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

| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->

{{Indexing|====== Announcement Date||kinddetails =====prose|order=1}}

* The announcement was made in Paris, on February 26th, 2026, at (6:45am45 am CET).

* Gross written premiums & other revenues: EUR 116bn, up +6% vs. FY24

* Underlying earnings: EUR 8.4bn, up +6% vs. FY24

* Underlying earnings (excluding AXA IM): up +9%

* Underlying earnings per share: EUR 3.86, up +8% vs. FY24

* Underlying earnings per share included a -1% headwind from temporary earnings dilution fromdue to the sale of AXA IM, dueresulting tofrom the timing of an anti-dilutive share buyback

{{Indexing|====== Solvency II Ratio||kindratio =====prose|order=4}}

* Solvency II ratio: 224% at December 31, 2025, up +9 points vs. FY24

* Dividend of EUR 2.32 per share, up +8% vs. FY24

{{Indexing|====== Outlook and Strategic Plan||kind =====prose|order=6}}

{{Indexing|====== 2025 Performance and Commentary||kind =====prose|order=7}}

* In 2025, AXA delivered very strong performance, with +9% earnings growth in core businesses excluding AXA IM.

* The P&C franchise posted strongstellar results, withcombining a healthy balance between price and volume, with best-in-class margins, a lower expense ratio, and higher investment income.

** Life earnings reflectreflected early benefits of the strategy to rejuvenate the business.

* The Solvency II ratio is at a very strong level.

* TheseThomas Buberl, CEO of AXA, stated that these results demonstrate the earnings power of AXA'sthe well-diversified franchise and reinforce confidence in generatingAXA's ability to generate sustainable, long-term value.

{{Indexing|====== Key figures||kind =====table|order=8}}

{{Indexing|====== Gross Writtenwritten Premiumspremiums and Otherother Revenues||kindrevenues =====prose|order=9}}

** 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%,) drivendue byto favorable price effects and strong growth in net new contracts, particularly in France, Europe, Asia & EME-LATAM.

*** AXA XL Reinsurance (+8%,) with growth supported by alternative capital.

** Life & Health (+8%.):

**** ProtectionUnit-Linked (+1113%,) from stronghigher salesvolumes inacross Hongall Kong, Switzerland, and Japangeographies.

**** Unit-LinkedG/A (+134%,) from highercontinued volumesmomentum acrossin allItaly geographiesand France.

{{Indexing|====== Underlying Earnings||kindearnings and EPS =====prose|order=10}}

* Underlying earnings increased by +6% to EUR 8.4bn; +9% excluding AXA IM.

** Holdings underlyingUnderlying earnings remainedper share stable+8% atto EUR -13.2bn86.

** AssetDriven Managementby: increase in underlying earnings decreased(+6%) byand EURdecrease 0.2bn,in followinginterest theexpense disposalon of AXA IM onundated Julyand 1,deeply-subordinated 2025debt.

** TheSale +6%of increaseAXA IM resulted in a temporary dilution of underlying earnings andper ashare decrease(-1%) indue interestto expensetiming onof undatedassociated and deeply-subordinatedshare debtbuyback.

* Net income increased by +26% to EUR 9.8bn.

* This primarily reflects theReflects increase in underlying earnings and significantly positive exceptional items, notablyincluding the gain from the sale of AXA IM.

{{Indexing|====== Shareholders' Equityequity and CSM||kind=prose|order=12}}====

* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs.versus December 31, 2024.

* The decrease in shareholders' equity was due to:

* Solvency II ratioCSM was 224%EUR as33.3bn ofat December 31, 2025, updown +9EUR points vs0.6bn versus December 31, 2024.

** 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 impacts from financial markets impact: (+4 points).

** NetPartly offset by the net impact of Nobis and Prima acquisitions, and AXA IM disposal (including the associated 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%.

{{chunk|doc=chq99br5nr|c=1415|p=3}}

* UnderlyingCash returnat onHolding equityamounted wasto EUR 165.0%6bn as of December 31, 2025, up 0EUR 1.86bn points vs.versus December 31, 2024, due to higher underlying earnings and lower shareholders' equity.

* DebtThis gearingreflected wasorganic 22.3%cash asremittance from subsidiaries of DecemberEUR 31, 20257.5bn, up 1EUR 0.74bn points vs.versus December 31, 2024.

{{chunk|doc=chq99br5nr|c=1518|p=4}}

* A dividend of EUR 2.32 per share (+8% versusvs FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 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.

* AXA intends to cancel all shares repurchased pursuant tounder 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.

{{chunk|doc=chq99br5nr|c=1619|p=4}}

{{Indexing|====== Outlook for 'Unlock the Future' Plan||kindplan =====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.

* In Life & Health, earnings growth is anticipatedexpected from the short-term business due to disciplined pricing and claims management.

{{chunk|doc=chq99br5nr|c=1720|p=4}}

* Results in Holdings forin 2026 are expected to beremain similar to 2025 levels.

* Based on strong operating performance in 2025 and persistent operating conditions, managementManagement believes AXA is on track to meetdeliver the main financial targets of the 'Unlock the Future' plan:, assuming current operating conditions persist and given the strong operating performance in 2025.

** UnderlyingThe targets include 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.

** UnderlyingAnother target is an underlying return on equity between 14% and 16% forbetween 2024- and 2026E.

** CumulativeThe Group also targets cumulative organic cash upstream exceedingin excess of EUR 21bn for 2024-2026E.

* The GroupAXA is committed to itsa capital management policy, targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks.

{{chunk|doc=chq99br5nr|c=1821|p=5}}

{{Indexing|====== Key figures||kind =====table|order=18}}

{{chunk|doc=chq99br5nr|c=1922|p=5}}

** AXA XL Insurance (+3%) from growth in lines with attractive margins,margin includinglines (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,) alongand withMexico (favorable volume and price effects in Mexico).

** France (+6%) from favorable price effects inacross all lines of business and higher volumes.

** Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened followingafter 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.

{{chunk|doc=chq99br5nr|c=2023|p=5}}

{{Indexing|====== Combined Ratio||kindratio =====prose|order=20}}

** 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 margins were stable at attractive levels (+0.1pts), as well as in Personal lines (-0.4pts) in a conducive pricing environment.

{{chunk|doc=chq99br5nr|c=2124|p=6}}

* P&C underlying earnings were up 9% to EUR 5.9bn, driven by:

** Increase in technical result (+EUR +0.5bn) reflecting strong volume growth in volumes, combined with an improvementand inimproved technical margin.

** Higher financial result (+EUR +0.2bn) thanksdue 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.

{{chunk|doc=chq99br5nr|c=2225|p=6}}

{{Indexing|====== Key figures||kind =====table|order=22}}

{{chunk|doc=chq99br5nr|c=2326|p=6}}

{{Indexing|====== Life & Health GWP &and other revenues||kind =====prose|order=23}}

* Life GWP grew +by 9% to EUR 37.5bn, mainly from: Unit-Linked (+13%), G/A (+4%), and Protection (11%).

** Unit-Linked: +13%growth was driven by successful sales initiatives across all geographies.

** G/A: +4%,growth was notably in France (+4%), and from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong.

** Protection: +11%,growth was 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 +by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.

{{chunk|doc=chq99br5nr|c=2427|p=7}}

{{Indexing|====== Present Valuevalue of Expectedexpected Premiumspremiums (PVEP)||kind =====prose|order=24}}

* Present value of expected premiums (PVEP) decreased -by 2% to EUR 49.4bn, driven by:.

** Life: PVEP increased by +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: PVEP decreased by -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.

{{chunk|doc=chq99br5nr|c=2528|p=7}}

* NB CSM increased +by 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 margin (post tax) increased +by 0.1pt1 point to 4.5%.

{{chunk|doc=chq99br5nr|c=2629|p=7}}

** 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.

{{chunk|doc=chq99br5nr|c=2730|p=7}}

* Life & Health underlying earnings increased +by 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.

{{chunk|doc=chq99br5nr|c=2831|p=7}}

{{Indexing|Holdings Underlying====== Earnings|Holdings underlying earnings|y30gelxv10|1smvf6a29l|kind ===prose|order=28|f1=Holdings underlying earnings|v1=EUR -1.2bn}}

== RATINGSRatings ANDand GLOSSARYglossary ==

{{chunk|doc=chq99br5nr|c=2932|p=8}}

{{chunk|doc=chq99br5nr|c=3033|p=8}}

* Capital-light G/A products: encompass all products with no guarantees, or 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 thea defined period, flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.

** Other Revenues: represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).

* 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.

{{chunk|doc=chq99br5nr|c=3033|p=9|cont=1}}

* 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.

* 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.

== SCOPEScope ANDand EXCHANGEexchange RATESrates ==

{{chunk|doc=chq99br5nr|c=3134|p=10}}

** Asia (equity method): 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.

** EME-LATAM (equity method): Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.

** EME-LATAMOther: AXA Mediterranean Holdings.

* AXA Investment Managers (equity method): Asian joint ventures are consolidated under the equity method.

{{chunk|doc=chq99br5nr|c=3235|p=10}}

{{chunk|doc=chq99br5nr|c=3336|p=11}}

{{chunk|doc=chq99br5nr|c=3437|p=11}}

* The consolidated financial statements are subject to completion of an audit procedure by AXA's statutory auditors.

== ABOUTAbout THEthe AXA GROUPgroup ==

{{chunk|doc=chq99br5nr|c=3638|p=12}}

* AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.

* AXA Group is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

{{chunk|doc=chq99br5nr|c=3740|p=12}}

* Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs such as "would"“would” and "could"“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.

* RelianceUndue reliance should not be placed 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 ofat the date of the press release.

* The press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”APMs), used by Management for analyzing operating trends, financial performance, and position.

* These non-GAAP financial measures generally lackhave no standardized meaning and may not be comparable to measures used by other companies.

* “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio”, and “debt gearing” are APMs as defined byin ESMA’s guidelines and the AMF’s related position statement issued in 2015.

* AXA provides a reconciliation of APMs to the most closely related financialline statementitem, itemssubtotal, and/or theirtotal calculationin the financial methodologystatements 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 ofin AXA’s 2025 Activity Report.

== APPENDIXAppendix 1: GROSSGross WRITTENwritten PREMIUMSpremiums ETet OTHERother REVENUESrevenues BYby GEOGRAPHYgeography ANDand BUSINESSbusiness LINEline ==

{{chunk|doc=chq99br5nr|c=3841|p=13}}

== APPENDIXAppendix 2: UNDERLYINGUnderlying EARNINGSearnings BYby GEOGRAPHYgeography ANDand BYby BUSINESSbusiness LINEline ==

{{chunk|doc=chq99br5nr|c=3942|p=14}}

== APPENDIXAppendix 3: PROPERTYProperty & CASUALTYCasualty – GROSSgross WRITTENwritten PREMIUMSpremiums & OTHERother REVENUESrevenues BYby BUSINESSbusiness LINEline ANDand DISCOUNTdiscount RATESrates ==

{{chunk|doc=chq99br5nr|c=4043|p=15}}

== APPENDIXAppendix 4: PROPERTYProperty & CASUALTYCasualty – PRICEprice EFFECTeffect & 2026 MARKETmarket PRICINGpricing TRENDStrends ==

{{chunk|doc=chq99br5nr|c=4144|p=16}}

== APPENDIXAppendix 5: LIFELife & HEALTHHealth – GROSSgross WRITTENwritten PREMIUMSpremiums & OTHERother REVENUESrevenues ANDand GROWTHgrowth BYby BUSINESSbusiness LINEline ==

{{chunk|doc=chq99br5nr|c=4245|p=17}}

== APPENDIXAppendix 6: NEWNew BUSINESSbusiness VOLUMEvolume (PVEP), NEWnew BUSINESSbusiness VALUEvalue (NBV), ANDand NBV MARGINmargin ==

{{chunk|doc=chq99br5nr|c=4346|p=18}}

== APPENDIXAppendix 7: LIFELife & HEALTHHealth – NETnet FLOWSflows ==

{{chunk|doc=chq99br5nr|c=4447|p=19}}

== APPENDIXAppendix 8: MAINMain TRANSACTIONStransactions ANDand NEXTnext MAINmain INVESTORinvestor EVENTSevents ==

{{chunk|doc=chq99br5nr|c=4548|p=20}}

* 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.)

{{chunk|doc=chq99br5nr|c=4649|p=20}}

* 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.