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

* AXA '''PresentationFull dateYear 2025''' earnings presentation delivered on February 26, 2026 ^{p. 1}.

* '''Forward-looking statements''' include predictions of or indicate future events, trends, plans, expectations, or objectives ^{p. 2}.

** Statements regarding expected '''Underlyingunderlying EPSearnings per share''' (UEPS) growth guidance for 2026 isare forward-looking statements providedto asprovide one-off guidance in the context of the last year of the Group's current strategic plan ^{p. 2}.

** '''RiskReaders factors'''should arerefer described into Part 5 "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 for a description of important factors, risks, and uncertainties ^{p. 2}.

* '''AlternativeNon-GAAP performancefinancial measures''' or alternative performance measures (APMs) are used by managementManagement includeto underlyinganalyze earnings,operating UEPStrends, underlyingfinancial return on equity, combined ratioperformance, and debtfinancial gearingposition ^{p. 2}.

* '''FY25 Highlights''' presented by Thomas Buberl, Group CEO ^{p. 304}

* '''FY25 Business Performance''' presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 309}

* '''FY25 Financial Performance''' presented by Alban de Mailly Nesle, Group CFO ^{p. 313}

* '''SessionSection presenterpresentation''' titled "FY25 Highlights" presented by Thomas Buberl, Group CEO ^{p. 4}.

! class="col-ms" style="text-align:right" | Value

| class="col-ms" style="text-align:right" | +6% vs. FY24

| class="col-ms" style="text-align:right" | +8% vs. FY24

| style="text-align:left" | Return on equity (ROE)

| class="col-ms" style="text-align:right" | 16%

| class="col-ms" style="text-align:right" | 224%

| style="text-align:left" | EarningsShareholder guidancevalue delivery

| class="col-ms" style="text-align:right" | Confident+8% to deliver underlying EPSDPS growth atand the upper end of 6%-8%EUR target1.25bn rangeannual forshare 2026buyback

* 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.

* Share buyback approved by AXA's Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable., subject to market conditions

|+ Underlying earnings (constant FX), FY24 vs FY25 ^{p. 6}

! class="col-s" style="text-align:right" | Change (LFLconstant FX)

* Top line growth +6% LFL, well balanced across lines: P&C +5%, Life +9%, 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.

* Earnings growth deliveredremains consistentlyconsistent while enhancing reserve prudence.

|+ Business mix (by FY25 gross written premium split excluding AXA IM and holdings) ^{p. 7}

* '''Secular trends''' fuelingfuel demand across businesses:, driven by protection gaps and emerging corporate risks alongside demographics driving demand for private retirement and healthcare.

* '''Strategic pillars''' established to lay the foundation for the next plan ^{p. 8}:

** '''Clear tech and AI roadmap''' ^{p. 8}

** '''Driving efficiency''' ^{p. 8}

** '''Enhancing capital allocation''' discipline ^{p. 8}

** '''Building resilience''' ^{p. 8}

* '''Earnings growth''' sustainabilityoutlook supported by strong confidence in sustaining performance ^{p. 8}.

* '''Section 2''': FY25 Business Performance''', presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}.

! class="col-s" style="text-align:right" | GWPGross written premiums

! class="col-s" style="text-align:right" | GWPGross changewritten premiums LFL change

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

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

| style="text-align:right" | —2.6bn

* '''Retail and SME & Mid-market strategy''' strategic outlook:

** '''2025''': Growing volumes while expanding margins ^{p. 11}

** '''Beyond 2025''': Investing to improve customer retention &and expanding distribution footprint ^{p. 11}

* '''AXA XL (Large & Specialty) strategy''' strategic outlook:

** '''2025''': Profitable growth with stable margins ^{p. 11}

** '''Beyond 2025''': Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}

** Continued progress on efficiency ^{p. 11}

** Higher investment income ^{p. 11}

** Data & AI to further enhance customer experience &and technical excellence ^{p. 11}

|+ GWP mix byand Long-term andUnderlying Short-termearnings ^{p. 12}

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

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

| style="text-align:left; font-weight:bold" | TotalGWP total

| style="text-align:right; font-weight:bold" | 57

| style="text-align:left" | Long-term business

| style="text-align:left" | Short-term business

* '''Short-term business''' strategic outlookpriorities:

=== FY25 Financial Performance ===

* '''Section divider3''': slideFY25 presentedFinancial by Alban de Mailly Nesle, Group CFOPerformance ^{p. 13}

|+ GWP & Otherother Revenuesrevenues by linesegment, FY24 vs FY25 ^{p. 14}

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

|+ Combined ratio components, FY24 vs FY25 ^{p. 15}

** StableMargin AXAexpansion XLin InsuranceCommercial marginslines atSME attractive& levelsmid-market business and Personal lines reflecting disciplineda favorable cyclepricing managementenvironment ^{p. 15}

* Lower'''Nat relianceCat oncharges''' priorbelow yearnormalized reserve developmentload ^{p. 15}

* Taking'''Prior year reserve development''' shows lower reliance, taking advantage of a good year to enhance reserve prudence ^{p. 15}

* '''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}.

* '''UnwindInsurance offinance discountexpenses''' impacted by higher unwind of claimsdiscount reservesof wasclaims higherreserves, in line with guidance ^{p. 16}.

* '''Forex impact''' was unfavorable, notably due to USD depreciation vs. EUR ^{p. 16}.

|+ Life GWP & other revenues and Net flows by segment, FY24 vs FY25 ^{p. 17}

| style="text-align:left" | Employee benefitsBenefits

| style="text-align:left; font-weight:bold" | Total'''Health GWP & other revenues'''

| style="text-align:right; font-weight:bold" | 3417.5

| style="text-align:right; font-weight:bold" | 3719.50

| style="text-align:right; font-weight:bold" | +95%

| style="text-align:left" | Unit-linked'''Total net flows'''

|+ PVEP, byNB segmentCSM, and NBV, FY24 vs FY25 ^{p. 18}

| style="text-align:left" | Unit-linkedLinked

| style="text-align:left; font-weight:bold" | Total'''NB CSM (pre-tax)'''

| style="text-align:left" | '''NBV (post-tax)'''

* '''PVEPNB CSM''' was impacteddriven by higherrobust interestSavings rates& onProtection discountingsales, despitewith strongreported growth inimpacted Lifeby higher interest rates for discounting volumesof ^{p.future 18}profits.

|+ CSMContractual rollforward,Service FY24Margin to FY25rollforward ^{p. 19}

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

| style="text-align:left" | newNew business CSM

| style="text-align:left" | underlyingUnderlying return on in-force

| style="text-align:left" | economicEconomic variance

| style="text-align:left" | operatingOperating variance

| style="text-align:left" | affiliatesAffiliates, FX & other

* '''Normalized CSM''' up by +2% LFL, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}.

* '''Economic variance''' reflectedreflecting government spreads tightening and positive equity market returns ^{p. 19}.

* '''Operating variance''' was 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''' was mainly driven byfrom 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}.

| style="text-align:left" | shortShort-term technical margin

| style="text-align:left" | longLong-term result incl. CSM release

| style="text-align:left" | financialFinancial result

| style="text-align:left" | taxTax, FX and others

|+ Underlying earningsEarnings by segment, FY24 vs FY25 ^{p. 21}

! class="col-s" style="text-align:right" | Change (constant FX)

| style="text-align:left; font-weight:bold" | TotalFinancial flows underlying(including earningsRCG)

| style="text-align:right; font-weight:bold" | 80.13

| style="text-align:right; font-weight:bold" | 8-0.47

| style="text-align:right; font-weight:bold" | +6%—

|+ Underlying EPSearnings per share drivers, FY24 vsto FY25 ^{p. 21}

! style="text-align:left" | —Driver

| style="text-align:left" | UnderlyingEarnings EPS (reported basis)growth

| style="text-align:left" | from capitalCapital management

| style="text-align:left" | from forexForex

* '''Net income''': EURgrowth 9.8bnmainly inreflecting FY25higher vsunderlying EURearnings 7.9bnand inthe FY24gain (+26%from atthe constantsale FX)of ^{p.AXA 21}IM.

* Includes(bar <code>-1%</code> fromchart) temporary'''Underlying earnings dilutionper fromshare''' AXA(in IMEuro, salereported duebasis): EUR 3.59 in FY24 to theEUR timing3.86 ofin anti-dilutiveFY25 share buyback(+8%) ^{p. 21}.

|+** Shareholders'''FY24''': equityEUR 49.9bn total (comprising SHE excl. OCI of EUR 58.0bn and relatedNet OCI of EUR metrics-8.1bn) ^{p. 22}

| style="text-align:left" |* '''Shareholders' equity (Group share)bridge''':

|+ Net cashCash remittanceRemittance ^{p. 23}

| style="text-align:left" | Net cashCash remittanceRemittance

| style="text-align:left" | Ordinary cash remittance

| style="text-align:left" | InProceeds related to in-force treaties proceeds

|+ Holding cash position bridge, FY24 to FY25 ^{p. 23}

| style="text-align:left" | Net cash remittance from subsidiaries

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

| style="text-align:left" | Holding costs and interest expenses

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

! class="col-s" style="text-align:right" | SCREligible Own Funds (EOF)

! class="col-s" style="text-align:right" | Solvency IICapital ratioRequirement (%SCR)

| style="text-align:left" | Dividend & annual share buyback

| style="text-align:left" | Management actions, debt & other

* Dividend & annual share buyback comprisesincludes foreseeable dividends of EUR -4.8bn and provision for annual share buyback for 2026 of EUR -1.25bn ^{p. 24}.

|+ Solvency II sensitivities (impact on 224% base ratio as of December 31, 2025) ^{p. 24}

| style="text-align:left" | Listed Equity +25% (excl. PE & Infra) +25%

| style="text-align:left" | Listed Equity -25% (excl. PE & Infra) -25%

* Euro Sovereign spreads +50bps assumes 50bps spread widening of Euro sovereign bonds vs. Euro swap curve applied on sovereign and quasi-sovereign exposures ^{p. 24}

* Credit migration assumes 20% of corporate bonds, including private debt, held are downgraded by one full letter / 3 notches ^{p. 24}

* '''Section dividerConclusion''' featuringpresented by Thomas Buberl, Group CEO ^{p. 26}

* '''Record results''' achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.

* '''AllBusiness businessesperformance''' shows all businesses in excellent shape, delivering strong growth and profitability ^{p. 27}.

* '''Diversified franchise''' is well-positioned to capture future growth opportunities ^{p. 27}.

* '''LayingStrategic foundationsoutlook''' focused on laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

* '''SectionQ&A dividersession''' for Q&Athe sessionFull Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}

** March'''Follow us''': Roadshows in Europe and USwww.axa.com ^{p. 29}

** June 2'''March''': BNP Paribas Exane CEORoadshows Conference(Europe inand ParisUS) ^{p. 29}

** June'''May 2-45''': Goldman1Q25 SachsActivity EuropeanIndicators Financials Conference in Zurich(Paris) ^{p. 29}

** July'''June 312''': HY26BNP EarningsParibas ReleaseExane inCEO Conference (Paris) ^{p. 29}

** September'''June 212-4''': AXAGoldman InvestorSachs DayEuropean inFinancials LondonConference (Zurich) ^{p. 29}

** '''ContactJuly us31''' details: Investor Relations phone +33 1 40 75 48HY26 42;Earnings emailRelease investor.relations@axa.com(Paris) ^{p. 29}

** '''FollowSeptember us21''' website: www.axa.comAXA Investor Day (London) ^{p. 29}

* '''Section divider slide introducing the '''Appendices''' for appendicessection ^{p. 30}.

|+* '''Additional IFRS17 disclosures by topic and page''' ^{p. 3141}

** '''FY25FY24''': EUR 2019.3bn2bn total (Tier 1: EUR 4.6bn8bn, Tier 2: EUR 1210.2bn8bn, Senior debt: EUR 3.5bn); debt gearing at 22.3% ^{p. 32}

** '''Jan 1st 2026FY25''' (End of the grandfathering period): EUR 20.3bn total (Tier 1: EUR 34.2bn6bn, Tier 2: EUR 1112.3bn2bn, Senior debt: EUR 53.8bn, of which EUR 0.4bn redeemed in Jan 20265bn) ^{p. 32}

** '''Of which Grandfatheredgrandfathered debt (Contractual)''': Tier 1 Undated: EUR 1.4bn; Tier 2 2030: EUR 0.7bn, ≥2040: EUR 0.2bn ^{p. 32}

* (barstacked chartbar) '''Economic maturity breakdown''' (taking into account first date of step-up calls on institutionally placed subordinated debt):

** '''2031-2039''': EUR 1.5bn9bn total (Tier 1: EUR 0.4bn, Tier 2: EUR 6.4bn [unclear], Senior debt: EUR 1.1bn5bn) ^{p. 32}

** '''Of which Grandfatheredgrandfathered 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}

* '''Redemption actions''': In January 2026, AXA called the remaining T2Tier GF2 grandfathered GBP 139m due 2054 callable 2034 5.625% issued January 2014, and the T1Tier 1 GFgrandfathered EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32}.

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

| style="text-align:left; padding-left:1.5em" | o/w Government bonds

| style="text-align:left; padding-left:1.5em" | o/w Corporate bonds and loans

| style="text-align:left; padding-left:1.5em" | o/w Other fixed income

* Total General Account invested assets: EUR 450bn total, with a duration gap at -0.4 year

* 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)

* Listed equities includes hedges; (listed equities excluding hedges at EUR 14bn)

* Private equity and hedge funds includes Private Equity (of EUR 17bn), Hedge Funds (of EUR 5bn), and Non-listed Equities (of EUR 1bn)

|+ Structured assets and Privateprivate Creditcredit Assetsassets ^{p. 34}

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

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

| style="text-align:left" | Mid-Marketmarket lending

| style="text-align:left" | Other assets

| style="text-align:left; font-weight:bold" | Total Structuredstructured assets and Privateprivate Creditcredit Assetsassets

* Residential Mortgages:mortgages includes EUR 6bn Dutch mortgages, NHG guaranteed; EUR 10bn self-originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)

* Infrastructure debt: skewed towards resilient industries (including Telecom, Utilities, and Transport)

* CRE debt: strong sector diversification (mainly logistics, residential, and retail), mostly in Europe, and circa 60% LTV

* Mid-Marketmarket 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

|+ FY25 Fixed Incomeincome Reinvestmentreinvestment asset mix and yield, FY25 ^{p. 35}

! class="col-s" style="text-align:right" | ShareReinvestment asset mix

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

| style="text-align:right" | —A

* '''AdditionalTable P&Cof disclosurescontents''' issection covered on page 36divider ^{p. 36}.:

** Other sections in the appendix include1. Debt and Invested Assets on page 31, Additional IFRS17 disclosures on page 41, and Sustainability on page 44 ^{p. 3631}.

|+ FY25 GWP breakdownby line of business and geography ^{p. 37}

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

|+ Claims and technicalTechnical reserves ratios by IFRS basisratio ^{p. 38}

! class="col-s" style="text-align:right" | FY18Claims reserves ratio (IFRS4)

! class="col-s" style="text-align:right" | FY19Claims reserves ratio (IFRS17)

! class="col-s" style="text-align:right" | FY20Technical reserves ratio (IFRS4)

! class="col-s" style="text-align:right" | FY21Technical reserves ratio (IFRS17)

| style="text-align:left" | Claims reserves ratio (IFRS4)FY18

| style="text-align:right" | 179%

| style="text-align:left" | Claims reserves ratio (IFRS17)FY19

| style="text-align:left" | Technical reserves ratio (IFRS4)FY21

| style="text-align:right" | 213%188

| style="text-align:left" | Technical reserves ratio (IFRS17)FY24

| style="text-align:right" | 234%210

|+ ReinsuranceInsurance segment occurrence protection capacity and retention by peril ^{p. 39}

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

* '''Retention levels:''' Stableremained retention levels maintainedstable in 2026 ascompared into 2025 ^{p. 39}.

** '''More severe years''': Negative deviation in ca. 40% of cases; 1/20y (95th percentile) EUR -1.2bn, 1/10y (90th percentile)''': EUR -0.8bn, 1/5y (80th percentile) EUR -0.4bn ^{p. 40}.

** '''Median1/5y (80th percentile)''': 50th percentile at EUR +-0.1bn4bn ^{p. 40}.

* (bar)* '''Expected1/5y Nat(20th Catpercentile)''': AverageEUR expected Nat Cat charges net of reinsurance, pre-tax+0.5bn ^{p. 40}.

** '''FY251/10y (10th percentile)''': EUR 2+0.6bn (Estimated impact on GEP: ca. 4.5%)7bn ^{p. 40}.

** '''FY261/20y (5th percentile)''': EUR 2+0.7bn (Estimated impact on GEP: ca. 4.5%)8bn ^{p. 40}.

* '''Table of contents''' section divider ^{p. 41}:

|+ P&C margin analysis, FY25 vs FY24 at constant FX ^{p. 42}

| style="text-align:left" | Current'''Technical Accident Year Undiscounted Technicalresult''' Margin(pre-tax)

| style="text-align:left" | Gross Earnedearned Premiumspremiums

| style="text-align:left" | CurrentUndiscounted Accidentcombined Yearratio Undiscounted(current Combinedaccident Ratioyear)

| style="text-align:left" | CurrentDiscounting Accident(current Yearaccident Discountingyear)

| style="text-align:left" | Discounting Ratio (in Combined Ratio points)ratio

| style="text-align:left" | CurrentNet Accidentclaims Yearreserves Net(current Claimsaccident reservesyear)

| style="text-align:left" | CurrentDiscount Accidentrate Year(current Discountaccident rateyear)

| style="text-align:left" | Prior Yearsyears' Reservereserve Developmentdevelopment (PYD)

| style="text-align:left" | Investment'''Financial Incomeresult''' (pre-tax)

| style="text-align:left" | FY25 Average Assetsassets (FY25)

| style="text-align:left" | FY25 Reinvestment yield (on fixed income assets)

| style="text-align:left" | Insurance Financefinance Expensesexpenses

| style="text-align:left" | FY24 Reserves at locked-in rate (FY24)

| style="text-align:left" | '''Underlying Earningsearnings before tax'''

| style="text-align:left" | Affiliates, Minorityminority interests & Otherother

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

| style="text-align:right" | +9% growth vs. FY24 at constant FX of +9%

|+ FY25Discount rate sensitivity toof CurrentFY25 Accidentcurrent Yearaccident discountyear ratenet reserve changesdiscounting ^{p. 42}

! style="text-align:left" | Change in discount rateShift

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

|+ 2026e Insurance Financefinance Expensesexpenses expected for 2026 (pre-tax) and sensitivity ^{p. 42}

| style="text-align:left" | 2026e Insurance Finance Expenses (pre-tax)expenses

| style="text-align:left" | Sensitivity to 2025 current AY Discount +25bps

| style="text-align:left" | Sensitivity to 2025 current AY Discount -25bps

|+ L&H margin analysis, FY25 vs FY24 at constant FX ^{p. 43}

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

| style="text-align:left" | '''Short-term Technical Margin'''

| style="text-align:right" | —Including recapture of Laya

| style="text-align:left" | Gross Earnedearned Premiumspremiums

| style="text-align:left" | All Yearyear Combinedcombined Ratioratio

| style="text-align:right" | -0.1pt1pts

| style="text-align:right" | includes recapture of Laya—

| style="text-align:left" | '''Long-term Technical Margin'''

| style="text-align:left" | '''Investment Income (non-VFA only)'''

| style="text-align:left" | FY25 Average Assetsassets

| style="text-align:left" | FY25 Reinvestment yield (on fixed income assets)

| style="text-align:right" | 3.8% on fixed income assets

| style="text-align:left" | '''Insurance Finance Expenses (non-VFA only)'''

| style="text-align:left" | FY24 Reserves at locked-in rate

| style="text-align:right" | 62bn (FY24)

| style="text-align:left" | '''Underlying Earnings before tax'''

| style="text-align:left" | Affiliates, Minorityminority interests & Otherother

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

| style="text-align:right" | +7% growth vs. FY24 at constant FX of +7%

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

* '''Table of contents''' ^{p. 44}navigation:

** 1. '''Debt and Invested Assets''' ^{p. 31}

** 2. '''Additional P&C disclosures''' ^{p. 36}

** 3. '''Additional IFRS17 disclosures''' ^{p. 41}

|+ SustainabilityAXA targetsfor andProgress 2025Index resultsperformance dashboard ^{p. 45}

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

| style="text-align:left" | ClimateAs transitiona financingGlobal Investor

| style="text-align:left" | Community resilience financing—

| style="text-align:left" | P&CAs GWPa toGlobal support transition underwriting (cumulative 2024-2026)Insurer

| class="col-m" style="text-align:right" | EURTransition 6bnunderwriting

| style="text-align:left" | Climate adaptation solutions & services (cumulative 2024-2026)—

| class="col-m" style="text-align:right" | >20,000Climate adaptation solutions

| class="col-m" style="text-align:right" | 19>20,698000 solutions & services (cumulative 2024-20252026)

| style="text-align:left" | Inclusive insurance customers—

| class="col-m" style="text-align:right" | >20mInclusive by 2026insurance

| style="text-align:left" | AXAAs Groupa employees trained on climate adaptationCompany

| class="col-m" style="text-align:right" | >80,000Climate by 2026training

| style="text-align:left" | Absolute carbon emissions reduction—

| class="col-m" style="text-align:right" | Net-50%Zero by 2030contribution

| style="text-align:left" | Employee volunteering engagement—

! style="text-align:left" | ProviderRating Agency

! class="col-m" style="text-align:right" | 2025 Score / RatingPercentile

| class="col-m" style="text-align:right" | 97th percentile¹ in Dow Jones Best-in-Class Europe & World indices

| class="col-m" style="text-align:right" | 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 preciselyspecifically AXA Restricted Shares)., with Resultsresults as of February 6th, 2026."

* '''France''': scope includes insurance activities, banking activities, and holding ^{p. 47}.

* '''Europe''': scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxemburgLuxembourg (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''': scope includes insurance and reinsurance activities and holding ^{p. 47}.

* '''Asia, Africa & EME-LATAM''': scope includes: ^{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(all fully consolidated, and); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses which are (consolidated under the equity method, and contributecontributing only to NBV, PVEP, the underlying earnings, and net income) ^{p. 47}.

** '''Africa''': Morocco (insurance activities and holding) and, Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) which are(all 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(all fully consolidated as well as); Russia (Reso) (insurance activities) which (consolidated under the equity method, and contributescontributing only to the net income) ^{p. 47}.

** '''AXA Mediterranean Holdings''' ^{p. 47}.

* '''Transversal & Other''': scope includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.

* '''AXA Investment Managers''' (until July 1, 2025): scope includes AXA Investment Managers, Select (previously referred to as Architas), and Capza which are(all fully consolidated), and Asian joint ventures which are (consolidated under the equity method) ^{p. 47}.

* '''Accounting standards''' note: Unlessunless otherwise specified herein, all comparative figures going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023; figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4 ^{p. 47}.

* '''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}

* '''Gross Written Premiums''' and Other Revenues (GWP & Other Revenues)''': represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business);. Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}

* '''New Business Value''' (NBV)''': the value of newly issued contracts during the current year,. It consistingconsists 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'''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;. operatingOperating 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;. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}

* '''Presentation conclusion''':AXA Full Year 2025 Earnings''' presentation concludedclosing slide, ondated February 26, 2026 ^{p. 49}

* '''AA''': Senior bond rating (Standard & Poor's)Secured

* '''AAA''': Senior bond rating (Standard & Poor's)Secured

* '''CY''': CalendarCurrent Year

* '''EME''': EmergingEurope, MarketsMiddle East, and Africa

* '''NHG''': Nationale Hypotheek Garantie (National Mortgage Guarantee)

* '''ROERCG''': ReturnRealized OnCapital EquityGains

* '''TVOG''': Time Value of Options &and Guarantees