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Line 21:
== Press release ==
 
====== {{Indexing|Publication Date and Location ====||kind=prose|order=1}}
{{chunk|doc=chq99br5nr|c=1|p=1}}
 
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== Full Year 2025 Earnings ==
 
====== {{Indexing|Record Results and EPS Growth ====||kind=prose|order=2}}
{{chunk|doc=chq99br5nr|c=2|p=1}}
 
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== Key FY25 highlights ==
 
====== {{Indexing|Gross Written Premiums & Underlying Earnings ====||kind=prose|order=3}}
{{chunk|doc=chq99br5nr|c=3|p=1}}
 
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* Underlying earnings per share impacted by -1% from temporary earnings dilution due to the sale of AXA IM, resulting from the timing of anti-dilutive share buyback.
 
====== {{Indexing|Solvency II Ratio ====||kind=prose|order=4}}
{{chunk|doc=chq99br5nr|c=4|p=1}}
 
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== Capital Management ==
 
====== {{Indexing|Capital Returns ====||kind=prose|order=5}}
{{chunk|doc=chq99br5nr|c=5|p=1}}
 
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== Outlook ==
 
====== {{Indexing|Outlook and Strategic Plan ====||kind=prose|order=6}}
{{chunk|doc=chq99br5nr|c=6|p=1}}
 
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* AXA will present its new strategic plan for 2027-2029 on September 21, 2026.
 
====== {{Indexing|2025 Performance and Commentary ====||kind=prose|order=7}}
{{chunk|doc=chq99br5nr|c=7|p=1}}
 
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== FY25 key highlights ==
 
====== {{Indexing|Key figures (in Euro million, unless otherwise noted) ====||kind=prose|order=8}}
{{chunk|doc=chq99br5nr|c=8|p=2}}
 
Line 126:
</div>
 
====== {{Indexing|FY25 key highlights ====||kind=prose|order=9}}
{{chunk|doc=chq99br5nr|c=9|p=2}}
 
Line 152:
</div>
 
====== {{Indexing|FY25 key highlights ====||kind=prose|order=10}}
{{chunk|doc=chq99br5nr|c=10|p=2}}
 
Line 174:
=== Activity indicators ===
 
====== {{Indexing|Gross Written Premiums and Other Revenues ====||kind=prose|order=11}}
{{chunk|doc=chq99br5nr|c=11|p=2}}
 
Line 192:
=== Earnings ===
 
====== {{Indexing|Underlying Earnings ====||kind=prose|order=12}}
{{chunk|doc=chq99br5nr|c=12|p=2}}
 
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* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%).
 
====== {{Indexing|Net Income ====||kind=prose|order=13}}
{{chunk|doc=chq99br5nr|c=13|p=2}}
 
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== Balance sheet ==
 
====== {{Indexing|Shareholders' Equity ====||kind=prose|order=14}}
{{chunk|doc=chq99br5nr|c=14|p=3}}
 
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* These negative impacts were more than offset by: '''net OCI''' (EUR +1.3bn).
 
====== {{Indexing|Contractual Service Margin (CSM) ====||kind=prose|order=15}}
{{chunk|doc=chq99br5nr|c=15|p=3}}
 
Line 236:
* This was also offset by a '''negative operating variance''' (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland, despite better margins and net flows.
 
====== {{Indexing|Solvency II Ratio ====||kind=prose|order=16}}
{{chunk|doc=chq99br5nr|c=16|p=3}}
 
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* The Group estimates the '''Solvency II revision''', effective Q1 2027, would result in an '''increase of +17 points''' to the current Solvency II ratio.
 
====== {{Indexing|Financial Ratios ====||kind=prose|order=17}}
{{chunk|doc=chq99br5nr|c=17|p=3}}
 
Line 258:
* The Group's '''debt gearing''' was in line with its 19-23% plan guidance for 2024-2026.
 
====== {{Indexing|Cash at Holding ====||kind=prose|order=18}}
{{chunk|doc=chq99br5nr|c=18|p=3}}
 
Line 268:
== Capital management ==
 
====== {{Indexing|Shareholder returns ====||kind=prose|order=19}}
{{chunk|doc=chq99br5nr|c=19|p=4}}
 
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== Outlook ==
 
====== {{Indexing|Unlock the Future Plan & P&C Outlook ====||kind=prose|order=20}}
{{chunk|doc=chq99br5nr|c=20|p=4}}
 
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* The Group's guidance for '''normalized natural catastrophe load''' remains at approximately 4.5 points of combined ratio for 2026.
 
====== {{Indexing|Life & Health and Holdings Outlook ====||kind=prose|order=21}}
{{chunk|doc=chq99br5nr|c=21|p=4}}
 
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* '''Holdings''' results in 2026 are expected to be similar to 2025 levels.
 
====== {{Indexing|Financial Targets & Capital Management ====||kind=prose|order=22}}
{{chunk|doc=chq99br5nr|c=22|p=4}}
 
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=== Property & Casualty ===
 
====== {{Indexing|Key figures (in Euro billion, unless otherwise noted) ====||kind=prose|order=23}}
{{chunk|doc=chq99br5nr|c=23|p=5}}
 
Line 348:
</div>
 
====== {{Indexing|Earnings (in Euro million, unless otherwise noted) ====||kind=prose|order=24}}
{{chunk|doc=chq99br5nr|c=24|p=5}}
 
Line 372:
</div>
 
{{Indexing|Gross Written Premiums & Other Revenues|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Insurance, AXA XL Reinsurance, Asia, Africa & EME-LATAM, France, Europe, Property, Casualty, Financial lines, Motor|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=25|f1=Gross written premiums & other revenues|v1=up 5% to EUR 58.0bn|f2=Commercial lines growth|v2=4% to EUR 35.8bn|f3=Personal lines growth|v3=7% to EUR 19.7bn|f4=AXA XL Reinsurance growth|v4=8% to EUR 2.6bn}}
====== Gross Written Premiums & Other Revenues ======
{{chunk|doc=chq99br5nr|c=25|p=5}}
 
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* '''AXA XL Reinsurance''' grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines.
 
{{Indexing|Combined Ratio|Combined ratio, undiscounted current year loss ratio, natural catastrophe charges, prior years' reserve development, expense ratio, Commercial lines, Personal lines, SME & mid-market business, AXA XL Insurance|cos78e4bvi|irxh3hcbqz|caxaby4jlv|rhstabgyn2|kind=prose|order=26|f1=All-year combined ratio|v1=improved by 0.3pts to 90.6%|f2=Natural catastrophe charges|v2=-0.4pts to 3.4%|f3=Prior years' reserve development|v3=+0.7pts at -1.1%}}
====== Combined Ratio ======
{{chunk|doc=chq99br5nr|c=26|p=5}}
 
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** Lower '''natural catastrophe charges''' (-0.4pts to 3.4%), which more than offset lower prior years' reserve development (+0.7pts at -1.1%).
 
{{Indexing|P&C Underlying Earnings|P&C underlying earnings, technical result, financial result, income taxes, fixed income assets, claims reserves|y30gelxv10|kmocop7wiu|jpoeftv18u|kind=prose|order=27|f1=P&C underlying earnings|v1=up 9% to EUR 5.9bn|f2=Technical result increase|v2=+EUR 0.5bn|f3=Financial result increase|v3=+EUR 0.2bn|f4=Income taxes increase|v4=-EUR 0.2bn}}
====== P&C Underlying Earnings ======
{{chunk|doc=chq99br5nr|c=27|p=6}}
 
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=== Life & Health ===
 
====== {{Indexing|Key figures (in Euro billion, unless otherwise noted) ====||kind=prose|order=28}}
{{chunk|doc=chq99br5nr|c=28|p=6}}
 
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</div>
 
====== {{Indexing|Earnings (in Euro million) ====||kind=prose|order=29}}
{{chunk|doc=chq99br5nr|c=29|p=6}}
 
Line 490:
==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====
 
{{Indexing|Life & Health GWP & other revenues|Life & Health GWP, Life, Health, Unit-Linked, G/A, Protection, Hong Kong, Japan, France, Italy, Switzerland|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=30|f1=Life growth|v1=+9% to EUR 37.5bn|f2=Health growth|v2=+5% to EUR 19.0bn|f3=Unit-Linked growth|v3=+13%|f4=G/A growth|v4=+4%|f5=Protection growth|v5=+11%}}
====== Life & Health GWP & other revenues ======
{{chunk|doc=chq99br5nr|c=30|p=6}}
 
Line 499:
* '''Health''' grew +5% to EUR 19.0bn (LFL), driven by favorable price effects in Group and Individual businesses across most geographies, partly offset by lower volumes.
 
{{Indexing|Present Value of Expected Premiums (PVEP)|Present Value of Expected Premiums (PVEP), Life, Health, Hong Kong, France, Switzerland, interest rates, underwriting, pruning actions|fz8evycjst|qfysbg8bas|kind=prose|order=31|f1=PVEP decrease|v1=-2% to EUR 49.4bn|f2=Life PVEP change|v2=+1%|f3=Health PVEP change|v3=-12%}}
====== Present Value of Expected Premiums (PVEP) ======
{{chunk|doc=chq99br5nr|c=31|p=7}}
 
Line 506:
** '''Health''': -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.
 
{{Indexing|New Business Value (NBV)|New Business Value (NBV), NB CSM, NBV margin, Savings, Protection, short-term multinational business, France|fz8evycjst|cqvs0n2z2e|kind=prose|order=32|f1=NB CSM increase|v1=+3% to EUR 2.2bn|f2=NBV (post-tax)|v2=stable at EUR 2.2bn|f3=NBV margin (post tax) increase|v3=+0.1pt to 4.5%}}
====== New Business Value (NBV) ======
{{chunk|doc=chq99br5nr|c=32|p=7}}
 
Line 513:
* '''NBV margin (post tax)''' increased +0.1pt to 4.5% (LFL).
 
{{Indexing|Net Flows|Net flows, Protection, Health, Unit-Linked, G/A Savings, Hong Kong, Japan, France, Germany|f4zcgwiyzm|kind=prose|order=33|f1=Net flows|v1=EUR +5.4bn|f2=Protection net flows|v2=EUR +4.9bn|f3=Health net flows|v3=EUR +2.7bn|f4=Unit-Linked net flows|v4=EUR +1.5bn|f5=G/A Savings net flows|v5=EUR -3.7bn}}
====== Net Flows ======
{{chunk|doc=chq99br5nr|c=33|p=7}}
 
Line 522:
** Partly offset by '''G/A Savings''': EUR -3.7bn, as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).
 
{{Indexing|Life & Health Underlying Earnings|Life & Health underlying earnings, long-term technical result, short-term technical result, CSM release, income taxes, affiliates, ICBC-AXA, AXA MPS, Mexico, Germany, France|y30gelxv10|kmocop7wiu|kind=prose|order=34|f1=Life & Health underlying earnings increase|v1=+7% to EUR 3.5bn|f2=Long-term technical result increase|v2=EUR +0.2bn|f3=Short-term technical result increase|v3=EUR +0.1bn|f4=Income taxes decrease|v4=EUR +0.1bn}}
====== Life & Health Underlying Earnings ======
{{chunk|doc=chq99br5nr|c=34|p=7}}
 
Line 533:
== Holdings ==
 
====== {{Indexing|Holdings Underlying Earnings|Holdings underlying earnings|y30gelxv10|kind=prose|order=35|f1=Holdings underlying earnings|v1===stable at EUR -1.2bn}}
{{chunk|doc=chq99br5nr|c=35|p=7}}
 
Line 542:
=== Ratings ===
 
{{Indexing|Ratings|Insurer financial strength ratings, AXA's credit ratings, S&P Global Ratings, Moody's Investor Service, AM Best, AXA SA, AXA's principal insurance subsidiaries, senior debt, short-term debt|u6q0bi3ei3|kind=prose|order=36|f1=Rating agencies|v1=S&P Global Ratings, Moody's Investor Service, AM Best|f2=S&P Global Ratings: AXA SA|v2=A+|f3=S&P Global Ratings: Outlook|v3=Positive|f4=Moody's Investor Service: AXA SA|v4=Aa2|f5=Moody's Investor Service: Outlook|v5=Stable|f6=AM Best: AXA SA|v6=A+ Superior|f7=AM Best: Outlook|v7=Stable}}
====== Ratings ======
{{chunk|doc=chq99br5nr|c=36|p=8}}
 
Line 591:
=== Glossary ===
 
{{Indexing|Glossary of Financial Terms|Capital-light G/A products, Contractual service margin (CSM), CSM release, Economic variance, Financial result, Gross written premiums and other revenues, Other Revenues, New business contractual service margin (NB CSM), New business value (NBV)|dsc5r029ax|ie3cmfrol3|kind=prose|order=37}}
====== Glossary of Financial Terms ======
{{chunk|doc=chq99br5nr|c=37|p=8}}
 
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=== Scope ===
 
{{Indexing|Scope of Operations|France, Europe, Switzerland, Germany, Belgium, Luxemburg, United Kingdom, Ireland, Spain, Italy, Prima, AXA Life Europe, AXA XL, Asia, Japan, Hong Kong, Thailand P&C, Indonesia L&S, China P&C, South Korea, Africa, Egypt, Morocco, Nigeria, EME-LATAM, Mexico, Colombia, Brazil, Türkiye, Russia (Reso), AXA Mediterranean Holdings, Transversal & Other, AXA Assistance, AXA Liabilities Managers, AXA SA, AXA Investment Managers, Select, Capza|cmtswfs0go|lht8rybaqk|kind=prose|order=38}}
====== Scope of Operations ======
{{chunk|doc=chq99br5nr|c=38|p=10}}
 
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=== Exchange rates ===
 
{{Indexing|Exchange rates|Exchange rates, EUR, USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=prose|order=39}}
====== Exchange rates ======
{{chunk|doc=chq99br5nr|c=39|p=10}}
 
Line 683:
== Notes ==
 
{{Indexing|Notes|Gross written premiums & other revenues, new business value (NBV), present value of expected premiums (PVEP), contractual service margin (CSM), new business contractual service margin (NB CSM), Underlying earnings, underlying earnings per share, underlying return on equity, combined ratio, debt gearing, AXA IM, BNP Paribas, share repurchase agreement|dsc5r029ax|n63zd2qo95|kind=prose|order=40|f1=Share repurchase amount|v1=Euro 3.8 billion|f2=Share repurchase start date|v2=July 2, 2025|f3=Share repurchase end date|v3=January 20, 2026}}
====== Notes ======
{{chunk|doc=chq99br5nr|c=40|p=11}}
 
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{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
{{Indexing|Reporting Basis and Assumptions|Activity indicators, actuarial assumptions, financial assumptions, NBV, PVEP calculations|ow7tevuxxr|ie3cmfrol3|kind=prose|order=41}}
====== Reporting Basis and Assumptions ======
{{chunk|doc=chq99br5nr|c=41|p=11}}
 
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* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
 
{{Indexing|Financial Statement Approval|Consolidated financial statements, Board of Directors, audit procedure, statutory auditors|x856lnzuq2|kind=prose|order=42|f1=Financial statements year ended|v1=December 31, 2025|f2=Board of Directors examination date|v2=February 25, 2026}}
====== Financial Statement Approval ======
{{chunk|doc=chq99br5nr|c=42|p=11}}
 
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== ABOUT THE AXA GROUP ==
 
{{Indexing|About AXA Group|AXA Group, employees, clients, IFRS17 revenues, IFRS17 underlying earnings, AXA ordinary share, Euronext Paris, ticker symbol CS, American Depository Share, OTC QX platform, ticker symbol AXAHY, SRI indexes, Dow Jones Sustainability Index (DJSI), FTSE4GOOD, UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance, UN Principles for Responsible Investment, Investor Relations, Individual Shareholder Relations, Media Relations, Corporate Responsibility strategy, SRI ratings|4cr8sbi842|snkw7cucpt|tq2q8ln3jw|kind=prose|order=43|f1=Employees|v1=156,000|f2=Clients|v2=92 million|f3=Countries|v3=52|f4=IFRS17 revenues|v4=EUR 115.5bn|f5=IFRS17 underlying earnings|v5=EUR 8.4bn|f6=Stock listing|v6=Euronext Paris|f7=Ticker|v7=CS}}
====== About AXA Group ======
{{chunk|doc=chq99br5nr|c=43|p=12}}
 
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== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ==
 
{{Indexing|Forward-looking statements and non-GAAP measures|Forward-looking statements, non-GAAP financial measures, alternative performance measures (APMs), underlying earnings per share (UEPS), Management, risks, uncertainties, 2024 Universal Registration Document, IFRS|tepp01g689|n63zd2qo95|w8ma8usdpx|kind=prose|order=44}}
====== Forward-looking statements and non-GAAP measures ======
{{chunk|doc=chq99br5nr|c=44|p=12}}
 
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== APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE ==
 
====== {{Indexing|APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE ====||kind=prose|order=45}}
{{chunk|doc=chq99br5nr|c=45|p=13}}
 
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== APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE ==
 
====== {{Indexing|APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE ====||kind=prose|order=46}}
{{chunk|doc=chq99br5nr|c=46|p=14}}
 
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== APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES ==
 
====== {{Indexing|APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES ====||kind=prose|order=47}}
{{chunk|doc=chq99br5nr|c=47|p=15}}
 
Line 1,098:
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
 
====== {{Indexing|Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves ====||kind=prose|order=48}}
{{chunk|doc=chq99br5nr|c=48|p=15}}
 
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== APPENDIX 4: PROPERTY & CASUALTY – PRICE EFFECT & 2026 MARKET PRICING TRENDS ==
 
====== {{Indexing|P&amp;C: Price effects by country and business line|P&C price effects, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|llbwb4tj3c|kynhd2bvm1|kind=prose|order=====49}}
{{chunk|doc=chq99br5nr|c=49|p=16}}
 
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== APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE ==
 
====== {{Indexing|APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE|Life & Health gross written premiums, other revenues, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=====50}}
{{chunk|doc=chq99br5nr|c=50|p=17}}
 
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== APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN ==
 
====== {{Indexing|APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN|Life new business metrics, Health new business metrics, Total new business metrics, PVEP, NBV, NBV margin, France|fz8evycjst|kind=prose|order=====51}}
{{chunk|doc=chq99br5nr|c=51|p=18}}
 
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</div>
 
====== {{Indexing|APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN|NB CSM to NBV, Life, Health, Total, NB CSM (pre-tax), Other NBV (pre-tax), Tax & Other, NBV|fz8evycjst|kind=prose|order=====52}}
{{chunk|doc=chq99br5nr|c=52|p=18}}
 
Line 1,494:
== APPENDIX 7: LIFE & HEALTH – NET FLOWS ==
 
{{Indexing|Net flows by business line|Net flows by business line, Health, Protection, G/A Savings, Unit-Linked, Mutual Funds & Other, Total Life & Health net flows|f4zcgwiyzm|kind=prose|order=53}}
====== Net flows by business line ======
{{chunk|doc=chq99br5nr|c=53|p=19}}
 
Line 1,545:
== APPENDIX 8: MAIN TRANSACTIONS AND NEXT MAIN INVESTOR EVENTS ==
 
{{Indexing|Main transactions in 2025|Main transactions in 2025, share repurchase agreement, acquisition of Nobis Group, placement of Restricted Tier 1 Notes, placement of Tier 2 Notes, sale of AXA Investment Managers, acquisition of Prima, employee share offering program|c5r2rmwxo6|70zdwfnrmi|bhnpa5y4f0|kind=prose|order=54|f1=Share repurchase agreement|v1=EUR 1.2bn (February 28, 2025)|f2=Acquisition|v2=Nobis Group in Italy (April 1, 2025)|f3=Placement|v3=EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)|f4=Sale|v4=AXA Investment Managers to BNP Paribas (July 1, 2025)|f5=Employee share offering program|v5=Shareplan 2025 (September 10, 2025)}}
====== Main transactions in 2025 ======
{{chunk|doc=chq99br5nr|c=54|p=20}}
 
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== Next main investor events ==
 
{{Indexing|Investor Events|Investor events, Shareholder’s Annual General Meeting, Activity Indicators, Earnings Release, Investor Day|snkw7cucpt|kind=prose|order=55|f1=Shareholder’s Annual General Meeting|v1=April 30, 2026|f2=First quarter 2026 Activity Indicators|v2=May 5, 2026|f3=HY26 Earnings Release|v3=July 31, 2026|f4=AXA Investor Day|v4=September 21, 2026}}
====== Investor Events ======
{{chunk|doc=chq99br5nr|c=55|p=20}}
 
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