AXA/2025/FY/Earnings release

Document info
Document ID	chq99br5nr
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document category	Earnings release
Document name	AXA Full Year 2025 Earnings Press Release
Publication date	2026-02-26
Language	English
Pages	20
Source	original URL
Transcript	wiki page
Data	data page

This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).

Press release

[c. 1; p. 1]

Announcement Date

• Paris, February 26th, 2026 (6:45am CET)

Full Year 2025 Earnings

[c. 2; p. 1]

Record Results and EPS Growth

• AXA reported record results.
• Underlying EPS growth was at the top end of the target range.

Key FY25 highlights

[c. 3; p. 1]

Gross Written Premiums & Underlying Earnings

• Gross written premiums & other revenues: EUR 116bn, +6% vs. FY24
• Underlying earnings: EUR 8.4bn, +6% vs. FY24
• Underlying earnings (excluding AXA IM): +9%
• Underlying earnings per share: EUR 3.86, +8% vs. FY24
• Underlying earnings per share included a -2% headwind from foreign exchange movements
• Underlying earnings per share included a -1% headwind from temporary earnings dilution from the sale of AXA IM due to the timing of anti-dilutive share buyback

[c. 4; p. 1]

Solvency II Ratio

• Solvency II ratio: 224% at December 31, 2025, +9 points vs. FY24
• Solvency II ratio: 215% on January 1, 2026, reflecting the end of the grandfathering period

Capital Management

[c. 5; p. 1]

Capital Returns

• Dividend of EUR 2.32 per share, up +8% vs. FY24
• Launch of an annual share buyback program of up to EUR 1.25bn
• Completion of EUR 3.8bn additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026

Outlook

[c. 6; p. 1]

Outlook and Strategic Plan

• Underlying earnings per share growth for 2026 is expected to be at the upper end of the 6-8% plan target range.
• The expected impact of Solvency II revision is +17 points.
• AXA will present its new strategic plan for 2027-2029 on September 21, 2026.

[c. 7; p. 1]

2025 Performance and Commentary

• In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM.
• Reserve prudence was further enhanced using these results.
• P&C franchise posted strong results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income.
• AXA XL Insurance increased earnings with stable underlying margins.
• Life & Health earnings rose by 7%.
  • Life earnings reflect early benefits of the strategy to rejuvenate the business.
  • Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico.
• Investments in automation and Artificial Intelligence are driving efficiency gains.
• Solvency II ratio is at a very strong level.
• These results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in generating sustainable, long-term value.
• Thomas Buberl, Chief Executive Officer of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust.

FY25 key highlights

[c. 8; p. 2]

Key figures (in Euro million, unless otherwise noted)

Key figures (in Euro million, unless otherwise noted)

	FY24	FY25	Change on a reported basis	Change at comparable basis
Gross written premiums & other revenues1(footnote: Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)	110,316	115,524	+5%	+6%
o/w Property & Casualty	56,514	58,038	+3%	+5%
o/w Life & Health	51,983	56,512	+9%	+8%
o/w Asset Management	1,701	875	n.m.	n.m.

	FY24	FY25	Change on a reported basis	Change at constant Forex
Underlying earnings2(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).)	8,078	8,368	+4%	+6%
Net income	7,886	9,797	+24%	+26%

	FY24	FY25	Change on a reported basis
Solvency II ratio (%)5(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.)	216%	224%	+9 pts

Activity indicators

[c. 9; p. 2]

Gross Written Premiums and Other Revenues

• Total gross written premiums and other revenues were up 6%.
• This growth was driven by:
  • Property & Casualty (P&C) +5%.
    • Commercial lines +4%, due to higher volumes (notably at AXA XL Insurance) and favorable price effects across all geographies.
    • Personal lines +7%, driven by favorable price effects and strong growth in net new contracts, particularly in France, Europe, Asia & EME-LATAM.
    • AXA XL Reinsurance +8%, supported by alternative capital.
  • Life & Health +8%.
    • Life premiums +9%.
      • Protection +11%, from strong sales in Hong Kong, Switzerland, and Japan.
      • Unit-Linked +13%, from higher volumes across all geographies.
      • G/A +4%, from continued momentum in Italy and France.
    • Health premiums +5%, driven by price effects in all geographies.

Earnings

[c. 10; p. 2]

Underlying Earnings

• Underlying earnings increased by +6% to EUR 8.4bn.
• Excluding AXA IM, underlying earnings increased by +9%.
• This increase was driven by:
  • Property & Casualty: +9%, due to higher volumes, underwriting margin expansion, and increased financial result from higher investment income.
  • Life & Health: +7%, due to improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from the business rejuvenation strategy.
  • Holdings underlying earnings remained stable at EUR -1.2bn.
  • Asset Management underlying earnings decreased by EUR 0.2bn, following the disposal of AXA IM on July 1, 2025.
• Underlying earnings per share increased by +8% to EUR 3.86.
• This increase was mainly driven by:
  • The +6% increase in underlying earnings and a decrease in interest expense on undated and deeply-subordinated debt.
  • The impact of share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.
• This was partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
• The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback.

[c. 11; p. 2]

Net Income

• Net income increased by +26% to EUR 9.8bn.
• This primarily reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.

Balance sheet

[c. 12; p. 3]

Shareholders' Equity and CSM

• Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024.
• The decrease in shareholders' equity was due to:
  • FY24 dividend paid to shareholders: -EUR 4.6bn.
  • Share buybacks in 2025: -EUR 4.7bn, including a EUR 3.5bn anti-dilutive buyback related to the AXA IM sale.
  • Unfavorable foreign exchange impact: -EUR 3.5bn, mainly from USD depreciation.
• These negative impacts were partially offset by:
  • Net income: +EUR 9.8bn.
  • Net OCI: +EUR 1.3bn.
• CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs. December 31, 2024.
• CSM saw a +2% normalized growth.
• Positive contributions to CSM included:
  • New business contribution: +EUR 2.2bn.
  • Underlying return on in-force: +EUR 1.3bn.
  • Favorable market conditions: +EUR 0.6bn, driven by tightening government spreads and positive equity market performance.
• Negative impacts on CSM included:
  • CSM release: -EUR 3.0bn.
  • Unfavorable foreign exchange impacts: -EUR 1.5bn, mainly from depreciation of JPY and HKD.
  • Negative operating variance: -EUR 0.3bn, due to better margins and net flows being offset by a reduction in Group Life business duration in Switzerland.

[c. 13; p. 3]

Solvency II Ratio

• Solvency II ratio was 224% as of December 31, 2025, up +9 points vs. December 31, 2024.
• Drivers of the Solvency II ratio change:
  • Strong operating return: +28 points (net of dividend provision and annual share buyback of -24 points).
  • Positive impact from net subordinated debt issuance: +6 points.
  • Favorable financial markets impact: +4 points.
  • Net impact of Nobis and Prima acquisitions and AXA IM disposal (including EUR 3.8bn share buyback): -5 points.
• As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.
• The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points.

[c. 14; p. 3]

Financial Ratios and Cash

• Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity.
• Debt gearing was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024.
• The increase in debt gearing was driven by lower shareholders' equity and CSM, and the issuance of EUR 3.5bn in Restricted Tier 1 and Tier 2 subordinated debt.
• This was partly offset by the redemption of EUR 1.9bn of outstanding grandfathered Tier 1 debt.
• The Group's debt gearing was within its 19-23% plan guidance for 2024-2026.
• Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024.
• This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024.

Capital management

[c. 15; p. 4]

Dividend and Share Buyback

• A dividend of EUR 2.32 per share (+8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026.
• The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.
• AXA's Board of Directors approved, on February 25, 2026, the launch of an annual share buyback program for up to EUR 1.25bn.
• The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.
• AXA intends to cancel all shares repurchased pursuant to this share buyback program.
• The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.

Outlook

[c. 16; p. 4]

Outlook for 'Unlock the Future' Plan

• AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan, supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.
• In P&C Retail and SME & Mid-market, favorable pricing is expected to continue benefiting the Group through the earn-through of higher pricing and underwriting actions.
• At AXA XL, the Group will manage varying pricing conditions by line through effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
• The normalized natural catastrophe load guidance for AXA XL remains at approximately 4.5 points of combined ratio for 2026.
• In Life & Health, earnings growth is anticipated from the short-term business due to disciplined pricing and claims management.
• The strategy to rejuvenate sales in the long-term business, combined with improved persistency, is expected to generate positive net flows and drive CSM growth over time.

[c. 17; p. 4]

Holdings and Financial Targets

• Results in Holdings for 2026 are expected to be similar to 2025 levels.
• Based on strong operating performance in 2025 and persistent operating conditions, management believes AXA is on track to meet the main financial targets of the 'Unlock the Future' plan:
  • Underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026.
  • Underlying return on equity between 14% and 16% for 2024-2026E.
  • Cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.
• The Group is committed to its capital management policy, targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks.
• The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.

Property & Casualty

[c. 18; p. 5]

Key figures (in Euro billion, unless otherwise noted)

Key figures (in Euro billion, unless otherwise noted)

	FY24	FY25	Change on a comparable basis	FY25 Price effect12(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) (in %)
Gross written premiums and other revenues	56.5	58.0	+5%	+2.9%
o/w Commercial lines11(footnote: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.)	34.9	35.8	+4%	+1.9%
o/w Personal lines	19.1	19.7	+7%	+5.2%
o/w AXA XL Reinsurance	2.5	2.6	+8%	+0.3%

Earnings (in Euro million, unless otherwise noted)

	FY24	FY25	Change at constant Forex
All-Year Combined ratio	91.0%	90.6%	-0.3 pt
Underlying earnings	5,510	5,872	+9%

[c. 19; p. 5]

Gross Written Premiums & Other Revenues

• Gross written premiums & other revenues were up 5% to EUR 58.0bn.
• Commercial lines grew by 4% to EUR 35.8bn, driven by:
  • AXA XL Insurance (+3%) from growth in lines with attractive margins, including Property, and in Casualty from favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines.
  • Asia, Africa & EME-LATAM (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico.
  • France (+6%) from favorable price effects in all lines of business and higher volumes.
• Personal lines grew by 7% to EUR 19.7bn, driven by:
  • Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024.
  • Asia, Africa & EME-LATAM (+14%) driven by Türkiye from higher average premiums and volumes.
  • France (+9%) with strong volume growth in all lines of business, both from direct business and proprietary agent networks, combined with favorable price effects in Motor.
• 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 a softening in other lines.

[c. 20; p. 5]

Combined Ratio

• The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:
  • Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from further margin expansion in Commercial lines (-0.5pts), driven by the SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1pts), as well as in Personal lines (-0.4pts) in a conducive pricing environment.
  • Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
  • Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).

[c. 21; p. 6]

P&C Underlying Earnings

• P&C underlying earnings were up 9% to EUR 5.9bn driven by:
  • Increase in technical result (+EUR 0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.
  • Higher financial result (+EUR 0.2bn) thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.
  • Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.

Life & Health

[c. 22; p. 6]

Key figures (in Euro billion, unless otherwise noted)

Key figures (in Euro billion, unless otherwise noted)

	FY24	FY25	Change on a comparable basis
Gross written premiums & other revenues	52.0	56.5	+8%
o/w Life	34.5	37.5	+9%
o/w Health	17.5	19.0	+5%
PVEP1,21	50.9	49.4	-2%
NB CSM1,21	2.2	2.2	+3%
NBV (post-tax)1,21	2.3	2.2	0%
NBV margin1,21	4.4%	4.5%	+0.1 pt
Net flows21(footnote: Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.)	+1.5	+5.4

Earnings (in Euro million)

	FY24	FY25	Change at constant forex
Underlying earnings	3,323	3,501	+7%
o/w Life	2,636	2,715	+4%
o/w Health	687	787	+17%

Gross written premiums & other revenues were up 8% to Euro 56.5 billion.

[c. 23; p. 6]

Life & Health GWP & other revenues

• Life GWP grew +9% to EUR 37.5bn, mainly from:
  • Unit-Linked: +13% driven by successful sales initiatives across all geographies
  • G/A: +4%, notably in France (+4%), and elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong
  • Protection: +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland
• Health GWP grew +5% to EUR 19.0bn, driven by favorable price effects in Group and Individual businesses across most geographies, partly offset by lower volumes.

[c. 24; p. 7]

Present Value of Expected Premiums (PVEP)

• Present value of expected premiums (PVEP) decreased -2% to EUR 49.4bn, driven by:
  • Life: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums
  • 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

[c. 25; p. 7]

NB CSM and NBV

• NB CSM increased +3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
• NBV (post-tax) was stable at EUR 2.2bn, as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
• NBV margin (post tax) increased +0.1pt to 4.5%.

[c. 26; p. 7]

Net flows

• Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.
• Net flows in 2025 were driven by:
  • Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France
  • Health: EUR +2.7bn, mainly in Germany, Japan, and France
  • Unit-Linked: EUR +1.5bn, primarily in France
• These were 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).

[c. 27; p. 7]

Life & Health underlying earnings

• Life & Health underlying earnings increased +7% to EUR 3.5bn, driven by:
  • Long-term technical result: EUR +0.2bn, driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business
  • Short-term technical result: EUR +0.1bn, driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn)
  • Lower income taxes: EUR +0.1bn, reflecting favorable tax effects mainly in Germany, France and Mexico
  • Lower contribution from affiliates, notably ICBC-AXA, and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders

Holdings

[c. 28; p. 7]

Holdings Underlying Earnings

• Holdings underlying earnings remained broadly stable at EUR -1.2bn.

RATINGS AND GLOSSARY

Ratings

[c. 29; p. 8]

Ratings

		Insurer financial strength ratings			AXA's credit ratings 22
Agency	Date of last review	AXA SA	AXA's principal insurance subsidiaries	Outlook	Senior debt of the Company	Short-term debt of the Company
S&P Global Ratings	October 3, 2025	A+	AA-	Positive	A+	A-1+
Moody's Investor Service	October 8, 2025	Aa2	Aa2	Stable	Aa3	P-1
AM Best	October 9, 2025	A+ Superior		Stable	aa Superior

(22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.

Glossary

[c. 30; p. 8]

Glossary of Financial Terms

• Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
• Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
• CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
• Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
• Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
• Gross written premiums and other revenues: 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).
• New business 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.
• New business value ("NBV"): the value of newly issued contracts during the current year, consisting of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period carried by Life entities (considering expected renewals), and (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.
• New business value margin ("NBV Margin"): the ratio of (i) NBV (representing the value of newly issued contracts during the current year) to (ii) PVEP.

[c. 30; p. 9]

• Operating variance: the variation of the year-end CSM vs. the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses, and expenses, and (iii) the impact of model changes, net of reinsurance.
• 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, discounted at the reference interest rate and representing the Group share.
• Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses.
• Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.

SCOPE AND EXCHANGE RATES

Scope

[c. 31; p. 10]

Scope of Operations

• France: includes insurance activities, banking activities, and holding.
• Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
• AXA XL: includes insurance and reinsurance activities and holding.
• Asia, Africa & EME-LATAM:
  • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated.
  • Asia: 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 are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income.
  • Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
  • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
  • EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
  • EME-LATAM: AXA Mediterranean Holdings.
• Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.
• AXA Investment Managers: includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated.
• AXA Investment Managers: Asian joint ventures are consolidated under the equity method.

Exchange rates

[c. 32; p. 10]

Exchange rates

For 1 Euro	End of Period Exchange rate		Average Exchange rate
	FY24	FY25	FY24	FY25
USD	1.04	1.17	1.08	1.13
CHF	0.94	0.93	0.95	0.94
GBP	0.83	0.87	0.85	0.86
JPY	163	184	164	169
HKD	8.04	9.14	8.44	8.82

Notes

[c. 33; p. 11]

Notes

(1) Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.

(2) 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).

(3) AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.

(4) On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.

(5) The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.

(6) Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.

(7) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.

(8) As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.

(9) Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.

(10) Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.

(11) 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.

(12) Price effects are calculated as a percentage of total gross written premiums of the prior year.

(13) General account.

(14) Including banking activities.

(15) Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.

(16) Including cash and liquid invested assets at AXA SA Holding and other central holdings.

(17) To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.

(18) Natural catastrophe charges include natural catastrophe losses regardless of event size.

(19) Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.

(20) Payout ratio is calculated based on underlying earnings per share.

(21) Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.

(22) Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's.

(23) AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.

(24) Disposal to BNP Paribas completed on July 1, 2025.

[c. 34; p. 11]

Basis of Reporting and Assumptions

• All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
• Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.

[c. 35; p. 11]

Financial Statement Approval

• AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026.
• The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.

ABOUT THE AXA GROUP

[c. 36; p. 12]

AXA Group Overview

• AXA Group is a worldwide leader in insurance.
• AXA Group has 156,000 employees.
• AXA Group serves over 92 million clients in 52 countries.
• In 2025, IFRS17 revenues amounted to EUR 115.5bn.
• In 2025, IFRS17 underlying earnings amounted to EUR 8.4bn.
• The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
• AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
• AXA Group is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
• AXA Group is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.
• AXA Group is a signatory of the UN Principles for Responsible Investment.
• This press release and regulated information are available on the AXA Group website (axa.com).
• Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
• Individual Shareholder Relations contact: +33.1.40.75.48.43.
• Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
• Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.
• SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES

[c. 37; p. 12]

Forward-looking statements and non-GAAP measures

• Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
• Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs such as "would" and "could".
• Statements regarding expected underlying earnings per share ("UEPS") growth for 2026 are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.
• These statements are based on Management’s current views and intentions and are subject to change.
• Reliance on forward-looking statements should be limited due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.
• Each forward-looking statement is valid only as of the date of the press release.
• Important factors, risks, and uncertainties affecting AXA’s business are described in Part 5 – “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”).
• AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
• The press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management for analyzing operating trends, financial performance, and position.
• These non-GAAP financial measures generally lack standardized meaning and may not be comparable to measures used by other companies.
• Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
• “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio”, and “debt gearing” are APMs as defined by ESMA’s guidelines and the AMF’s related position statement issued in 2015.
• AXA provides a reconciliation of APMs to related financial statement items and/or their calculation methodology in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
• Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report.

APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE

[c. 38; p. 13]

APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE

	Gross Written Premiums and Other Revenues				o/w Property & Casualty		o/w Life & Health		o/w Asset Management
in Euro million	FY24	FY25	Change on a reported basis	Change on a comparable basis	FY25	Change on a comparable basis	FY25	Change on a comparable basis	FY25	Change on a comparable basis
Francei	28,996	30,598	+6%	+6%	9,648	+7%	20,852	+5%
Europe	39,298	43,005	+9%	+6%	21,257	+4%	21,748	+8%
AXA XL	19,383	19,277	-1%	+4%	19,159	+4%	118	-8%
Asia, Africa & EME-LATAM	19,083	19,925	+4%	+13%	6,257	+13%	13,668	+13%
Transversal	1,856	1,844	-1%	-1%	1,718	-1%	126	-8%
AXA Investment Managers	1,701	875	-49%	+4%					875	+4%
Totali	110,316	115,524	+5%	+6%	58,038	+5%	56,512	+8%	875	+4%

(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.

APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE

[c. 39; p. 14]

APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE

	Underlying earnings			o/w Property & Casualty		o/w Life & Health		o/w Asset Management
in Euro million	FY24	FY25	Change at constant Forex	FY25	Change at constant Forex	FY25	Change at constant Forex	FY25	Change at constant Forex
France	2,071	2,224	+7%	1,237	+7%	1,039	+8%
Europe	3,187	3,486	+9%	2,216	+9%	1,264	+14%
AXA XL	1,820	1,893	+9%	1,913	+9%	12	-49%
Asia, Africa & EME-LATAM	1,504	1,493	+6%	355	+24%	1,165	0%
Transversal	-907	-903	0%	151	-4%	22	+16%
AXA Investment Managers	402	175	-57%					175	-57%
Totali	8,078	8,368	+6%	5,872	+9%	3,501	+7%	175	-57%

(i) Including underlying earnings of Holdings and Banking.

APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES

[c. 40; p. 15]

APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES

	Commercial lines		Personal lines				AXA XL Reinsurance				Total P&C
in Euro million	Total Commercial	Changei	Personal Motor	Changei	Personal Non-Motor	Changei	Total Personal	Changei	Total Reinsurance	Changei	FY25	Changei
France	5,077	+6%	2,693	+9%	1,877	+10%	4,570	+9%	-	-	9,648	+7%
Europe	9,179	+1%	7,434	+6%	4,644	+5%	12,078	+5%	-	-	21,257	+4%
AXA XL	16,604	+3%	-	-	-	-	-	-	2,555	+8%	19,159	+4%
Asia, Africa & EME-LATAM	3,193	+13%	2,315	+14%	749	+12%	3,064	+14%	-	-	6,257	+13%
Transversal	1,718	-1%	-	-	-	-	-	-	-	-	1,718	-1%
Total	35,771	+4%	12,443	+8%	7,269	+7%	19,712	+7%	2,555	+8%	58,038	+5%

(i) Changes are at comparable basis (constant forex, scope and methodology)

Interest Rates (5Y) For the Discounting of P&C Claims Reserves

	FY24i	FY25ii
EUR	2.8%	2.6%
USD	4.4%	4.2%
JPY	0.4%	1.0%
GBP	4.3%	4.3%
CHF	0.8%	0.2%
HKD	3.7%	3.2%

(i) Calculated as monthly average from January 2024 to December 2024

(ii) Average of monthly opening discount rates of 2025

APPENDIX 4: PROPERTY & CASUALTY – PRICE EFFECT & 2026 MARKET PRICING TRENDS

[c. 41; p. 16]

P&C: Price effects by country and business line

P&C: Price effectsⁱ by country and business line

FY25 (in %)	Commercial lines	Personal lines	AXA XL Reinsurance	2026 Market pricing trends
France	+4.0%	+3.3%		Moderation of price increase
Europe	+3.1%	+5.4%
Switzerland	+3.0%	+5.0%		Continued price increases both in Personal and Commercial lines
Germany	+3.1%	+10.3%		Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
Belgium & Luxembourg	+2.5%	+4.4%		Price increase broadly in line with 2025
UK & Ireland	+1.4%	-2.6%		In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
Spain	+8.8%	+8.6%		Moderation of price increase
Italy	+5.2%	+5.3%		Moderation of price increase
AXA XLii	+0.2%		+0.3%	Softening prices with conditions varying by lines
Asia, Africa & EME-LATAM	+3.8%	+7.1%		Moderation of price increase
Total	+1.9%	+5.2%	+0.3%

(i) i. Price effect calculated as a percentage of total gross written premiums in the prior year.

(ii) ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.

APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE

[c. 42; p. 17]

APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE

Gross written premiums & other revenues	Total		o/w Protection		o/w G/A Savings		o/w Unit-Linked		o/w Health
in Euro million	FY25	Changei	FY25	Changei	FY25	Changei	FY25	Changei	FY25	Changei
France	20,852	+5%	4,650	+6%	5,483	+4%	5,109	+10%	5,611	+2%
Europe	21,748	+8%	5,090	+4%	4,444	+18%	3,419	+10%	8,795	+4%
AXA XL	118	-8%	59	-6%	59	-10%	-	-	-	-
Asia, Africa & EME-LATAM	13,668	+13%	7,454	+19%	971	-31%	761	+63%	4,483	+11%
Transversal	126	-8%	-	-	-	-	-	-	126	-8%
Total	56,512	+8%	17,253	+11%	10,957	+4%	9,289	+13%	19,014	+5%
o/w short-termii	17,651	+6%	4,337	+6%					13,314	+6%

(i) Changes are at comparable basis (constant forex, scope and methodology)

(ii) Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period

APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN

[c. 43; p. 18]

APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN

Life New Business Metrics FY25							Healthi New Business Metrics FY25						Totalii New Business Metrics FY25
in Euro million	PVEP	Changeii	NBV	Changeii	NBV margin	Changeii	PVEP	Changeii	NBV	Changeii	NBV margin	Changeii	PVEP	Changeii	NBV	Changeii	NBV margin	Changeii
France	14,971	-4%	519	0%	3.5%	+0.1 pt	7,887	-20%	177	+13%	2.2%	+0.7pt	22,858	-10%	695	+3%	3.0%	+0.4pts
Europe	10,102	+3%	474	-11%	4.7%	-0.7pt	2,549	+16%	104	+36%	4.1%	+0.6pt	12,651	+5%	578	-5%	4.6%	-0.5pts
Asia, Africa & EME-LATAM	12,029	+7%	754	+5%	6.3%	-0.1pt	1,817	-6%	205	-12%	11.3%	-0.8pt	13,847	+5%	959	+1%	6.9%	-0.3pts
Total	37,103	+1%	1,747	-1%	4.7%	-0.1pt	12,254	-12%	486	+4%	4.0%	+0.6pt	49,357	-2%	2,233	0%	4.5%	+0.1pt

NB CSM to NBV
in Euro million	Life	Healthi	Totali
NB CSM (pre-tax)	1,822	377	2,199
Other NBV (pre-tax)	491	266	757
Tax & Other	-567	-157	-724
NBV	1,747	486	2,233

(i) Includes Health business written predominantly in Life entities

(ii) Changes are at comparable basis (constant forex, scope and methodology)

APPENDIX 7: LIFE & HEALTH – NET FLOWS

[c. 44; p. 19]

Net flows by business line

Net flows by business line

in Euro billion	FY24	FY25
Healthi	+2.7	+2.7
Protection	+3.2	+4.9
G/A Savings	-3.6	-3.7
o/w capital lightii	+2.2	+1.2
o/w traditional G/A	-5.8	-5.0
Unit-Linkediii(footnote: Including Investment contracts with no discretionary participation features ("DPF"))	-0.8	+1.5
Mutual Funds & Other	0.0	0.0
Total Life & Healthi net flows	+1.5	+5.4

(i) Includes Health business written predominantly in Life entities

(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%

(iii) Including Investment contracts with no discretionary participation features ("DPF")

APPENDIX 8: MAIN TRANSACTIONS AND NEXT MAIN INVESTOR EVENTS

[c. 45; p. 20]

Main transactions in 2025

• Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn on February 28, 2025.
• Announced the completion of the acquisition of Nobis Group in Italy on April 1, 2025.
• Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes on May 28, 2025.
• Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation on June 2, 2025.
• Announced the completion of the sale of AXA Investment Managers to BNP Paribas on July 1, 2025.
• Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM on July 1, 2025.
• Announced the acquisition of Prima, a direct insurance player in Italy, on August 1, 2025.
• Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025).
• Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes on October 14, 2025.
• Announced the completion of the acquisition of a majority stake in Prima in Italy on November 28, 2025.

Next main investor events

[c. 46; p. 20]

Investor Events

• 2026 Shareholder’s Annual General Meeting is scheduled for April 30, 2026.
• First quarter 2026 Activity Indicators will be released on May 5, 2026.
• HY26 Earnings Release is scheduled for July 31, 2026.
• AXA Investor Day is scheduled for September 21, 2026.