines	18.3	19.7	+7%	+5%	+2%
Total	56.5	58.0	+5%	—	—

• Commercial lines drivers: Continued pricing momentum and volume growth in Mid-market and SME; growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}
• AXA XL Reinsurance drivers: Growth supported by alternative capital ^{p. 14}
• Retail lines drivers: Favorable pricing trends and strong growth in net new contracts with +1.7m in FY25 ^{p. 14}

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

Combined ratio by driver, 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
Combined ratio	91.0	90.6

• Loss ratio drivers: Better undiscounted current year loss ratio excluding Nat Cat from margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment, and stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}
• Expense ratio drivers: 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}
• Reserve development: Lower reliance on prior year reserve development; taking advantage of a good year to enhance reserve prudence ^{p. 15}

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

• Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}
• Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}
• Claims reserves discount unwind was higher, in line with guidance ^{p. 16}
• Forex impact was unfavorable notably due to USD depreciation vs. EUR ^{p. 16}

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

• (waterfall) Underlying earnings +9% at constant FX to EUR 5,872m (FY24: EUR 5,510m) ^{p. 16}:

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

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

EUR billion unless otherwise mentioned	FY24	FY25	LFL Change
Life	34.5	37.5	+9%
Protection	—	17.3	+11%
Unit-linked	—	9.3	+13%
Capital light G/A	—	9.0	+7%
Traditional G/A	—	1.9	-7%
o/w Employee Benefits	—	12.9	+4%
Health	17.5	19.0	+5%
Individual	—	10.5	+6%
Group	—	8.5	+4%

Net flows by line, FY24 vs FY25 ^{p. 17}

EUR billion	FY24	FY25
Total	+1.5	+5.4
Protection	—	+4.9
Health	—	+2.7
Unit-Linked	—	+1.5
Capital light G/A	—	+1.2
Traditional G/A	—	-5.0

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 ^{p. 18}
• NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits ^{p. 18}
• NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France ^{p. 18}

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

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

NB CSM and NBV, FY24 vs FY25 ^{p. 18}

EUR billion	FY24	FY25	LFL Change
NB CSM (pre-tax)	2.2	2.2	+3%
NBV (post-tax)	2.3	2.2	0%

• NBV margin 4.5% (FY24: 4.4%) ^{p. 18}

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

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

• Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}
• 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}
• FY24: (o/w Life: EUR 25.8bn, o/w Health: EUR 7.7bn) ^{p. 19}
• FY25: (o/w Life: EUR 25.4bn, o/w Health: 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	Short-term technical margin	Long-term result incl. CSM release	Financial result	Tax & others
FY24	3,323	415	2,680	975	-748
Short-term technical margin change	+60	—	—	—	—
Long-term result incl. CSM release change	+156	—	—	—	—
Financial result change	-11	—	—	—	—
Tax, FX and others change	-27	—	—	—	—
FY25	3,501	479	2,804	946	-728

• Short-term technical margin strong, 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}
• Long-term results higher from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}
• Life underlying earnings +4% LFL to EUR 2.7bn (FY24: EUR 2.6bn) ^{p. 20}
• Health underlying earnings +17% LFL to EUR 0.8bn (FY24: EUR 0.7bn) ^{p. 20}
• (waterfall) Underlying earnings +7% LFL to EUR 3,501m (FY24: EUR 3,323m) ^{p. 20}:

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

Underlying earnings by segment, FY24 vs FY25 ^{p. 21}

EUR billion unless otherwise mentioned	FY24	FY25	Change (constant FX)
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	—
Total underlying earnings	8.1	8.4	+6%

Underlying EPS growth drivers, FY24 vs FY25 ^{p. 21}

Driver	Impact on EPS growth
Earnings growth	+6%
Capital management	+3%
Forex	-2%

• Non-financial flows: EUR +2.1bn (FY24: EUR -0.5bn) ^{p. 21}
  • AXA IM disposal: capital gains of EUR +2.2bn (FY24: nil) ^{p. 21}
• Financial flows: EUR -0.7bn including realized capital gains (FY24: EUR +0.3bn) ^{p. 21}
• Net income: EUR 9.8bn (+26% constant FX; FY24: EUR 7.9bn) ^{p. 21}
• Insurance performance: Strong performance from insurance businesses ^{p. 21}
• Holding costs: Stable holding cost, expected to remain at current level in 2026 ^{p. 21}
• Net income drivers: Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM, partly offset by lower financial flows reflecting unfavorable forex impact ^{p. 21}
• Underlying EPS: EUR 3.86 (+8% reported basis; FY24: EUR 3.59) ^{p. 21}
  • AXA IM dilution: EPS includes -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback ^{p. 21}

Shareholders' Equity

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

EUR billion unless otherwise mentioned	FY24	HY25	FY25
Shareholders' equity total	49.9	45.5	47.2
SHE excl. OCI	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
SHE excl. OCI and 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 bridge, FY24 to FY25 vs HY25 to FY25 ^{p. 22}

EUR billion	FY24 to FY25	HY25 to FY25
Opening SHE	49.9	45.5
Change in Net OCI	+1.3	+0.4
Net income	+9.8	+5.9
Dividend	-4.6	—
Annual share buyback	-1.2	—
Anti-dilutive buyback	-3.5	-3.5
Undated subordinated debt	-0.3	-1.2
Forex	-3.5	-0.1
Other	-0.6	+0.3
Closing SHE	47.2	47.2

Higher organic cash remittance and robust cash position at Holding

Net Cash Remittance ^{p. 23}

EUR billion unless otherwise mentioned	FY24	FY25
Net Cash Remittance total	7.7	7.5
Ordinary cash remittance	7.1	7.5
Proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe	0.6	—
Remittance ratio	82%	82%

Holding cash bridge ^{p. 23}

EUR billion	Holding cash
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive buyback following the sale of AXA IM	-3.5
Holding costs including interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 Cash position	5.6

Solvency II at 224%

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

EUR billion unless otherwise mentioned	Eligible Own Funds	Solvency Capital Requirement	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 variance & 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

Solvency II sensitivities (impact on 224% base) ^{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 +25%	-1
Listed Equity -25%	+2
PE & Infra +25%	+14
PE & Infra -25%	-19
Inflation swap curve +50bps	-5

• (waterfall) Eligible Own Funds: FY24 EUR 55.9bn → Regulatory & model changes EUR +0.2bn → Normalized capital generation EUR +8.8bn → Operating variance EUR -0.4bn → Economic variance & FX EUR -2.1bn → Dividend & annual share buyback EUR -6.0bn (comprising foreseeable dividends of EUR -4.8bn and provision for annual share buyback for 2026 of EUR -1.25bn) → Management actions, debt & other EUR -0.1bn → FY25 EUR 56.4bn ^{p. 24}
• Credit migration: -4pts (assumes 20% of corporate bonds/private debt held are downgraded by one full letter/3 notches) ^{p. 24}

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

Solvency II ratio and impacts ^{p. 25}

Item	Value
Solvency II ratio as of December 31, 2025	224%
Grandfathering impact on January 1, 2026	-10pts
Solvency II ratio after grandfathering	215%
Solvency II revision estimated impact (as of January 1, 2026)	+17pts

• EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026
• No change expected in organic capital generation
• Additional capital flexibility
• Solvency II revision: +17pts estimated impact to come into effect in 1Q27 (estimated as of January 1, 2026) ^{p. 25}

Thomas Buberl, Group CEO conclusion

• Presentation section introduced by Thomas Buberl, Group CEO ^{p. 26}

Conclusion

• Record results delivered 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

• Session dedicated to Q&A for the Full Year 2025 Earnings on February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

• Meet our management upcoming financial calendar events:
  • 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 details for Investor Relations:
  • Telephone: +33 1 40 75 48 42 ^{p. 29}
  • Email: investor.relations@axa.com ^{p. 29}
• Follow us online:
  • Website: www.axa.com ^{p. 29}

Appendices

• Section divider for the supplementary appendices ^{p. 30}

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

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

• Debt gearing was 20.6% in FY24 and 22.3% in FY25 ^{p. 32}
• (stacked bar) Gross financial debt (nominal debt):
  • FY24: EUR 19.2bn total (Tier 1: EUR 4.8bn, Tier 2: EUR 10.8bn, Senior debt: EUR 3.5bn) ^{p. 32}
  • FY25: EUR 20.3bn total (Tier 1: EUR 4.6bn, Tier 2: EUR 12.2bn, Senior debt: EUR 3.5bn) ^{p. 32}
  • Jan 1st 2026 (End of the grandfathering period): EUR 20.3bn total (Tier 1: EUR 3.2bn, Tier 2: EUR 11.3bn, Senior debt: EUR 5.8bn; o/w EUR 0.4bn redeemed in Jan 2026) ^{p. 32}
• (bar chart) Contractual maturity breakdown:
  • 2028: EUR 0.5bn (Senior debt) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn, Senior debt: EUR 0.2bn) ^{p. 32}
  • 2031-2039: EUR 1.5bn (Senior debt) ^{p. 32}
  • ≥2040: EUR 11.3bn total (Tier 2: EUR 10.8bn, Senior debt: EUR 0.5bn) ^{p. 32}
  • Undated: EUR 5.3bn total (Tier 1: EUR 4.6bn, Tier 2: EUR 0.7bn) ^{p. 32}
  • o/w Grandfathered debt (Contractual): Tier 1 Undated = EUR 1.4bn; Tier 2 2030 = EUR 0.7bn, ≥2040 = EUR 0.2bn ^{p. 32}
• (bar chart) Economic maturity breakdown (taking into account first date of step-up calls on institutionally placed subordinated debt):
  • 2026: EUR 0.1bn (Tier 1) ^{p. 32}
  • 2027: EUR 2.4bn (Tier 2) ^{p. 32}
  • 2028: EUR 0.6bn total (Tier 1: EUR 0.1bn, Senior debt: EUR 0.5bn) ^{p. 32}
  • 2029: EUR 2.0bn (Tier 2) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn, Senior debt: EUR 0.2bn) ^{p. 32}
  • 2031-2039: EUR 1.9bn total (Tier 1: EUR 0.4bn, Senior debt: EUR 1.5bn) ^{p. 32}
  • ≥2040: EUR 0.5bn (Senior debt) ^{p. 32}
  • Undated: EUR 4.7bn total (Tier 1: EUR 4.0bn, Tier 2: EUR 0.7bn) ^{p. 32}
  • o/w Grandfathered debt (Economic): Tier 1 2026 = EUR 0.1bn, 2028 = EUR 0.1bn, 2031-2039 = EUR 0.4bn, Undated = EUR 0.8bn; Tier 2 2030 = EUR 0.7bn, ≥2040 = EUR 0.2bn ^{p. 32}
• In January 2026, AXA called the remaining T2 GF GBP 139m due 2054 callable 2034 5.625% issued January 2014 and the T1 GF EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32}.

General Account invested assets

Total General Account invested assets in FY25 ^{p. 33}

EUR billion unless otherwise mentioned	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%

• Total General Account invested assets in FY25: EUR 450bn with a duration gap at -0.4 year ^{p. 33}
• Other fixed income includes Asset Backed Securities of EUR 25bn, Residential Loans of EUR 16bn, Commercial & Agricultural Loans of EUR 7bn, and Agency Pools of EUR 8bn ^{p. 33}
• Listed equities includes hedges; listed equities excluding hedges at EUR 14bn ^{p. 33}
• Private equity and hedge funds includes Private Equity of EUR 17bn, Hedge Funds of EUR 5bn, and Non-listed Equities of EUR 1bn ^{p. 33}

Structured and Private Credit assets

Structured and Private Credit Assets ^{p. 34}

EUR billion unless otherwise mentioned	% 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%

• Residential Mortgages includes EUR 6bn Dutch mortgages (NHG guaranteed) and EUR 10bn self-originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) ^{p. 34}
• CLO & ABS: 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA) ^{p. 34}
• Infrastructure debt: skewed towards resilient industries (Telecom, Utilities, Transport) ^{p. 34}
• CRE debt: strong sector diversification (mainly logistics, residential, and retail), mostly in Europe, and circa 60% LTV ^{p. 34}
• Mid-Market lending: strong diversification with EUR 8m average ticket; investments through SMAs with strict underwriting guidelines (senior secured, covenants, restrictions on asset sales and sector allocation) ^{p. 34}
• Total Structured and Private Credit Assets: o/w 54% participating ^{p. 34}

Investment portfolio | Fixed Income reinvestment

FY25 Fixed Income Reinvestment ^{p. 35}

EUR billion unless otherwise mentioned	Share	Average rating
Government bonds & related	32%	AA
Investment grade credit	40%	A
ABS/CLO/IG fund financing	21%	—
Below investment grade credit	7%	—

FY25 Fixed Income Reinvestment Yield ^{p. 35}

—	Yield
Public fixed income	3.5%
Private & Structured fixed income	4.7%
Total fixed income	3.9%

• Fixed income reinvestment of EUR 57bn invested at 3.9% with an average duration of 9 years ^{p. 35}
• Private & Structured Credit reinvestment of EUR 19.7bn invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY) ^{p. 35}
• Asset allocation shift shows a gradual shift from alternative total return assets to Private & Structured credit ^{p. 35}

• Additional P&C disclosures featured on page 36 ^{p. 36}
• Debt and Invested Assets featured on page 31 ^{p. 36}
• Additional IFRS17 disclosures featured on page 41 ^{p. 36}
• Sustainability featured on page 44 ^{p. 36}

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP by line of business and geography, USD 19bn total ^{p. 37}

—	GWP by line of business	GWP by geography
Casualty	35%	—
Property	29%	—
Specialty	19%	—
Professional lines	17%	—
Americas	—	46%
Europe & APAC	—	35%
UK & Lloyds	—	19%

• Business diversification well balanced across lines of business and geographies ^{p. 37}
• Market positions leading across lines, ranking Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie ^{p. 37}
• Cycle management active to deliver consistent profitability ^{p. 37}
• (bubble chart) Profitability vs growth (ex-price growth %):
  • Professional lines: Lowest profitability, lowest ex-price growth ^{p. 37}
  • Casualty: Medium-low profitability, medium-low ex-price growth ^{p. 37}
  • Specialty: Medium profitability, medium ex-price growth ^{p. 37}
  • Property: Highest profitability, highest ex-price growth ^{p. 37}

P&C | Focus on Reserves

Claims and technical reserves ratio, IFRS4 vs IFRS17 ^{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%

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

Insurance segment 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	—	0.4

• Retention levels stable in 2026 as in 2025 ^{p. 39}
• (diagram) Reinsurance segment protected via Alternative Capital & Cat Bonds ^{p. 39}
• EU Windstorm: Capacity EUR 4.0bn, Retention EUR 600m ^{p. 39}
• Europe Flood: Capacity EUR 2.1bn, Retention EUR 450m ^{p. 39}
• Europe Earthquake: Capacity EUR 2.1bn, Retention EUR 400m ^{p. 39}
• NA Hurricane: Capacity EUR 1.2bn, Retention EUR 600m ^{p. 39}
• NA Earthquake: Capacity EUR 1.2bn, Retention EUR 600m ^{p. 39}
• Per other perils: Capacity [unlabeled bar], Retention EUR 400m ^{p. 39}

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

Earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}

EUR billion	Earnings deviation
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

Expected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}

EUR billion	2025	2026
Expected Nat Cat charges	2.6	2.7

• More severe years (Negative deviation in ca. 40% of cases)
• Less severe years (Positive deviation in ca. 60% of cases)
• 2025: Estimated impact on GEP: ca. 4.5%
• 2026: Estimated impact on GEP: ca. 4.5%

• Additional IFRS17 disclosures is the active section (p.41) ^{p. 41}
• Other sections listed:
  • Debt and Invested Assets (p.31) ^{p. 41}
  • Additional P&C disclosures (p.36) ^{p. 41}
  • Sustainability (p.44) ^{p. 41}

P&C | Margin analysis

P&C IFRS17 disclosures ^{p. 42}

EUR million unless otherwise mentioned	Value	Change
Underlying earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying earnings	5,872	+501

• Underlying earnings up 9% at constant FX

EUR million unless otherwise mentioned	Technical result (pre-tax)
Current accident year undiscounted technical margin	2,778
Gross earned premiums	57,656
Current accident year undiscounted combined ratio	95.2%
Nat Cats	3.4%
Current accident year discounting	2,009
Discounting ratio	-3.5%
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
PYD ratio	-1.1%

• Gross earned premiums up 6%
• Current accident year undiscounted combined ratio down 1.0pt
• Nat Cats down 0.4pt
• Current accident year discounting up EUR 115m
• Discounting ratio up 0.0pt
• Prior years' reserve development (PYD) down EUR 341m
• PYD ratio up 0.7pt

EUR million unless otherwise mentioned	Financial result (pre-tax)
Investment income	3,988
Average assets	115bn
Asset book yield	3.5%
Reinvestment yield	4.3%
Insurance finance expenses	-1,358
Reserves at locked-in rate	71bn
Liability book yield	1.9%

• Investment income up EUR 435m
• Insurance finance expenses down EUR 235m

Sensitivity to current accident year discount rate changes	EUR billion
+25bps	+0.2
-25bps	-0.2

2026e Insurance finance expenses (pre-tax)	Value
Baseline	~ -EUR 1.4bn
Sensitivity to changes in 2025 current AY discount (+25bps)	~ -EUR 50m
Sensitivity to changes in 2025 current AY discount (-25bps)	~ +EUR 50m

• Current accident year undiscounted technical margin: EUR 2,778m (+EUR 707m) ^{p. 42}

L&H | Margin analysis

Life & Health IFRS17 disclosures ^{p. 43}

EUR million unless otherwise mentioned	Value	Change
Underlying earnings before tax	4,229	+205
Tax	-800	+65
Affiliates, Minority interests & Other	72	-51
Underlying earnings	3,501	+219

• Underlying earnings up 7% at constant FX

EUR million unless otherwise mentioned	Technical result (pre-tax)
Short-term technical margin	479
Gross earned premiums	17,416
All year combined ratio	97.2%
Long-term technical margin	2,804
CSM release	2,954
Technical experience	-150

• Short-term technical margin up EUR 60m, includes recapture of Laya
• Gross earned premiums up 10%
• All year combined ratio down 0.1pt
• Long-term technical margin up EUR 156m
• CSM release up EUR 215m
• Technical experience down EUR 58m

EUR million unless otherwise mentioned	Financial result (pre-tax)
Investment income (non-VFA only)	2,484
Average assets	98bn
Asset book yield	2.5%
Reinvestment yield	3.8%
Insurance finance expenses (non-VFA only)	-1,538
Reserves at locked-in rate	62bn
Liability book yield	2.5%

• Investment income (non-VFA only) down EUR 1m
• Insurance finance expenses (non-VFA only) down EUR 9m

Life & Health FY25 CSM key sensitivities ^{p. 43}

Sensitivity	EUR billion
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	+0.7
Equities +25%	+1.8
Equities -25%	-2.2

• Sustainability is the active section (p.44) ^{p. 44}
• Other sections listed:
  • Debt and Invested Assets (p.31) ^{p. 44}
  • Additional P&C disclosures (p.36) ^{p. 44}
  • Additional IFRS17 disclosures (p.41) ^{p. 44}

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

Sustainability targets and 2025 results ^{p. 45}

Category	Target	2025 Result
Climate transition financing	EUR 5bn per year	EUR 6.4bn
Community resilience financing	>EUR 500m per year	EUR 1.4bn
Transition underwriting support	EUR 6bn in P&C GWP (cumulative 2024-2026)	EUR 4.6bn
Climate adaptation solutions & services	>20,000 (cumulative 2024-2026)	19,698 (cumulative 2024-2025)
Inclusive insurance customers	>20m by 2026	20.6m
Employees trained on climate adaptation	>80,000 by 2026	46,420
Absolute carbon emissions reduction	-50% by 2030 and offset of residual emissions	-64% reduction against 2019
Employee volunteering engagement	50% by 2026	56%

Sustainability Performance & Ratings

ESG ratings and scores, 2025 ^{p. 46}

Rating Agency	2025 Score
S&P Global	97th percentile
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0 - Low risk
FTSE Russell	4.3/5

• The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives, specifically AXA Restricted Shares; results as of February 6th, 2026.
• FTSE Russell: 2025 score 4.3/5 in FTSE4Good Index Series ^{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; 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
  • Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) which are fully consolidated
  • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated; Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income
  • AXA Mediterranean Holdings
• 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}
• Accounting standards: unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 accounting standards (effective January 1, 2023); figures prior to 2023 have not been restated and are presented under IFRS4 ^{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: 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: 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) ^{p. 48}
• New Business Value: the value of newly issued contracts during the current year; 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 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: 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; net of reinsurance ^{p. 48}
• Present value of expected premiums: 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; discounted at the reference interest rate and Group share ^{p. 48}
• Technical experience: consists of the impacts on the underlying earnings of (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

• AXA Full Year 2025 Earnings presentation concluded on February 26, 2026 ^{p. 49}

Abbreviations

• AA: Rating
• AAA: Rating
• ABS: Asset-Backed Securities
• AI: Artificial Intelligence
• APAC: Asia-Pacific
• AXA IM: AXA Investment Managers
• AY: Accident Year
• BBA: Benefit-Bearing Assets
• 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
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• EU: European Union
• EUR: Euro
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GEP: Gross Earned Premiums
• 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
• LFL: Like-for-Like
• LTV: Loan-to-Value
• MSCI: Morgan Stanley Capital International
• 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
• ROE: Return On Equity
• 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