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

* AXA '''AXA Full Year 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'''One-off guidance''' is provided in this presentation regarding expected '''underlying earnings per share''' (UEPS) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan ^{p. 2}.

** Readers'''Risk factors''' and uncertainties that may affect AXA's business shouldare referdescribed toin Part 5 "Risk Factors and Risk Management" of AXA's 2024 Universal Registration Document for the year ended December 31, 2024 for a description of important factors, risks, and uncertainties ^{p. 2}.

* '''Non-GAAPAlternative financialperformance measures''' or(APMs) alternativeused performanceinclude measures"Underlying (APMs)earnings", areUEPS used("underlying byearnings Managementper toshare"), "underlying analyzereturn operatingon trendsequity", financial"combined performanceratio", and financial"debt positiongearing" ^{p. 2}.

* '''FY25 Highlights''' presented by Thomas Buberl, Group CEO ^{[p.3; p.04}]

* '''FY25 Business Performance''' presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{[p.3; p.09}]

* '''FY25 Financial Performance''' presented by Alban de Mailly Nesle, Group CFO ^{[p.3; p.13}]

* '''Section presentationdivider''' titledfor "1 FY25 Highlights" presented by Thomas Buberl, Group CEO ^{p. 4}.

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

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

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

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

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

| style="text-align:left" | ShareholderGrowth value deliveryoutlook

| class="col-sm" style="text-align:right" | +8%Confident DPSto deliver underlying EPS growth andat EURthe upper end of the 6%-8% 1.25bntarget annualrange sharefor buyback2026

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

! class="col-s" style="text-align:right" | Change (excluding AXA IM)

** 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}

{| class="wikitable fintable"

! class="col-sm" style="text-align:right" | % of total GWP

! class="col-sm" style="text-align:right" | Gross written premiums

! class="col-sm" style="text-align:right" | GrossUnderlying written premiums LFL changeearnings

| class="col-m" style="text-align:right" | 27%

| class="col-m" style="text-align:right" | 31 (+6% LFL)

| class="col-m" style="text-align:right" | 2.2 (+67% LFL)

| class="col-m" style="text-align:right" | 38%

| class="col-m" style="text-align:right" | 43 (+6% LFL)

| class="col-m" style="text-align:right" | 3.5 (+69% LFL)

| class="col-m" style="text-align:right" | 17%

| class="col-m" style="text-align:right" | 19 (+4% LFL)

| class="col-m" style="text-align:right" | 1.9 (+49% LFL)

| class="col-m" style="text-align:right" | 18%

| class="col-m" style="text-align:right" | 20 (+13% LFL)

| class="col-m" style="text-align:right" | 1.5 (+136% LFL)

|+** '''AXA XL''' GWP mixincludes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

* '''Section 3title''': FY25 Financial Performance ^{p. 13}

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

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

** Continued'''Commercial lines growth''' driven by continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}

** Growing'''AXA XL Insurance''' strategy focused on growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}

* '''AXA XL Reinsurance''': growth supported by alternative capital ^{p. 14}

** Growth'''Retail lines growth''' supported by alternativefavorable pricing trends and strong growth in net new contracts with +1.7m in capitalFY25 ^{p. 14}

* '''Nat Cat charges''' remained below normalized load ^{p. 15}

* '''Prior year reserve development''' showsreliance lowerwas reliancelower, taking advantage of a good year to enhance reserve prudence ^{p. 15}

| style="text-align:left" | Underwriting result (Volume growth)

| style="text-align:left" | Underwriting result (Margin improvement)

| style="text-align:left" | Financial result (Investment income)

| style="text-align:left" | Financial result (Insurance finance expenses)

* '''Underlying earnings''' grew +9% at constant FX.

* '''Underwriting result''' improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence.

* '''Investment income''' increased reflecting higher volumes and better reinvestment yields on fixed income assets.

* '''Insurance finance expenses''' impacted by higher unwind of discount of claims reserves, in line with guidance.

* '''Forex impact''' was unfavorable, notably due to USD depreciation vs. EUR.

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

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

| style="text-align:right" | +2.7—

| style="text-align:left" | '''Total netNet flows'''

| style="text-align:right" | +1.5—

* '''PVEP''' was impacted by higher interest rates on discounting despite strong growth in Life volumes.

* '''NB CSM''' was driven by robust Savings & Protection sales, with; reported growth impacted by higher interest rates for discounting of future profits.

* '''NBV''' was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.

* '''Normalized CSM''' +2% LFL, 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}

|+ Underlying earnings bridge, FY24 to FY25 ^{p. 20}

* '''Underlying earnings''' increased +7% LFL to EUR 3,501m ^{p. 20}.

* '''FY24 components''': Short-term technical margin''': EUR 415m; Long-termin resultFY24 incl. CSM releaseto EUR 2,680m;479m Financialin resultFY25 EUR 975m; Tax & others -EUR^{p. 748m20}.

* '''FY25 components''': Short-term technical margin EUR 479m; Long-term result incl. CSM release''': EUR 2,804m;680m Financialin resultFY24 to EUR 946m;2,804m Taxin &FY25 others -EUR^{p. 728m20}.

* '''LifeFinancial segmentresult''' underlying earnings: EUR 2.7bn975m (+4% vs.in FY24; FY24:to EUR 2946m in FY25 ^{p.6bn) 20}.

* '''HealthTax segment& others''': underlying earnings -EUR 0.8bn748m (+17% vs.in FY24; FY24:to -EUR 0728m in FY25 ^{p.7bn) 20}.

|+ Earnings byand segment,net FY24 vs FY25income ^{p. 21}

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

| style="text-align:left" | FinancialCapital flowsgains (includingfrom RCG)AXA IM disposal

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

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

! class="col-s" style="text-align:right" | ChangeFY24

| style="text-align:left" | EarningsUnderlying growthearnings per share

| style="text-align:left" | Capital management contribution

| style="text-align:left" | Forex impact

* '''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''' growthincrease mainly reflectingreflects higher underlying earnings and the gain from the sale of AXA IM ^{p. 21}

* '''Financial flows''' lower, reflecting unfavorable forex impact ^{p. 21}

* All'''Shareholders' figuresequity''' in(Group Euroshare) billiontrends unlessin otherwiseEUR statedbillion ^{p. 22}.:

** (stacked bar) '''Shareholders' equity''' (Group shareSHE):

*** '''FY24''': EUR 49.9bn total (comprising SHE excl. OCI of: EUR 58.0bn and; Net OCI of: EUR -8.1bn) ^{p. 22}

*** '''HY25''': EUR 45.5bn total (comprising SHE excl. OCI of: EUR 52.7bn and; Net OCI of: EUR -7.2bn) ^{p. 22}

*** '''FY25''': EUR 47.2bn total (comprising SHE excl. OCI of: EUR 54.0bn and; Net OCI of: EUR -6.8bn) ^{p. 22}

** '''SHE (excl. OCI & undated subordinated debt)''': EUR 53.2bn in FY24; → EUR 47.0bn in HY25; → EUR 49.4bn in FY25 ^{p. 22}

** '''Debt gearing''': 20.6% in FY24; → 23.4% in HY25; → 22.3% in FY25 ^{p. 22}

** '''Underlying ROE''': 15.2% in FY24; → 17.5% in HY25; → 16.0% in FY25 ^{p. 22}

* '''Shareholders' equity bridge''' (in EUR billion) ^{p. 22}:

** '''Opening Shareholders' equity''': EUR 49.9bn (FY24 to FY25); | EUR 45.5bn (HY25 to FY25) ^{p. 22}

** '''Change in Net OCI''': +EUR 1.3bn (FY24 to FY25); | +EUR 0.4bn (HY25 to FY25) ^{p. 22}

** '''Net income for the period''': +EUR 9.8bn (FY24 to FY25); | +EUR 5.9bn (HY25 to FY25) ^{p. 22}

** '''Dividend''': -EUR 4.6bn (FY24 to FY25); | nil (HY25 to FY25) ^{p. 22}

** '''Annual share buyback''': -EUR 1.2bn (FY24 to FY25); | nil (HY25 to FY25) ^{p. 22}

** '''Anti-dilutive share buyback''' following the sale of AXA IM''': -EUR 3.5bn (FY24 to FY25); | -EUR 3.5bn (HY25 to FY25) ^{p. 22}

** '''Undated subordinated debt''' (including interest charges)''': -EUR 0.3bn (FY24 to FY25); | -EUR 1.2bn (HY25 to FY25) ^{p. 22}

** '''Forex''': -EUR 3.5bn (FY24 to FY25); | -EUR 0.1bn (HY25 to FY25) ^{p. 22}

** '''Other''': -EUR 0.6bn (FY24 to FY25); | +EUR 0.3bn (HY25 to FY25) ^{p. 22}

** '''Closing Shareholders' equity''': EUR 47.2bn (FY24 to FY25); | EUR 47.2bn (HY25 to FY25) ^{p. 22}

|+ Net Cashcash Remittanceremittance and holding cash position bridge ^{p. 23}

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

| style="text-align:left" | NetOrdinary Cash Remittanceremittance

! class="col-s" style="text-align:right" | ValueHolding cash position

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

| style="text-align:left" | FY25 Cashcash position

|+ Solvency IIKey sensitivities (impact on 224%Solvency baseII ratio as of December 31, 2025 (Base: 224%) ^{p. 24}

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

* 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}

|+ Solvency II ratio evolutionand impacts ^{p. 25}

! style="text-align:left" | Solvency II ratioMetric

| style="text-align:left" | AsSolvency II ratio as of December 31, 2025

| style="text-align:left" | RatioSolvency afterII grandfatheringrevision impact (estimated for 1Q27)

* ¹Revision Estimatedimpact is estimated 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.

* '''SolvencyGrandfathering IIend revisionimpact''' impacton toJanuary come1, into2026 effectis in-10pts, 1Q27reducing isthe estimatedratio atto +17pts¹215% ^{p. 25}.

* '''Q&A session''' for the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}

* Section divider slide introducingmarking the beginning of the '''Appendices''' section ^{p. 30}.

* (stacked bar) '''Gross financial debt''' (nominal debt basis):

** '''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;, of which EUR 0.4bn redeemed in Jan 2026) ^{p. 32}

* (stacked bar) '''Contractual maturity breakdown''' (EUR billion):

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

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

*** '''2031-2039'o/w Grandfathered debt'': EUR 1.9bn total (Tier 12: EUR 0.4bn, Tier 2: EUR 6.4bn [unclear], Senior debt: EUR 1.5bn)7bn ^{p. 32}

*** '''Of whicho/w 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}

|+** Total'''Fixed Generalincome''': AccountEUR invested345bn assets(77%) ^{p. 33}

!* class="col-s"'''Other style="text-alignstructured assets''':right" |EUR Share2bn (0% of total G/A portfolio) ^{p. 34}.

|+ Fixed income reinvestment asset mix and yield, FY25 ^{p. 35}

* Private & Structured credit reinvestment wasreached EUR 19.7bn at a yield of 4.7% yield, covering CLOs, ABS, Infrainfrastructure & CRE debt, Fundfund financing, and Privateprivate HYhigh yield.

* Strategic asset allocation reflects a gradual shift from alternative total return assets to Privateprivate & Structuredstructured credit.

{| class="wikitable fintable"

|+ AXA XL Insurance FY25 GWP by line of business and geography ^{p. 37}

! class="col-sm" style="text-align:right" | ShareLine of business

| style="text-align:left; font-weight:bold" | '''GWP by line of business'''Total

| class="col-m" style="text-align:right; font-weight:bold" | —19

| style="text-align:left" | Casualty—

| class="col-m" style="text-align:right" | 35%Casualty

| style="text-align:left" | Property—

| class="col-m" style="text-align:right" | 29%Property

| style="text-align:left" | Specialty—

| class="col-m" style="text-align:right" | 19%Specialty

| style="text-align:left" | Professional lines (including Cyber)—

| class="col-m" style="text-align:right" | 17%Professional lines (including Cyber)

| class="col-m" style="text-align:leftright" | '''GWP by geography'''—

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

* (bubble chart) '''Managing the cycle''' to deliver consistent profitability (Profitability vs Ex-price growth %):

** '''Property''': Highest profitability and highest ex-price growth

** '''Specialty''': Medium-high profitability and medium-high ex-price growth

** '''Casualty''': Medium-low profitability and medium-low ex-price growth

** '''Professional lines''': Lowest profitability and lowest ex-price growth

|+ Claims reserves ratio and Technical reserves ratio ^{p. 38}

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

! class="col-s" style="text-align:right" | Claims reserves ratio (IFRS4)FY18

! class="col-s" style="text-align:right" | Claims reserves ratio (IFRS17)FY19

! class="col-s" style="text-align:right" | Technical reserves ratio (IFRS4)FY20

! class="col-s" style="text-align:right" | Technical reserves ratio (IFRS17)FY21

| style="text-align:left" | FY18Claims reserves ratio (IFRS4)

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

| style="text-align:left" | FY19Claims reserves ratio (IFRS17)

| style="text-align:left" | FY21Technical reserves ratio (IFRS4)

| style="text-align:right" | 188213%

| style="text-align:left" | FY24Technical reserves ratio (IFRS17)

| style="text-align:right" | 210234%

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

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

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

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

* '''Retention levels''' remained stable in 2026 compared to 2025 ^{p. 39}.

* (diagram) '''Reinsurance segment''' (illustrative) utilizes Alternative Capital &alternative Catcapital Bondsand ^{p.cat 39}bonds.

**|+ 2.Average expected Nat Cat charges net Additionalof P&Creinsurance, disclosurespre-tax ^{p. 3640}

|+ P&C marginMargin analysis,Analysis FY25(pre-tax vsunless FY24specified otherwise) ^{p. 42}

! class="col-s" style="text-align:right" | FY25Value

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

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

| style="text-align:left" | Gross earnedEarned premiumsPremiums

| style="text-align:left" | UndiscountedCurrent combinedAccident ratioYear (currentUndiscounted accidentCombined year)Ratio

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

| style="text-align:left" | DiscountingCurrent (currentAccident accidentYear year)Discounting

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

| style="text-align:left" | NetCurrent claimsAccident reservesYear (currentNet accidentClaims year)reserves

| style="text-align:left" | DiscountCurrent rateAccident (currentYear accidentDiscount year)rate

| style="text-align:left" | Prior yearsYears' reserveReserve developmentDevelopment (PYD)

| style="text-align:left" | '''FinancialInvestment result''' (pre-tax)Income

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

| 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 earnings'''Earnings

|+ Discount rateFY25 sensitivity ofto FY25Current currentAccident accidentYear yeardiscount net reserverate discountingchanges ^{p. 42}

! style="text-align:left" | ShiftChange in discount rate

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

|+ 2026e Insurance finance expenses expected forFinance 2026Expenses (pre-tax) ^{p. 42}

| style="text-align:left" | 2026e expensesInsurance Finance Expenses

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

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

|+ L&H marginMargin analysis,Analysis FY25 vs FY24(LFL) ^{p. 43}

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

! class="col-sm" style="text-align:right" | Change vs FY24LFL

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

| style="text-align:left" | All year combinedCombined ratio

| style="text-align:right" | -improved 0.1pts1pt

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

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

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

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

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

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

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

| style="text-align:left" | Affiliates, minority interests &and other

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

|+ Life & Health FY25 CSM Key Sensitivitiessensitivities ^{p. 43}

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

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

| style="text-align:left" | Baseline CSM

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

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

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

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

|----

|+ AXA's ESG ratings and scores ^{p. 46}

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

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

| class="col-m" style="text-align:right" | 4.3/5 in FTSE4Good Index Series

* '''Europe''' scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxembourgLuxemburg (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}.

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (all 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 (consolidated under equity method consolidated, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 47}.

** '''Africa''': Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) (all fully consolidated) ^{p. 47}.

** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (all fully consolidated); Russia (Reso) (insurance activities) (consolidated under equity method consolidated, contributing only to net income) ^{p. 47}.

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

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

* '''AXA Full Year 2025 Earnings''' earnings presentation closingconcluding slide, dated February 26, 2026 ^{p. 49}.

* '''AA''': SeniorSeniority Securedrating

* '''AAA''': SeniorSeniority Securedrating

* '''BBAAXA UK''': Benefits-BasedAXA United AnnuitiesKingdom

* '''CY''': CurrentCalendar Year

* '''EME''': Europe, Middle East, and Africa

* '''GEPGBP''': GrossGreat EarnedBritish PremiumsPound

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

* '''PAA''': PremiumProportionate AllocationAmortization Approach

* '''RCG''': RealizedReplicating CapitalCore GainsGrowth

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