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====== {{Indexing|Announcement Date ====||kind=prose|order=1}}
 
* Paris, February 26th, 2026 (6:45am CET)
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====== {{Indexing|Record Results and EPS Growth ====||kind=prose|order=2}}
 
* AXA reported record results.
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====== {{Indexing|Gross Written Premiums & Underlying Earnings ====||kind=prose|order=3}}
 
* Gross written premiums & other revenues: EUR 116bn, +6% vs. FY24
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====== {{Indexing|Solvency II Ratio ====||kind=prose|order=4}}
 
* Solvency II ratio: 224% at December 31, 2025, +9 points vs. FY24
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====== {{Indexing|Capital Returns ====||kind=prose|order=5}}
 
* Dividend of EUR 2.32 per share, up +8% vs. FY24
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====== {{Indexing|Outlook and Strategic Plan ====||kind=prose|order=6}}
 
* Underlying earnings per share growth for 2026 is expected to be at the upper end of the 6-8% plan target range.
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====== {{Indexing|2025 Performance and Commentary ====||kind=prose|order=7}}
 
* In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM.
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====== {{Indexing|Key figures ====||kind=table|order=8}}
 
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====== {{Indexing|Gross Written Premiums and Other Revenues ====||kind=prose|order=9}}
 
* Total gross written premiums and other revenues were up 6%.
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====== {{Indexing|Underlying Earnings ====||kind=prose|order=10}}
 
* Underlying earnings increased by +6% to EUR 8.4bn.
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====== {{Indexing|Net Income ====||kind=prose|order=11}}
 
* Net income increased by +26% to EUR 9.8bn.
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====== {{Indexing|Shareholders' Equity and CSM ====||kind=prose|order=12}}
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024.
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====== {{Indexing|Solvency II Ratio ====||kind=prose|order=13}}
 
* Solvency II ratio was 224% as of December 31, 2025, up +9 points vs. December 31, 2024.
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====== {{Indexing|Financial Ratios and Cash ====||kind=prose|order=14}}
 
* 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.
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====== {{Indexing|Dividend and Share Buyback ====||kind=prose|order=15}}
 
* A dividend of EUR 2.32 per share (+8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026.
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====== {{Indexing|Outlook for 'Unlock the Future' Plan ====||kind=prose|order=16}}
 
* 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.
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====== {{Indexing|Holdings and Financial Targets ====||kind=prose|order=17}}
 
* Results in Holdings for 2026 are expected to be similar to 2025 levels.
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====== {{Indexing|Key figures ====||kind=table|order=18}}
 
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====== {{Indexing|Gross Written Premiums & Other Revenues ====||kind=prose|order=19}}
 
* Gross written premiums & other revenues were up 5% to EUR 58.0bn.
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====== {{Indexing|Combined Ratio ====||kind=prose|order=20}}
 
* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:
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====== {{Indexing|P&C Underlying Earnings ====||kind=prose|order=21}}
 
* P&C underlying earnings were up 9% to EUR 5.9bn driven by:
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====== {{Indexing|Key figures ====||kind=table|order=22}}
 
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====== {{Indexing|Life & Health GWP & other revenues ====||kind=prose|order=23}}
 
* Life GWP grew +9% to EUR 37.5bn, mainly from:
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====== {{Indexing|Present Value of Expected Premiums (PVEP) ====||kind=prose|order=24}}
 
* Present value of expected premiums (PVEP) decreased -2% to EUR 49.4bn, driven by:
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====== {{Indexing|NB CSM and NBV ====||kind=prose|order=25}}
 
* 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.
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====== {{Indexing|Net flows ====||kind=prose|order=26}}
 
* Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.
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====== {{Indexing|Life & Health underlying earnings ====||kind=prose|order=27}}
 
* Life & Health underlying earnings increased +7% to EUR 3.5bn, driven by:
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====== {{Indexing|Holdings Underlying Earnings ====||kind=prose|order=28}}
 
* Holdings underlying earnings remained broadly stable at EUR -1.2bn.
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====== {{Indexing|Ratings ====||kind=table|order=29}}
 
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====== {{Indexing|Glossary of Financial Terms ====||kind=prose|order=30}}
 
* 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%.
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====== {{Indexing|Scope of Operations ====||kind=prose|order=31}}
 
* France: includes insurance activities, banking activities, and holding.
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====== {{Indexing|Exchange rates ====||kind=table|order=32}}
 
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====== Notes ======
 
{{fn note|1=1|2=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.}}
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====== {{Indexing|Basis of Reporting and Assumptions ====||kind=prose|order=34}}
 
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
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====== {{Indexing|Financial Statement Approval ====||kind=prose|order=35}}
 
* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026.
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====== {{Indexing|AXA Group Overview ====||kind=prose|order=36}}
 
* AXA Group is a worldwide leader in insurance.
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====== {{Indexing|Forward-looking statements and non-GAAP measures ====||kind=prose|order=37}}
 
* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
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====== {{Indexing|APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE ====||kind=table|order=38}}
 
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====== {{Indexing|APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE ====||kind=table|order=39}}
 
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====== {{Indexing|APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES ====||kind=table|order=40}}
 
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====== {{Indexing|P&amp;C: Price effects by country and business line ====||kind=table|order=41}}
 
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====== {{Indexing|APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE ====||kind=table|order=42}}
 
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====== {{Indexing|APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN ====||kind=table|order=43}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Net flows by business line ====||kind=table|order=44}}
 
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====== {{Indexing|Main transactions in 2025 ====||kind=prose|order=45}}
 
* Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn on February 28, 2025.
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====== {{Indexing|Investor Events ====||kind=prose|order=46}}
 
* 2026 Shareholder’s Annual General Meeting is scheduled for April 30, 2026.
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