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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 – FY25 key highlights ====||kind=table|order=8}}
 
<div style="overflow-x:auto">
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====== {{Indexing|FY25 key highlights ====||kind=table|order=9}}
 
<div style="overflow-x:auto">
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====== {{Indexing|FY25 key highlights ====||kind=table|order=10}}
 
<div style="overflow-x:auto">
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====== {{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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====== {{Indexing|Underlying earnings and EPS ====||kind=prose|order=12}}
 
* Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM.
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====== {{Indexing|Net income ====||kind=prose|order=13}}
 
* Net income +26% to EUR 9.8bn.
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====== {{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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====== {{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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====== {{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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====== {{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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====== {{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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====== {{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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====== {{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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====== {{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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====== {{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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====== {{Indexing|Key figures – Property & Casualty ====||kind=table|order=23}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Earnings ====||kind=table|order=24}}
 
<div style="overflow-x:auto">
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{{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, Türkiye, Mexico, Europe, 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 ======
 
* Gross written premiums & other revenues were up 5% to EUR 58.0bn.
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{{Indexing|Combined ratio|Combined ratio, undiscounted current year loss ratio, natural catastrophe, expense ratio, prior years' reserve development, Commercial lines, Personal lines, SME & mid-market business, AXA XL Insurance|cos78e4bvi|caxaby4jlv|rhstabgyn2|kind=prose|order=26|f1=Combined ratio|v1=improved by 0.3pts to 90.6%|f2=Natural catastrophe charges|v2=-0.4pts to 3.4%|f3=Prior years' reserve development|v3=+0.7pts at -1.1%}}
====== Combined ratio ======
 
* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:
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{{Indexing|P&C underlying earnings|P&C underlying earnings, technical result, financial result, income taxes|y30gelxv10|pw41e8kn7m|kmocop7wiu|kind=prose|order=27|f1=P&C underlying earnings|v1=up 9% to EUR 5.9bn|f2=Technical result increase|v2=EUR +0.5bn|f3=Financial result increase|v3=EUR +0.2bn|f4=Income taxes increase|v4=EUR -0.2bn}}
====== P&C underlying earnings ======
 
* P&C underlying earnings were up 9% to EUR 5.9bn, driven by:
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{{Indexing|Key figures – Life & Health|Key figures, Life & Health, Gross written premiums & other revenues, Life, Health, PVEP, NB CSM, NBV, NBV margin, Net flows|kind=table|order=28}}
====== Key figures – Life & Health ======
 
<div style="overflow-x:auto">
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{{Indexing|Earnings|Earnings, Life & Health, Underlying earnings, Life, Health|kind=table|order=29}}
====== Earnings ======
 
<div style="overflow-x:auto">
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{{Indexing|Life & Health GWP and other revenues|Life GWP, Health GWP, Unit-Linked, G/A, Protection, Hong Kong, France, Switzerland, Japan, Germany|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 & Health GWP and other revenues ======
 
* 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, 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) ======
 
* 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 (post-tax), NBV margin (post tax), Savings, Protection, short-term multinational business|cqvs0n2z2e|fz8evycjst|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 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, Hong Kong, Japan, France, Germany|f4zcgwiyzm|kind=prose|order=33|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}}
====== 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, Mexico, Germany, France|y30gelxv10|pw41e8kn7m|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=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=35|f1=Holdings underlying earnings|v1===EUR -1.2bn}}
 
* Holdings underlying earnings remained broadly stable at EUR -1.2bn.
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{{Indexing|Ratings|Ratings, S&P Global Ratings, Moody's Investor Service, AM Best, AXA SA, AXA's principal insurance subsidiaries, AXA's credit ratings|u6q0bi3ei3|kind=table|order=36}}
====== Ratings ======
 
<div style="overflow-x:auto">
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{{Indexing|Glossary|Glossary|dsc5r029ax|kind=prose|order=37}}
====== Glossary ======
 
=== Glossary definitions for insurance metrics [¶1-¶5] ===
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{{Indexing|Scope|Scope|kind=prose|order=38}}
====== Scope ======
 
=== Scope: Regional and business line composition [¶1-¶5] ===
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{{Indexing|Exchange rates|Exchange rates, EUR, USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=table|order=39}}
====== 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, BNP Paribas, share repurchase agreement|tepp01g689|n63zd2qo95|kind=prose|order=40}}
====== 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|Reporting basis and audit status|Activity indicators, actuarial and financial assumptions, NBV, PVEP, consolidated financial statements, Board of Directors, AXA's statutory auditors|ow7tevuxxr|ie3cmfrol3|x856lnzuq2|kind=prose|order=41}}
====== Reporting basis and audit status ======
 
* Activity indicators comments and changes on a comparable basis (constant forex, scope and methodology).
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====== {{Indexing|About the AXA group|AXA group|4cr8sbi842|kind=prose|order=====42}}
 
=== Group overview and financials [¶1-¶1] ===
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====== {{Indexing|Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures|Legal information, cautionary statements, forward-looking statements, non-GAAP financial measures|tepp01g689|n63zd2qo95|kind=prose|order=====43}}
 
=== Forward-looking statements and non-GAAP measures [¶1-¶1] ===
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====== {{Indexing|Gross written premiums et other revenues by geography and business line|Gross written premiums, other revenues, geography, business line, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|kind=table|order=====44}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Underlying earnings by geography and by business line|Underlying earnings, geography, business line, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|kind=table|order=====45}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Property & Casualty – gross written premiums & other revenues by business line and discount rates|Property & Casualty, gross written premiums, other revenues, business line, discount rates, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe|kind=table|order=====46}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves|Interest Rates (5Y), Discounting, P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=====47}}
 
<div style="overflow-x:auto">
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{{Indexing|P&amp;C: Price effects by country and business line|P&C, Price effects, country, business line, Commercial lines, Personal lines, AXA XL Reinsurance, Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|llbwb4tj3c|kind=table|order=48}}
====== P&amp;C: Price effects by country and business line ======
 
<div style="overflow-x:auto">
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====== {{Indexing|Life & Health – gross written premiums & other revenues and growth by business line|Life & Health gross written premiums, other revenues, growth, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=table|order=====49}}
 
<div style="overflow-x:auto">
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====== {{Indexing|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|fz8evycjst|kind=table|order=====50}}
 
<div style="overflow-x:auto">
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====== {{Indexing|New business volume (PVEP), new business value (NBV), and NBV margin|NB CSM to NBV, Life, Health, Total, NB CSM (pre-tax), Other NBV (pre-tax), Tax & Other, NBV|fz8evycjst|cqvs0n2z2e|kind=table|order=====51}}
 
<div style="overflow-x:auto">
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{{Indexing|Net flows by business line|Life & Health net flows, Health, Protection, G/A Savings, capital light, traditional G/A, Unit-Linked, Mutual Funds & Other|f4zcgwiyzm|kind=table|order=52}}
====== Net flows by business line ======
 
<div style="overflow-x:auto">
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====== {{Indexing|Appendix 8: Main transactions and next main investor events|Main transactions, next main investor events|kind=prose|order=====53}}
 
=== Main transactions in 2025 [¶1-¶1] ===
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{{Indexing|Next main investor events|Next main investor events|snkw7cucpt|kind=prose|order=54|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}}
====== Next main investor events ======
 
* 2026 Shareholder's Annual General Meeting on April 30, 2026
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