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

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====== {{Indexing|Announcement details ====||kind=prose|order=1}}
 
* The announcement was made in Paris on February 26th, 2026, at 6:45 am 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 and underlying earnings ====||kind=prose|order=3}}
 
* Gross written premiums & other revenues: EUR 116bn, up +6% vs. FY24
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====== {{Indexing|Solvency II ratio ====||kind=prose|order=4}}
 
* Solvency II ratio: 224% at December 31, 2025, up +9 points vs. FY24
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====== {{Indexing|Shareholder returns ====||kind=prose|order=5}}
 
* Dividend of EUR 2.32 per share, +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 very strong performance, with +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 and EPS ====||kind=prose|order=10}}
 
* Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM.
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====== {{Indexing|Net income ====||kind=prose|order=11}}
 
* Net income +26% to EUR 9.8bn.
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====== {{Indexing|Shareholders' equity ====||kind=prose|order=12}}
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
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====== {{Indexing|Contractual Service Margin (CSM) ====||kind=prose|order=13}}
 
* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
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====== {{Indexing|Solvency II ratio ====||kind=prose|order=14}}
 
* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
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====== {{Indexing|Underlying return on equity ====||kind=prose|order=15}}
 
* Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024.
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====== {{Indexing|Debt gearing ====||kind=prose|order=16}}
 
* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
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====== {{Indexing|Cash at Holding ====||kind=prose|order=17}}
 
* Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
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====== {{Indexing|Shareholder returns ====||kind=prose|order=18}}
 
* A dividend of EUR 2.32 per share (+8% vs 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=19}}
 
* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
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====== {{Indexing|Financial targets and capital management ====||kind=prose|order=20}}
 
* Results in Holdings in 2026 are expected to remain similar to 2025 levels.
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====== {{Indexing|Key figures ====||kind=table|order=21}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Gross written premiums & other revenues ====||kind=prose|order=22}}
 
* Gross written premiums & other revenues were up 5% to EUR 58.0bn.
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====== {{Indexing|Combined ratio ====||kind=prose|order=23}}
 
* 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=24}}
 
* P&C underlying earnings were up 9% to EUR 5.9bn, driven by:
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{{Indexing|Key figures|Life & Health key figures|kind=table|order=25}}
====== Key figures ======
 
<div style="overflow-x:auto">
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====== {{Indexing|Life & Health GWP and other revenues|Life & Health GWP, Unit-Linked, G/A, Protection, Health|wpkf9ycgxf|kind=prose|order=26|f1=Life GWP growth|v1=9%|f2=Health GWP growth|v2=5%}}
 
* Life GWP grew by 9% to EUR 37.5bn, mainly from Unit-Linked (+13%), G/A (+4%), and Protection (11%).
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======{{Indexing|Present value of expected premiums (PVEP)|Present value of expected premiums (PVEP), Life PVEP, Health PVEP|fz8evycjst|kind=prose|order=27|f1=PVEP|v1=EUR 49.4bn|f2=Life PVEP growth|v2=+1%|f3=Health PVEP decrease|v3=-12%}}
 
* Present value of expected premiums (PVEP) decreased by 2% to EUR 49.4bn.
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{{Indexing|NB CSM and NBV|NB CSM, NBV, NBV margin, Savings, Protection, short-term multinational business|cqvs0n2z2e|fz8evycjst|kind=prose|order=28|f1=NB CSM|v1=EUR 2.2bn|f2=NBV (post-tax)|v2=EUR 2.2bn|f3=NBV margin (post tax)|v3=4.5%}}
====== NB CSM and NBV ======
 
* 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.
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{{Indexing|Net flows|Net flows, Protection, Health, Unit-Linked, G/A Savings, G/A capital-light, traditional G/A Savings|f4zcgwiyzm|kind=prose|order=29|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 ======
 
* Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.
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{{Indexing|Life & Health underlying earnings|Life & Health underlying earnings, long-term technical result, short-term technical result, income taxes, affiliates, ICBC-AXA, AXA MPS|y30gelxv10|kind=prose|order=30|f1=Life & Health underlying earnings|v1=EUR 3.5bn|f2=Long-term technical result|v2=EUR +0.2bn|f3=Short-term technical result|v3=EUR +0.1bn|f4=Lower income taxes|v4=EUR +0.1bn}}
====== Life & Health underlying earnings ======
 
* Life & Health underlying earnings increased by 7% to EUR 3.5bn, driven by:
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====== {{Indexing|Holdings underlying earnings|Holdings underlying earnings|y30gelxv10|kind=prose|order=31|f1=Holdings underlying earnings|v1===EUR -1.2bn}}
 
* Holdings underlying earnings remained broadly stable at EUR -1.2bn.
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{{Indexing|Ratings|Insurer financial strength ratings, AXA's credit ratings, S&P Global Ratings, Moody's Investor Service, AM Best|kind=table|order=32}}
====== Ratings ======
 
<div style="overflow-x:auto">
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{{Indexing|Glossary of 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=33}}
====== Glossary of terms ======
 
* Capital-light G/A products: products with no guarantees, or with guarantees at maturity only, or with guarantees equal to or lower than 0%.
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{{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, Asia Holdings, China L&S, Thailand L&S, Philippines L&S and P&C, India, 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, Asian joint ventures|cmtswfs0go|kind=prose|order=34}}
====== Scope of operations ======
 
* France: includes insurance activities, banking activities, and holding.
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{{Indexing|Exchange rates|End of Period Exchange rate, Average Exchange rate, USD, CHF, GBP, JPY, HKD|kind=table|order=35}}
====== Exchange rates ======
 
<div style="overflow-x:auto">
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{{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 disposal, share repurchase agreement|tepp01g689|kind=prose|order=36}}
====== 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 financial statements|Activity indicators, actuarial and financial assumptions, NBV, PVEP, consolidated financial statements, audit procedure|ow7tevuxxr|kind=prose|order=37|f1=Consolidated financial statements examined|v1=February 25, 2026}}
====== Basis of reporting and financial statements ======
 
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
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{{Indexing|AXA Group overview and financials|AXA Group, insurance, IFRS17 revenues, IFRS17 underlying earnings, 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|4cr8sbi842|kind=prose|order=38|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|f8=ISN|v8=FR 0000120628}}
====== AXA Group overview and financials ======
 
* AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
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{{Indexing|Contact information|Investor Relations, Individual Shareholder Relations, Media Relations, Corporate Responsibility strategy, SRI ratings|snkw7cucpt|kind=prose|order=39|f1=Investor Relations contact|v1=+33.1.40.75.48.42|f2=Individual Shareholder Relations contact|v2=+33.1.40.75.48.43|f3=Media Relations contacts|v3=+33.1.40.75.46.74}}
====== Contact information ======
 
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
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{{Indexing|Forward-looking statements and non-GAAP measures|Forward-looking statements, future events, trends, plans, expectations, objectives, risks, uncertainties, non-GAAP financial measures, alternative performance measures (APMs), underlying earnings, UEPS, underlying return on equity, combined ratio, debt gearing|tepp01g689|n63zd2qo95|kind=prose|order=40}}
====== 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.
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====== {{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|kind=table|order=====41}}
 
<div style="overflow-x:auto">
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====== {{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|kind=table|order=====42}}
 
<div style="overflow-x:auto">
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====== {{Indexing|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, France, Europe|kind=table|order=====43}}
 
<div style="overflow-x:auto">
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====== {{Indexing|P&amp;C: Price effects by country and business line|Price effects, Commercial lines, Personal lines, AXA XL Reinsurance, Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|kind=table|order=====44}}
 
<div style="overflow-x:auto">
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====== {{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|kind=table|order=====45}}
 
<div style="overflow-x:auto">
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====== {{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|kind=table|order=====46}}
 
<div style="overflow-x:auto">
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{{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|kind=table|order=47}}
====== Net flows by business line ======
 
<div style="overflow-x:auto">
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{{Indexing|Main transactions in 2025|Share repurchase agreements, acquisitions, placements, sales, employee share offering program|c5r2rmwxo6|70zdwfnrmi|bhnpa5y4f0|kind=prose|order=48|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 - December 3, 2025)}}
====== Main transactions in 2025 ======
 
* Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)
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{{Indexing|Next main investor events|2026 Shareholder’s Annual General Meeting, First quarter 2026 Activity Indicators, HY26 Earnings Release, AXA Investor Day|snkw7cucpt|kind=prose|order=49|f1=2026 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}}
====== Next main investor events ======
 
* 2026 Shareholder’s Annual General Meeting: April 30, 2026
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