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| pages = 49
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_presentation.md->
| intro_sentence = This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).
| wide = yes
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''This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).''
 
=== Full Year 2025 Earnings Presentation ===
 
=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ===
== Importantlegalinformationandcautionarystatementsconcerningforward-lookingstatementsandtheuseof non-gaapfinancialmeasures ==
 
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==
 
{{chunk|doc=snjra2xp9r|c=1|p=2}}
====== Forward-looking statements and risksnon-GAAP measures ======
 
* Certain statementsStatements in thethis document aremay be forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] ("UEPS") growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group's current strategic plan.
* These statements are based on Management's current views and intentions and are subject to change.
* 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.
* Each forward-looking statement is valid only at the date of thethis presentation.
* ImportantRefer factors, risks, and uncertainties affecting AXA's business and/or results are described into 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") for important factors, risks, and uncertainties.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* This presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management for analyzing operating trends, financial performance, and position.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies.
* 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.
* "[[Definition:Underlying earnings|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 of AXA's 2025 Activity Report.
* AXA's Activity Report as of December 31, 2025, is available on the AXA Group website (www.axa.com).
 
{{chunk|doc=snjra2xp9r|c=2|p=2}}
====== Non-GAAPFinancial financialstatement measuresaudit (APMs)status ======
 
* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026|2026]].
* The presentation refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management to analyze operating trends, financial performance, and position.
* These APMs provide investors with additional information deemed useful and relevant by Management.
* Non-GAAP financial measures generally lack standardized meaning and may not be comparable to similarly labeled measures from other companies.
* APMs should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS.
* "[[Definition:Underlying earnings|Underlying earnings]]", [[Definition:Underlying earnings per share|UEPS]] ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined by ESMA's guidelines and the AMF's related position statement issued in 2015.
* AXA provides a reconciliation of APMs to the most closely related financial statement items (and/or their calculation methodology) 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 of AXA's 2025 Activity Report.
* AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
 
{{chunk|doc=snjra2xp9r|c=3|p=2}}
====== Financial statements audit ======
 
* AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, [[Definition:Year 2026|2026]].
* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.
 
{{chunk|doc=snjra2xp9r|c=43|p=23}}
====== Presentation sections and speakers ======
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
 
<div class="ed-chart-desc">
[Chart/image description:]
A small blue square logo with the word "AXA" in white text, where the "X" is stylized with a red slash.
</div>
 
{{chunk|doc=snjra2xp9r|c=5|p=3}}
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Decorative teal corner bracket graphic (top-right area of the content region)
</div>
 
{{chunk|doc=snjra2xp9r|c=6|p=3}}
====== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Decorative teal corner bracket graphic (bottom-left area of the content region)
</div>
 
{{chunk|doc=snjra2xp9r|c=7|p=3}}
====== FY25 presentation sections ======
 
* [[Definition:Full year 2025|FY25]] Highlights are on page 04,: presented by Thomas Buberl, Group CEO, on page 4.
* FY25 Business Performance is on page 09,: presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, on page 9.
* FY25 Financial Performance is on page 13,: presented by Alban de Mailly Nesle, Group CFO, on page 13.
 
== 1 FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=84|p=4}}
====== CEO statement ======
 
* Thomas Buberl is the Group CEO.
 
=== Full Year 2025 |– Excellent performance ===
 
{{chunk|doc=snjra2xp9r|c=95|p=5}}
====== Financial performance and shareholder returnshighlights ======
 
* Revenues +6% vs. [[Definition:Full year 2024|FY24]]
* Return on Equity (ROE) 16% in [[Definition:Full year 2025|FY25]]
* [[Definition:Underlying earnings per share|Underlying EPS]] +8% vs. FY24
* Solvency II ratio 224% in FY25
* Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* [[Definition:Dividend|Dividend]] Per Share (DPS) growth +8%
* Annual [[Definition:Share buyback|share buyback]] of EUR 1.25bn
* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=106|p=5}}
====== Full Year 2025 |– Excellent performance ======
 
{{fn note|1=1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
Line 114 ⟶ 82:
=== Executing the plan on growth, margin and efficiency ===
 
{{chunk|doc=snjra2xp9r|c=117|p=6}}
====== Executing the plan on growth, margin and efficiency ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart showing: [[Definition:Underlying earnings|Underlying earnings]] in Euro billion for, [[Definition:Full year 2024|FY24]] andvs [[Definition:Full year 2025|FY25]], in Euro billion.
- FY24: 8.1 (light blue bar)
- FY25: 8.4 (dark blue bar)
Change: +6%
- Growth from FY24 to FY25 is labeled as +6%.
- A callout box next to the FY25 bar statesAnnotation: +9% excluding [[Definition:AXA Investment Managers|AXA IM]].
</div>
 
==== +6% top line growth, well balanced across ====
{{chunk|doc=snjra2xp9r|c=12|p=6}}
====== Organic growth and profitability ======
 
{{chunk|doc=snjra2xp9r|c=8|p=6}}
* Top line growth: +6%, balanced across lines
====== Top line growth and profitability ======
 
* Top line growth +6%, balanced across lines:
** P&C: +5%
** Life: +9%
** Health: +5%
* Record profitability achievedwith further margin expansion in P&C and L&H
* Improvement in efficiency
* Margin expansion in P&C and L&H
* Efficiency improved
 
{{chunk|doc=snjra2xp9r|c=139|p=6}}
====== Business scaling and earnings ======
 
Line 147 ⟶ 116:
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=1410|p=7}}
====== Secular trends fueling demand across businesses ======
 
<div class="ed-chart-desc">
[Chart/image description:]
A central donutPie chart: showing[[Definition:Full theyear FY232025|FY25]] [[Definition:Gross written premiums|gross written premium]] split, excluding [[Definition:AXA Investment Managers|AXA IM]] and holdings., Theby chartbusiness is divided into five segments:line.
- Life: (33%)
- Health: (17%)
Retail (17%)
- Large & Specialty: 17%
Large & Specialty (17%)
- SME & Mid-market: 16%
SME & Mid-market (16%)
- Retail: 17%
The AXA logo is in theat center of the donut.
To the left of the chart is the text: "Protection gaps and emerging corporate risks".
To the right of the chart is the text: "Demographics driving demand for private retirement and healthcare".
</div>
 
{{chunk|doc=snjra2xp9r|c=11|p=7}}
====== Protection gaps and emerging corporate risks ======
 
* Protection gaps and emerging corporate risks are driving demand across businesses.
* Demographics are driving demand for private retirement and healthcare.
 
==== Our right to win ====
 
{{chunk|doc=snjra2xp9r|c=1512|p=7}}
====== OurCompetitive right to winadvantages ======
 
* Leading brand and high customer NPS
<div class="ed-chart-desc">
* Strong and diversified distribution
[Chart/image description:]
* Technical expertise in pricing and underwriting risks
Four horizontal capsules, each containing a checkmark icon and a key strength:
* Scale offering cost advantage
- Leading brand & high customer NPS
- Strong and diversified distribution
- Technical expertise to price & underwrite risks
- Scale offering cost advantage
@@ORIG_0@@
</div>
 
=== Laying the foundation for the next plan ===
 
{{chunk|doc=snjra2xp9r|c=1613|p=8}}
====== StrategicTech initiativesand AI roadmap ======
 
* Clear tech and AI roadmap is driving efficiency.
* Driving efficiency
* Enhancing capital allocation discipline.
* Enhancing capital allocation discipline
 
==== Confidence in sustaining earnings growth ====
 
{{chunk|doc=snjra2xp9r|c=1714|p=8}}
====== BuildingInternal building resilience ======
 
* GIE_AXA_Internal is focused on buildingBuilding resilience.
{{chunk|doc=snjra2xp9r|c=1714|p=9|cont=1}}
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* Guillaume Borie presented on [[Definition:Full year 2025|FY25]] Business Performance.
 
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=1815|p=10}}
====== Gross written premiums & underlyingUnderlying earnings by geography ======
 
<div style="overflow-x:auto">
Line 208 ⟶ 176:
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | France<br/> (27% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6%<br/> to €31bn
| style="text-align:right" | +7%<br/> to €2.2bn
|-
| style="text-align:left" | Europe<br/> (38% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +6%<br/> to €43bn
| style="text-align:right" | +9%<br/> to €3.5bn
|-
| style="text-align:left" | AXA XL<br/> (17% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +4%<br/> to €19bn
| style="text-align:right" | +9%<br/> to €1.9bn
|-
| style="text-align:left" | Asia, Africa &amp; EME-LATAM<br/> (18% of total GWP{{fn ref|1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}})
| style="text-align:right" | +13%<br/> to €20bn
| style="text-align:right" | +6%<br/> to €1.5bn
|}
</div>
{{fn note|1=1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
=== P&C – Strong margins, confidence in sustaining growth ===
{{chunk|doc=snjra2xp9r|c=19|p=10}}
 
====== Strong delivery across our businesses ======
{{chunk|doc=snjra2xp9r|c=16|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Donut chart: [[Definition:Gross written premiums|GWP]] breakdown, €58bn total.
A visual representation of the table above, showing four business segments (France, Europe, AXA XL, Asia, Africa & EME-LATAM) with their respective [[Definition:Gross written premiums|GWP]] and [[Definition:Underlying earnings|Underlying earnings]] growth percentages and absolute values, each row accompanied by a blue checkmark icon on the right.
- Retail: share not printed
- AXA XL{{fn ref|1}} (Large & Specialty): share not printed
- SME & Mid-market: share not printed
</div>
 
{{chunk|doc=snjra2xp9r|c=2017|p=1011}}
====== StrongUnderlying delivery across our businessesearnings ======
 
* [[Definition:Underlying earnings|Underlying earnings]] +9% to EUR 5.9bn.
{{fn note|1=1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
 
{{chunk|doc=snjra2xp9r|c=18|p=11}}
== P&C | Strong margins, confidence in sustaining growth ==
====== P&C – Strong margins, confidence in sustaining growth ======
 
<div class="ed-chart-desc">
{{chunk|doc=snjra2xp9r|c=21|p=11}}
[Chart/image description:]
====== P&C | Strong margins, confidence in sustaining growth ======
Table/Grid: Strategic outlook for 2025 and Beyond 2025.
- Retail and SME & Mid-market:
- 2025: Growing volumes while expanding margins
- Beyond 2025: Investing to improve customer retention & expanding distribution footprint
- AXA XL (Large & Specialty):
- 2025: Profitable growth with stable margins
- Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management
</div>
 
{{chunk|doc=snjra2xp9r|c=19|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Flow diagram: Drivers of growth (indicated by a plus sign).
A donut chart titled "[[Definition:Gross written premiums|GWP]]" with a central value of "€58bn". The chart is divided into three segments:
- Continued progress on efficiency
- "Retail" (light blue, largest segment)
- Higher investment income
- "SME & Mid-market" (medium blue, second largest)
- Data & AI to further enhance customer experience & technical excellence
- "AXA XL (Large & Specialty)" (dark blue, smallest segment)
The segment "AXA XL (Large & Specialty)" has a superscript "1" next to "AXA XL".
</div>
 
{{chunk|doc=snjra2xp9r|c=2220|p=11}}
====== P&C GWP– Strong margins, confidence in sustaining growth ======
 
{{fn note|1=1|2=1. Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=2. Change FY25 vs. FY24 at constant FX.}}
 
=== L&H – Good momentum, well positioned to capture growth opportunities ===
* P&C [[Definition:Gross written premiums|GWP]] increased +9% to EUR 5.9bn.
 
{{chunk|doc=snjra2xp9r|c=2321|p=1112}}
====== PL&CH |– StrongGood marginsmomentum, confidencewell inpositioned sustainingto capture growth opportunities ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Donut chart: [[Definition:Gross written premiums|Gross Written Premium]] (GWP) split by business line, in Euro billion.
A table-like diagram with two main columns: "2025" and "Beyond 2025". Rows:
- Short-term: ~€15bn (dark blue segment)
- Row 1: "Retail and SME & Mid-market" — "Growing volumes while expanding margins" under 2025; "Investing to improve customer retention & expanding distribution footprint" under Beyond 2025.
- Long-term: ~€42bn (light blue segment)
- Row 2: "AXA XL (Large & Specialty)" — "Profitable growth with stable margins" under 2025; "Capitalizing on attractive growth opportunities and continued cycle management" under Beyond 2025.
- Center label: €57bn GWP
Below the table, a plus icon is centered, followed by three rounded rectangular boxes:
- "Continued progress on efficiency"
- "Higher investment income"
- "Data & AI to further enhance customer experience & technical excellence"
</div>
 
{{chunk|doc=snjra2xp9r|c=2422|p=1112}}
====== P&CUnderlying | Strong margins, confidence in sustaining growthearnings ======
 
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn.
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
 
{{chunk|doc=snjra2xp9r|c=23|p=12}}
=== L&H| Good momentum, well positioned to capture growth opportunities ===
====== L&H – Good momentum, well positioned to capture growth opportunities ======
 
{{chunk|doc=snjra2xp9r|c=25|p=12}}
====== L&H| Good momentum, well positioned to capture growth opportunities ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Two-column roadmap: Strategic priorities for 2025 and Beyond 2025.
A donut chart labeled "€57bn [[Definition:Gross written premiums|GWP]]" in the center. The chart is divided into two segments: a dark blue segment labeled "Short-term" and a light blue segment labeled "Long-term". The dark blue segment occupies approximately one-third of the chart, while the light blue segment occupies the remaining two-thirds.
Left column header: 2025
- Long-term business: Accelerating net flows in Savings at attractive margins
- Short-term business: Growing technical results while absorbing Mexico VAT impact
Right column header: Beyond 2025
- Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for our customers
- Short-term business: Capitalizing on demand for health & protection while further improving our margins
</div>
 
{{chunk|doc=snjra2xp9r|c=2624|p=12}}
====== L&H| – Good momentum, well positioned to capture growth opportunities ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Three horizontal strategy boxes below the roadmap, connected by a central plus icon.
A two-column table with headers "2025" and "Beyond 2025". Under "2025", two rows: "Long-term business" with text "Accelerating net flows in Savings at attractive margins", and "Short-term business" with text "Growing technical results while absorbing Mexico VAT impact". Under "Beyond 2025", two rows: "Capturing savings & retirement opportunity, sourcing best asset management products for our customers", and "Capitalizing on demand for health & protection while further improving our margins". Below the table, three rounded rectangular boxes: "Focus on cost reduction", "Increasing penetration of Protection riders in Savings offerings", and "Leveraging AI to reduce claims leakage & improve customer outcomes in Health". A blue circle with a white plus sign is centered below the table and above the three boxes. At the bottom left, text reads "[[Definition:Underlying earnings|Underlying earnings]] +7%{{fn ref|1}} to €3.5bn". At the bottom right, text reads "[[Definition:Full year 2025|Full Year 2025]] Earnings" next to an AXA logo.
- Left box: Focus on cost reduction
- Center box: Increasing penetration of Protection riders in Savings offerings
- Right box: Leveraging AI to reduce claims leakage & improve customer outcomes in Health
</div>
 
{{chunk|doc=snjra2xp9r|c=2725|p=12}}
====== GroupL&H CFO– andGood FY25momentum, Financialwell Performancepositioned to capture growth opportunities ======
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
* GIE_AXA_Internal Alban de Mailly Nesle is the Group CFO for [[Definition:Full year 2025|FY25]] Financial Performance.
 
== FY25 Financial Performance ==
{{chunk|doc=snjra2xp9r|c=28|p=12}}
====== L&H| Good momentum, well positioned to capture growth opportunities ======
 
{{chunk|doc=snjra2xp9r|c=26|p=13}}
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
====== Group CFO ======
 
* Alban de Mailly Nesle is the Group CFO.
== 3 ==
 
=== P&C – Continued disciplined growth ===
=== FY25 Financial Performance ===
 
==== GWP & Other Revenues ====
{{chunk|doc=snjra2xp9r|c=29|p=13}}
====== Group CFO commentary ======
 
{{chunk|doc=snjra2xp9r|c=27|p=14}}
* Alban de Mailly Nesle is the Group CFO.
====== GWP & Other Revenues ======
 
<div class="ed-chart-desc">
=== P&C| Continued disciplined growth ===
[Chart/image description:]
Stacked bar chart: [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
</div>
 
{{chunk|doc=snjra2xp9r|c=28|p=14}}
=== P&C | Continued disciplined growth ===
====== GWP & Other Revenues by segment ======
 
* [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] increased +5% to EUR 58.0bn in [[Definition:Full year 2025|FY25]] (prior: EUR 56.5bn).
=== GWP & Other Revenues ===
* Commercial lines GWP & Other Revenues were EUR 35.8bn, with +4% change, comprising +2% from pricing and +2% from volume.
* AXA XL Reinsurance GWP & Other Revenues were EUR 2.6bn, with +8% change, comprising +0.3% from pricing and +7% from volume.
* Retail lines GWP & Other Revenues were EUR 19.7bn, with +7% change, comprising +5% from pricing and +2% from volume.
 
{{chunk|doc=snjra2xp9r|c=3029|p=14}}
====== GWP & Other Revenues ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Table panel showing Change, o/w pricing, o/w volume columns alongside the bar chart as described above.
A bar chart and table showing [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] for [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]], broken down by segment, with change metrics.
</div>
 
{{chunk|doc=snjra2xp9r|c=3130|p=14}}
====== GWPCommercial &Lines OtherGrowth Revenues by segmentDrivers ======
 
* Total [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]: EUR 58.0bn in [[Definition:Full year 2025|FY25]] (+5% overall)
** Commercial lines: EUR 35.8bn
** AXA XL Reinsurance: EUR 2.6bn
** Retail lines: EUR 19.7bn
* Commercial lines GWP & Other Revenues change: +4% (o/w pricing +2%, o/w volume +2%)
* AXA XL Reinsurance GWP & Other Revenues change: +8% (o/w pricing +0.3%, o/w volume +7%)
* Retail lines GWP & Other Revenues change: +7% (o/w pricing +5%, o/w volume +2%)
* Continued pricing momentum and volume growth in Mid-market and SME
* Growth in lines of business with attractive margins, maintainingwith a focus on retention at AXA XL Insurance
* Growth supported by alternative capital
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
 
{{chunk|doc=snjra2xp9r|c=3231|p=14}}
====== GWP & Other Revenues ======
 
Line 350 ⟶ 341:
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
=== P&C| – Delivering further margin expansion while enhancing reserve prudence ===
 
=== P&C | Delivering further margin expansion while enhancing reserve prudence ===
 
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=3332|p=15}}
====== Combined ratio ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Stacked bar chart comparing the: Combined ratio for, [[Definition:Full year 2024|FY24]] andvs [[Definition:Full year 2025|FY25]].
- FY24 Total: 91.0%
- Undiscounted CY loss ratio (ex Nat Cat): 67.4%
- FY25 Total: 90.6%
- Expense ratio: 25.0%
The bars are composed of the following components:
- Nat Cat: 3.8%
- Undiscounted CY loss ratio (ex Nat Cat): 67.4% in FY24; 67.0% in FY25.
- Prior year reserve development: -1.6%
- Expense ratio: 25.0% in FY24; 24.8% in FY25.
- Discount: -3.6%
- Nat Cat: 3.8% in FY24; 3.4% in FY25.
FY25 Total: 90.6%
- Prior year reserve development: -1.6% in FY24; -1.1% in FY25.
- Undiscounted CY loss ratio (ex Nat Cat): 67.0%
- Discount: -3.6% in FY24; -3.5% in FY25.
- Expense ratio: 24.8%
- Nat Cat: 3.4%
- Prior year reserve development: -1.1%
- Discount: -3.5%
</div>
 
{{chunk|doc=snjra2xp9r|c=3433|p=15}}
====== Undiscounted current year loss ratio and expense ratio ======
 
* Undiscounted current year loss ratio (excluding Nat Cat) improved due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment.
* StableUndiscounted current year loss ratio (excluding Nat Cat) improved due to stable AXA XL Insurance margins at attractive levels, reflectedreflecting disciplined cycle management.
* Improvement in expenseExpense ratio reflected theimproved impactdue ofto efficiency measures, while continuing investment in growth initiatives and technology.
* Nat Cat charges were below the normalized load.
* LowerThere was lower reliance on prior year reserve development.
* Reserve prudence was enhanced during a good year.
* Enhanced reserve prudence.
 
=== P&C| – Earnings growth from higher underwriting and financial result ===
 
{{chunk|doc=snjra2xp9r|c=34|p=16}}
=== P&C | Earnings growth from higher underwriting and financial result ===
 
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== P&C earnings growth ======
 
* P&C earnings growth was driven by higher underwriting and financial results.
* All figures are in EUR million.
 
==== Underlying Earnings ====
{{chunk|doc=snjra2xp9r|c=36|p=16}}
 
====== P&C | Earnings growth from higher underwriting and financial result ======
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== Underlying Earnings ======
 
<div class="ed-chart-desc">
[Chart/image description:]
The image shows a bridgeWaterfall chart for P&C: [[Definition:Underlying earnings|Underlying Earnings]] from, [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]], in Euro million.
- FY24: 5,510 (light blue bar)
- Volume growth: +292
- Margin improvement: +189
- Underwriting result{{fn ref|1}}: (bracket grouping Volume growth and Margin improvement): +481 (calculated from components)
- Investment income: +435
- Insurance finance expenses: -235
- Financial result: (bracket grouping Investment income and Insurance finance expenses): +200 (calculated from components)
- Tax: -169
- Affiliates, [[Definition:Foreign exchange|FX]] & other: -150
- FY25: 5,872 (dark blue bar)
- Total change from FY24 to FY25: +9% (indicated by an arrow above the bridge)
</div>
 
{{chunk|doc=snjra2xp9r|c=3736|p=16}}
====== P&CUnderlying earnings drivers ======
 
* Better underwriting result from strong volume growth and improved all-year combined ratio, while enhancing reserve prudence
* InvestmentIncrease incomein increasedinvestment dueincome toreflecting higher volumes and better reinvestment yields on fixed income assets
* Higher unwind of discount of claims reserves, in line with guidance
* Unfavorable forex impact, notably due to USD depreciation vs. EUR
 
{{chunk|doc=snjra2xp9r|c=3837|p=16}}
====== P&C |Underlying Earnings growth from higher underwriting and financial result ======
 
{{fn note|1=1|2=Underwriting result includes expenses.}}
 
=== Life & Health |– Strong growth in premiums, positive net flows ===
 
{{chunk|doc=snjra2xp9r|c=3938|p=17}}
====== LifeFinancial & Health premiums and net flowsmetrics ======
 
* LifeAll &financial Health premiums and net flowsfigures are presented in EUR billion.
 
==== Life GWP & Other Revenues ====
{{chunk|doc=snjra2xp9r|c=40|p=17}}
 
====== Life & Health | Strong growth in premiums, positive net flows ======
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== Life GWP & Other Revenues ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Stacked bar chart: Life [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] bar chart:, [[Definition:Full year 2024|FY24]] total 34.5,vs [[Definition:Full year 2025|FY25]] total 37.5 (+9%). FY24 breakdown: Protection 17.3 (+11%), Unit-linked 9.3 (+13%), Capital light G/A 9.0 (+7%), Traditional G/A 1.9 (-7%). FY25 breakdown: Protection 17.3, Unit-linked 9.3, Capital light G/A 9.0, Traditionalin G/AEuro 1.9billion.
Total:
Health GWP & Other Revenues bar chart: FY24 total 17.5, FY25 total 19.0 (+5%). FY24 breakdown: Individual 10.5 (+6%), Group 8.5 (+4%). FY25 breakdown: Individual 10.5, Group 8.5.
- FY24: 34.5
Net flows bar chart: Protection +4.9, Health +2.7, Unit-Linked +1.5, Capital light G/A +1.2, Traditional G/A -5.0. Total net flows: €+5.4bn vs. €+1.5bn in FY24.
- FY25: 37.5 (+9% change)
Footnote below charts: o/w FY25 Employee Benefits¹ Euro 12.9 billion (+4% vs. FY24)
Footnote 1: Including both short-term and long-term Employee Benefits [[Definition:Gross written premiums|GWP]] and [[Definition:Other revenue|other revenues]].
</div>
 
{{chunk|doc=snjra2xp9r|c=4140|p=17}}
====== Life GWP & Health | Strong growth in premiums,Other positiveRevenues netby flowssegment ======
 
* Protection [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]: EUR 17.3bn (+11%) in [[Definition:Full year 2025|FY25]]
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
* Unit-linked GWP & Other Revenues: EUR 9.3bn (+13%) in FY25
* Capital light G/A GWP & Other Revenues: EUR 9.0bn (+7%) in FY25
* Traditional G/A GWP & Other Revenues: EUR 1.9bn (-7%) in FY25
* Employee Benefits GWP & Other Revenues: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]]) in FY25
 
==== Health GWP & Other Revenues ====
== Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ==
 
{{chunk|doc=snjra2xp9r|c=4241|p=1817}}
====== LifeHealth GWP & Health Gross WrittenOther PremiumsRevenues ======
 
* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) for Life & Health were EUR 3.8bn.
 
{{chunk|doc=snjra2xp9r|c=43|p=18}}
====== Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
 
<div class="ed-chart-desc">
[Chart/image description:]
BarStacked bar chart: showingHealth PVEP[[Definition:Gross (Presentwritten Valuepremiums of& Expectedother Premiums)revenues|GWP comparison& betweenOther Revenues]], [[Definition:Full year 2024|FY24]] andvs [[Definition:Full year 2025|FY25]], in Euro billion.
- Total FY24: 50.9
- FY24: 17.5
- Total FY25: 49.4 (-2% change)
- FY25: 19.0 (+5% change)
Breakdown of PVEP:
- Protection & Health: FY25 is 31.4 (-4% change)
- Unit-Linked: FY25 is 8.5 (+18% change)
- Capital-light G/A: FY25 is 7.8 (-10% change)
- Traditional G/A: FY25 is 1.7 (-10% change)
</div>
 
{{chunk|doc=snjra2xp9r|c=4442|p=1817}}
====== Life & Health |GWP Strong& volumeOther growth in Savings and Protection impactedRevenues by higher interest rates on discountingSegment ======
 
* Individual segment: [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]] +6% to EUR 10.5bn
* Group segment: FY25 GWP & Other Revenues +4% to EUR 8.5bn
 
==== Net flows: €+5.4bn vs. €+1.5bn in FY24 ====
 
{{chunk|doc=snjra2xp9r|c=43|p=17}}
====== Net flows: €+5.4bn vs. €+1.5bn in FY24 ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Horizontal bar chart: Net flows by segment, in Euro billion.
Bar chart showing NB CSM (pre-tax) comparison between [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]].
- FY24Protection: 2+4.29
- FY25Health: +2.2 (+3% change)7
- Unit-Linked: +1.5
- Capital light G/A: +1.2
- Traditional G/A: -5.0
</div>
 
{{chunk|doc=snjra2xp9r|c=44|p=17}}
====== Net flows: €+5.4bn vs. €+1.5bn in FY24 ======
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
 
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
{{chunk|doc=snjra2xp9r|c=45|p=18}}
====== Life & Health |net Strong volume growth in Savings and Protection impacted by higher interest rates on discountingflows ======
 
* Life & Health net flows were EUR 1.4bn in FY23.
* Protection & Health net flows were EUR 3.2bn in FY23.
* Savings net flows were -EUR 1.8bn in FY23.
 
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: showing NBV (post-tax) comparison betweenPVEP, [[Definition:Full year 2024|FY24]] andvs [[Definition:Full year 2025|FY25]], in Euro billion.
Protection & Health: 50.9 (FY24), 49.4 (FY25, -2%)
- FY24: 2.3
Unit- FY25Linked: 28.25 (stableFY25, +18%)
Capital-light G/A: 7.8 (FY25, -10%)
NBV margin:
Traditional G/A: 1.7 (FY25, -10%)
- FY24: 4.4%
- FY25: 4.5%
</div>
 
{{chunk|doc=snjra2xp9r|c=4647|p=18}}
====== PVEPNew Business Value (NBV) and NBContractual Service Margin (CSM) ======
 
* NB CSM (pre-tax) was EUR 2.2bn in [[Definition:Full year 2024|FY24]] and EUR 2.2bn (+3%) in [[Definition:Full year 2025|FY25]].
* NBV (post-tax) was EUR 2.3bn in FY24 and EUR 2.2bn (stable) in FY25.
* NBV margin was 4.4% in FY24 and 4.5% in FY25.
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.
 
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== NBV ======
 
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.
 
=== Life & Health |– Growth in new business driving Normalized CSM growth ===
 
==== Contractual Service Margin rollforward ====
Line 512 ⟶ 524:
<div class="ed-chart-desc">
[Chart/image description:]
Waterfall bar chart showing: Contractual Service Margin rollforward from, [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]]. FY24 bar: 33.6. New business CSM: +2.2. Underlying return on, in-force: +1.3. CSM release: -3.0. A dashed box groups these three bars labeled "Normalized CSM growth +2%". Economic variance: +0.6. Operating variance: -0.3. Affiliates, [[Definition:Foreign exchange|FX]] & other: -1.4. FY25 bar: 33.0. Below the chart: o/w Life FY24: 25.8, FY25: 25.4; o/w Health FY24: 7.7, FY25:Euro 7.6billion.
- FY24: 33.6 (o/w Life: 25.8, o/w Health: 7.7)
- **Normalized CSM up by +2%,** with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
- New business CSM: +2.2
- **Economic variance** reflecting government spreads tightening and positive equity market returns
- Underlying return on in-force: +1.3
- **Operating variance** driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland
- CSM release: -3.0
- **FX** impact mainly from JPY and HKD depreciation
- Normalized CSM growth: +2% (grouping New business CSM, Underlying return on in-force, and CSM release)
- Economic variance: +0.6
- Operating variance: -0.3
- Affiliates, [[Definition:Foreign exchange|FX]] & other: -1.4
- FY25: 33.0 (o/w Life: 25.4, o/w Health: 7.6)
</div>
 
Line 522 ⟶ 539:
====== Contractual Service Margin rollforward ======
 
* Normalized CSM up +2%.
<div class="ed-chart-desc">
* CSM release growth reflects better margins.
[Chart/image description:]
* New business CSM growth impacted by higher rates.
No additional chart content visible beyond what is described in P019_B04.
* Economic variance reflects government spreads tightening and positive equity market returns.
</div>
* Operating variance driven by better margins and net flows, offset by a reduction in the duration of Group Life business in Switzerland.
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation.
 
=== Life & Health |– Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=50|p=20}}
====== Financial metricsreporting currency ======
 
* All financial figures are presented in EUR millionmillions.
 
==== Underlying Earnings ====
 
{{chunk|doc=snjra2xp9r|c=51|p=20}}
====== Underlying Earnings ======
====== Life & Health | Strong momentum in both short-term and long-term business ======
 
<div class="ed-chart-desc">
[Chart/image description:]
WaterfallBar chart showing the bridge of: [[Definition:Underlying earnings|Underlying Earningsearnings]] from, [[Definition:Full year 2024|FY24]] tovs [[Definition:Full year 2025|FY25]], in Euro million.
- FY24 Totaltotal: 3,323
- Short-term technical margin: 415
- Long-term result incl. CSM release: 2,680
- Financial result: 975
- Tax & others: -748
Change drivers:
- Bridge steps:
- Short-term technical margin: +60
- Long-term result incl. CSM release: +156
- Financial result: -11
- Tax, [[Definition:Foreign exchange|FX]] and others: -27
- FY25 Totaltotal: 3,501 (+7% change)
- Short-term technical margin: 479
- Long-term result incl. CSM release: 2,804
- Financial result: 946
- Tax & others: -728
Overall change: +7%
o/w Life: 2.6 → 2.7 (+4% vs. FY24)
o/w Health: 0.7 → 0.8 (+17% vs. FY24)
</div>
 
{{chunk|doc=snjra2xp9r|c=52|p=20}}
====== Life & HealthShort-term technical margin ======
 
* Short-term technical margin was strong, reflecting underwriting and claims initiatives.
* Life technical margin: EUR 2.7bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]])
* This strength more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
* Health technical margin: EUR 0.8bn in FY25 (+17% vs. FY24)
 
* All figures are in billions.
{{chunk|doc=snjra2xp9r|c=53|p=20}}
* Change at constant [[Definition:Foreign exchange|FX]].
====== Long-term results ======
* Strong short-term technical margin reflects underwriting and claims initiatives.
 
* Initiatives more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
* Higher longLong-term results fromwere higher due to an +8% increase in CSM release.
* CSM releaseThis increase reflects growth in the reserve base, including from favorable equity market performance, and better margins.
 
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=5354|p=21}}
====== Net income by business segment ======
 
Line 629 ⟶ 653:
</div>
 
{{chunk|doc=snjra2xp9r|c=5455|p=21}}
====== Net incomeIncome driversDrivers ======
 
* Insurance businesses showed strong performance.
* Holding cost was stable and is expected to remain at the current level in [[Definition:Year 2026|2026]].
* Net incomeIncome was higher, mainly reflecting higher [[Definition:Underlying earnings|underlying earnings]] and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Financial flows were lower, reflecting an unfavorable forex impact.
 
==== Underlying earnings per share In Euro ====
 
==== Underlying earnings per share In Euro ====
 
{{chunk|doc=snjra2xp9r|c=5556|p=21}}
====== CurrencyUnderlying basisearnings per share in Euro ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] in Euro
* All figures are presented in Euro.
 
{{chunk|doc=snjra2xp9r|c=5657|p=21}}
====== Underlying earnings per share In Euro ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart showing: [[Definition:Underlying earnings per share|Underlying earnings per share]] in Euro., [[Definition:Full year 2024|FY24]] bar (light blue): 3.59.vs [[Definition:Full year 2025|FY25]], barin (dark navy): 3.86. A bracket above indicates +8% overall change between FY24 and FY25Euro.
FY24: 3.59
FY25: 3.86
Overall change: +8%
</div>
 
{{chunk|doc=snjra2xp9r|c=5758|p=21}}
====== Underlying earnings per share growth drivers ======
 
* Earnings growth contributed +6%.
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth was +6% from earnings growth.
* Underlying earnings per share growth was +3% from [[Definition:Capital management|capitalCapital management]] contributed +3%.
* UnderlyingForex earnings per share growthimpact was -2% from forex.
* UnderlyingForex earnings per share growthimpact included -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of the anti-dilutive [[Definition:ShareAXA buybackInvestment Managers|shareAXA buybackIM]] sale, related to the timing of anti-dilutive [[Definition:AXAShare Investment Managersbuyback|AXAshare IMbuyback]] sale.
 
{{chunk|doc=snjra2xp9r|c=5859|p=21}}
====== UnderlyingCurrency earnings per sharenotation ======
 
{{chunk|doc=snjra2xp9r|c=59|p=22|cont=1}}
<div class="ed-chart-desc">
* All figures are in EUR billion.
[Chart/image description:]
Dashed-border callout box reiterating the note about -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from [[Definition:AXA Investment Managers|AXA IM]] sale due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]].
</div>
 
=== Shareholders’ Equity ===
 
{{chunk|doc=snjra2xp9r|c=59|p=22}}
====== Shareholders' Equity ======
 
* Shareholders' Equity in Euro billion.
 
{{chunk|doc=snjra2xp9r|c=60|p=22}}
====== Shareholders’Underlying Equityearnings per share In Euro ======
 
<div class="ed-chart-desc">
[Chart/image description:]
The image shows aStacked bar chart and key metrics for: Shareholders' equity{{fn ref|1}}, [[Definition:Full year 2024|FY24]], HY25, and [[Definition:Full year 2025|FY25]], in Euro billion.
- FY24:
The bar chart has three columns representing [[Definition:Full year 2024|FY24]], HY25, and [[Definition:Full year 2025|FY25]].
- FY24: Total Shareholders' equity is 49.9. This is composed of SHE (excl. OCI) of: 58.0 and Net OCI of -8.1.
- Net OCI: -8.1
- HY25: Total Shareholders' equity is 45.5. This is composed of SHE (excl. OCI) of 52.7 and Net OCI of -7.2.
- FY25: Total Shareholders' equity: is 47.2. This is composed of SHE (excl. OCI) of 54.0 and Net OCI of -6.849.9
- SHE (excl. OCI & undated subordinated debt): 53.2
- Debt gearing: 20.6%
- Underlying ROE: 15.2%
- HY25:
- SHE (excl. OCI): 52.7
- Net OCI: -7.2
- Total Shareholders' equity: 45.5
- SHE (excl. OCI & undated subordinated debt): 47.0
- Debt gearing: 23.4%
- Underlying ROE: 17.5%
- FY25:
- SHE (excl. OCI): 54.0
- Net OCI: -6.8
- Total Shareholders' equity: 47.2
- SHE (excl. OCI & undated subordinated debt): 49.4
- Debt gearing: 22.3%
- Underlying ROE: 16.0%
</div>
 
{{chunk|doc=snjra2xp9r|c=61|p=22}}
====== KeyShareholders' financial metricsequity ======
 
* SHE (excl. OCI & undated subordinated debt): EUR 53.2bn in [[Definition:Full year 2024|FY24]]; EUR 47.0bn in HY25; EUR 49.4bn in [[Definition:Full year 2025|FY25]]
* Debt gearing: 20.6% in FY24; 23.4% in HY25; 22.3% in FY25
* Underlying ROE: 15.2% in FY24; 17.5% in HY25; 16.0% in FY25
 
{{chunk|doc=snjra2xp9r|c=62|p=22}}
====== Shareholders' equity by FY24 to FY25 and HY25 to FY25 ======
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | FY24 to FY25
! class="col-s" style="text-align:right" | HY25 to FY25
Line 747 ⟶ 775:
|}
</div>
 
{{fn note|1=1|2=1. Shareholders' equity Group share.}}
 
=== Higher organic cash remittance and robust cash position at Holding ===
 
==== Net Cash Remittance ====
 
{{chunk|doc=snjra2xp9r|c=6362|p=23}}
====== Net Cash Remittance ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart showing: Net Cash Remittance for, [[Definition:Full year 2024|FY24]] andvs [[Definition:Full year 2025|FY25]], in Euro billion.
- FY24 total is: 7.7, total (consisting of: 7.1 base and 0.6 "Proceeds related to in-force treaties{{fn ref|2}}")
- FY25: 7.5
- 7.1 (light blue bar)
- Remittance ratio{{fn ref|1}}: FY24: 82%, FY25: 82%
- 0.6 (patterned bar at the top, labeled "Proceeds related to in-force treaties²")
- FY25 total is 7.5 (dark blue bar)
- Below the bars, "Remittance ratio¹" is shown:
- FY24: 82% (grey oval)
- FY25: 82% (dark blue oval)
</div>
 
{{chunk|doc=snjra2xp9r|c=6463|p=23}}
====== Net Cash Remittance ======
 
Line 775 ⟶ 798:
{| id="t4" class="wikitable fintable"
|-
| style="text-align:left" | <b>FY24 Cash position</b>
| style="text-align:right" | <b>4.0</b>
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 799 ⟶ 822:
| style="text-align:right" | +3.1
|-
| style="text-align:left" | <b>FY25 Cash position</b>
| style="text-align:right" | <b>5.6</b>
|}
</div>
Line 808 ⟶ 831:
 
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=64|p=24}}
====== Solvency II ratio ======
 
* Solvency II ratio at 224%
 
{{chunk|doc=snjra2xp9r|c=65|p=24}}
Line 814 ⟶ 842:
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: Eligible Own Funds (EOF) and Solvency Capital Requirement (SCR) for [[Definition:Full year 2024|FY24]] and [[Definition:Full year 2025|FY25]], in Euro billion.
Left column: Three stacked bar charts titled "Solvency II at 224%" with unit "In Euro billion".
EOF FY24: 55.9
Top chart: "Eligible Own Funds (EOF)". [[Definition:Full year 2024|FY24]] bar at 55.9, [[Definition:Full year 2025|FY25]] bar at 56.4. Between them, a waterfall of changes: +0.2, +8.8, -0.4, -2.1, -6.0, -0.1. A note above the -6.0 bar reads: "Foreseeable [[Definition:Dividend|dividends]]: €4.8bn Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: €1.25bn".
EOF FY25: 56.4
Middle chart: "Solvency II ratio". FY24 value 216%, FY25 value 224%. Between them, a flow of changes: +0pt (Regulatory & model changes), +28pts (Normalized capital generation), -1pt (Operating variance), +4pts (Economic variance & [[Definition:Foreign exchange|FX]]), -24pts (Dividend & annual share buyback), +2pts (Management actions, debt & other).
SCR FY24: 25.9
Bottom chart: "Solvency Capital Requirement (SCR)". FY24 bar at 25.9, FY25 bar at 25.2. Between them, a waterfall: 0.0, +0.6, 0.0, -1.2, 0.0, -0.2.
SCR FY25: 25.2
Drivers of EOF change from FY24 to FY25: +0.2 (Regulatory & model changes), +8.8 (Normalized capital generation), -0.4 (Operating variance), -2.1 (Economic variance & [[Definition:Foreign exchange|FX]]), -6.0 ([[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]]), -0.1 (Management actions, debt & other)
Drivers of SCR change from FY24 to FY25: 0.0 (Regulatory & model changes), +0.6 (Normalized capital generation), 0.0 (Operating variance), -1.2 (Economic variance & FX), 0.0 (Dividend & annual share buyback), -0.2 (Management actions, debt & other)
Annotation: Foreseeable dividends: €4.8bn. Provision for annual share buyback for [[Definition:Year 2026|2026]]: €1.25bn.
</div>
 
=== Key sensitivities ===
 
{{chunk|doc=snjra2xp9r|c=66|p=24}}
====== KeySolvency sensitivitiesII ratio ======
 
* Solvency II ratio was 216% in [[Definition:Full year 2024|FY24]] and 224% in [[Definition:Full year 2025|FY25]].
* Drivers of Solvency II ratio change from FY24 to FY25:
** Regulatory & model changes: +0pt
** Normalized capital generation: +28pts
** Operating variance: -1pt
** Economic variance & [[Definition:Foreign exchange|FX]]: +4pts
** [[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]]: -24pts
** Management actions, debt & other: +2pts
 
{{chunk|doc=snjra2xp9r|c=67|p=24}}
====== Solvency II at 224% ======
 
<div class="ed-chart-desc">
[Chart/image description:]
#### Key sensitivities
Right column: Horizontal bar chart titled "Key sensitivities". Subtitle: "Ratio as of December 31, 2025" with value 224% shown in a dark blue bar.
Bar chart: Key sensitivities to Solvency II ratio as of December 31, 2025.
Bars (left to right, light blue):
Base ratio: 224%
- Interest rate +50bps: +2 pts
- Interest rate -+50bps: -1+2 ptpts
-Interest Corporaterate spreads +-50bps: -1 pt
- Euro SovereignCorporate spreads +50bps{{fn ref|1}}: -71 ptspt
-Euro Sovereign Creditspreads migration+50bps{{fn ref|21}}: -47 pts
Credit migration{{fn ref|2}}: -4 pts
- Listed Equity (excl. PE & Infra) +25%: -1 pt
- Listed Equity (excl. PE & Infra) -+25%: +2-1 ptspt
-Listed Equity (excl. PE & Infra) +-25%: +142 pts
- PE & Infra -+25%: -19+14 pts
-PE Inflation& swapInfra curve +50bps-25%: -519 pts
Inflation swap curve +50bps: -5 pts
</div>
 
{{chunk|doc=snjra2xp9r|c=6768|p=24}}
====== KeySolvency sensitivitiesII at 224% ======
 
{{fn note|1=1|2=Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
{{fn note|1=2|2=Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
 
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
{{chunk|doc=snjra2xp9r|c=68|p=25}}
====== Solvency II – impact of the end of grandfathering period and Solvency II revision ======
 
<div class="ed-chart-desc">
[Chart/image description:]
A visual representation of Solvency II ratio impacts:
- Ratio as of 31/12/2025: represented by a dark blue bar, showing 224%
- Impact of the end of grandfathering period on January 1, [[Definition:Year 2026|2026]]: represented by a light blue bar, showing -10pts to 215%
- Impact of Solvency II revision to come into effect in 1Q27: represented by a light blue bar, showing +17pts
</div>
 
{{chunk|doc=snjra2xp9r|c=69|p=25}}
====== RatioSolvency asII of 31/12/2025 byratio impact of the end of grandfathering period and Solvency II revision ======
 
<div style="overflow-x:auto">
Line 876 ⟶ 908:
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
| style="text-align:right" | +17pts{{fn ref|1}}
| style="text-align:left" | ▶ No change expected in organic capital generation<br/>▶ Additional capital flexibility
|}
</div>
▶ No change expected in organic capital generation<br/>
▶ Additional capital flexibility
</td>
</tr>
</table>
 
{{fn note|1=1|2=1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
 
=== Thomas Buberl, Group CEO Conclusion ===
 
==== Conclusion ====
 
{{chunk|doc=snjra2xp9r|c=70|p=26}}
====== Group CEO statement ======
 
* Thomas Buberl is the Group CEO.
Line 901 ⟶ 928:
====== Business performance and outlook ======
 
* RecordAchieved resultsrecord achievedresults at the top end of the [[Definition:Target range|target range]], while enhancing reserve prudence.
* All businesses are in excellent shape, delivering strong growth and profitability.
* The diversified franchise is well-positioned to capture future growth opportunities.
* FoundationsLaying are being laidfoundations for the next plan, withand confidenceconfident in delivering sustainable earnings growth.
 
=== February 26, 2026 Q&A Full Year 2025 Earnings ===
 
==== Q&A Full Year 2025 Earnings ====
 
=== FullAXA YearInvestor 2025Relations Earnings– Keep in touch ===
 
=== AXA Investor Relations | Keep in touch ===
 
{{chunk|doc=snjra2xp9r|c=72|p=29}}
====== AXA Investor Relations |– Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Icon of a person/headset representing "Meetinvestor ourrelations management".
</div>
 
{{chunk|doc=snjra2xp9r|c=73|p=29}}
====== AXA Investor Relations |– Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Handshake icon next to the "Meet our management" heading.
</div>
 
{{chunk|doc=snjra2xp9r|c=74|p=29}}
====== AXA Investor Relations | Keep in touch ======
 
<div style="overflow-x:auto">
Line 937 ⟶ 954:
|-
! style="text-align:left" | March
! style="text-align:rightleft" | Roadshows
! style="text-align:right" | Europe and US
|-
| style="text-align:left" | May 5
| style="text-align:left" | 1Q25 Activity Indicators
| style="text-align:right" | Paris
|-
| style="text-align:left" | June 2
| style="text-align:left" | BNP Paribas Exane CEO Conference
| style="text-align:right" | Paris
|-
| style="text-align:left" | June 2-4
| style="text-align:left" | Goldman Sachs European Financials Conference
| style="text-align:right" | Zurich
|-
| style="text-align:left" | July 31
| style="text-align:left" | HY26 Earnings Release
| style="text-align:right" | Paris
|-
| style="text-align:left" | September 21
| style="text-align:left" | AXA Investor Day
| style="text-align:right" | London
|}
</div>
<tr><td>May 5</td><td>1Q25 Activity Indicators</td><td>Paris</td></tr>
<tr><td>June 2</td><td>BNP Paribas Exane CEO Conference</td><td>Paris</td></tr>
<tr><td>June 2-4</td><td>Goldman Sachs European Financials Conference</td><td>Zurich</td></tr>
<tr><td>July 31</td><td>HY26 [[Definition:Earnings release|Earnings Release]]</td><td>Paris</td></tr>
<tr><td>September 21</td><td>AXA Investor Day</td><td>London</td></tr>
</table>
 
{{chunk|doc=snjra2xp9r|c=7574|p=29}}
====== Investor Relations contact informationContact ======
 
* Investor Relations contact number: +33 1 40 75 48 42
* Investor Relations email: investor.relations@axa.com
 
{{chunk|doc=snjra2xp9r|c=75|p=29}}
=== Follow us ===
====== AXA Investor Relations – Keep in touch ======
 
{{chunk|doc=snjra2xp9r|c=76|p=29}}
====== Follow us ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Share/follow icon.
www.axa.com link next to "Follow us" heading.
</div>
 
{{chunk|doc=snjra2xp9r|c=7776|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
Line 971 ⟶ 1,000:
YouTube icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=77|p=29}}
====== Investor relations contact ======
 
* For investor relations inquiries, contact f.
 
{{chunk|doc=snjra2xp9r|c=78|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
* Follow AXA on Twitter: @AXA.
[Chart/image description:]
* Follow AXA on LinkedIn: AXA.
Facebook icon.
* Follow AXA on Instagram: @AXA.
</div>
* Follow AXA on YouTube: AXA.
 
{{chunk|doc=snjra2xp9r|c=79|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
Line 989 ⟶ 1,023:
 
{{chunk|doc=snjra2xp9r|c=80|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
Line 997 ⟶ 1,031:
 
{{chunk|doc=snjra2xp9r|c=81|p=29}}
====== Followinvestor usrelations contact ======
 
* For investor relations inquiries, contact the AXA Investor Relations team.
* Follow AXA on LinkedIn, X, Instagram, and YouTube.
* Contact details: `axa.investor.relations@axa.com`.
* Visit AXA's website at axa.com.
* Contact details: `+33 1 40 75 46 85`.
 
{{chunk|doc=snjra2xp9r|c=82|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Sustainability/leafLinkedIn icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=83|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
* "O"
 
{{chunk|doc=snjra2xp9r|c=84|p=29}}
====== Follow us ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Additional socialSustainability/webleaf icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=84|p=29}}
====== Investor relations contact ======
 
* For investor relations, contact O.
 
{{chunk|doc=snjra2xp9r|c=85|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Additional social/web icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=86|p=29}}
====== FollowAXA usInvestor Relations – Keep in touch ======
 
<div class="ed-chart-desc">
[Chart/image description:]
AXA logo.
Additional icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=87|p=30}}
====== Follow us ======
 
<div class="ed-chart-desc">
[Chart/image description:]
The image is a section divider page with a dark blue background. In the top left corner is the AXA logo, which consists of the word "AXA" in white within a white-outlined square, with a red diagonal slash through the top right corner of the square. The background features large, diagonal, translucent bands of purple and magenta. In the center of the page, the word "Appendices" is written in large, white, sans-serif font with a slight drop shadow. To the left of the word "Appendices" is a solid red diagonal parallelogram.
</div>
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=8887|p=31}}
====== Additional P&C disclosures ======
 
Line 1,072 ⟶ 1,099:
|}
</div>
 
=== Gross financial debt and maturity breakdown as of December 31 st , 2025 ===
 
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
{{chunk|doc=snjra2xp9r|c=88|p=32}}
=== Gross financial debt ===
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Stacked bar chart: Gross financial debt{{fn ref|1,2}}, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]] vs Jan 1st [[Definition:Year 2026|2026]] (End of the grandfathering period).
Legend: Tier 1, Tier 2, Senior debt.
- FY24: Total 19.2 (Debt gearing: 20.6%)
- Tier 1: 4.8
- Tier 2: 10.8
- Senior debt: 3.5
- FY25: Total 20.3 (Debt gearing: 22.3%)
- Tier 1: 4.6
- Tier 2: 12.2
- Senior debt: 3.5
- Jan 1st 2026 (End of the grandfathering period): Total 20.3
- Tier 1: 3.2
- Tier 2: 11.3
- Senior debt: 5.8 (with callout: "o/w €0.4bn redeemed in Jan 2026")
</div>
 
{{chunk|doc=snjra2xp9r|c=89|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Two stacked bar charts showing maturity breakdowns.
The chart displays "Gross financial debt" with two vertical bar stacks labeled "[[Definition:Full year 2024|FY24]]" and "[[Definition:Full year 2025|FY25]]", and a third labeled "Jan 1st [[Definition:Year 2026|2026]] End of the grandfathering period". Each bar is segmented into three tiers: Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The FY24 bar totals 19.2, with segments 3.5 (Senior), 10.8 (Tier 2), and 4.8 (Tier 1). The FY25 bar totals 20.3, with segments 3.5 (Senior), 12.2 (Tier 2), and 4.6 (Tier 1). The Jan 1st 2026 bar totals 20.3, with segments 5.8 (Senior), 11.3 (Tier 2), and 3.2 (Tier 1). A note in a dashed box points to the Jan 1st 2026 bar, stating "o/w €0.4bn redeemed in Jan 2026". Above the FY24 and FY25 bars, two ovals show "Debt gearing" percentages: 20.6% for FY24 and 22.3% for FY25. A legend at the bottom identifies the colors: dark blue for Tier 1, medium blue for Tier 2, and light blue for Senior debt.
Legend: Tier 1, Tier 2, Senior debt.
</div>
 
=== Contractual maturity breakdown ===
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
====== Contractual maturity breakdown ======
 
* Contractual maturity breakdown:
<div class="ed-chart-desc">
** 2028: Senior debt: 0.5
[Chart/image description:]
** 2030: Tier 2: 0.7; Senior debt: 0.9
This bar chart shows debt maturity by year from 2025 to ≥2040 and "Undated", broken down by Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The total for each year is shown above the stacked bars. 2025: 0.5 (all Senior). [[Definition:Year 2026|2026]]: 0.7 (all Tier 2). 2027: 0.9 (all Tier 2). 2028: 1.5 (all Senior). 2029: 0.7 (all Tier 2). 2030: 0.9 (all Tier 2). 2031-2039: 1.5 (all Senior). ≥2040: 0.5 (all Senior). Undated: 0.7 (all Tier 2) and 4.6 (all Tier 1). Below the main chart, a section titled "o/w Grandfathered debt" shows two rows for Tier 1 and Tier 2, with dashed boxes for each year. Tier 1: 1.4 in "Undated". Tier 2: 0.7 in 2029, 0.2 in ≥2040. A legend on the right identifies the colors.
** 2031-2039: Tier 2: 1.5
</div>
** ≥2040: Tier 2: 10.8; Senior debt: 0.5
 
** Undated: Tier 1: 4.6; Tier 2: 0.7
=== Economic maturity breakdown ===
** o/w Grandfathered debt:
*** Tier 1: Undated: 1.4
*** Tier 2: 2030: 0.7; ≥2040: 0.2
 
{{chunk|doc=snjra2xp9r|c=91|p=32}}
====== Economic maturity breakdown ======
 
* Economic maturity breakdown:
<div class="ed-chart-desc">
** [[Definition:Year 2026|2026]]: Tier 1: 0.1
[Chart/image description:]
** 2027: Tier 2: 2.4
This bar chart shows economic maturity by year from 2025 to ≥2040 and "Undated", broken down by Senior debt (light blue), Tier 2 (medium blue), and Tier 1 (dark blue). The total for each year is shown above the stacked bars. 2025: 0.1 (all Tier 2). [[Definition:Year 2026|2026]]: 2.4 (all Tier 2). 2027: 0.1 (all Tier 1) and 0.5 (all Tier 2). 2028: 2.0 (all Tier 2). 2029: 0.7 (all Tier 2). 2030: 0.9 (all Tier 2). 2031-2039: 1.5 (all Senior) and 6.4 (all Tier 2). ≥2040: 0.5 (all Senior). Undated: 0.7 (all Tier 2) and 4.0 (all Tier 1). Below the main chart, a section titled "o/w Grandfathered debt" shows two rows for Tier 1 and Tier 2, with dashed boxes for each year. Tier 1: 0.1 in 2026, 0.1 in 2028, 0.4 in 2031-2039, 0.8 in "Undated". Tier 2: 0.7 in 2029, 0.2 in ≥2040. A legend on the right identifies the colors.
** 2028: Tier 1: 0.1; Senior debt: 0.5
</div>
** 2029: Tier 2: 2.0
** 2030: Tier 2: 0.7; Senior debt: 0.9
** 2031-2039: Tier 1: 0.4; Tier 2: 6.4; Senior debt: 1.5
** ≥2040: Senior debt: 0.5
** Undated: Tier 1: 4.0; Tier 2: 0.7
** o/w Grandfathered debt:
*** Tier 1: 2026: 0.1; 2028: 0.1; 2031-2039: 0.4; Undated: 0.8
*** Tier 2: 2030: 0.7; 2031-2039: 0.2
 
{{chunk|doc=snjra2xp9r|c=92|p=32}}
====== EconomicGross financial debt and maturity breakdown as of December 31st, 2025 ======
 
{{fn note|1=1|2=Nominal debt.}}
{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF £139m€139m due 2054 callable January 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}
{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
 
=== General Account Invested Assets ===
 
{{chunk|doc=snjra2xp9r|c=93|p=33}}
Line 1,121 ⟶ 1,175:
<div class="ed-chart-desc">
[Chart/image description:]
A donutDonut chart showing the breakdown of: [[Definition:Full year 2025|FY25]] Total General Account invested assets, Duration gap at -0.4 year.
Total value in center: Euro 450 billion
The center of the donut chart reads:
Segments (with legend):
Euro
- Fixed income
450
- Real estate
billion
- Infrastructure equity
- Listed equities
- Private equity and hedge funds
- Cash
- Policy loans
</div>
 
{{chunk|doc=snjra2xp9r|c=94|p=33}}
====== FY25Invested Generalassets Account(100%) InvestedIn AssetsEuro Compositionbillion ======
 
* Duration gap for General Account invested assets was -0.4 years.
* Total General Account invested assets composition:
** Fixed income: ~77%
** Real estate: ~9%
** Private equity and hedge funds: ~5%
** Cash: ~4%
** Infrastructure equity: ~2%
** Listed equities: ~2%
** Policy loans: ~0%
 
{{chunk|doc=snjra2xp9r|c=95|p=33}}
====== Invested assets (100%)<br/>In Euro billion ======
 
<div style="overflow-x:auto">
Line 1,191 ⟶ 1,237:
| style="text-align:right" | 0%
|-
|! style="text-align:left" | Total Insurance Invested Assets {{fn ref|4}}
|! class="col-s" style="text-align:right" | 450
|! class="col-s" style="text-align:right" | 100%
|}
</div>
 
{{fn note|1=1|2=1. Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial &amp; Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}
{{fn note|1=2|2=2. Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
{{fn note|1=3|2=3. Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
Line 1,204 ⟶ 1,250:
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=9695|p=34}}
====== Structured and Private Credit assets ======
 
Line 1,245 ⟶ 1,291:
| style="text-align:left" |
|-
!| style="text-align:left" | Total Structured and Private Credit Assets
! class="col-s"| style="text-align:right" | 69
! class="col-s"| style="text-align:right" | 15%
!| style="text-align:left" | o/w 54% participating
|}
</div>
Line 1,254 ⟶ 1,300:
{{fn note|1=1|2=G/A: General Account}}
 
=== Investment portfolio |– Fixed Income reinvestment ===
 
==== FY25 Fixed Income Reinvestment ====
 
{{chunk|doc=snjra2xp9r|c=9796|p=35}}
====== FY25 Fixed Income Reinvestment ======
 
<div class="ed-chart-desc">
[Chart/image description: ]
[Chart/image description:]
A donut chart showing the breakdown of [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment, totaling Euro 57 billion.
Donut chart: [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment, total Euro 57 billion.
* Government bonds & related (dark blue): 32%
- Government bonds & related: 32% (Average rating: AA)
* Investment grade credit (medium blue): 40%
- Investment grade credit: 40% (Average rating: A)
* ABS/CLO/IG fund financing (light blue-grey): 21%
- ABS/CLO/IG fund financing: 21%
* Below investment grade credit (lightest blue): 7%
- Below investment grade credit: 7%
 
</div>
{{chunk|doc=snjra2xp9r|c=98|p=35}}
====== FY25 fixed income reinvestment allocation ======
 
* Government bonds & related: 32% of allocation, with an average rating of AA.
* Investment grade credit: 40% of allocation, with an average rating of A.
* ABS/CLO/IG fund financing: 21% of allocation.
* Below investment grade credit: 7% of allocation.
 
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=9997|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
<div class="ed-chart-desc">
[Chart/image description: ]
[Chart/image description:]
A bar chart showing reinvestment yields:
Bar chart: [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment Yield.
* Public fixed income: 3.5%
*- Private & StructuredPublic fixed income{{fn ref|1}}: 43.75%
*- TotalPrivate & Structured fixed income{{fn ref|2}}: 34.97%
- Total fixed income: 3.9%
</div>
 
==== ▶ Euro 57 billion fixed income invested at 3.9% ====
 
{{chunk|doc=snjra2xp9r|c=10098|p=35}}
====== Fixed income portfolio characteristics ======
 
* Average duration of 9 years
* Includes EUR 19.7bn of Private & Structured Credit invested at 4.7%
** Private & Structured CreditThis includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=10199|p=35}}
====== ▶ Euro 57 billion fixed income invested at 3.9% ======
 
Line 1,303 ⟶ 1,345:
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
 
{{chunk|doc=snjra2xp9r|c=102100|p=36}}
====== Debt and invested assets ======
 
Line 1,327 ⟶ 1,369:
</div>
 
=== AXA XL Insurance |– Large Commercial & Specialty business ===
 
==== Well diversified across lines of business and geographies ====
{{chunk|doc=snjra2xp9r|c=103|p=37}}
====== Business diversification ======
 
{{chunk|doc=snjra2xp9r|c=101|p=37}}
* AXA XL Insurance is well diversified across lines of business and geographies.
*====== AXAWell XL Insurance holds leading market positionsdiversified across its lines of business. and geographies ======
 
{{chunk|doc=snjra2xp9r|c=104|p=37}}
====== AXA XL Insurance | Large Commercial & Specialty business ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Two donut charts showing [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] composition.
Left column: Two donut charts.
Top chart: Title "[[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business", center value "$19bn". Segments: Casualty (35%), Property (29%), Specialty (19%), Professional lines¹ (17%).
Bottom chart: Title "FY25 GWP by geography", center value "$19bn". Segments: Americas (46%), Europe & APAC (35%), UK & Lloyds (19%).
</div>
 
{{chunk|doc=snjra2xp9r|c=105102|p=37}}
====== AXAFY25 XLGWP Insuranceby marketline positionsof business ======
 
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business totaled USD 19bn:
* AXA XL Insurance holds leading market positions across lines, ranking in the top 3 globally for Multinational Programs, Marine, and Fine Art & Specie.
** Casualty: 35%
** Property: 29%
** Specialty: 19%
** Professional lines: 17%
 
{{chunk|doc=snjra2xp9r|c=106103|p=37}}
====== AXAFY25 XLGWP Insuranceby profitability vs. ex-price growthgeography ======
 
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by geography totaled USD 19bn:
* A scatter plot illustrates profitability versus ex-price growth for various lines of business.
** Americas: 46%
* Property shows high profitability and high ex-price growth.
** Europe & APAC: 35%
* Specialty shows moderate profitability and moderate ex-price growth.
** UK & Lloyds: 19%
* Casualty shows moderate profitability and low ex-price growth.
* Professional lines shows low profitability and low ex-price growth.
 
==== TopLeading 3market globallypositions across lines ====
 
==== Top 3 globally ====
{{chunk|doc=snjra2xp9r|c=107|p=37}}
====== Global P&C Commercial Lines ======
 
{{chunk|doc=snjra2xp9r|c=104|p=37}}
* AXA XL is a global leader in P&C Commercial Lines.
====== P&C Commercial Lines ======
* AXA XL is the #1 global insurer for Multinational Programs.
* AXA XL is the #1 global insurer for Marine.
* AXA XL is the #1 global insurer for Fine Art & Specie.
 
* Multinational Programs are a key offering.
=== Managing the cycle to deliver consistent profitability ===
* Marine is a key offering.
* Fine Art & Specie is a key offering.
 
==== Managing the cycle to deliver consistent profitability ====
{{chunk|doc=snjra2xp9r|c=108|p=37}}
====== profitability ex-price growth ======
 
{{chunk|doc=snjra2xp9r|c=105|p=37}}
* Profitability Ex-price growth: 0.5% in 2023; 0.5% in 2022; 0.5% in 2021; 0.5% in 2020; 0.5% in 2019
====== Profitability ex-price growth ======
 
* Profitability Ex-price growth (%)
{{chunk|doc=snjra2xp9r|c=109|p=37}}
 
{{chunk|doc=snjra2xp9r|c=106|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bubble/scatter chart: lines of business plotted by Ex-price growth (%) on x-axis and Profitability on y-axis.
Scatter plot with Y-axis labeled "Profitability" and X-axis labeled "Ex-price growth (%)". Four bubbles: "Property" (high profitability, high ex-price growth), "Specialty" (medium-high profitability, medium ex-price growth), "Casualty" (medium profitability, low ex-price growth), "Professional lines" (low profitability, very low ex-price growth).
- Property: high profitability, moderate-to-high ex-price growth
- Specialty: mid profitability, mid ex-price growth
- Casualty: mid profitability, higher ex-price growth
- Professional lines: lower profitability, lower ex-price growth
Bubble sizes vary; exact axis values not printed.
@@ORIG_0@@
</div>
 
=== P&C – Focus on Reserves ===
{{chunk|doc=snjra2xp9r|c=110|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
{{fn note|1=1|2=Including Cyber}}
{{fn note|1=2|2=Source: McKinsey}}
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
 
== P&C | Focus on Reserves ==
 
==== Claims reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=111107|p=38}}
====== ClaimsNet undiscounted claims reserves ratio definition ======
 
* The claims reserves ratio is calculated as Net undiscounted claims reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=112108|p=38}}
====== Claims reserves ratio ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart showing: Claims reserves ratio for, FY18 to [[Definition:Full year 2025|FY25]].
IFRS4:
- IFRS4 period (light blue bars):
- FY18: 179%
- FY19: 185%
- FY20: 193%
- FY21: 188%
- FY22: 189%
- IFRS17 period (dark blue bars):
- FY22: 198%
- FY23: 195%
- [[Definition:Full year 2024|FY24]]: 180%
- FY25: 175%
</div>
 
==== Technical reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=113109|p=38}}
====== Net undiscounted technical reserves ratio ======
 
* Net undiscounted technical reserves are presentedmeasured as a ratio to Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=114110|p=38}}
====== Technical reserves ratio ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart showing: Technical reserves ratio for, FY18 to [[Definition:Full year 2025|FY25]].
IFRS4:
- IFRS4 period (light blue bars):
- FY18: 213%
- FY19: 227%
- FY20: 233%
- FY21: 226%
- FY22: 227%
- IFRS17 period (dark blue bars):
- FY22: 234%
- FY23: 232%
- [[Definition:Full year 2024|FY24]]: 216%
- FY25: 210%
@@ORIG_0@@
</div>
 
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===
{{chunk|doc=snjra2xp9r|c=115|p=38}}
====== Technical reserves ratio ======
 
{{chunk|doc=snjra2xp9r|c=111|p=39}}
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
====== Currency notation ======
 
* All figures are in Euro.
=== P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1 ===
 
{{chunk|doc=snjra2xp9r|c=112|p=39}}
=== P&C | 2026 Simplified Group Nat Cat Reinsurance Program ===
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
{{chunk|doc=snjra2xp9r|c=116|p=39}}
====== Currency ======
 
* All figures are in EUR.
 
{{chunk|doc=snjra2xp9r|c=117|p=39}}
====== P&C | 2026 Simplified Group Nat Cat Reinsurance Program ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart showing the: [[Definition:Year 2026|2026]] Simplified Group Nat Cat Reinsurance Program. Two— sectionsCapacity areand shown:Retention by peril, "Insurance segment (occurrence protection)" on the left, and "Reinsurance segment (illustrative)" on, thein rightEuro.
</div>
 
{{chunk|doc=snjra2xp9r|c=118113|p=39}}
====== Insurance2026 segmentSimplified perilGroup categoriesNat Cat Reinsurance Program ======
 
* The Insurance segment includes six peril categories with specified Capacity and Retention(occurrence levelsprotection):
** EU Windstorm: Capacity EUR 4.0bn; Retention EUR 600m
** Europe Flood: Capacity EUR 2.1bn; Retention EUR 450m
Line 1,477 ⟶ 1,509:
** NA Hurricane: Capacity EUR 1.2bn; Retention EUR 600m
** NA Earthquake: Capacity EUR 1.2bn; Retention EUR 600m
** Per other perils: Capacity ~EUR 0.8bn; Retention EUR 400m
* Reinsurance segment (illustrative): includes Alternative Capital & Cat Bonds
* The program includes a EUR 1.0bn component.
 
{{chunk|doc=snjra2xp9r|c=119114|p=39}}
====== Reinsurance segment and retentionRetention levels ======
 
* Retention levels are stable in [[Definition:Year 2026|2026]], consistent with 2025.
* The Reinsurance segment includes "Alternative Capital & Cat Bonds".
* This segment has a value of EUR 1.0bn.
* Retention levels are expected to remain stable in [[Definition:Year 2026|2026]] compared to 2025.
 
{{chunk|doc=snjra2xp9r|c=120115|p=39}}
====== P&C |– 2026 Simplified Group Nat Cat Reinsurance Program ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
{{fn note|1=1|2=Excludes local reinsurance covers; 2. Varying retention between MX and NA (400m MX, 600m NA); 3. Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
{{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
{{fn note|1=3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
 
=== P&C |– AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026 ===
 
{{chunk|doc=snjra2xp9r|c=121116|p=40}}
====== Group underlying earnings deviation to averageP&C Nat Cat chargescost deviation ======
 
* All figures are in EUR billion, net of reinsurance.
* Group [[Definition:Underlying earnings|underlying earnings]] deviation to average Nat Cat charges in [[Definition:Year 2026|2026]], net of reinsurance and post-tax, shows a median (50th percentile) of EUR 0bn.
* More severe years (negative deviation in approximately 40% of cases) include:
** 1/20y (95th percentile): EUR -1.2bn deviation.
** 1/10y (90th percentile): EUR -0.8bn deviation.
** 1/5y (80th percentile): EUR -0.4bn deviation.
* Less severe years (positive deviation in approximately 60% of cases) include:
** 1/5y (20th percentile): EUR +0.1bn deviation.
** 1/10y (10th percentile): EUR +0.5bn deviation.
** 1/20y (5th percentile): EUR +0.7bn and EUR +0.8bn deviation.
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ====
{{chunk|doc=snjra2xp9r|c=122|p=40}}
====== Average expected Nat Cat charges ======
 
{{chunk|doc=snjra2xp9r|c=117|p=40}}
* Average Expected Nat Cat charges net of reinsurance, pre-tax, are EUR 2.6bn for 2025 and EUR 2.7bn for [[Definition:Year 2026|2026]].
====== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ======
* The estimated impact on GEP for both 2025 and 2026 is approximately 4.5%.
* Natural catastrophe cost is defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance.
* Deviation is compared to a normalized level, which represents costs associated with natural catastrophes expected in an average year (approximately 4.5 points of estimated [[Definition:Full year 2025|FY25]] GEP, undiscounted and net of reinsurance).
 
<div class="ed-chart-desc">
{{chunk|doc=snjra2xp9r|c=123|p=41}}
[Chart/image description:]
Bar chart: Group [[Definition:Underlying earnings|underlying earnings]] deviation to average Nat Cat charges in [[Definition:Year 2026|2026]].
The chart shows a distribution of outcomes from negative to positive deviation.
- More severe years (Negative deviation in ca. 40% of cases):
- 1/20y (95th): €-1.2bn
- 1/10y (90th): €-0.8bn
- 1/5y (80th): €-0.4bn
- Median (50th): €+0.1bn
- Less severe years (Positive deviation in ca. 60% of cases):
- 1/5y (20th): €+0.5bn
- 1/10y (10th): €+0.7bn
- 1/20y (5th): €+0.8bn
</div>
 
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====
 
{{chunk|doc=snjra2xp9r|c=118|p=40}}
====== Average Expected Nat Cat charges net of reinsurance, pre-tax ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: Average Expected Nat Cat charges, 2025 vs [[Definition:Year 2026|2026]], in Euro billion.
- 2025: 2.6
- 2026: 2.7
- Estimated impact on GEP:
- 2025: ca. 4.5%
- 2026: ca. 4.5%
</div>
 
{{chunk|doc=snjra2xp9r|c=119|p=40}}
====== Average Expected Nat Cat charges net of reinsurance, pre-tax ======
 
{{fn note|1=1|2=1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).}}
 
{{chunk|doc=snjra2xp9r|c=120|p=41}}
====== Additional P&C disclosures ======
 
Line 1,538 ⟶ 1,596:
</div>
 
=== P&C |– Margin Analysis ===
 
{{chunk|doc=snjra2xp9r|c=124121|p=42}}
====== P&C |– Margin Analysis ======
 
<div class="ed-chart-desc">
[Chart/image description:]
TheBar imagechart: displaysTechnical aResult financialand marginFinancial analysis diagramResult for Property P&C, Casualty[[Definition:Full year 2025|FY25]], in Euro million (P&Cpre-tax). insurance,The structuredchart asshows a flow from "Technical Result" components (Current Accident Year Undiscounted Technical Margin, Current Accident Year Discounting, Prior Years' Reserve Development) to "Financial Result" andcomponents finally(Investment toIncome, Insurance Finance Expenses), culminating in "[[Definition:Underlying earnings|Underlying Earnings]] before tax" and "Underlying Earnings". The entire diagram is labeled "In Euro million (pre-tax)".
</div>
 
{{chunk|doc=snjra2xp9r|c=125122|p=42}}
====== P&CTechnical technical result componentsResult ======
 
* Current Accident Year Undiscounted Technical Margin: EUR 2,778m (+EUR 707m)
* Technical Result components:
* Gross Earned Premiums: EUR 57,656m (+6%)
** Current Accident Year Undiscounted Technical Margin: EUR 2,778 ([[Definition:Full year 2025|FY25]]); +EUR 707 change.
* Current Accident Year Undiscounted Combined Ratio: 95.2% (-1.0pt)
*** Gross Earned Premiums: EUR 57,656 (+6%).
*** Currentof Accidentwhich YearNat Undiscounted Combined RatioCats: 953.24% (-10.0pt4pt).
* Current Accident Year Discounting: EUR 2,009m (+EUR 115m)
*** Nat Cats within Combined Ratio: 3.4% (-0.4pt).
* Discounting Ratio (in Combined Ratio points): -3.5% (+0.0pt)
** Current Accident Year Discounting: EUR 2,009 (FY25); +EUR 115 change.
* Current Accident Year Net Claims reserves: EUR 19.0bn
*** Discounting Ratio (in Combined Ratio points): -3.5% (+0.0pt).
* Duration: 4.0 years
*** Current Accident Year Net Claims reserves: EUR 19.0bn.
* Current Accident Year Discount rate: 2.8%
*** Duration: 4.0 years.
* Prior Years' Reserve Development (PYD): EUR 622m (-EUR 341m)
*** Current Accident Year Discount rate: 2.8%.
* PYD ratio: -1.1% (+0.7pt)
** Prior Years' Reserve Development (PYD): EUR 622 (FY25); -EUR 341 change.
*** PYD ratio: -1.1% (+0.7pt).
* Sensitivity of FY25 Current Accident Year discount rate changes: +25bps leads to +EUR 0.2bn; -25bps leads to -EUR 0.2bn.
** This sensitivity refers to a parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.
 
{{chunk|doc=snjra2xp9r|c=126123|p=42}}
====== P&CFinancial financialResult resultand componentsUnderlying Earnings ======
 
* Investment Income: EUR 3,988m (+EUR 435m)
* Financial Result components:
** Investment Income: EUR 3,988 ([[Definition:Full year 2025|FY25]]); +EURAverage Assets: 435EUR change.115bn
* Asset book yield: 3.5%
*** FY25 Average Assets: EUR 115bn.
*** AssetFY25 bookReinvestment yield: 4.3.5%.
* Insurance Finance Expenses: EUR -1,358m (-EUR 235m)
*** FY25 Reinvestment yield on fixed income assets: 4.3%.
* [[Definition:Full year 2024|FY24]] Reserves at locked-in rate: EUR 71bn
** Insurance Finance Expenses: -EUR 1,358 (FY25); -EUR 235 change.
* Liability book yield: 1.9%
*** [[Definition:Full year 2024|FY24]] Reserves at locked-in rate: EUR 71bn.
* [[Definition:Underlying earnings|Underlying Earnings]] before tax: EUR 8,040m (+EUR 681m)
*** Liability book yield: 1.9%.
* Tax: EUR -2,060m (-EUR 169m)
* 2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn.
* Affiliates, Minority interests & Other: EUR -108m (-EUR 10m)
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps leads to ~EUR -50m; -25bps leads to ~+EUR 50m.
* Underlying Earnings: EUR 5,872m (+EUR 501m)
* Growth vs. FY24 (at constant [[Definition:Foreign exchange|FX]]): +9%
 
{{chunk|doc=snjra2xp9r|c=127124|p=42}}
====== P&CDiscount underlyingRate earningsSensitivity ======
 
* [[Definition:Underlying earnings|Underlying Earnings]] before tax ([[Definition:Full year 2025|FY25]]): EURsensitivity 8,040;to +EURCurrent 681Accident change.Year discount rate changes:
** Tax+25bps: -+EUR 2,060; -EUR 169 change0.2bn
** -25bps: -EUR 0.2bn
* Affiliates, Minority interests & Other: -EUR 108; -EUR 10 change.
* 2026e Insurance Finance Expenses (pre-tax): ~ EUR -1.4bn
* Underlying Earnings (FY25): EUR 5,872; +EUR 501 change.
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount:
* Growth vs. [[Definition:Full year 2024|FY24]] (at constant [[Definition:Foreign exchange|FX]]): +9%.
** +25bps: ~ EUR -50m
* The diagram uses dashed lines and plus signs (+) to indicate summation between components.
** -25bps: ~ EUR +50m
 
{{chunk|doc=snjra2xp9r|c=125|p=42}}
=== L&H | Margin Analysis ===
====== P&C – Margin Analysis ======
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{chunk|doc=snjra2xp9r|c=128|p=43}}
{{fn note|1=2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
 
=== L&H – Margin Analysis ===
 
{{chunk|doc=snjra2xp9r|c=126|p=43}}
====== Scope impact ======
 
* Includes scope impact.
 
==== Technical Result ====
{{chunk|doc=snjra2xp9r|c=129|p=43}}
====== L&H | Margin Analysis ======
 
{{chunk|doc=snjra2xp9r|c=127|p=43}}
<div class="ed-chart-desc">
====== Pre-tax figures ======
[Chart/image description:]
 
Flowchart showing the components of Life & Health Margin Analysis, leading to [[Definition:Underlying earnings|Underlying Earnings]].
* All figures are in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=128|p=43}}
====== Technical Result ======
 
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Short-term Technical Margin
| style="text-align:right" | 479
| style="text-align:right" | +60
|-
| style="text-align:left" | Gross Earned Premiums
| style="text-align:right" | 17,416
| style="text-align:right" | +10%
|-
| style="text-align:left" | All Year Combined Ratio
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|-
| style="text-align:left" | Long-term Technical Margin
| style="text-align:right" | 2,804
| style="text-align:right" | +156
|-
| style="text-align:left" | CSM release
| style="text-align:right" | 2,954
| style="text-align:right" | +215
|-
| style="text-align:left" | Technical experience
| style="text-align:right" | -150
| style="text-align:right" | -58
|}
</div>
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=129|p=43}}
====== Pre-tax results ======
 
* All figures are in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=130|p=43}}
====== TechnicalInvestment andincome Financial& Resultsinsurance finance expenses ======
 
<div style="overflow-x:auto">
* Short-term Technical Margin: EUR 479m (change: +EUR 60m)
{| id="t13" class="wikitable fintable"
* Gross Earned Premiums: EUR 17,416m (change: +10%)
|-
* All Year Combined Ratio: 97.2% (change: -0.1pts); includes recapture of Laya
! style="text-align:left" |
* Long-term Technical Margin: EUR 2,804m (change: +EUR 156m)
! class="col-s" style="text-align:right" | FY25
* CSM release: EUR 2,954m (change: +EUR 215m)
! class="col-s" style="text-align:right" | Change
* Technical experience: -EUR 150m (change: -EUR 58m)
|-
* Investment Income (non-VFA only): EUR 2,484m (change: -EUR 1m)
| style="text-align:left" | Investment Income (non-VFA only)
* [[Definition:Full year 2025|FY25]] Average Assets: EUR 98bn
| style="text-align:right" | 2,484
* Asset book yield: 2.5%
| style="text-align:right" | -1
* FY25 Reinvestment yield: 3.8%
|-
* Insurance Finance Expenses (non-VFA only): -EUR 1,538m (change: -EUR 9m)
| style="text-align:left" | FY25 Average Assets
* [[Definition:Full year 2024|FY24]] Reserves at locked-in rate: EUR 62bn
| style="text-align:right" | €98bn
* Liability book yield: 2.5%
| style="text-align:right" |
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 2.5%
| style="text-align:right" |
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}}
| style="text-align:right" | 3.8%
| style="text-align:right" |
|-
| style="text-align:left" | Insurance Finance Expenses (non-VFA only)
| style="text-align:right" | -1,538
| style="text-align:right" | -9
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €62bn
| style="text-align:right" |
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 2.5%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=131|p=43}}
====== UnderlyingFinancial EarningsResult ======
 
<div class="ed-chart-desc">
* [[Definition:Underlying earnings|Underlying Earnings]] before tax: EUR 4,229m (change: +EUR 205m)
[Chart/image description:]
* Tax: -EUR 800m (change: +EUR 65m)
Flow diagram showing the summation of margins to [[Definition:Underlying earnings|Underlying Earnings]]:
* Affiliates, Minority interests & Other: EUR 72m (change: -EUR 51m)
- Short-term Technical Margin (479) [Incl. recapture of Laya]
* Underlying Earnings: EUR 3,501m (change: +EUR 219m)
- Plus (+) Long-term Technical Margin (2,804)
* Underlying Earnings growth vs. [[Definition:Full year 2024|FY24]] (at constant [[Definition:Foreign exchange|FX]]): +7%
- Plus (+) Investment Income (non-VFA only) (2,484)
- Plus (+) Insurance Finance Expenses (non-VFA only) (-1,538)
- Equals (=) Underlying Earnings before tax (4,229)
</div>
 
{{chunk|doc=snjra2xp9r|c=132|p=43}}
====== LifeFinancial & Health FY25 CSM by sensitivitiesResult ======
 
<div style="overflow-x:auto">
{| id="t12t14" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying Earnings before tax
| style="text-align:right" | 4,229
| style="text-align:right" | +205
|-
| style="text-align:left" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" |
| style="text-align:right" | +7%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=133|p=43}}
====== FY25 CSM by sensitivities ======
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|-
| style="text-align:left" | Baseline
Line 1,666 ⟶ 1,831:
</div>
 
{{fn note|1=1|2=1. Reinvestment yield on fixed income assets.}}
 
{{chunk|doc=snjra2xp9r|c=134|p=44}}
== Table of contents ==
====== Financial results ======
 
* The financial results are presented on a reported basis.
{{chunk|doc=snjra2xp9r|c=133|p=44}}
 
====== Table of contents ======
{{chunk|doc=snjra2xp9r|c=135|p=44}}
====== Debt and Invested Assets ======
 
<div style="overflow-x:auto">
{| id="t13t16" class="wikitable"
|-
| style="text-align:left" | 1.
Line 1,694 ⟶ 1,862:
</div>
 
=== Expanding AXA's role in society: AXA for Progress Index 1 ===
 
{{chunk|doc=snjra2xp9r|c=136|p=45}}
=== Expanding AXA’s role in society: AXA for Progress Index ===
====== Climate transition financing & community resilience financing by Target ======
 
{{chunk|doc=snjra2xp9r|c=134|p=45}}
====== Climate transition financing and community resilience financing by target and result ======
 
<div style="overflow-x:auto">
{| id="t14t17" class="wikitable"
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2}} in climate transition financing per year
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | &gt;€500m{{fn ref|2}} in community resilience financing per year
| style="text-align:right" | €1.4bn
|}
</div>
€5bn{{fn ref|2}}<br/>
in climate transition financing per year
</td>
<td>€6.4bn</td>
</tr>
<tr>
<td>
>€500m{{fn ref|2}}<br/>
in community resilience financing per year
</td>
<td>€1.4bn</td>
</tr>
</table>
 
{{chunk|doc=snjra2xp9r|c=135137|p=45}}
====== Target by 2025 Resultresult ======
 
<div style="overflow-x:auto">
{| id="t15t18" class="wikitable"
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €6bn{{fn ref|3}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025
| style="text-align:right" | 19,698 Cumulative 2024-2025
|-
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}} inclusive insurance customers by 2026
| style="text-align:right" | 20.6m
|}
</div>
€6bn{{fn ref|3}}<br/>
in P&C [[Definition:Gross written premiums|GWP]] to support transition underwriting (cumulative 2024-[[Definition:Year 2026|2026]])
</td>
<td>€4.6bn</td>
</tr>
<tr>
<td>
>20,000{{fn ref|4}}<br/>
climate adaptation solutions & services (cumulative 2024-2026)<br/>
Target revised in 2025
</td>
<td>
19,698<br/>
Cumulative 2024-2025
</td>
</tr>
<tr>
<td>
>20m{{fn ref|5|2=5. Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}<br/>
inclusive insurance customers by 2026
</td>
<td>20.6m</td>
</tr>
</table>
 
{{chunk|doc=snjra2xp9r|c=136138|p=45}}
====== Target by 2025 Result ======
 
<div style="overflow-x:auto">
{| id="t16t19" class="wikitable fintable"
|-
! style="text-align:left" | Target
! class="col-m" style="text-align:right" | 2025 Result
|-
| style="text-align:left" | &gt;80,000{{fn ref|6|2=Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}} AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:left" |
| style="text-align:right" | -64% Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 56%
|}
</div>
>80,000{{fn ref|6|2=6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}<br/>
AXA Group employees trained on climate adaptation by [[Definition:Year 2026|2026]]
</td>
<td>46,420</td>
</tr>
<tr>
<td>
Contribute to Net-Zero<br/>
-50%{{fn ref|7|2=7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030<br/>
in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
</td>
<td>
-64%<br/>
Reduction against 2019
</td>
</tr>
<tr>
<td>
50%<br/>
Percentage of AXA Group employees engaged in volunteering activities by 2026
</td>
<td>56%</td>
</tr>
</table>
 
{{fn note|1=1|2=1. AXA's Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group's auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}}
{{fn note|1=2|2=2. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
{{fn note|1=3|2=3. Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
{{fn note|1=4|2=4. Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
{{fn note|1=5|2=5. Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
{{fn note|1=6|2=6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.}}
{{fn note|1=7|2=7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}
{{fn note|1=8|2=8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
 
=== Sustainability Performance & Ratings ===
 
==== S&P Global ====
 
{{chunk|doc=snjra2xp9r|c=137139|p=46}}
====== DowS&P JonesGlobal Best-in-ClassESG indicesratings ======
 
* AXA achieved the 97th percentile in the Dow Jones Best-in-Class Europe & World indices forpercentile: 2025.97
* Score: AAA
* ESG Risk Rating: 17.0 (Low risk)
* FTSE4Good Index Series score: 4.3/5
 
==== QCDP ====
{{chunk|doc=snjra2xp9r|c=138|p=46}}
====== S&P Global ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Logo of MSCI.
</div>
 
{{chunk|doc=snjra2xp9r|c=139|p=46}}
====== S&P Global rating ======
 
* 2025 score: AAA
 
{{chunk|doc=snjra2xp9r|c=140|p=46}}
====== S&PQCDP Globalscore ======
 
* 2025 QCDP score: B
<div class="ed-chart-desc">
[Chart/image description:]
Logo of Morningstar Sustainalytics.
</div>
 
{{chunk|doc=snjra2xp9r|c=141|p=46}}
====== ESG Risk RatingQCDP ======
 
{{fn note|1=th 1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
* 2025 ESG Risk Rating: 17.0 (Low risk)
 
=== Scope ===
{{chunk|doc=snjra2xp9r|c=142|p=46}}
====== S&P Global ======
 
{{chunk|doc=snjra2xp9r|c=142|p=47}}
<div class="ed-chart-desc">
====== Scope definitions by geography and business ======
[Chart/image description:]
Logo of FTSE Russell, An LSEG Business.
</div>
 
* France: includes insurance activities, banking activities, and holding.
{{chunk|doc=snjra2xp9r|c=143|p=46}}
* 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 holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
====== FTSE4Good Index Series Score ======
* AXAXL: includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM:
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings are fully consolidated.
** Asia: 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) are consolidated under the equity method and contribute to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) are fully consolidated.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** EME-LATAM: 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, and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas), and Capza which are fully consolidated.
* AXA Investment Managers (until July 1, 2025): Asian joint ventures are consolidated under the equity method.
 
{{chunk|doc=snjra2xp9r|c=143|p=47}}
* AXA's 2025 score in the FTSE4Good Index Series is 4.3/5.
====== Accounting standards ======
 
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023.
=== QCDP ===
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
 
{{chunk|doc=snjra2xp9r|c=144|p=46}}
====== CDP score ======
 
* CDP 2025 score: B
 
{{chunk|doc=snjra2xp9r|c=145|p=46}}
====== QCDP ======
 
{{fn note|1=1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}
 
=== Scope ===
 
{{chunk|doc=snjra2xp9r|c=146|p=47}}
====== Scope ======
 
=== Theme: Scope definitions ===
 
=== Glossary ===
 
{{chunk|doc=snjra2xp9r|c=147144|p=48}}
====== Glossary of financial terms ======
 
* 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%.
Line 1,885 ⟶ 1,990:
* Financial result: consists of investment income on assets backing BBA and 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.
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]): represent the 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: represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).
* New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of:
** It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (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.
** the new business contractual service margin.
** the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals.
** the present value of the future profits of pure investment contracts accounted for under IFRS 9.
** net of the cost of reinsurance.
** taxes.
** minority interests.
* 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 margin (NBV margin): 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 versus 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. Operating variance is net of reinsurance.
** Operating variance is 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. PVEP is discounted at the reference interest rate and PVEP is Group share.
* 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.
** PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of 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: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
Line 1,902 ⟶ 2,004:
=== February 26, 2026 Thank you Full Year 2025 Earnings ===
 
==== Thank you ====
{{chunk|doc=snjra2xp9r|c=148|p=49}}
 
====== Thank you ======
{{chunk|doc=snjra2xp9r|c=145|p=49}}
====== Full Year 2025 Earnings ======
 
* Thank you
* [[Definition:Full year 2025|Full Year 2025]] Earnings
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"