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

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| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

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

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

 

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* AXA reported record results.

 

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

 

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

 

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

 

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

 

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=== Activity indicators ===

 

 

* Total gross written premiums and other revenues were up 6%.

=== Earnings ===

 

 

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

* Sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to timing of associated share buyback.

 

 

* Net income +26% to EUR 9.8bn.

== Balance sheet ==

 

 

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

** Unfavorable foreign exchange impact (-EUR 3.5bn), notably from USD depreciation.

 

 

* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.

* A negative operating variance (-EUR 0.3bn) occurred as better margins and net flows were offset by a reduction in the duration of Group Life business in Switzerland.

 

 

* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.

* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points.

 

 

* Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024.

* This increase was notably from higher underlying earnings and lower shareholders' equity.

 

 

* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.

* The Group's debt gearing was in line with 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 versus December 31, 2024.

== Capital management ==

 

 

* A dividend of EUR 2.32 per share (+8% vs FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026.

== Outlook ==

 

 

* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.

* 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.

 

 

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

=== Property & Casualty ===

 

 

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! style="text-align:left" | in Euro million, unless otherwise noted

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* Gross written premiums & other revenues were up 5% to EUR 58.0bn.

* 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 softening in other lines.

 

 

* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:

** Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).

 

 

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

=== Life & Health ===

 

 

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

 

 

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

* 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.

 

 

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

* 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.

 

 

* 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 0.1 point to 4.5%.

 

 

* Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024.

* 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).

 

 

* Life & Health underlying earnings increased by 7% to EUR 3.5bn, driven by:

== Holdings ==

 

 

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

=== Ratings ===

 

 

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=== Glossary ===

 

 

* Capital-light G/A products: products with no guarantees, or with guarantees at maturity only, or with guarantees equal to or lower than 0%.

* 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.

* 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) 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.

=== Scope ===

 

 

* France: includes insurance activities, banking activities, and holding.

=== Exchange rates ===

 

 

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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.}}

{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}

 

 

* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).

== About the AXA group ==

 

 

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

* 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.

== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==

 

 

* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.

== Appendix 1: Gross written premiums et other revenues by geography and business line ==

 

 

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== Appendix 2: Underlying earnings by geography and by business line ==

 

 

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== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==

 

 

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{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

 

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== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==

 

 

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== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==

 

 

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== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==

 

 

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== Appendix 7: Life & Health – net flows ==

 

 

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== Appendix 8: Main transactions and next main investor events ==

 

 

* Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)

== Next main investor events ==

 

 

* 2026 Shareholder’s Annual General Meeting: April 30, 2026