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Line 483: {{chunk\|doc=chq99br5nr\|c=25\|p=7}} {{Indexing\|NB CSM and NBV\|NB CSM, NBV, NBV margin, Savings, Protection, multinational business in France\|fz8evycjst\|cqvs0n2z2e\|kind=prose\|order=25\|f1=NB CSM increase\|v1=+3%\|f2=NB CSM\|v2=EUR 2.2bn\|f3=NBV (post-tax)\|v3=EUR 2.2bn\|f4=NBV margin (post tax)\|v4=+0.1pt to 4.5%}} ~~{{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. Line 490: {{chunk\|doc=chq99br5nr\|c=26\|p=7}} {{Indexing\|Net flows\|Net flows, Protection, Health, Unit-Linked, G/A Savings, Hong Kong, Japan, France, Germany\|f4zcgwiyzm\|kind=prose\|order=26\|f1=Net flows\|v1=EUR +5.4bn\|f2=Net flows 2024\|v2=EUR +1.5bn\|f3=Protection net flows\|v3=EUR +4.9bn\|f4=Health net flows\|v4=EUR +2.7bn\|f5=Unit-Linked net flows\|v5=EUR +1.5bn\|f6=G/A Savings net flows\|v6=EUR -3.7bn\|f7=G/A capital-light inflows\|v7=EUR +1.2bn\|f8=traditional G/A Savings outflows\|v8=EUR -5.0bn}} ~~{{Indexing\|Net flows\|\|kind=prose\|order=26}}~~ * Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024. Line 500: {{chunk\|doc=chq99br5nr\|c=27\|p=7}} {{Indexing\|Life & Health underlying earnings\|Life & Health underlying earnings, long-term technical result, short-term technical result, income taxes, affiliates, ICBC-AXA, AXA MPS, Mexico, Germany, France\|y30gelxv10\|pw41e8kn7m\|kind=prose\|order=27\|f1=Life & Health underlying earnings increase\|v1=+7%\|f2=Life & Health underlying earnings\|v2=EUR 3.5bn\|f3=Long-term technical result\|v3=EUR +0.2bn\|f4=Short-term technical result\|v4=EUR +0.1bn\|f5=Lower income taxes\|v5=EUR +0.1bn\|f6=Legislative change impact in Mexico\|v6=EUR -0.1bn}} ~~{{Indexing\|Life & Health underlying earnings\|\|kind=prose\|order=27}}~~ * Life & Health underlying earnings increased +7% to EUR 3.5bn, driven by: Line 511: {{chunk\|doc=chq99br5nr\|c=28\|p=7}} {{Indexing\|Holdings Underlying Earnings\|Holdings underlying earnings\|y30gelxv10\|1smvf6a29l\|kind=prose\|order=28\|f1=Holdings underlying earnings\|v1=EUR -1.2bn}} * Holdings underlying earnings remained broadly stable at EUR -1.2bn. Line 520: {{chunk\|doc=chq99br5nr\|c=29\|p=8}} {{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=table\|order=29}} ~~{{Indexing\|Ratings\|\|kind=table\|order=29}}~~ <div style="overflow-x:auto"> Line 569: {{chunk\|doc=chq99br5nr\|c=30\|p=8}} {{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\|kind=prose\|order=30}} ~~{{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%. Line 592: {{chunk\|doc=chq99br5nr\|c=31\|p=10}} {{Indexing\|Scope of Operations\|France, Europe, Switzerland, Germany, Belgium, Luxemburg, United Kingdom, Ireland, Spain, Italy, Prima, AXA Life Europe, AXA XL, Asia, Africa, EME-LATAM, Japan, Hong Kong, Thailand P&C, Indonesia L&S, China P&C, South Korea, Asia Holdings, China L&S, Philippines L&S and P&C, India, Egypt, Morocco, Nigeria, Mexico, Colombia, Brazil, Türkiye, Russia (Reso), AXA Mediterranean Holdings, Transversal & Other, AXA Assistance, AXA Liabilities Managers, AXA SA, AXA Investment Managers, Select, Capza\|lht8rybaqk\|kind=prose\|order=31}} ~~{{Indexing\|Scope of Operations\|\|kind=prose\|order=31}}~~ * France: includes insurance activities, banking activities, and holding. Line 611: {{chunk\|doc=chq99br5nr\|c=32\|p=10}} {{Indexing\|Exchange rates\|USD, CHF, GBP, JPY, HKD exchange rates\|2g0bi52xlo\|kind=table\|order=32}} <div style="overflow-x:auto"> Line 661: {{chunk\|doc=chq99br5nr\|c=33\|p=11}} {{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 Investment Managers, BNP Paribas, share repurchase agreement\|n63zd2qo95\|tepp01g689\|kind=prose\|order=33\|f1=AXA IM disposal date\|v1=July 1, 2025\|f2=Share repurchase program amount\|v2=EUR 3.8 billion\|f3=Share buyback start date\|v3=July 2, 2025\|f4=Share buyback end date\|v4=January 20, 2026}} ~~{{Indexing\|Notes\|\|kind=prose\|order=33}}~~ {{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.}} Line 689: {{chunk\|doc=chq99br5nr\|c=34\|p=11}} {{Indexing\|Basis of Reporting and Assumptions\|Activity indicators, actuarial assumptions, financial assumptions, NBV, PVEP calculations\|ie3cmfrol3\|kind=prose\|order=34}} * All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology). Line 695: {{chunk\|doc=chq99br5nr\|c=35\|p=11}} {{Indexing\|Financial Statement Approval\|Consolidated financial statements, Board of Directors, audit procedure, statutory auditors\|x856lnzuq2\|kind=prose\|order=35\|f1=Board of Directors examination date\|v1=February 25, 2026\|f2=Financial statements year ended\|v2=December 31, 2025}} * AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026. Line 703: {{chunk\|doc=chq99br5nr\|c=36\|p=12}} {{Indexing\|AXA Group Overview\|AXA Group, insurance, employees, clients, countries, IFRS17 revenues, IFRS17 underlying earnings, Euronext Paris, ticker symbol, American Depository Share, OTC QX platform, 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\|kind=prose\|order=36\|f1=Employees\|v1=156,000\|f2=Clients\|v2=92 million\|f3=Countries\|v3=52\|f4=IFRS17 revenues 2025\|v4=EUR 115.5bn\|f5=IFRS17 underlying earnings 2025\|v5=EUR 8.4bn\|f6=Ticker symbol\|v6=CS\|f7=ISN\|v7=FR 0000120628\|f8=Bloomberg ticker\|v8=CS FP\|f9=Reuters ticker\|v9=AXAF.PA}} ~~{{Indexing\|AXA Group Overview\|\|kind=prose\|order=36}}~~ * AXA Group is a worldwide leader in insurance. Line 725: {{chunk\|doc=chq99br5nr\|c=37\|p=12}} {{Indexing\|Forward-looking statements and non-GAAP measures\|Forward-looking statements, non-GAAP financial measures, alternative performance measures (APMs), future events, trends, plans, expectations, objectives, underlying earnings per share (UEPS) growth, risks, uncertainties, AXA’s Universal Registration Document, underlying earnings, underlying earnings per share, underlying return on equity, combined ratio, debt gearing, ESMA’s guidelines, AMF’s related position\|tepp01g689\|n63zd2qo95\|kind=prose\|order=37\|f1=2026 UEPS growth guidance\|v1=one-off\|f2=2024 Universal Registration Document\|v2=Part 5 – “Risk Factors and Risk Management”}} ~~{{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. Line 745: {{chunk\|doc=chq99br5nr\|c=38\|p=13}} {{Indexing\|APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE\|Gross Written Premiums and Other Revenues, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other, AXA Investment Managers\|wpkf9ycgxf\|kynhd2bvm1\|n13vjesiav\|kind=table\|order=38}} <div style="overflow-x:auto"> Line 859: {{chunk\|doc=chq99br5nr\|c=39\|p=14}} {{Indexing\|APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE\|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other, AXA Investment Managers\|y30gelxv10\|iycymgpuon\|pw41e8kn7m\|kind=table\|order=39}} <div style="overflow-x:auto"> Line 965: {{chunk\|doc=chq99br5nr\|c=40\|p=15}} {{Indexing\|APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES\|Property & Casualty, Commercial lines, Personal lines, AXA XL Reinsurance, Personal Motor, Personal Non-Motor, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other\|wpkf9ycgxf\|n13vjesiav\|kind=table\|order=40}} <div style="overflow-x:auto"> Line 1,118: {{chunk\|doc=chq99br5nr\|c=41\|p=16}} {{Indexing\|P&C: Price effects by country and business line\|P&C price effects, Commercial lines, Personal lines, AXA XL Reinsurance, Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, Asia, Africa & EME-LATAM, Transversal & Other\|llbwb4tj3c\|kind=table\|order=41}} <div style="overflow-x:auto"> Line 1,203: {{chunk\|doc=chq99br5nr\|c=42\|p=17}} {{Indexing\|APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE\|Gross written premiums & other revenues, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other\|wpkf9ycgxf\|n13vjesiav\|kind=table\|order=42}} <div style="overflow-x:auto"> Line 1,319: {{chunk\|doc=chq99br5nr\|c=43\|p=18}} {{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, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other\|fz8evycjst\|kind=table\|order=43}} <div style="overflow-x:auto"> Line 1,468: {{chunk\|doc=chq99br5nr\|c=44\|p=19}} {{Indexing\|Net flows by business line\|Net flows, Health, Protection, G/A Savings, capital light, traditional G/A, Unit-Linked, Mutual Funds & Other, Total Life & Health\|f4zcgwiyzm\|kind=table\|order=44}} <div style="overflow-x:auto"> Line 1,518: {{chunk\|doc=chq99br5nr\|c=45\|p=20}} {{Indexing\|Main transactions in 2025\|Share repurchase agreement, AXA's share buyback program, Nobis Group acquisition, Restricted Tier 1 Notes, Tier 2 Notes, Shareplan, stock-based compensation, AXA Investment Managers sale, BNP Paribas, Prima acquisition, employee share offering program (Shareplan 2025)\|c5r2rmwxo6\|f8km91nllc\|kind=prose\|order=45\|f1=Share buyback program announced\|v1=February 28, 2025\|f2=Share buyback program amount\|v2=EUR 1.2bn\|f3=Nobis Group acquisition completed\|v3=April 1, 2025\|f4=Restricted Tier 1 Notes placement\|v4=EUR 1bn\|f5=Tier 2 Notes placement\|v5=EUR 1bn\|f6=Notes placement date\|v6=May 28, 2025\|f7=Shareplan agreement announced\|v7=June 2, 2025\|f8=AXA Investment Managers sale completed\|v8=July 1, 2025\|f9=Share repurchase agreement announced\|v9=July 1, 2025}} ~~{{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. Line 1,534: {{chunk\|doc=chq99br5nr\|c=46\|p=20}} {{Indexing\|Investor Events\|Shareholder’s Annual General Meeting, Activity Indicators, Earnings Release, Investor Day\|snkw7cucpt\|kind=prose\|order=46\|f1=2026 Shareholder’s Annual General Meeting\|v1=April 30, 2026\|f2=First quarter 2026 Activity Indicators release\|v2=May 5, 2026\|f3=HY26 Earnings Release\|v3=July 31, 2026\|f4=AXA Investor Day\|v4=September 21, 2026}} ~~{{Indexing\|Investor Events\|\|kind=prose\|order=46}}~~ * 2026 Shareholder’s Annual General Meeting is scheduled for April 30, 2026.

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