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| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
| wide = yes
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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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{{chunk|doc=chq99br5nr|c=3|p=1}}
{{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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{{chunk|doc=chq99br5nr|c=4|p=1}}
{{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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{{chunk|doc=chq99br5nr|c=5|p=1}}
{{Indexing|====== Shareholder returns||kind =====prose|order=5}}
 
* Dividend of EUR 2.32 per share, +8% vs. FY24
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{{chunk|doc=chq99br5nr|c=6|p=1}}
{{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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{{chunk|doc=chq99br5nr|c=7|p=1}}
{{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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{{chunk|doc=chq99br5nr|c=8|p=2}}
====== Key figures – FY25 key highlights ======
{{Indexing|Key figures||kind=table|order=8}}
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million, unless otherwise noted
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
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{{chunk|doc=chq99br5nr|c=9|p=2}}
{{Indexing|====== FY25 key highlights||kind =====table|order=9}}
 
<div style="overflow-x:auto">
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{{chunk|doc=chq99br5nr|c=10|p=2}}
{{Indexing|====== FY25 key highlights||kind =====table|order=10}}
 
<div style="overflow-x:auto">
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{{chunk|doc=chq99br5nr|c=11|p=2}}
{{Indexing|====== Gross written premiums and other revenues||kind =====prose|order=11}}
 
* Total gross written premiums and other revenues were up 6%.
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{{chunk|doc=chq99br5nr|c=12|p=2}}
{{Indexing|====== Underlying earnings and EPS||kind =====prose|order=12}}
 
* Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM.
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{{chunk|doc=chq99br5nr|c=13|p=2}}
{{Indexing|====== Net income||kind =====prose|order=13}}
 
* Net income +26% to EUR 9.8bn.
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{{chunk|doc=chq99br5nr|c=14|p=3}}
{{Indexing|====== Shareholders' equity||kind =====prose|order=14}}
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
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{{chunk|doc=chq99br5nr|c=15|p=3}}
{{Indexing|====== Contractual Service Margin (CSM)||kind =====prose|order=15}}
 
* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
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{{chunk|doc=chq99br5nr|c=16|p=3}}
{{Indexing|====== Solvency II ratio||kind =====prose|order=16}}
 
* Solvency II ratio was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
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{{chunk|doc=chq99br5nr|c=17|p=3}}
{{Indexing|====== Underlying return on equity||kind =====prose|order=17}}
 
* Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024.
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{{chunk|doc=chq99br5nr|c=18|p=3}}
{{Indexing|====== Debt gearing||kind =====prose|order=18}}
 
* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
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{{chunk|doc=chq99br5nr|c=19|p=3}}
{{Indexing|====== Cash at Holding||kind =====prose|order=19}}
 
* 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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{{chunk|doc=chq99br5nr|c=20|p=4}}
{{Indexing|====== Shareholder returns||kind =====prose|order=20}}
 
* 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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{{chunk|doc=chq99br5nr|c=21|p=4}}
{{Indexing|====== Outlook for 'Unlock the Future' plan||kind =====prose|order=21}}
 
* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
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{{chunk|doc=chq99br5nr|c=22|p=4}}
{{Indexing|====== Financial targets and capital management||kind =====prose|order=22}}
 
* Results in Holdings in 2026 are expected to remain similar to 2025 levels.
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{{chunk|doc=chq99br5nr|c=23|p=5}}
====== Key figures – Property & Casualty ======
{{Indexing|Key figures||kind=table|order=23}}
 
<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion, unless otherwise noted
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
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{{chunk|doc=chq99br5nr|c=24|p=5}}
{{Indexing|====== Earnings||kind =====table|order=24}}
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million, unless otherwise noted
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
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{{chunk|doc=chq99br5nr|c=25|p=5}}
====== Gross written premiums & other revenues ======
{{Indexing|Gross written premiums & other revenues|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Reinsurance, AXA XL Insurance, Asia, Africa & EME-LATAM, France, Europe, Türkiye, Mexico, UK & Ireland Motor|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=25|f1=Gross written premiums & other revenues|v1=up 5% to EUR 58.0bn|f2=Commercial lines growth|v2=4% to EUR 35.8bn|f3=Personal lines growth|v3=7% to EUR 19.7bn|f4=AXA XL Reinsurance growth|v4=8% to EUR 2.6bn}}
 
* Gross written premiums & other revenues were up 5% to EUR 58.0bn.
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{{chunk|doc=chq99br5nr|c=26|p=5}}
====== Combined ratio ======
{{Indexing|Combined ratio|Combined ratio, undiscounted current year loss ratio, natural catastrophe charges, prior years' reserve development, expense ratio, Commercial lines, Personal lines, SME & mid-market business, AXA XL Insurance|cos78e4bvi|rhstabgyn2|kind=prose|order=26|f1=Combined ratio|v1=improved by 0.3pts to 90.6%|f2=Undiscounted current year loss ratio excluding natural catastrophe|v2=-0.3pts|f3=Expense ratio|v3=-0.3pts|f4=Natural catastrophe charges|v4=-0.4pts to 3.4%|f5=Prior years' reserve development|v5=+0.7pts at -1.1%}}
 
* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:
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{{chunk|doc=chq99br5nr|c=27|p=6}}
====== P&C underlying earnings ======
{{Indexing|P&C underlying earnings|P&C underlying earnings, technical result, financial result, income taxes|y30gelxv10|irxh3hcbqz|kmocop7wiu|kind=prose|order=27|f1=P&C underlying earnings|v1=up 9% to EUR 5.9bn|f2=Increase in technical result|v2=EUR +0.5bn|f3=Higher financial result|v3=EUR +0.2bn|f4=Higher income taxes|v4=EUR -0.2bn}}
 
* P&C underlying earnings were up 9% to EUR 5.9bn, driven by:
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{{chunk|doc=chq99br5nr|c=28|p=6}}
====== Key figures – Life & Health ======
{{Indexing|Key figures|Gross written premiums & other revenues, Life, Health, PVEP, NB CSM, NBV, NBV margin, Net flows|kind=table|order=28}}
 
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion, unless otherwise noted
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
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{{chunk|doc=chq99br5nr|c=29|p=6}}
====== Earnings ======
{{Indexing|Earnings|Underlying earnings, Life, Health|kind=table|order=29}}
 
<div style="overflow-x:auto">
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{{chunk|doc=chq99br5nr|c=30|p=6}}
====== Life & Health GWP and other revenues ======
{{Indexing|Life & Health GWP and other revenues|Life GWP, Health GWP, Unit-Linked, G/A, Protection, France, Italy, Japan, Hong Kong, Switzerland|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=30|f1=Life GWP growth|v1=9% to EUR 37.5bn|f2=Unit-Linked growth|v2=+13%|f3=G/A growth|v3=+4%|f4=Protection growth|v4=11%|f5=Health GWP growth|v5=5% to EUR 19.0bn}}
 
* Life GWP grew by 9% to EUR 37.5bn, mainly from Unit-Linked (+13%), G/A (+4%), and Protection (11%).
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{{chunk|doc=chq99br5nr|c=31|p=7}}
====== Present value of expected premiums (PVEP) ======
{{Indexing|Present value of expected premiums (PVEP)|Present value of expected premiums (PVEP), Life PVEP, Health PVEP, Hong Kong, France, Switzerland|fz8evycjst|kind=prose|order=31|f1=PVEP decrease|v1=2% to EUR 49.4bn|f2=Life PVEP increase|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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{{chunk|doc=chq99br5nr|c=32|p=7}}
====== NB CSM and NBV ======
{{Indexing|NB CSM and NBV|NB CSM, NBV (post-tax), NBV margin (post tax), Savings, Protection, France|fz8evycjst|cqvs0n2z2e|kind=prose|order=32|f1=NB CSM increase|v1=3% to EUR 2.2bn|f2=NBV (post-tax)|v2=stable at EUR 2.2bn|f3=NBV margin (post tax) increase|v3=0.1 point to 4.5%}}
 
* 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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{{chunk|doc=chq99br5nr|c=33|p=7}}
====== Net flows ======
{{Indexing|Net flows|Net flows, Protection, Health, Unit-Linked, G/A Savings, G/A capital-light, Hong Kong, Japan, France, Germany|f4zcgwiyzm|kind=prose|order=33|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 were EUR +5.4bn compared to EUR +1.5bn in 2024.
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{{chunk|doc=chq99br5nr|c=34|p=7}}
====== Life & Health underlying earnings ======
{{Indexing|Life & Health underlying earnings|Life & Health underlying earnings, long-term technical result, short-term technical result, income taxes, ICBC-AXA, AXA MPS, Mexico, Germany, France|y30gelxv10|irxh3hcbqz|kmocop7wiu|kind=prose|order=34|f1=Life & Health underlying earnings increase|v1=7% to 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 increased by 7% to EUR 3.5bn, driven by:
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{{chunk|doc=chq99br5nr|c=35|p=7}}
====== Holdings underlying earnings ======
{{Indexing|Holdings underlying earnings|Holdings underlying earnings|y30gelxv10|kind=prose|order=35|f1=Holdings underlying earnings|v1=broadly stable at EUR -1.2bn}}
 
* Holdings underlying earnings remained broadly stable at EUR -1.2bn.
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{{chunk|doc=chq99br5nr|c=36|p=8}}
====== Ratings ======
{{Indexing|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=36}}
 
<div style="overflow-x:auto">
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====== Glossary ======
{{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=37}}
 
=== Glossary definitions for insurance metrics [¶1-¶5] ===
* Capital-light G/A products: products with no guarantees, or with guarantees at maturity only, or with guarantees equal to or lower than 0%.
* 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%
* 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.
* CSMContractual releaseservice margin ("CSM"): thea portioncomponent of CSMthe stockcarrying netamount of reinsurancethe atasset theor endliability offor a definedgroup period,of flowing through profit andinsurance loss,contracts representing the estimatedunearned profit earnedto bybe therecognized insurer for providing insuranceas services duringare theprovided reportingto period.policyholders
* CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period
* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow
* Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
* Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business)
** Other Revenues: premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).
* Other Revenues: premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities)
* New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided
* 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 ("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.
* 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
{{chunk|doc=chq99br5nr|c=37|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM vs. the expected at opening due to (i) the 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.
* 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) the other long-term elements which are mainly composed of non-attributable expenses.
* Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
== Scope and exchange rates ==
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====== Scope ======
{{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, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, 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, Architas, Capza|cmtswfs0go|kind=prose|order=38}}
 
=== Scope: Regional and business line composition [¶1-¶5] ===
* France: includes insurance activities, banking activities, and holding.
* France: includes insurance activities, banking activities and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities).
* AXA XL: includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and 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 which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income.
* Asia, Africa & EME-LATAM:
** Asia:, JapanAfrica (insurance& activitiesEME-LATAM: andincludes holding(ii), HongAfrica: KongEgypt (insurance activities), Thailandand P&Cholding), Indonesia L&SMorocco (excludinginsurance theactivities bancassuranceand entityholding), Chinaand P&C,Nigeria South(insurance Korea,activities and Asiaholding) Holdingswhich are fully consolidated.
** Asia, (equityAfrica method& EME-LATAM: includes (iii) EME-LATAM: ChinaMexico L&S(insurance activities), ThailandColombia L&S(insurance activities), theBrazil Philippines(insurance L&Sactivities and P&C, Indonesia L&S,holding) and IndiaTürkiye (Lifeinsurance activities disposedand onholding) Marchwhich 11,are 2024,fully andconsolidated holdingas well as Russia (Reso) businesses(insurance areactivities) which is consolidated under the equity method and contributecontributes only to NBV, PVEP, underlying earnings, andthe net income.
* Asia, Africa & EME-LATAM: includes (iv) AXA Mediterranean Holdings.
** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity) and other Central Holdings.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
* AXA Investment Managers: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
** EME-LATAM (equity method): Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
** Other: AXA Mediterranean Holdings.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.
* AXA Investment Managers: includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated.
* AXA Investment Managers (equity method): Asian joint ventures are consolidated under the equity method.
 
=== Exchange rates ===
 
{{chunk|doc=chq99br5nr|c=39|p=10}}
{{Indexing|====== Exchange rates|USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=table|order=39}}====
 
<div style="overflow-x:auto">
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====== Notes ======
{{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, BNP Paribas, share repurchase agreement|tepp01g689|n63zd2qo95|kind=prose|order=40}}
 
{{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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====== Reporting basis and audit status ======
{{Indexing|Basis of reporting and financial statements|Activity indicators, actuarial assumptions, financial assumptions, NBV, PVEP, consolidated financial statements, IFRS, audit procedure|ow7tevuxxr|ie3cmfrol3|kind=prose|order=41}}
 
* AllActivity indicators comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
* Actuarial and financial assumptions for NBV and PVEP calculations arecalculation updated semi-annually at half- year and full- year.
* AXA's consolidatedConsolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026.
* The consolidated financialFinancial statements are subject to completion of an audit procedure by AXA's statutory auditors.
 
== About the AXA group ==
 
{{chunk|doc=chq99br5nr|c=42|p=12}}
====== About the AXA group ======
{{Indexing|AXA Group overview and financials|AXA Group, employees, clients, countries, IFRS17 revenues, IFRS17 underlying earnings, Euronext Paris, ticker symbol CS, ISN FR 0000120628, Bloomberg CS FP, Reuters AXAF.PA, American Depository Share, OTC QX platform, ticker symbol AXAHY, Dow Jones Sustainability Index (DJSI), FTSE4GOOD, UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance, UN Principles for Responsible Investment|4cr8sbi842|cmtswfs0go|tq2q8ln3jw|kind=prose|order=42|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}}
 
=== Group overview and financials [¶1-¶1] ===
* AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* 156,000 employees serving more than 92 million clients in 52 countries
* In 2025, IFRS17 revenues amounted to EUR 115.5bn.
* In 2025, IFRS17 underlying earnings amounted torevenues: EUR 8.4bn115.5bn
* 2025 IFRS17 underlying earnings: EUR 8.4bn
* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
=== Listing, sustainability and contact details [¶1-¶2] ===
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* AXA ordinary share listed on compartment A of Euronext Paris under ticker CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA)
* AXA Group is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* American Depository Share quoted on OTC QX platform under ticker AXAHY
* AXA 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.
* Included in Dow Jones Sustainability Index (DJSI) and FTSE4GOOD
* This press release and regulated information are available on the AXA Group website (axa.com).
* Founding member of UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance
 
* Signatory of UN Principles for Responsible Investment
{{chunk|doc=chq99br5nr|c=43|p=12}}
* Press release and regulated information available on axa.com pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation
{{Indexing|Contact information|Investor Relations, Individual Shareholder Relations, Media Relations, Corporate Responsibility strategy, SRI ratings|snkw7cucpt|kind=prose|order=43}}
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com
 
* InvestorIndividual Shareholder Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.43
* Individual ShareholderMedia Relations contact: +33.1.40.75.4846.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.43tulak@axa.com
* Corporate Responsibility strategy available at axa.com/en/about-us/strategy-commitments
* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* CorporateSRI Responsibility strategy information isratings available at axa.com/en/about-usinvestor/strategysri-commitments.ratings-ethical-indexes
* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.
 
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==
 
{{chunk|doc=chq99br5nr|c=4443|p=12}}
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
{{Indexing|Forward-looking statements and non-GAAP measures|Forward-looking statements, non-GAAP financial measures, alternative performance measures (APMs), underlying earnings per share (UEPS), underlying earnings, underlying return on equity, combined ratio, debt gearing, ESMA guidelines, AMF position statement, IFRS, Risk Factors and Risk Management, 2024 Universal Registration Document|tepp01g689|n63zd2qo95|w8ma8usdpx|kind=prose|order=44}}
 
=== Forward-looking statements and non-GAAP measures [¶1-¶1] ===
* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements areinclude predictions of future events, trends, plans, expectations, or objectives, identified by wordsterms likesuch as 'expects', 'anticipates', 'may', 'plan', 'would', or conditional verbs such as “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’sGroup's current strategic plan.
* TheseForward-looking statements are based on Management’sManagement's current views and intentions and, are subject to change, and speak only at the date of the press release.
* Risks and uncertainties affecting AXA's business and/or results of operations are described in Part 5 – "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 (the "2024 Universal Registration Document").
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.
* AXA disclaims any obligation to publicly update or revise forward-looking statements except as required by applicable laws and regulations.
* Each forward-looking statement is valid only at the date of the press release.
* The press release refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management to analyze operating trends, financial performance, and financial position.
* Important factors, risks, and uncertainties affecting AXA’s business are described in Part 5 – “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”).
* APMs generally have no standardized meaning and may not be comparable to similarly labelled measures used by other companies.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The press release refers to nonNon-GAAP financial measures, orshould alternativenot performancebe measuresconsidered (APMs),in usedisolation byfrom, Managementor foras analyzinga operatingsubstitute trendsfor, consolidated financial performance,statements prepared in accordance andwith positionIFRS.
* "Underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
* Reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements is provided in AXA's 2025 Activity Report under the heading "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES".
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
* Further information on non-GAAP financial measures is available in the Glossary in AXA's 2025 Activity Report.
* “Underlying earnings”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio”, and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements 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 in AXA’s 2025 Activity Report.
 
== Appendix 1: Gross written premiums et other revenues by geography and business line ==
 
{{chunk|doc=chq99br5nr|c=4544|p=13}}
{{Indexing|====== 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=45}}====
 
<div style="overflow-x:auto">
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== Appendix 2: Underlying earnings by geography and by business line ==
 
{{chunk|doc=chq99br5nr|c=4645|p=14}}
{{Indexing|====== 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=46}}====
 
<div style="overflow-x:auto">
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== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
 
{{chunk|doc=chq99br5nr|c=4746|p=15}}
{{Indexing|====== Property & Casualty – gross written premiums & other revenues by business line and discount rates|Commercial lines, Personal lines, Personal Motor, Personal Non-Motor, AXA XL Reinsurance, Total P&C, France, Europe|kind=table|order=47}}====
 
<div style="overflow-x:auto">
Line 1,091 ⟶ 1,086:
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
 
{{chunk|doc=chq99br5nr|c=4847|p=15}}
{{Indexing|====== Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves|Interest Rates (5Y), Discounting of P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=48}}====
 
<div style="overflow-x:auto">
Line 1,132 ⟶ 1,127:
== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==
 
{{chunk|doc=chq99br5nr|c=4948|p=16}}
====== P&amp;C: Price effects by country and business line ======
{{Indexing|P&amp;C: Price effects by country and business line|P&C price effects, 2026 market pricing trends, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|llbwb4tj3c|kynhd2bvm1|kind=table|order=49}}
 
<div style="overflow-x:auto">
Line 1,217 ⟶ 1,212:
== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
 
{{chunk|doc=chq99br5nr|c=5049|p=17}}
{{Indexing|====== Life & Health – gross written premiums & other revenues and growth by business line|Gross written premiums, other revenues, growth, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|n13vjesiav|kind=table|order=50}}====
 
<div style="overflow-x:auto">
Line 1,333 ⟶ 1,328:
== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
{{chunk|doc=chq99br5nr|c=5150|p=18}}
{{Indexing|====== New business volume (PVEP), new business value (NBV), and NBV margin|New business volume (PVEP), new business value (NBV), NBV margin, Life, Health, France|fz8evycjst|kind=table|order=51}}====
 
<div style="overflow-x:auto">
Line 1,445 ⟶ 1,440:
</div>
 
{{chunk|doc=chq99br5nr|c=5251|p=18}}
{{Indexing|====== New business volume (PVEP), new business value (NBV), and NBV margin|NB CSM, NBV, Life, Health, Tax & Other|fz8evycjst|cqvs0n2z2e|kind=table|order=52}}====
 
<div style="overflow-x:auto">
Line 1,485 ⟶ 1,480:
== Appendix 7: Life & Health – net flows ==
 
{{chunk|doc=chq99br5nr|c=5352|p=19}}
====== Net flows by business line ======
{{Indexing|Net flows by business line|Net flows, Health, Protection, G/A Savings, capital light, traditional G/A, Unit-Linked, Investment contracts, Mutual Funds & Other, Total Life & Health|f4zcgwiyzm|kind=table|order=53}}
 
<div style="overflow-x:auto">
Line 1,535 ⟶ 1,530:
== Appendix 8: Main transactions and next main investor events ==
 
{{chunk|doc=chq99br5nr|c=5453|p=20}}
====== Appendix 8: Main transactions and next main investor events ======
{{Indexing|Main transactions in 2025|Main transactions, share repurchase agreement, Nobis Group, Restricted Tier 1 Notes, Tier 2 Notes, AXA's Shareplan, stock-based compensation, AXA Investment Managers, BNP Paribas, Prima, employee share offering program|c5r2rmwxo6|70zdwfnrmi|ch7st6ifed|bhnpa5y4f0|kind=prose|order=54|f1=Share buyback program|v1=up to 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=Share repurchase agreement|v5=up to EUR 3.8bn (July 1, 2025)}}
 
=== Main transactions in 2025 [¶1-¶1] ===
* Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)
* AnnouncedShare therepurchase completionagreement ofexecuted thefor acquisitionAXA's share buyback program of Nobisup Groupto inEUR Italy1.2bn (AprilFebruary 128, 2025)
* Acquisition of Nobis Group in Italy completed (April 1, 2025)
* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
* Placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
* Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025)
* Share repurchase agreement executed for AXA's Shareplan and certain stock-based compensation (June 2, 2025)
* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)
* Announced the executionSale of aAXA shareInvestment repurchase agreement of upManagers to EURBNP 3.8bn following the sale of AXAParibas IMcompleted (July 1, 2025)
* Share repurchase agreement executed for up to EUR 3.8bn following the sale of AXA IM (July 1, 2025)
* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)
* Acquisition of Prima, the leading direct insurance player in Italy, announced (August 1, 2025)
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
* 2025 employee share offering program (Shareplan 2025) launched (September 10, 2025) and successfully completed (December 3, 2025)
* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)
* AnnouncedPlacement theof completionEUR of750m theRestricted acquisitionTier of1 aNotes majorityand stakeEUR in750m PrimaTier in2 ItalyNotes (NovemberOctober 2814, 2025)
* Acquisition of a majority stake in Prima in Italy completed (November 28, 2025)
 
== Next main investor events ==
 
{{chunk|doc=chq99br5nr|c=5554|p=20}}
====== Next main investor events ======
{{Indexing|Next main investor events|Main investor events, Shareholder’s Annual General Meeting, Activity Indicators, Earnings Release, Investor Day|snkw7cucpt|kind=prose|order=55|f1=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}}
 
* 2026 Shareholder’sShareholder's Annual General Meeting: on April 30, 2026
* First quarter 2026 Activity Indicators: on May 5, 2026
* HY26 Earnings Release: on July 31, 2026
* AXA Investor Day: on September 21, 2026
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_release"