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

* '''PresentationAXA titleFull Year 2025''': Fullearnings Yearpresentation 2025delivered on February Earnings26, Presentation2026 ^{p. 1}

* '''DisclaimerForward-looking statements''' regardinginclude forward-lookingpredictions, statementstrends, whichplans, areexpectations, subjector toobjectives knownbased andon unknownManagement's riskscurrent views and uncertaintiessubject to change ^{p. 2}.

* '''Expected UEPS growth''' for 2026 is provided as one-off guidance in the context of the lastfinal year of the Group's current strategic plan ^{p. 2}.

* '''Risk factors''' and uncertainties that may affect AXA's business are described in Part 5 "Risk Factors and Risk Management" of AXA's 2024 Universal Registration Document for the year ended December 31, 2024 ^{p. 2}.

* '''Non-GAAPAlternative performance measures''' and alternative performance measures (APMs) used include "Underlyingunderlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.

* '''Section 1divider slide for ''': FY25 Highlights''', presented by Thomas Buberl, Group CEO ^{p. 4}.

{| class="wikitable fintable"

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

| style="text-align:left" | Revenues growth vs. FY24

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

| style="text-align:left" | Underlying EPS growth vs. FY24

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

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

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

| style="text-align:left" | DividendDPS per sharegrowth

| class="col-s" style="text-align:right" | +8% growth

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

| class="col-s" style="text-align:right" | EUR 1.25bn annual program

| style="text-align:left" | Underlying EPS growth targetoutlook for 2026

| class="col-s" style="text-align:right" | Upper end of 6% to -8% target range

* '''Dividend per share''' +8% growth,proposal based on the dividend proposed by AXA's Board of Directors' recommendation on February 25, 2026, subject to approval by the Shareholders' Annual General Meeting approval on April 30, 2026 ^{p. 5}

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

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

|+ FY25 grossGross written premium split (FY25, excluding AXA IM and holdings) ^{p. 7}

* '''Secular trends''' fuelingfuel demand across businesses, driven includeby protection gaps and emerging corporate risks, alongsideas well as demographics driving demand for private retirement and healthcare ^{p. 7}.

* '''Our right to win''' is supported by four keystrategic 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}

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

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

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

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

** '''Building resilience''' across the business ^{p. 8}

* '''Earnings growth outlook''' outlook supported by thesestrong pillarsfoundations, providing confidence in sustaining earnings growth ^{p. 8}

|+ BusinessGross performancewritten premiums and underlying earnings by region FY25 ^{p. 10}

! style="text-align:left" | Region (share of total GWP¹)

| style="text-align:left" | '''France''' (27% of total GWP¹)

| style="text-align:left" | '''Europe''' (38% of total GWP¹)

| style="text-align:left" | '''AXA XL''' (17% of total GWP¹)

| style="text-align:left" | '''Asia, Africa & EME-LATAM''' (18% of total GWP¹)

* '''Gross written premiums''' (GWP) totalreached EUR 58bn, including AXA XL Re premiums of EUR 2.6bn ^{p. 11}.

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

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

* '''Earnings drivers''' supporting performance:

** '''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}.

** '''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}.

* '''OperationalStrategic driverslevers''' supportingfor growth and efficiency:

** 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}.

|+ P&C GWP and& other revenues by segment, FY24 vs FY25 ^{p. 14}

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

* '''Commercial lines growth''' driven by continuedContinued pricing momentum and volume growth in Mid-market and SME.

* '''AXA XL Insurance''' focused on growingGrowing in lines of business with attractive margins while remaining focused on retention. at AXA XL Insurance

* '''AXA XL Reinsurance''' growthGrowth supported by alternative capital.

* '''Retail lines growth''' supported by favorableFavorable pricing trends and strong growth in net new contracts of (+1.7m in FY25.)

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

* BetterUndiscounted undiscounted current yearCY loss ratio excluding(ex Nat Cat) drivenimproved byfrom:

** Margin expansion in '''Commercial lines''' SME & mid-market business and '''Personal lines''' reflecting favorable pricing environment

** Stable '''AXA XL Insurance''' margins at attractive levels reflecting disciplined cycle management

* ImprovementExpense inratio '''expense ratio'''improved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology

* '''Nat Cat charges''' below normalized load

* Lower reliance on '''priorPrior year reserve development''' shows lower reliance

* TakingReserve prudence enhanced by taking advantage of a good year to enhance '''reserve prudence'''

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

* Underwriting result (includesimproved expenses)from driven bystrong volume growth (+EURand 292m)improved andall-year margincombined improvementratio (+EURwhile 189m)enhancing ^{p.reserve 16}prudence.

|+ Life GWP &and other Otherrevenues Revenuesby mixline, FY24 vs FY25 ^{p. 17}

| style="text-align:left; font-weight:bold" | Total LifeHealth 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; font-weight:bold" | TotalEmployee HealthBenefits GWP & Other Revenues

| style="text-align:right; font-weight:bold" | 17.5—

| style="text-align:right; font-weight:bold" | 1912.09

| style="text-align:right; font-weight:bold" | +54%

|+ Net flows by segment, FY24 vs FY25 ^{p. 17}

! class="col-s" style="text-align:right" | Net flowsFY24

| style="text-align:right" | +4.9—

| style="text-align:right" | +2.7—

| style="text-align:right" | +1.5—

| style="text-align:right" | +1.2—

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

|+ NB CSM (pre-tax) and NBV (post-tax), FY24 vs FY25 ^{p. 18}

! class="col-s" style="text-align:right" | NB CSM (pre-tax)FY24

! class="col-s" style="text-align:right" | NBV (post-tax)FY25

| style="text-align:left" | FY24NB CSM (pre-tax)

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

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

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

| style="text-align:left" | FY25 end

* Strong '''shortShort-term technical margin''': reflectingEUR underwriting415m andin claimsFY24 initiativesto thatEUR more than offset the impact of legislative change on the recoverability of value added tax479m in Mexico of -EUR 0.1bnFY25 ^{p. 20}

* Higher '''longLong-term resultsresult''' from increase inincl. CSM release: ofEUR +8% reflecting growth2,680m in reserveFY24 base,to includingEUR from favorable equity market performance2,804m and betterin marginsFY25 ^{p. 20}

|+ Earnings and net income breakdown inFY24 EURvs billionFY25 ^{p. 21}

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

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

| style="text-align:left" | '''Net income'''

|+ Underlying earnings per share (reportedbridge, basis)FY24 to FY25 ^{p. 21}

! class="col-s" style="text-align:right" | FY24Underlying earnings per share

| style="text-align:left" | Underlying earnings per shareFY24

| style="text-align:left" | Temporary earnings dilution from AXA IM sale impact

|+** Shareholders'''HY25''': equityEUR 45.5bn total (comprising SHE excl. OCI EUR 52.7bn and otherNet OCI EUR metrics-7.2bn) ^{p. 22}

|+ Shareholders' equity roll-forward (in Euro billion) ^{p. 22}

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

* (bar) '''Net cash remittance''' increased to EUR 7.5bn in FY25 ^{p. 23}trend:

** (bar) '''Net cash remittance trendFY24''': FY24 EUR 7.7bn (total, comprising EUR 7.1bn ordinary remittance and EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe) → FY25 EUR 7.5bn ^{p. 23}

** '''Remittance ratioFY25''': remainedEUR stable7.5bn at 82% in FY24 and 82% in FY25total ^{p. 23}

|+ Holding cash position bridge FY24 to FY25 (in Euro billion) ^{p. 23}

! style="text-align:left" | FY24EUR Cash positionbillion

! class="col-s" style="text-align:right" | 4.0—

| style="text-align:left" | '''FY25 Cash position'''

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

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

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

* EuroCredit sovereignrating spreadsmigration sensitivity assumes a 50bps spread widening20% of the Euro sovereigncorporate bonds vs. the(including Europrivate swapdebt) curve,held appliedare ondowngraded sovereignby andone quasi-sovereignfull exposuresletter ^{p.(3 24}notches).

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

! class="col-ms" style="text-align:right" | ValueImpact (pts)

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

| style="text-align:right" | 224%

| style="text-align:right" | -10pts to 215%10

| style="text-align:right" | +17pts17

* EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026 ^{p. 25}.

* '''ConclusionSection divider''' presentedfor the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

* '''BusinessAll performancebusinesses''' 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}.

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

* '''SessionQ&A titlesession''': Q&Afor the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}.

|+ Meet our management event calendarschedule ^{p. 29}

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

**| '''≥2040'''style="text-align:left" | Senior debt EUR 0.5bn ^{p. 32}

* '''Total General Account''' invested assets stood at EUR 450bn for FY25 ^{p. 33}.

* '''Duration gap''' was at -0.4 year ^{p. 33}.

* (donut) '''FY25 Total General Account invested assets''': EUR 450bn total; mix includes Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans — shares not labeled ^{p. 33}.

|+ Invested assets (100%)breakdown in EUR billionFY25 ^{p. 33}

! style="text-align:left" | Invested assets (100%) In EUR billion unless otherwise mentioned

| style="text-align:left" | ''o/w Other fixed income¹''

| style="text-align:left" | '''Listed equities²'''

| style="text-align:left" | '''Private equity and hedge funds³'''

| style="text-align:left" | '''Total Insurance Invested Assets⁴Assets'''

| style="text-align:right" | '''450'''

| style="text-align:right" | '''100%'''

|+ Structured and Privateprivate Creditcredit assets breakdown FY25 ^{p. 34}

! style="text-align:left" | Invested assets (100%) Inin EUR billion unless otherwise mentioned

| style="text-align:right" | - Strong diversification with EUR 8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation

* '''General Account''' (G/A) refersrepresents tothe Generalinvestment Accountportfolio ^{p. 34}.

|+ FY25 Fixed incomeIncome reinvestmentReinvestment asset mix ^{p. 35}

|+ FY25 Fixed incomeIncome reinvestmentReinvestment yieldYield ^{p. 35}

! style="text-align:left" | Fixed incomeIncome typeType

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

! style="text-align:left" | USDLine billionof unless otherwise mentionedbusiness

! style="text-align:left" | USD billionGeography

* '''Cycle management''' is utilized to deliver consistent profitability ^{p. 37}:

** (bubble chart) '''Profitability vs Ex-price growth (%)Property''': showshigh relativeprofitability, positioninghigh ofex-price key linesgrowth ^{p. 37}:

*** '''PropertySpecialty''': medium-high profitability, medium-high ex-price growth ^{p. 37}

*** '''SpecialtyCasualty''': moderate-to-highmedium profitability, moderatemedium ex-price growth ^{p. 37}

*** '''CasualtyProfessional lines''': moderatelower profitability, moderatelower ex-price growth ^{p. 37}

|+ Claims and Technicaltechnical reserves ratioratios ^{p. 38}

{| class="wikitable fintable"

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

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

| class="col-s" style="text-align:right" | EUR 4.0bn600m

| class="col-s" style="text-align:right" | EUR 600m4.0bn

| class="col-s" style="text-align:right" | EUR 2.1bn450m

| class="col-s" style="text-align:right" | EUR 450m2.1bn

| class="col-s" style="text-align:right" | EUR 2.1bn400m

| class="col-s" style="text-align:right" | EUR 400m2.1bn

| class="col-s" style="text-align:right" | EUR 1.2bn600m

| class="col-s" style="text-align:right" | EUR 600m1.2bn

| class="col-s" style="text-align:right" | EUR 1.2bn600m

| class="col-s" style="text-align:right" | EUR 600m1.2bn

| class="col-s" style="text-align:right" | —400m

| class="col-s" style="text-align:right" | EURVaries by peril 400mtype

* (diagram)Covered '''Reinsurancevia segment''' (illustrative) utilizes Alternative Capital & Cat Bonds''' ^{p. 39}.

|+ Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}

! style="text-align:left" | PercentileReturn period / probability percentile

! class="col-s" style="text-align:right" | ImpactEstimated impact on GEP

* '''EarningsLess deviationsevere analysisyears''' showsresult Groupin underlyinga earningspositive deviation to average Nat Cat charges in 2026ca. net60% of reinsurance, post-taxcases ^{p. 40}:.

* '''Additional IFRS17 disclosures''' (active section) ^{p. 41}

|+ P&C Underlyingmargin Earningsanalysis FY25and (changesunderlying versusearnings FY24 at constant FX)FY25 ^{p. 42}

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

! class="col-s" style="text-align:right" | FY25 (EUR million)

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

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

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

* '''Undiscounted technicalcombined marginratio''' (current95.2% accident year(-1.0pt); of EURwhich 2,778mNat (+EURCats 707mwas 3.4% (-0.4pt) ^{p. 42}:

* '''GrossDiscounting earned premiumsratio''' at EUR 57,656m-3.5% (+6%0.0pt in Combined Ratio points) ^{p. 42}

* '''UndiscountedNet combinedclaims ratioreserves''' (for current accident year) at 95.2%EUR (-119.0pt),0bn; duration of which4.0 Natyears; Catsdiscount wasrate 3.4%of (-02.4pt)8% ^{p. 42}

* '''AccidentPYD year discountingratio''' (current accident year) of EUR 2,009m-1.1% (+EUR 115m0.7pt) ^{p. 42}:

* '''DiscountingAverage ratioassets''' (infor combinedFY25 ratioat points)EUR 115bn; asset book yield at -3.5%; (+0reinvestment yield on fixed income assets at 4.0pt)3% ^{p. 42}

* '''NetReserves claimsat locked-in reservesrate''' (currentfor accident year)FY24 at EUR 1971bn; liability book yield at 1.0bn9% ^{p. 42}

* '''ReserveUnderlying durationearnings growth''' at+9% 4vs.0 yearsFY24 withat aconstant discount rate of 2.8%FX ^{p. 42}

** '''Investment+25bps: income''' of EUR 3,988m (+EUR 435m)0.2bn ^{p. 42}:

* '''Insurance finance expenses''': of2026e pre-EURtax 1,358mexpected (-at ~EUR 235m)-1.4bn ^{p. 42}:

** '''ReservesSensitivity atof locked-in2026e rate'''expenses (FY24)to atchanges EURin 71bn2025 withcurrent aAY liabilitydiscount: book+25bps yield~EUR of-50m; -25bps ~EUR 1.9%+50m ^{p. 42}

* '''L&H Marginmargin Analysisanalysis''' includes scope impact ^{p. 43}.

* '''Short-term Technicaltechnical Marginmargin''' includes+EUR 60m to EUR 479m, including the recapture of Laya ^{p. 43}.

|+ Technical Resultand (Infinancial results in Euro million, pre-tax) ^{p. 43}

! style="text-align:left" | MetricTechnical and Financial Results

|+ Underlying Earningsearnings (Inbridge in Euro million) ^{p. 43}

! style="text-align:left" | MetricUnderlying Earnings

* '''Underlying Earningsearnings growth''' vs.+7% versus FY24 (at constant FX): +7% ^{p. 43}.

|+ Life & Health FY25 CSM Keykey Sensitivitiessensitivities (in Euro billion) ^{p. 43}

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

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

! style="text-align:left" | Rating agencyAgency

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

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

| class="col-ls" style="text-align:right" | 97th percentile

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

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

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

| class="col-ls" style="text-align:right" | 4.3/5

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

* '''Europe''' scope 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''' scope includes insurance and reinsurance activities and holding ^{p. 47}.

* '''Asia, Africa & EME-LATAM''' scope includes:

** '''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; 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 contribute only to NBV, PVEP, the underlying earnings, and net income ^{p. 47}.

** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) which are fully consolidated;, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income ^{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 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 standards (effective January 1, 2023); figures prior to 2023 have not been restated and are presented under IFRS4 ^{p. 47}.

* '''Technical experience''': consists of the impacts on the underlying earnings ifof (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}

* Concluding'''Closing slide''' offor the AXA Full Year 2025 Earnings presentation, dated February 26, 2026 ^{p. 49}.

* '''AA''': S&PSenior long-term issuer creditbond rating

* '''AAA''': S&PSenior long-term issuer creditbond rating

* '''AXA XL''': AXA XLCorporate (AXA's commercial propertySolutions and casualty and specialty riskXL division)Catlin

* '''BBA''': BusinessBenefit-By-BusinessBearing AccountingAccount

* '''PAA''': PremiumParticipating AllocationAccount ApproachAgreement

* '''PYD''': Prior YearYears' Reserve Development

* '''RCG''': Reinsurance CommissionCapital and General expensesGeneration