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

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====== {{Indexing|Press release dateline ====||kind=prose|order=1}}
 
* Paris, February 26, 2026 (6:45am CET)
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====== {{Indexing|Underlying EPS growth and record results ====||kind=prose|order=2}}
 
* Underlying EPS growth at the top end of the target range
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====== {{Indexing|Gross written premiums and underlying earnings ====||kind=prose|order=3}}
 
* Gross written premiums & other revenues at EUR 116bn, +6% vs. FY24
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====== {{Indexing|Solvency II ratio ====||kind=prose|order=4}}
 
* Solvency II ratio at 224% at December 31, 2025, +9pts vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period
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====== {{Indexing|Dividend and share buyback actions ====||kind=prose|order=5}}
 
* Dividend of EUR 2.32 per share, +8% vs. FY24
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====== {{Indexing|2026 earnings and Solvency II outlook ====||kind=prose|order=6}}
 
* Underlying earnings per share growth for 2026 expected at upper end of 6-8% plan target range
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====== {{Indexing|2025 performance and business line results ====||kind=prose|order=7}}
 
* 2025 earnings growth +9% in core businesses excluding AXA IM
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====== {{Indexing|Gross written premiums & other revenues by lines of business ====||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|Solvency II ratio (%) ====||kind=table|order=10}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Total gross written premiums and other revenues by business line ====||kind=prose|order=11}}
 
* Total gross written premiums and other revenues +6%
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====== {{Indexing|Underlying earnings by business line ====||kind=prose|order=12}}
 
* Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM
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====== {{Indexing|Underlying earnings per share drivers ====||kind=prose|order=13}}
 
* Underlying earnings per share +8% to EUR 3.86
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====== {{Indexing|Net income and exceptional items ====||kind=prose|order=14}}
 
* Net income +26% to EUR 9.8bn
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====== {{Indexing|Shareholders' equity movements ====||kind=prose|order=15}}
 
* Shareholders' equity EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs December 31, 2024
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====== {{Indexing|CSM growth and drivers ====||kind=prose|order=16}}
 
* CSM EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs December 31, 2024
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====== {{Indexing|Solvency II ratio components ====||kind=prose|order=17}}
 
* Solvency II ratio 224% as of December 31, 2025, up +9pts vs December 31, 2024
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====== {{Indexing|Solvency II transitional measures and revision ====||kind=prose|order=18}}
 
* 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
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====== {{Indexing|Underlying return on equity ====||kind=prose|order=19}}
 
* Underlying return on equity 16.0% as of December 31, 2025, up 0.8pts vs December 31, 2024
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====== {{Indexing|Debt gearing and cash at Holding ====||kind=prose|order=20}}
 
* Debt gearing 22.3% as of December 31, 2025, up 1.7pts vs December 31, 2024
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====== {{Indexing|Dividend proposal and share buyback program ====||kind=prose|order=21}}
 
* Dividend of EUR 2.32 per share proposed (+8% vs FY24) at Shareholders' Annual General Meeting on April 30, 2026.
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====== {{Indexing|Unlock the Future plan drivers ====||kind=prose|order=22}}
 
* 2024-2026 'Unlock the Future' plan entering final year with confidence to achieve main financial targets
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====== {{Indexing|P&C and Life & Health outlook ====||kind=prose|order=23}}
 
* P&C Retail and SME & Mid-market: favorable pricing; expect continued benefit from earnthrough of higher pricing and underwriting actions
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====== {{Indexing|Holdings results outlook ====||kind=prose|order=24}}
 
* Holdings results in 2026 expected to remain at similar level as in 2025
 
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====== {{Indexing|Financial targets and capital management ====||kind=prose|order=25}}
 
* Management on track to deliver 'Unlock the Future' plan targets assuming current operating conditions persist
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====== {{Indexing|Gross written premiums and other revenues by lines of business ====||kind=table|order=26}}
 
<div style="overflow-x:auto">
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====== {{Indexing|All-Year Combined ratio and Underlying earnings by FY ====||kind=table|order=27}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Gross written premiums by line and geography ====||kind=prose|order=28}}
 
* Gross written premiums & other revenues +5% to EUR 58.0bn.
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====== {{Indexing|Combined ratio drivers by component ====||kind=prose|order=29}}
 
* All-year combined ratio improved 0.3pts to 90.6%.
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====== {{Indexing|Underlying earnings by result component ====||kind=prose|order=30}}
 
* P&C underlying earnings +9% to EUR 5.9bn.
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====== {{Indexing|Gross written premiums & other revenues by lines of business ====||kind=table|order=31}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Underlying earnings by Life and Health ====||kind=table|order=32}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Life & Health gross written premiums by product ====||kind=prose|order=33}}
 
* Life GWP +9% to EUR 37.5bn
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====== {{Indexing|Present value of expected premiums by line ====||kind=prose|order=34}}
 
* PVEP -2% to EUR 49.4bn
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====== {{Indexing|New business value and margin ====||kind=prose|order=35}}
 
* NB CSM +3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by impact of higher interest rates on discounting of future profits
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====== {{Indexing|Net flows by product and geography ====||kind=prose|order=36}}
 
* Net flows EUR +5.4bn vs EUR +1.5bn in 2024
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====== {{Indexing|Life & Health underlying earnings drivers ====||kind=prose|order=37}}
 
* Life & Health underlying earnings +7% to EUR 3.5bn
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====== {{Indexing|Holdings underlying earnings ====||kind=prose|order=38}}
 
* Holdings underlying earnings remained broadly stable at EUR -1.2bn.
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====== {{Indexing|Insurer financial strength ratings and AXA's credit ratings by Agency ====||kind=table|order=39}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Glossary definitions for insurance metrics ====||kind=prose|order=40}}
 
* 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%
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====== {{Indexing|Scope by geographic and business segment ====||kind=prose|order=41}}
 
* France: includes insurance activities, banking activities and holding.
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====== {{Indexing|Exchange rates ====||kind=table|order=42}}
 
<div style="overflow-x:auto">
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{{Indexing|Notes||kind=prose|order=43}}
====== 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 ====||kind=prose|order=44}}
 
* Activity indicators comments and changes on a comparable basis (constant forex, scope and methodology).
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====== {{Indexing|Group profile and financials ====||kind=prose|order=45}}
 
* 156,000 employees serving more than 92 million clients in 52 countries
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====== {{Indexing|Contact information ====||kind=prose|order=46}}
 
* Investor Relations: +33.1.40.75.48.42, investor.relations@axa.com
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====== {{Indexing|Forward-looking statements and non-GAAP measures ====||kind=prose|order=47}}
 
* Forward-looking statements include predictions of future events, trends, plans, expectations, or objectives, identified by terms such as 'expects', 'anticipates', 'may', 'plan', 'would', or 'could'.
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====== {{Indexing|Gross Written Premiums and Other Revenues by geography and business line ====||kind=table|order=48}}
 
<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|y30gelxv10|iycymgpuon|pw41e8kn7m|kind=table|order=====49}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Total P&C by Commercial lines, Personal lines, and AXA XL Reinsurance|P&C gross written premiums, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe|wpkf9ycgxf|kynhd2bvm1|n13vjesiav|kind=table|order=====50}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves|Interest rates, discounting P&C claims reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|rmmhubj8mh|kind=table|order=====51}}
 
<div style="overflow-x:auto">
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{{Indexing|P&C: Price effects by country and business line|P&C price effects, country, business line, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, 2026 market pricing trends|llbwb4tj3c|z5ugm9vp33|kind=table|order=52}}
====== P&C: Price effects by country and business line ======
 
<div style="overflow-x:auto">
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====== {{Indexing|Gross written premiums & other revenues by geography and business line|Life & Health gross written premiums, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|kynhd2bvm1|n13vjesiav|kind=table|order=====53}}
 
<div style="overflow-x:auto">
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====== {{Indexing|PVEP, NBV, and NBV margin by geography|Life new business metrics, Health new business metrics, PVEP, NBV, NBV margin, France|fz8evycjst|kynhd2bvm1|kind=table|order=====54}}
 
<div style="overflow-x:auto">
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====== {{Indexing|NB CSM to NBV by Life, Health, Total|NB CSM to NBV, Life, Health, Total, NB CSM, Other NBV, Tax & Other|cqvs0n2z2e|c9uq82u1iy|fz8evycjst|kind=table|order=====55}}
 
<div style="overflow-x:auto">
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====== {{Indexing|Total Life & Health net flows by business line|Life & Health net flows, Health, Protection, G/A Savings, Unit-Linked, Mutual Funds & Other|f4zcgwiyzm|n13vjesiav|kind=table|order=====56}}
 
<div style="overflow-x:auto">
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{{Indexing|Main transactions in 2025|Main transactions, share repurchase agreement, acquisition, notes placement, sale, employee share offering program|c5r2rmwxo6|70zdwfnrmi|b3bc9gy5x7|ch7st6ifed|kind=prose|order=57|f1=Share repurchase program|v1=EUR 1.2bn (February 28, 2025)|f2=Acquisition|v2=Nobis Group in Italy (April 1, 2025)|f3=Notes 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=EUR 3.8bn (July 1, 2025)|f6=Acquisition announced|v6=Prima in Italy (August 1, 2025)|f7=Employee share offering program|v7=Shareplan 2025 (September 10, 2025)|f8=Acquisition completed|v8=majority stake in Prima in Italy (November 28, 2025)}}
====== Main transactions in 2025 ======
 
* Share repurchase agreement executed for AXA share buyback program of up to EUR 1.2bn (February 28, 2025)
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{{Indexing|Upcoming investor events|Upcoming investor events, Shareholder's Annual General Meeting, Activity Indicators, Earnings Release, Investor Day|snkw7cucpt|kind=prose|order=58|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}}
====== Upcoming investor events ======
 
* 2026 Shareholder's Annual General Meeting on April 30, 2026
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