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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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=== Full Year 2025 Earnings Presentation ===
 
{{chunk|doc=snjra2xp9r|c=1|p=1}}
=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ===
====== Presentation date ======
 
* The presentation date is February 26, [[Definition:Year 2026|2026]].
{{chunk|doc=snjra2xp9r|c=1|p=2}}
====== Forward-looking statements and non-GAAP measures ======
 
=== Full Year 2025 Earnings ===
* Statements in this document may 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 this presentation.
* Refer to 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}}
====== FinancialLegal statementand auditcautionary statusstatements ======
 
* Certain statements in the presentation are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information.
* 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]].
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors.
* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS) growth for [[Definition:Year 2026|2026]] are forward-looking statements providing 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 outside AXA’s control, which can cause actual results to differ materially.
* Each forward-looking statement is valid only at the date of the presentation.
* For important factors, risks, and uncertainties affecting AXA’s business and/or results, refer to 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”).
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The 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 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 in AXA’s 2025 Activity Report.
* AXA’s Activity Report as of December 31, 2025, is available on the AXA Group website (www.axa.com).
* AXA’s consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.
 
{{chunk|doc=snjra2xp9r|c=3|p=3}}
====== Presentation sectionsstructure and speakers ======
 
* The presentation includes "[[Definition:Full year 2025|FY25]] Highlights:" 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.
 
== FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=4|p=4}}
====== CEOGroup statementCEO ======
 
* Thomas Buberl is the Group CEO.
Line 65:
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
====== Financial performance highlightsFY25 ======
 
* Revenues +6% vs. [[Definition:Full year 2024|FY24]]
* ROE 16% in [[Definition:Full year 2025|FY25]]
* [[Definition:Underlying earnings per share|Underlying EPS]] +8% vs. FY24
* SolvencyROE II16% ratio 224%[[Definition:Full inyear 2025|FY25]]
* Solvency II ratio 224% FY25
* Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* 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=6|p=5}}
====== Shareholder returns and future outlook ======
 
* Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* Confident to deliver [[Definition:Underlying earnings per share|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=7|p=5}}
====== Full Year 2025 – Excellent performance ======
 
{{fn note|1=1|2=Based on the dividend proposed by AXA’sAXA's Board of Directors on February 25, 2026 and subject to approval by the Shareholders’Shareholders' Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=2|2=Following AXA’sAXA's Board of Directors’Directors' approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
 
=== Executing the plan on growth, margin and efficiency ===
 
{{chunk|doc=snjra2xp9r|c=7|p=6}}
====== Executing the plan on growth, margin and efficiency ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: [[Definition:Underlying earnings|Underlying earnings]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
FY24: 8.1
FY25: 8.4
Change: +6%
Annotation: +9% excluding [[Definition:AXA Investment Managers|AXA IM]]
</div>
 
==== +6% top line growth, well balanced across ====
 
{{chunk|doc=snjra2xp9r|c=8|p=6}}
====== TopUnderlying lineearnings growthby andFY24, profitabilityFY25, Change ======
 
<div style="overflow-x:auto">
* Top line growth +6%, balanced across lines:
{| id="t1" class="wikitable fintable"
** P&C: +5%
|-
** Life: +9%
! style="text-align:left" |
** Health: +5%
! class="col-s" style="text-align:right" | FY24
* Record profitability with further margin expansion in P&C and L&H
! class="col-s" style="text-align:right" | FY25
* Improvement in efficiency
! class="col-s" style="text-align:right" | Change
 
|-
{{chunk|doc=snjra2xp9r|c=9|p=6}}
| style="text-align:left" | Underlying earnings
====== Business scaling and earnings ======
| style="text-align:right" | 8.1
 
| style="text-align:right" | 8.4
* Continued investments in growth and technology
| style="text-align:right" | +6%
|-
| style="text-align:left" | Underlying earnings excluding AXA IM
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | +9%
|}
</div>
* High organic growth: +6% top line growth, well balanced across lines (P&amp;C: +5%, Life: +9%, Health: +5%)
* Record profitability: Further margin expansion in P&amp;C and L&amp;H; improvement in efficiency
* Scaling the business: Continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
 
=== Diversified franchise, well positioned in an attractive industry ===
Line 116 ⟶ 119:
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=109|p=7}}
====== SecularShare trendsby fueling demand across businessessegment ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t2" class="wikitable fintable"
[Chart/image description:]
|-
Pie chart: [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|gross written premium]] split excluding [[Definition:AXA Investment Managers|AXA IM]] and holdings, by business line.
! style="text-align:left" | Segment
Life (33%)
! class="col-s" style="text-align:right" | Share
Health (17%)
|-
Retail (17%)
| style="text-align:left" | Life
Large & Specialty (17%)
| style="text-align:right" | 33%
SME & Mid-market (16%)
|-
AXA logo at center.
| style="text-align:left" | Health
| style="text-align:right" | 17%
|-
| style="text-align:left" | Large &amp; Specialty
| style="text-align:right" | 17%
|-
| style="text-align:left" | Retail
| style="text-align:right" | 17%
|-
| style="text-align:left" | SME &amp; Mid-market
| style="text-align:right" | 16%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=1110|p=7}}
====== ProtectionSecular gapstrends andfueling emerging corporate risksdemand ======
 
* 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=1211|p=7}}
====== Competitive advantages ======
 
Line 145 ⟶ 160:
* Technical expertise in pricing and underwriting risks
* Scale offering cost advantage
 
{{chunk|doc=snjra2xp9r|c=12|p=7}}
====== Our right to win ======
 
{{fn note|1=1|2=Pie chart represents FY25 gross written premium split excluding AXA IM and holdings.}}
 
=== Laying the foundation for the next plan ===
 
{{chunk|doc=snjra2xp9r|c=13|p=8}}
====== TechStrategic and AI roadmappriorities ======
 
* Clear tech and AI roadmap
* Driving efficiency
* Enhancing capital allocation discipline
* Building resilience
* Confidence in sustaining earnings growth
 
== FY25 Business Performance ==
==== Confidence in sustaining earnings growth ====
 
{{chunk|doc=snjra2xp9r|c=14|p=89}}
====== InternalExecutive building resilienceroles ======
 
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* GIE_AXA_Internal Building resilience
{{chunk|doc=snjra2xp9r|c=14|p=9|cont=1}}
* Guillaume Borie is Global Head of Finance, Strategy, Underwriting, Risk, and Technology
 
=== Strong delivery across our businesses ===
Line 170 ⟶ 190:
 
<div style="overflow-x:auto">
{| id="t1t3" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | France (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% to €31bn
| style="text-align:right" | +7% to €2.2bn
|-
| style="text-align:left" | Europe (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% to €43bn
| style="text-align:right" | +9% to €3.5bn
|-
| style="text-align:left" | AXA XL (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% to €19bn
| style="text-align:right" | +9% to €1.9bn
|-
| style="text-align:left" | Asia, Africa &amp; EME-LATAM (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% to €20bn
| style="text-align:right" | +6% to €1.5bn
|}
</div>
<tr><td>France (27% of total [[Definition:Gross written premiums|GWP]]{{fn ref|1}})</td><td>+6% to €31bn</td><td>+7% to €2.2bn</td></tr>
{{fn note|1=1|2=1. FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}
<tr><td>Europe (38% of total GWP{{fn ref|1}})</td><td>+6% to €43bn</td><td>+9% to €3.5bn</td></tr>
<tr><td>AXA XL (17% of total GWP{{fn ref|1}})</td><td>+4% to €19bn</td><td>+9% to €1.9bn</td></tr>
<tr><td>Asia, Africa & EME-LATAM (18% of total GWP{{fn ref|1}})</td><td>+13% to €20bn</td><td>+6% to €1.5bn</td></tr>
</table>
 
{{fn note|1=1|2=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=16|p=11}}
====== P&CGross –written Strong margins, confidence in sustaining growthpremiums ======
 
* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) were EUR 58bn.
<div class="ed-chart-desc">
* GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty).
[Chart/image description:]
Donut chart: [[Definition:Gross written premiums|GWP]] breakdown, €58bn total.
- 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=17|p=11}}
====== Underlying2025 earningsand Beyond ======
 
<div style="overflow-x:auto">
* [[Definition:Underlying earnings|Underlying earnings]] +9% to EUR 5.9bn.
{| id="t4" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:left" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Retail and SME &amp; Mid-market
| style="text-align:left" | Growing volumes while expanding margins
| style="text-align:left" | Investing to improve customer retention &amp; expanding distribution footprint
|-
| style="text-align:left" | AXA XL (Large &amp; Specialty)
| style="text-align:left" | Profitable growth with stable margins
| style="text-align:left" | Capitalizing on attractive growth opportunities and continued cycle management
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=18|p=11}}
====== P&CUnderlying –earnings Strongand margins, confidence in sustaining growthefficiency ======
 
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn
<div class="ed-chart-desc">
* Continued progress on efficiency
[Chart/image description:]
* Higher investment income
Table/Grid: Strategic outlook for 2025 and Beyond 2025.
* Data & AI to further enhance customer experience & technical excellence
- 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 ======
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
<div class="ed-chart-desc">
{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}
[Chart/image description:]
Flow diagram: Drivers of growth (indicated by a plus sign).
- Continued progress on efficiency
- Higher investment income
- Data & AI to further enhance customer experience & technical excellence
</div>
 
{{chunk|doc=snjra2xp9r|c=20|p=11}}
====== P&C – 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 ===
 
{{chunk|doc=snjra2xp9r|c=2120|p=12}}
====== GWP by Short-term and Long-term ======
====== L&H – Good momentum, well positioned to capture growth opportunities ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t5" class="wikitable"
[Chart/image description:]
|-
Donut chart: [[Definition:Gross written premiums|Gross Written Premium]] (GWP) split by business line, in Euro billion.
| style="text-align:left" | Short-term
- Short-term: ~€15bn (dark blue segment)
| style="text-align:right" | Long-term
- Long-term: ~€42bn (light blue segment)
|}
- Center label: €57bn GWP
</div>
 
==== 2025 Beyond 2025 ====
{{chunk|doc=snjra2xp9r|c=22|p=12}}
====== Underlying earnings ======
 
{{chunk|doc=snjra2xp9r|c=21|p=12}}
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn.
====== Strategic priorities for 2025 and Beyond 2025 ======
 
* Long-term business:
{{chunk|doc=snjra2xp9r|c=23|p=12}}
** 2025: Accelerating net flows in Savings at attractive margins
====== L&H – Good momentum, well positioned to capture growth opportunities ======
** Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for customers
* Short-term business:
** 2025: Growing technical results while absorbing Mexico VAT impact
** Beyond 2025: Capitalizing on demand for health & protection while further improving margins
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn
* Focus on cost reduction
* Increasing penetration of Protection riders in Savings offerings
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health
 
{{chunk|doc=snjra2xp9r|c=22|p=12}}
<div class="ed-chart-desc">
====== 2025 Beyond 2025 ======
[Chart/image description:]
Two-column roadmap: Strategic priorities for 2025 and Beyond 2025.
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=24|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.
- 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=25|p=12}}
====== L&H – Good momentum, well positioned to capture growth opportunities ======
 
{{fn note|1=1|2=Change FY25 vs. FY24 at constant FX.}}
Line 294 ⟶ 283:
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=2623|p=13}}
====== Group CFO ======
 
Line 301 ⟶ 290:
=== P&C – Continued disciplined growth ===
 
{{chunk|doc=snjra2xp9r|c=24|p=14}}
==== GWP & Other Revenues ====
====== Currency notation ======
 
* All figures are in EUR billion.
{{chunk|doc=snjra2xp9r|c=27|p=14}}
====== GWP & Other Revenues ======
 
==== GWP & Other Revenues ====
<div class="ed-chart-desc">
[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=2825|p=14}}
====== GWP & Otherother Revenuesrevenues by segmentlines of business ======
 
<div style="overflow-x:auto">
* [[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).
{| id="t6" class="wikitable fintable"
* 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.
! style="text-align:left" |
* Retail lines GWP & Other Revenues were EUR 19.7bn, with +7% change, comprising +5% from pricing and +2% from volume.
! class="col-s" style="text-align:right" | FY24
 
! class="col-s" style="text-align:right" | FY25
{{chunk|doc=snjra2xp9r|c=29|p=14}}
! class="col-s" style="text-align:right" | Change
====== GWP & Other Revenues ======
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1}}
 
! class="col-s" style="text-align:right" | o/w volume{{fn ref|2}}
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | Commercial lines
Table panel showing Change, o/w pricing, o/w volume columns alongside the bar chart as described above.
| rowspan="3" style="text-align:right" | 56.5
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
| style="text-align:right" | +2%
| style="text-align:right" | +2%
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
| style="text-align:right" | +0.3%
| style="text-align:right" | +7%
|-
| style="text-align:left" | Retail lines
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
| style="text-align:right" | +5%
| style="text-align:right" | +2%
|-
| style="text-align:left" | Total
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=3026|p=14}}
====== Commercial Lineslines Growthgrowth Driversdrivers ======
 
* Continued pricing momentum and volume growth in Mid-market and SME.
* Growth in lines of business with attractive margins, withwhile amaintaining 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=3127|p=14}}
====== GWP & Other Revenues ======
 
Line 345 ⟶ 356:
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=3228|p=15}}
====== Combined ratio ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t7" class="wikitable fintable"
[Chart/image description:]
|-
Stacked bar chart: Combined ratio, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].
! style="text-align:left" |
FY24 Total: 91.0%
! class="col-s" style="text-align:right" | FY24
- Undiscounted CY loss ratio (ex Nat Cat): 67.4%
! class="col-s" style="text-align:right" | FY25
- Expense ratio: 25.0%
|-
- Nat Cat: 3.8%
| style="text-align:left" | Combined ratio (total)
- Prior year reserve development: -1.6%
| style="text-align:right" | 91.0%
- Discount: -3.6%
FY25| Totalstyle="text-align:right" | 90.6%
|-
- Undiscounted CY loss ratio (ex Nat Cat): 67.0%
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
- Expense ratio: 24.8%
| style="text-align:right" | 67.4%
- Nat Cat: 3.4%
| style="text-align:right" | 67.0%
- Prior year reserve development: -1.1%
|-
- Discount: -3.5%
| style="text-align:left" | Expense ratio
| style="text-align:right" | 25.0%
| style="text-align:right" | 24.8%
|-
| style="text-align:left" | Nat Cat
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.4%
|-
| style="text-align:left" | Prior year reserve development
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Discount
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=3329|p=15}}
====== Undiscounted current year lossCombined ratio and expense ratiodrivers ======
 
* Undiscounted current year loss ratio (improved, excluding Nat Cat) improved due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment.
* Margin expansion in Commercial lines SME & mid-market business and Personal lines due to favorable pricing.
* Undiscounted current year loss ratio (excluding Nat Cat) improved due to stable AXA XL Insurance margins at attractive levels, reflecting disciplined cycle management.
* AXA XL Insurance margins stable at attractive levels, reflecting disciplined cycle management.
* Expense ratio improved due to efficiency measures, while continuing investment in growth initiatives and technology.
 
{{chunk|doc=snjra2xp9r|c=30|p=15}}
====== Nat Cat and reserve management ======
 
* Nat Cat charges were below the normalized load.
* There was lowerLower reliance on prior year reserve development.
* Reserve prudence was enhanced during a goodfavorable year.
 
=== P&C – Earnings growth from higher underwriting and financial result ===
 
{{chunk|doc=snjra2xp9r|c=3431|p=16}}
====== P&C earnings growth ======
 
* P&C earnings growthgrew wasby drivenEUR by0.2bn higherto underwritingEUR and7.6bn financialin results2023.
* This growth was driven by a higher underwriting result and a higher financial result.
 
{{chunk|doc=snjra2xp9r|c=32|p=16}}
==== Underlying Earnings ====
====== Underlying earnings waterfall by step ======
 
<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|-
! style="text-align:left" | Step
! class="col-s" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth
| style="text-align:right" | +292
|-
| style="text-align:left" | Margin improvement
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
| style="text-align:left" | Tax
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, FX &amp; other
| style="text-align:right" | -150
|-
| style="text-align:left" | FY25
| style="text-align:right" | 5,872
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=33|p=16}}
====== P&C earnings growth ======
 
* P&C earnings grew +9%.
* Growth was driven by the underwriting result.
* Growth was driven by the financial result.
 
{{chunk|doc=snjra2xp9r|c=34|p=16}}
====== Underwriting result drivers ======
 
* The underwriting result improved due to strong volume growth.
* The underwriting result improved due to an enhanced all-year combined ratio.
* The underwriting result improved while enhancing reserve prudence.
 
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== UnderlyingFinancial Earningsresult drivers ======
 
* Investment income increased due to higher volumes.
<div class="ed-chart-desc">
* Investment income increased due to better reinvestment yields on fixed income assets.
[Chart/image description:]
* The unwind of discount of claims reserves was higher, in line with guidance.
Waterfall chart: [[Definition:Underlying earnings|Underlying Earnings]], [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]], in Euro million.
- FY24: 5,510
- Volume growth: +292
- Margin improvement: +189
- Underwriting result{{fn ref|1}} (grouping Volume growth and Margin improvement): +481 (calculated from components)
- Investment income: +435
- Insurance finance expenses: -235
- Financial result (grouping Investment income and Insurance finance expenses): +200 (calculated from components)
- Tax: -169
- Affiliates, [[Definition:Foreign exchange|FX]] & other: -150
- FY25: 5,872
- Total change FY24 to FY25: +9%
</div>
 
{{chunk|doc=snjra2xp9r|c=36|p=16}}
====== UnderlyingForex earnings driversimpact ======
 
* There was an unfavorable forex impact, notably due to USD depreciation vs. EUR.
* Better underwriting result from strong volume growth and improved all-year combined ratio, while enhancing reserve prudence
* Increase in investment income reflecting 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=37|p=16}}
====== UnderlyingP&C – Earnings growth from higher underwriting and financial result ======
 
{{fn note|1=1|2=Change at constant FX. 1. Underwriting result includes expenses.}}
 
=== Life & Health – Strong growth in premiums, positive net flows ===
 
{{chunk|doc=snjra2xp9r|c=38|p=17}}
====== FinancialLife metricsGWP &amp; Other Revenues ======
 
<div style="overflow-x:auto">
* All financial figures are in EUR billion.
{| id="t9" class="wikitable fintable"
 
|-
==== Life GWP & Other Revenues ====
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Growth
|-
| style="text-align:left" | Protection
| style="text-align:right" |
| style="text-align:right" | 17.3
| style="text-align:right" | +11%
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" |
| style="text-align:right" | 9.3
| style="text-align:right" | +13%
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" |
| style="text-align:right" | 9.0
| style="text-align:right" | +7%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" |
| style="text-align:right" | 1.9
| style="text-align:right" | -7%
|-
| style="text-align:left" | Total
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== LifeHealth GWP & Otherother Revenuesrevenues by individual and group ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t10" class="wikitable fintable"
[Chart/image description:]
|-
Stacked bar chart: Life [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
! style="text-align:left" |
Total:
! class="col-s" style="text-align:right" | FY24
- FY24: 34.5
! class="col-s" style="text-align:right" | FY25
- FY25: 37.5 (+9% change)
! class="col-s" style="text-align:right" | Growth
|-
| style="text-align:left" | Individual
| style="text-align:right" |
| style="text-align:right" | 10.5
| style="text-align:right" | +6%
|-
| style="text-align:left" | Group
| style="text-align:right" |
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|-
| style="text-align:left" | Total
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=40|p=17}}
====== Life GWP & Other RevenuesFlow by segment ======
 
<div style="overflow-x:auto">
* Protection [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]: EUR 17.3bn (+11%) in [[Definition:Full year 2025|FY25]]
{| id="t11" class="wikitable fintable"
* Unit-linked GWP & Other Revenues: EUR 9.3bn (+13%) in FY25
|-
* Capital light G/A GWP & Other Revenues: EUR 9.0bn (+7%) in FY25
! style="text-align:left" | Segment
* Traditional G/A GWP & Other Revenues: EUR 1.9bn (-7%) in FY25
! class="col-s" style="text-align:right" | Flow (€bn)
* Employee Benefits GWP & Other Revenues: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]]) in FY25
|-
 
| style="text-align:left" | Protection
==== Health GWP & Other Revenues ====
| style="text-align:right" | +4.9
|-
| style="text-align:left" | Health
| style="text-align:right" | +2.7
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | +1.5
|-
| style="text-align:left" | Capital light G/A
| style="text-align:right" | +1.2
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | -5.0
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=41|p=17}}
====== HealthEmployee GWPBenefits & Other Revenuespremiums ======
 
* Employee Benefits premiums: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]])
<div class="ed-chart-desc">
[Chart/image description:]
Stacked bar chart: Health [[Definition:Gross written premiums & other revenues|GWP & Other Revenues]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
Total:
- FY24: 17.5
- FY25: 19.0 (+5% change)
</div>
 
{{chunk|doc=snjra2xp9r|c=42|p=17}}
====== Life & Health GWP– &Strong growth in Otherpremiums, Revenuespositive bynet Segmentflows ======
 
{{fn note|1=1|2=Change at constant scope and FX. Including both short-term and long-term Employee Benefits GWP and other revenues.}}
* 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
 
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
==== Net flows: €+5.4bn vs. €+1.5bn in FY24 ====
 
{{chunk|doc=snjra2xp9r|c=43|p=1718}}
====== NetCurrency flows: €+5.4bn vs. €+1.5bn in FY24notation ======
 
* All figures are in EUR billion.
<div class="ed-chart-desc">
[Chart/image description:]
Horizontal bar chart: Net flows by segment, in Euro billion.
- Protection: +4.9
- Health: +2.7
- Unit-Linked: +1.5
- Capital light G/A: +1.2
- Traditional G/A: -5.0
</div>
 
{{chunk|doc=snjra2xp9r|c=44|p=1718}}
====== NetPVEP flows:by €+5.4bnbusiness vs. €+1.5bn in FY24mix ======
 
<div style="overflow-x:auto">
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
{| id="t12" class="wikitable fintable"
 
|-
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Protection &amp; Health
| rowspan="4" style="text-align:right" | 50.9
| style="text-align:right" | 31.4
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" | 8.5
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" | 7.8
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" | 1.7
|-
| style="text-align:left" | Total
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Change
| style="text-align:right" |
| style="text-align:right" | -2%
|-
| style="text-align:left" | Protection &amp; Health change
| style="text-align:right" |
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked change
| style="text-align:right" |
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A change
| style="text-align:right" |
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A change
| style="text-align:right" |
| style="text-align:right" | -10%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=45|p=18}}
====== LifeNB &CSM Health net flows(pre-tax) ======
 
<div style="overflow-x:auto">
* Life & Health net flows were EUR 1.4bn in FY23.
{| id="t13" class="wikitable fintable"
* Protection & Health net flows were EUR 3.2bn in FY23.
|-
* Savings net flows were -EUR 1.8bn in FY23.
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
|-
| style="text-align:left" | Change
| style="text-align:right" |
| style="text-align:right" | +3%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== NBV (post-tax) by FY ======
====== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t14" class="wikitable fintable"
[Chart/image description:]
|-
Bar chart: PVEP, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
! style="text-align:left" |
Protection & Health: 50.9 (FY24), 49.4 (FY25, -2%)
! class="col-s" style="text-align:right" | FY24
Unit-Linked: 8.5 (FY25, +18%)
! class="col-s" style="text-align:right" | FY25
Capital-light G/A: 7.8 (FY25, -10%)
|-
Traditional G/A: 1.7 (FY25, -10%)
| style="text-align:left" | NBV (post-tax)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
|-
| style="text-align:left" | Change
| style="text-align:right" |
| style="text-align:right" | stable
|-
| style="text-align:left" | NBV margin
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== NewPVEP, BusinessNB Value (NBV)CSM, and ContractualNBV Service Margin (CSM)performance ======
 
* 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.
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.
 
{{chunk|doc=snjra2xp9r|c=48|p=18}}
====== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
 
{{fn note|1=1|2=Change at constant scope and FX.}}
 
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
{{chunk|doc=snjra2xp9r|c=49|p=19}}
====== New business CSM ======
 
* New business CSM: EUR 2.2bn
 
==== Contractual Service Margin rollforward ====
 
{{chunk|doc=snjra2xp9r|c=4850|p=19}}
====== Contractual Service Margin rollforward (In Euro billion) ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t15" class="wikitable"
[Chart/image description:]
|-
Waterfall chart: Contractual Service Margin rollforward, [[Definition:Full year 2024|FY24]] to [[Definition:Full year 2025|FY25]], in Euro billion.
! style="text-align:left" | FY24
- FY24: 33.6 (o/w Life: 25.8, o/w Health: 7.7)
! style="text-align:right" | New business CSM: +2.2
! style="text-align:left" | Underlying return on in-force: +1.3
! style="text-align:right" | CSM release: -3.0
! style="text-align:right" | Economic variance
- Normalized CSM growth: +2% (grouping New business CSM, Underlying return on in-force, and CSM release)
! style="text-align:right" | Operating variance
- Economic variance: +0.6
! style="text-align:right" | Affiliates, FX &amp; other
- Operating variance: -0.3
! style="text-align:right" | FY25
- Affiliates, [[Definition:Foreign exchange|FX]] & other: -1.4
|}
- FY25: 33.0 (o/w Life: 25.4, o/w Health: 7.6)
</div>
<tr><td>33.6</td><td>+2.2</td><td>+1.3</td><td>-3.0</td><td>+0.6</td><td>-0.3</td><td>-1.4</td><td>33.0</td></tr>
<tr><td>o/w Life: 25.8</td><td></td><td></td><td></td><td></td><td></td><td></td><td>25.4</td></tr>
<tr><td>o/w Health: 7.7</td><td></td><td></td><td></td><td></td><td></td><td></td><td>7.6</td></tr>
</table>
 
{{chunk|doc=snjra2xp9r|c=4951|p=19}}
====== Normalized CSM growth and drivers ======
 
* Normalized CSM growth: +2%
* Normalized CSM up +2%, with CSM release growth reflecting better margins
* New business CSM growth impacted by higher rates
* Economic variance reflects government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows, more than offset by a reduction in the duration of Group Life business in Switzerland
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation
 
{{chunk|doc=snjra2xp9r|c=52|p=19}}
====== Contractual Service Margin rollforward ======
 
{{fn note|1=1|2=Change at constant scope and FX.}}
* Normalized CSM up +2%.
* CSM release growth reflects better margins.
* New business CSM growth impacted by higher rates.
* Economic variance reflects government spreads tightening and positive equity market returns.
* 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=5053|p=20}}
====== FinancialLife reporting& currencyHealth business overview ======
 
* All financial figures are presented in EUR millionsmillion.
 
==== Underlying Earnings ====
 
{{chunk|doc=snjra2xp9r|c=5154|p=20}}
====== Underlying Earnings (In Euro million) ======
 
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! style="text-align:left" | Short-term technical margin
! style="text-align:left" | Long-term result incl. CSM release
! class="col-s" style="text-align:right" | Financial result
! class="col-s" style="text-align:right" | Tax, FX and others
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:left" | +60
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:left" |
| style="text-align:left" | +156
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -11
| style="text-align:right" |
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others
| style="text-align:right" | -748
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | -27
| style="text-align:right" | -728
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,323
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 3,501
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=55|p=20}}
====== Underlying Earnings ======
 
* [[Definition:Underlying earnings|Underlying Earnings]]: +7%
<div class="ed-chart-desc">
 
[Chart/image description:]
{{chunk|doc=snjra2xp9r|c=56|p=20}}
Bar chart: [[Definition:Underlying earnings|Underlying earnings]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro million.
====== in billions ======
FY24 total: 3,323
 
- Short-term technical margin: 415
<div style="overflow-x:auto">
- Long-term result incl. CSM release: 2,680
{| id="t17" class="wikitable fintable"
- Financial result: 975
|-
- Tax & others: -748
! style="text-align:left" |
Change drivers:
! class="col-s" style="text-align:right" | FY24
- Short-term technical margin: +60
! class="col-s" style="text-align:right" | FY25
- Long-term result incl. CSM release: +156
! class="col-m" style="text-align:right" | Change at constant FX
- Financial result: -11
|-
- Tax, [[Definition:Foreign exchange|FX]] and others: -27
| style="text-align:left" | o/w Life
FY25 total: 3,501
| style="text-align:right" | 2.6
- Short-term technical margin: 479
| style="text-align:right" | 2.7
- Long-term result incl. CSM release: 2,804
| style="text-align:right" | +4% vs. FY24
- Financial result: 946
|-
- Tax & others: -728
| style="text-align:left" | o/w Health
Overall change: +7%
| style="text-align:right" | 0.7
o/w Life: 2.6 → 2.7 (+4% vs. FY24)
| style="text-align:right" | 0.8
o/w Health: 0.7 → 0.8 (+17% vs. FY24)
| style="text-align:right" | +17% vs. FY24
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=5257|p=20}}
====== Short-termTechnical technicalMargin and Long-Term marginResults ======
 
* Short-term technical margin was strong, reflecting underwriting and claims initiatives.
* ThisUnderwriting strengthand claims initiatives more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
* Long-term results were higher due to an increase in CSM release (+8%).
* The increase in CSM release reflects growth in the reserve base, including from favorable equity market performance, and better margins.
 
{{chunk|doc=snjra2xp9r|c=5358|p=20}}
====== Long-termUnderlying resultsEarnings ======
 
{{fn note|1=1|2=Change at constant FX.}}
* Long-term results were higher due to an +8% increase in CSM release.
* This 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=5459|p=21}}
====== Net income by business segmentline ======
 
<div style="overflow-x:auto">
{| id="t2t18" class="wikitable fintable"
|-
! style="text-align:left" |
Line 653 ⟶ 908:
</div>
 
{{chunk|doc=snjra2xp9r|c=5560|p=21}}
====== NetUnderlying Incomeearnings Driversand net income drivers ======
 
* Insurance[[Definition:Underlying businessesearnings|Underlying earnings]] showed strong performance from insurance businesses.
* 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]].
* FinancialLower financial flows were lower, reflectingreflected an unfavorable forex impact.
 
==== Underlying earnings per share ====
 
{{chunk|doc=snjra2xp9r|c=61|p=21}}
==== Underlying earnings per share In Euro ====
====== Underlying earnings per share ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] are presented in Euro.
{{chunk|doc=snjra2xp9r|c=56|p=21}}
====== Underlying earnings per share in Euro ======
 
{{chunk|doc=snjra2xp9r|c=62|p=21}}
* [[Definition:Underlying earnings per share|Underlying earnings per share]] in Euro
====== Underlying earnings per share (In Euro) ======
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=57|p=21}}
{| id="t19" class="wikitable fintable"
====== Underlying earnings per share In Euro ======
|-
 
! style="text-align:left" | FY24
<div class="ed-chart-desc">
! class="col-s" style="text-align:right" | FY25
[Chart/image description:]
! class="col-s" style="text-align:right" | Change
Bar chart: [[Definition:Underlying earnings per share|Underlying earnings per share]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro.
|-
FY24: 3.59
| style="text-align:left" | 3.59
FY25: 3.86
| style="text-align:right" | 3.86
Overall change: +8%
| style="text-align:right" | +8%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=5863|p=21}}
====== Underlying earnings per shareEPS growth drivers ======
 
* [[Definition:Underlying earnings per share|Underlying EPS]] growth: +6% from earnings growth
* Earnings growth contributed +6%.
* Underlying EPS growth: +3% from [[Definition:Capital management|Capitalcapital management]] contributed +3%.
* Underlying EPS growth: -2% from forex
* Forex impact was -2%.
* ForexUnderlying impactEPS includedgrowth: -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the [[Definition:AXA Investment Managers|AXA IM]] sale, related to the timing of anti-dilutive [[Definition:Share buyback|share buyback]].
 
{{chunk|doc=snjra2xp9r|c=5964|p=21}}
====== CurrencyUnderlying notationearnings per share ======
 
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
{{chunk|doc=snjra2xp9r|c=59|p=22|cont=1}}
* All figures are in EUR billion.
 
=== Shareholders' Equity ===
{{chunk|doc=snjra2xp9r|c=60|p=22}}
====== Underlying earnings per share In Euro ======
 
==== Shareholders' equity ====
<div class="ed-chart-desc">
 
[Chart/image description:]
{{chunk|doc=snjra2xp9r|c=65|p=22}}
Stacked bar chart: Shareholders' equity{{fn ref|1}}, [[Definition:Full year 2024|FY24]], HY25, and [[Definition:Full year 2025|FY25]], in Euro billion.
====== Shareholders' equity<sup>1</sup> ======
- FY24:
 
- SHE (excl. OCI): 58.0
<div style="overflow-x:auto">
- Net OCI: -8.1
{| id="t20" class="wikitable fintable"
- Total Shareholders' equity: 49.9
|-
- SHE (excl. OCI & undated subordinated debt): 53.2
! style="text-align:left" |
- Debt gearing: 20.6%
! class="col-s" style="text-align:right" | FY24
- Underlying ROE: 15.2%
! class="col-s" style="text-align:right" | HY25
- HY25:
! class="col-s" style="text-align:right" | FY25
- SHE (excl. OCI): 52.7
|-
- Net OCI: -7.2
| style="text-align:left" | Total
- Total Shareholders' equity: 45.5
| style="text-align:right" | 49.9
- SHE (excl. OCI & undated subordinated debt): 47.0
| style="text-align:right" | 45.5
- Debt gearing: 23.4%
| style="text-align:right" | 47.2
- Underlying ROE: 17.5%
|-
- FY25:
| style="text-align:left" | SHE (excl. OCI): 54.0
| style="text-align:right" | 58.0
- Net OCI: -6.8
| style="text-align:right" | 52.7
- Total Shareholders' equity: 47.2
| style="text-align:right" | 54.0
- SHE (excl. OCI & undated subordinated debt): 49.4
|-
- Debt gearing: 22.3%
| style="text-align:left" | Net OCI
- Underlying ROE: 16.0%
| style="text-align:right" | -8.1
| style="text-align:right" | -7.2
| style="text-align:right" | -6.8
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
| style="text-align:right" | 53.2
| style="text-align:right" | 47.0
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 23.4%
| style="text-align:right" | 22.3%
|-
| style="text-align:left" | Underlying ROE
| style="text-align:right" | 15.2%
| style="text-align:right" | 17.5%
| style="text-align:right" | 16.0%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=6166|p=22}}
====== Shareholders' equity ======
 
<div style="overflow-x:auto">
{| id="t3t21" 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 775 ⟶ 1,050:
|}
</div>
 
{{fn note|1=1|2=1. Shareholders' equity Group share.}}
{{fn note|1=1|2=Shareholders' equity Group share. Full Year 2025 Earnings}}
 
=== Higher organic cash remittance and robust cash position at Holding ===
 
{{chunk|doc=snjra2xp9r|c=67|p=23}}
====== Cash remittance and position ======
 
* In EUR billion
 
==== Net Cash Remittance ====
 
{{chunk|doc=snjra2xp9r|c=6268|p=23}}
====== Net Cash Remittance ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t22" class="wikitable fintable"
[Chart/image description:]
|-
Bar chart: Net Cash Remittance, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]], in Euro billion.
! style="text-align:left" |
- FY24: 7.7 total (consisting of 7.1 base and 0.6 "Proceeds related to in-force treaties{{fn ref|2}}")
! class="col-s" style="text-align:right" | FY24
- FY25: 7.5
! class="col-s" style="text-align:right" | FY25
- Remittance ratio{{fn ref|1}}: FY24: 82%, FY25: 82%
|-
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2}}
| style="text-align:right" | 0.6
| style="text-align:right" |
|-
| style="text-align:left" | Ordinary cash remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Total
| style="text-align:right" | 7.7
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Remittance ratio{{fn ref|1}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=6369|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t4t23" class="wikitable fintable"
|-
|! style="text-align:left" | FY24 Cash position
|! class="col-s" style="text-align:right" | 4.0
|-
| style="text-align:left" | Net cash remittance from subsidiaries
Line 822 ⟶ 1,120:
| style="text-align:right" | +3.1
|-
|! style="text-align:left" | FY25 Cash position
|! class="col-s" style="text-align:right" | 5.6
|}
</div>
 
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=6470|p=24}}
====== SolvencyForeseeable IIdividends ratioand share buyback provision ======
 
* Foreseeable [[Definition:Dividend|dividends]]: EUR -4.8bn
* Solvency II ratio at 224%
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn
 
{{chunk|doc=snjra2xp9r|c=6571|p=24}}
====== SolvencyEligible IIOwn atFunds 224%(EOF) ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t24" class="wikitable"
[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.
! style="text-align:left" | FY24
EOF FY24: 55.9
! style="text-align:left" | Regulatory &amp; model changes
EOF FY25: 56.4
! style="text-align:left" | Normalized capital generation
SCR FY24: 25.9
! style="text-align:right" | Operating variance
SCR FY25: 25.2
! style="text-align:right" | Economic variance &amp; FX
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)
! style="text-align:left" | Dividend &amp; annual share buyback
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)
! style="text-align:left" | Management actions, debt &amp; other
Annotation: Foreseeable dividends: €4.8bn. Provision for annual share buyback for [[Definition:Year 2026|2026]]: €1.25bn.
! style="text-align:right" | FY25
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=6672|p=24}}
====== Solvency II ratio movements ======
 
* Solvency II ratio: 55.9 (reported)
* Solvency II ratio movements: +0.2 from operating return; +8.8 from market impacts; -0.4 from [[Definition:Capital management|capital management]]; -2.1 from regulatory changes; -6.0 from other impacts; -0.1 from [[Definition:Foreign exchange|FX]]
* Solvency II ratio at period end: 56.4 (reported)
 
{{chunk|doc=snjra2xp9r|c=73|p=24}}
====== Solvency II ratio ======
 
<div style="overflow-x:auto">
* Solvency II ratio was 216% in [[Definition:Full year 2024|FY24]] and 224% in [[Definition:Full year 2025|FY25]].
{| id="t25" class="wikitable"
* Drivers of Solvency II ratio change from FY24 to FY25:
|-
** Regulatory & model changes: +0pt
! style="text-align:left" | FY24
** Normalized capital generation: +28pts
! style="text-align:left" | Regulatory &amp; model changes
** Operating variance: -1pt
! style="text-align:left" | Normalized capital generation
** Economic variance & [[Definition:Foreign exchange|FX]]: +4pts
! style="text-align:right" | Operating variance
** [[Definition:Dividend|Dividend]] & annual [[Definition:Share buyback|share buyback]]: -24pts
! style="text-align:right" | Economic variance &amp; FX
** Management actions, debt & other: +2pts
! style="text-align:left" | Dividend &amp; annual share buyback
! style="text-align:left" | Management actions, debt &amp; other
! style="text-align:right" | FY25
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=6774|p=24}}
====== Solvency II atratio 224%evolution ======
 
* Solvency II ratio was 216%.
<div class="ed-chart-desc">
* The ratio increased by +28pts due to operating return.
[Chart/image description:]
* The ratio decreased by -1pt due to market impacts.
#### Key sensitivities
* The ratio increased by +4pts due to [[Definition:Capital management|capital management]].
Bar chart: Key sensitivities to Solvency II ratio as of December 31, 2025.
* The ratio decreased by -24pts due to regulatory changes.
Base ratio: 224%
* The ratio increased by +2pts due to other effects.
Interest rate +50bps: +2 pts
* The final Solvency II ratio was 224%.
Interest rate -50bps: -1 pt
 
Corporate spreads +50bps: -1 pt
{{chunk|doc=snjra2xp9r|c=75|p=24}}
Euro Sovereign spreads +50bps{{fn ref|1}}: -7 pts
====== Solvency Capital Requirement (SCR) ======
Credit migration{{fn ref|2}}: -4 pts
 
Listed Equity (excl. PE & Infra) +25%: -1 pt
<div style="overflow-x:auto">
Listed Equity (excl. PE & Infra) -25%: +2 pts
{| id="t26" class="wikitable"
PE & Infra +25%: +14 pts
|-
PE & Infra -25%: -19 pts
! style="text-align:left" | FY24
Inflation swap curve +50bps: -5 pts
! style="text-align:left" | Regulatory &amp; model changes
! style="text-align:left" | Normalized capital generation
! style="text-align:right" | Operating variance
! style="text-align:right" | Economic variance &amp; FX
! style="text-align:left" | Dividend &amp; annual share buyback
! style="text-align:left" | Management actions, debt &amp; other
! style="text-align:right" | FY25
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=6876|p=24}}
====== Solvency II atratio 224%bridge ======
 
* Solvency II ratio bridge: 25.9 (start); 0.0 (operating capital generation); +0.6 (market impacts); 0.0 (non-operating items); -1.2 (
 
==== Key sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=77|p=24}}
====== Impact by scenario ======
 
<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|-
! style="text-align:left" | Scenario
! class="col-s" style="text-align:right" | Impact
|-
| style="text-align:left" | Ratio as of December 31, 2025
| style="text-align:right" | 224%
|-
| style="text-align:left" | Interest rate +50bps
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest rate -50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate spreads +50bps
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1}}
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Credit migration{{fn ref|2}}
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25%
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | PE &amp; Infra +25%
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | PE &amp; Infra -25%
| style="text-align:right" | -19 pts
|-
| style="text-align:left" | Inflation swap curve +50bps
| style="text-align:right" | -5 pts
|}
</div>
 
{{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).}}
Line 892 ⟶ 1,261:
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
{{chunk|doc=snjra2xp9r|c=6978|p=25}}
====== SolvencyRatio IIas ratioof 31/12/2025 by impact of the end of grandfathering period and Solvency II revision ======
 
<div style="overflow-x:auto">
{| id="t5t28" class="wikitable"
|-
| style="text-align:left" | Ratio as of 31/12/2025
Line 904 ⟶ 1,273:
| style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026
| style="text-align:right" | -10pts to 215%
| style="text-align:left" | ▶ Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, 2026
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
| style="text-align:right" | +17pts{{fn ref|1|2=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.}}
| 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=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.}}
 
== Conclusion ==
{{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=7079|p=26}}
====== CEOGroup statementCEO ======
 
* Thomas Buberl is the Group CEO.
Line 925 ⟶ 1,296:
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=7180|p=27}}
====== Business performance and outlook ======
 
* Achieved recordRecord results were achieved 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.
* LayingFoundations foundationsare being laid for the next plan, andwith confidentconfidence in delivering sustainable earnings growth.
 
== Q&A ==
=== February 26, 2026 Q&A Full Year 2025 Earnings ===
 
{{chunk|doc=snjra2xp9r|c=81|p=28}}
==== Q&A Full Year 2025 Earnings ====
====== Date ======
 
* February 26, [[Definition:Year 2026|2026]]
 
=== AXA Investor Relations – Keep in touch ===
 
==== Meet our management ====
{{chunk|doc=snjra2xp9r|c=72|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
{{chunk|doc=snjra2xp9r|c=82|p=29}}
<div class="ed-chart-desc">
====== Investor relations calendar ======
[Chart/image description:]
Icon of a person/headset representing investor relations management.
</div>
 
* March: Roadshows in Europe and US
{{chunk|doc=snjra2xp9r|c=73|p=29}}
* May 5: 1Q25 Activity Indicators in Paris
====== AXA Investor Relations – Keep in touch ======
* June 2: BNP Paribas Exane CEO Conference in Paris
* June 2-4: Goldman Sachs European Financials Conference in Zurich
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] in Paris
* September 21: AXA Investor Day in London
 
==== Contact us ====
<div style="overflow-x:auto">
{| id="t6" class="wikitable"
|-
! style="text-align:left" | March
! style="text-align:left" | 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>
 
{{chunk|doc=snjra2xp9r|c=7483|p=29}}
====== Investor Relations Contactcontact ======
 
* Investor Relations contact number: +33 1 40 75 48 42
* Investor Relations email: investor.relations@axa.com
 
==== Follow us ====
{{chunk|doc=snjra2xp9r|c=75|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
{{chunk|doc=snjra2xp9r|c=84|p=29}}
<div class="ed-chart-desc">
====== AXA website ======
[Chart/image description:]
Share/follow icon.
</div>
 
* AXA website: www.axa.com
{{chunk|doc=snjra2xp9r|c=76|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
== Appendices ==
<div class="ed-chart-desc">
[Chart/image description:]
YouTube icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=7785|p=2931}}
====== InvestorAppendices relations contactoverview ======
 
* The document includes appendices on: Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosures.
* For investor relations inquiries, contact f.
 
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
{{chunk|doc=snjra2xp9r|c=78|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
{{chunk|doc=snjra2xp9r|c=86|p=32}}
<div class="ed-chart-desc">
====== Gross financial debt and maturity breakdown ======
[Chart/image description:]
Facebook icon.
</div>
 
* All figures are in EUR billion.
{{chunk|doc=snjra2xp9r|c=79|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
==== Gross financial debt ====
<div class="ed-chart-desc">
[Chart/image description:]
Instagram icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=8087|p=2932}}
====== AXADebt Investor Relations – Keep in touchgearing ======
 
* Debt gearing: 20.6% (prior: 22.3%)
<div class="ed-chart-desc">
[Chart/image description:]
Twitter/X icon.
</div>
 
{{chunk|doc=snjra2xp9r|c=8188|p=2932}}
====== investorGross relationsfinancial contactdebt (In Euro billion) ======
 
<div style="overflow-x:auto">
* For investor relations inquiries, contact the AXA Investor Relations team.
{| id="t29" class="wikitable fintable"
* Contact details: `axa.investor.relations@axa.com`.
|-
* Contact details: `+33 1 40 75 46 85`.
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Jan 1st 2026
|-
| style="text-align:left" | Total
| style="text-align:right" | 19.2
| style="text-align:right" | 20.3
| style="text-align:right" | 20.3
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | 10.8
| style="text-align:right" | 12.2
| style="text-align:right" | 11.3
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=8289|p=2932}}
====== AXAGross Investorfinancial Relationsdebt – Keep in touchdetails ======
 
* End of the grandfathering period
<div class="ed-chart-desc">
* EUR 0.4bn redeemed in Jan [[Definition:Year 2026|2026]]
[Chart/image description:]
LinkedIn icon.
</div>
 
==== Contractual maturity breakdown ====
{{chunk|doc=snjra2xp9r|c=83|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
<div class="ed-chart-desc">
====== Contractual maturity breakdown (In Euro billion) ======
[Chart/image description:]
 
Sustainability/leaf icon.
<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | Senior debt
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" |
|-
| style="text-align:left" | Tier 2
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.5
| style="text-align:right" | 0.9
| style="text-align:right" | 0.7
| style="text-align:right" | 10.8
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 4.6
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=8491|p=2932}}
====== InvestorContractual relationsmaturity contactbreakdown ======
 
* Grandfathered debt is included in the contractual maturity breakdown.
* For investor relations, contact O.
 
{{chunk|doc=snjra2xp9r|c=8592|p=2932}}
====== Tier 1 & Tier 2 by 2025, 2026, 2027, 2028, 2029, 2030, 2031-2039, ≥2040, Undated ======
====== AXA Investor Relations – Keep in touch ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t31" class="wikitable fintable"
[Chart/image description:]
|-
Additional social/web icon.
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 1.4
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | -
| style="text-align:right" | 0.2
| style="text-align:right" | -
|}
</div>
 
==== Economic maturity breakdown ====
{{chunk|doc=snjra2xp9r|c=86|p=29}}
====== AXA Investor Relations – Keep in touch ======
 
{{chunk|doc=snjra2xp9r|c=93|p=32}}
<div class="ed-chart-desc">
====== Economic maturity breakdown by senior debt, Tier 2, Tier 1 ======
[Chart/image description:]
AXA logo.
</div>
 
== Appendices ==
 
{{chunk|doc=snjra2xp9r|c=87|p=31}}
====== Additional P&C disclosures ======
 
<div style="overflow-x:auto">
{| id="t7t32" class="wikitable fintable"
|-
|! style="text-align:left" | 1.
|! class="col-s" style="text-align:leftright" | Debt and Invested Assets2025
|! class="col-s" style="text-align:right" | p.312026
! class="col-s" style="text-align:right" | 2027
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | 2.Senior debt
| style="text-align:leftright" | Additional P&amp;C disclosures
| style="text-align:right" | p.36
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" |
|-
| style="text-align:left" | 3.Tier 2
| style="text-align:leftright" | Additional IFRS17 disclosures
| style="text-align:right" | p0.411
| style="text-align:right" | 2.4
| style="text-align:right" | 0.1
| style="text-align:right" | 0.5
| style="text-align:right" | 2.0
| style="text-align:right" | 6.4
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | 4.Tier 1
| style="text-align:leftright" | Sustainability
| style="text-align:right" | p.44
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.9
| style="text-align:right" | 0.7
| style="text-align:right" | 0.4
| style="text-align:right" |
| style="text-align:right" | 4.0
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=94|p=32}}
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
====== Grandfathered debt ======
 
* o/w Grandfathered debt
{{chunk|doc=snjra2xp9r|c=88|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
{{chunk|doc=snjra2xp9r|c=95|p=32}}
<div class="ed-chart-desc">
====== Tier 1 & Tier 2 by economic maturity ======
[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>
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=89|p=32}}
{| id="t33" class="wikitable fintable"
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
|-
 
! style="text-align:left" |
<div class="ed-chart-desc">
! class="col-s" style="text-align:right" | 2025
[Chart/image description:]
! class="col-s" style="text-align:right" | 2026
Two stacked bar charts showing maturity breakdowns.
! class="col-s" style="text-align:right" | 2027
Legend: Tier 1, Tier 2, Senior debt.
! class="col-s" style="text-align:right" | 2028
! class="col-s" style="text-align:right" | 2029
! class="col-s" style="text-align:right" | 2030
! class="col-s" style="text-align:right" | 2031-2039
! class="col-s" style="text-align:right" | ≥2040
! class="col-s" style="text-align:right" | Undated
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.4
| style="text-align:right" | -
| style="text-align:right" | 0.8
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | 0.2
| style="text-align:right" | -
| style="text-align:right" | -
|}
</div>
 
{{fn note|1=1,2|2=1. Nominal debt. 2. In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}
{{chunk|doc=snjra2xp9r|c=90|p=32}}
{{fn note|1=3|2=3. 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.}}
====== Contractual maturity breakdown ======
 
=== General Account Invested Assets ===
* Contractual maturity breakdown:
** 2028: Senior debt: 0.5
** 2030: Tier 2: 0.7; Senior debt: 0.9
** 2031-2039: Tier 2: 1.5
** ≥2040: Tier 2: 10.8; Senior debt: 0.5
** Undated: Tier 1: 4.6; Tier 2: 0.7
** o/w Grandfathered debt:
*** Tier 1: Undated: 1.4
*** Tier 2: 2030: 0.7; ≥2040: 0.2
 
{{chunk|doc=snjra2xp9r|c=9196|p=3233}}
====== EconomicGeneral maturityAccount breakdowninvested assets duration gap ======
 
* [[Definition:Full year 2025|FY25]] Total General Account invested assets Duration gap at -0.4 year
* Economic maturity breakdown:
** [[Definition:Year 2026|2026]]: Tier 1: 0.1
** 2027: Tier 2: 2.4
** 2028: Tier 1: 0.1; Senior debt: 0.5
** 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=9297|p=3233}}
====== GrossFY25 financialTotal debtGeneral andAccount maturityinvested breakdownassets: asEuro of450 December 31st, 2025billion ======
 
<div style="overflow-x:auto">
{{fn note|1=1|2=Nominal debt.}}
{| id="t34" class="wikitable"
{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF €139m due 2054 callable 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.}}
| style="text-align:left" | Fixed income
 
|-
=== General Account Invested Assets ===
| style="text-align:left" | Real estate
 
|-
{{chunk|doc=snjra2xp9r|c=93|p=33}}
| style="text-align:left" | Infrastructure equity
====== General Account Invested Assets ======
|-
 
| style="text-align:left" | Listed equities
<div class="ed-chart-desc">
|-
[Chart/image description:]
| style="text-align:left" | Private equity and hedge funds
Donut chart: [[Definition:Full year 2025|FY25]] Total General Account invested assets, Duration gap at -0.4 year.
|-
Total value in center: Euro 450 billion
| style="text-align:left" | Cash
Segments (with legend):
|-
- Fixed income
| style="text-align:left" | Policy loans
- Real estate
|}
- Infrastructure equity
- Listed equities
- Private equity and hedge funds
- Cash
- Policy loans
</div>
 
{{chunk|doc=snjra2xp9r|c=9498|p=33}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t8t35" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,237 ⟶ 1,682:
| 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).}}
{{fn note|1=4|2=4. Please refer to the financial supplement for more details.}}
 
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=9599|p=34}}
====== Invested assets (100%) by Total Structured and Private Credit assetsAssets ======
 
<div style="overflow-x:auto">
{| id="t9t36" class="wikitable fintable"
|-
! style="text-align:left" | Invested assets (100%)<br/>In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1}}<br/> portfolio
! style="text-align:leftright" | Comments
|-
| style="text-align:left" | Residential Mortgages
| style="text-align:right" | 16
| style="text-align:right" | 4%
| style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
|-
| style="text-align:left" | CLO &amp; ABS
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|-
| style="text-align:left" | Infrastructure debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport)
|-
| style="text-align:left" | CRE debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|-
| style="text-align:left" | Mid-Market lending
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|-
| style="text-align:left" | Other
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" |
|-
| style="text-align:left" | Total Structured and Private Credit Assets
| style="text-align:right" | 69
| style="text-align:right" | 15%
| style="text-align:left" | o/w 54% participating
|}
</div>
<tr><td>Residential Mortgages</td><td>16</td><td>4%</td><td>- €6bn Dutch mortgages, NHG guaranteed<br>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)</td></tr>
<tr><td>CLO & ABS</td><td>25</td><td>6%</td><td>- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)</td></tr>
<tr><td>Infrastructure debt</td><td>8</td><td>2%</td><td>- Skewed towards resilient industries (Telecom, Utilities, Transport)</td></tr>
<tr><td>CRE debt</td><td>8</td><td>2%</td><td>- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV</td></tr>
<tr><td>Mid-Market lending</td><td>10</td><td>2%</td><td>- Strong diversification with €8m average ticket<br>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation</td></tr>
<tr><td>Other</td><td>2</td><td>0%</td><td></td></tr>
<tr><td><strong>Total Structured and Private Credit Assets</strong></td><td><strong>69</strong></td><td><strong>15%</strong></td><td>o/w 54% participating</td></tr>
</table>
 
{{fn note|1=1|2=G/A: General Account}}
Line 1,304 ⟶ 1,722:
==== FY25 Fixed Income Reinvestment ====
 
{{chunk|doc=snjra2xp9r|c=96100|p=35}}
====== FY25 Fixed Incomeincome reinvestment Reinvestmentportfolio ======
 
* Government bonds & related comprise 32% of the portfolio with an average rating of AA.
<div class="ed-chart-desc">
* Investment grade credit comprises 40% of the portfolio with an average rating of A.
[Chart/image description:]
* ABS/CLO/IG fund financing comprises 21% of the portfolio.
Donut chart: [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment, total Euro 57 billion.
* Below investment grade credit comprises 7% of the portfolio.
- Government bonds & related: 32% (Average rating: AA)
* The total reinvestment amount is EUR 57bn.
- Investment grade credit: 40% (Average rating: A)
- ABS/CLO/IG fund financing: 21%
- Below investment grade credit: 7%
</div>
 
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=97101|p=35}}
====== FY25 Fixed Incomeincome reinvestment yield by public, private & structured Reinvestmentfixed Yieldincome ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t37" class="wikitable fintable"
[Chart/image description:]
|-
Bar chart: [[Definition:Full year 2025|FY25]] Fixed Income Reinvestment Yield.
! style="text-align:left" | Public fixed income{{fn ref|1}}: 3.5%
! style="text-align:left" | Private &amp; Structured fixed income{{fn ref|2}}: 4.7%
! class="col-s" style="text-align:right" | Total fixed income: 3.9%
|-
| style="text-align:left" | 3.5%
| style="text-align:left" | 4.7%
| style="text-align:right" | 3.9%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=102|p=35}}
==== ▶ Euro 57 billion fixed income invested at 3.9% ====
====== FY25 fixed income reinvestment yield ======
 
{{chunk|doc=snjra2xp9r|c=98|p=35}}
====== Fixed income portfolio ======
 
* EUR 57bn fixed income invested at 3.9%
* Average duration of 9 years
* Includes EUR 19.7bn of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
** This 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=99103|p=35}}
====== ▶FY25 EuroFixed 57Income billionReinvestment fixed income invested at 3.9%Yield ======
 
{{fn note|1=1|2=Government and Corporate bonds and related.}}
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
 
{{chunk|doc=snjra2xp9r|c=100104|p=36}}
====== DebtAdditional and invested assetsdisclosures ======
 
* Additional P&C disclosures are on page 36.
* Additional IFRS17 disclosures are on page 41.
* Debt and Invested Assets disclosures are on page 31.
 
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
==== Well diversified across lines of business and geographies ====
 
{{chunk|doc=snjra2xp9r|c=105|p=37}}
====== GWP by line of business ======
 
<div style="overflow-x:auto">
{| id="t10t38" class="wikitable fintable"
|-
| style="text-align:left" | 1.Casualty
| style="text-align:leftright" | Debt and Invested Assets35%
| style="text-align:right" | p.31
|-
| style="text-align:left" | 2.Property
| style="text-align:leftright" | Additional P&amp;C disclosures29%
| style="text-align:right" | p.36
|-
| style="text-align:left" | 3.Specialty
| style="text-align:leftright" | Additional IFRS17 disclosures19%
| style="text-align:right" | p.41
|-
| style="text-align:left" | 4.Professional lines{{fn ref|1}}
| style="text-align:leftright" | Sustainability17%
| style="text-align:right" | p.44
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=106|p=37}}
=== AXA XL Insurance – Large Commercial & Specialty business ===
====== GWP by geography ======
 
<div style="overflow-x:auto">
==== Well diversified across lines of business and geographies ====
{| id="t39" class="wikitable fintable"
 
|-
{{chunk|doc=snjra2xp9r|c=101|p=37}}
| style="text-align:left" | Americas
====== Well diversified across lines of business and geographies ======
| style="text-align:right" | 46%
 
|-
<div class="ed-chart-desc">
| style="text-align:left" | Europe &amp; APAC
[Chart/image description:]
| style="text-align:right" | 35%
Two donut charts showing [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] composition.
|-
| style="text-align:left" | UK &amp; Lloyds
| style="text-align:right" | 19%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=102|p=37}}
====== FY25 GWP by line of business ======
 
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business totaled USD 19bn:
** Casualty: 35%
** Property: 29%
** Specialty: 19%
** Professional lines: 17%
 
{{chunk|doc=snjra2xp9r|c=103|p=37}}
====== FY25 GWP by geography ======
 
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by geography totaled USD 19bn:
** Americas: 46%
** Europe & APAC: 35%
** UK & Lloyds: 19%
 
==== Leading market positions across lines ====
 
{{chunk|doc=snjra2xp9r|c=107|p=37}}
==== Top 3 globally ====
====== Commercial lines market position ======
 
* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
{{chunk|doc=snjra2xp9r|c=104|p=37}}
====== P&C Commercial Lines ======
 
* Multinational Programs are a key offering.
* Marine is a key offering.
* Fine Art & Specie is a key offering.
 
==== Managing the cycle to deliver consistent profitability ====
 
{{chunk|doc=snjra2xp9r|c=105108|p=37}}
====== Profitability exvs. Ex-price growth by line of business ======
 
* Profitability vs. Ex-price growth (%)
** Professional lines: lower ex-price growth, lower profitability
 
** Casualty: medium ex-price growth, medium profitability
{{chunk|doc=snjra2xp9r|c=106|p=37}}
** Specialty (including Cyber): medium-high ex-price growth, medium-high profitability
====== Managing the cycle to deliver consistent profitability ======
** Property: high ex-price growth, high 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.
- 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 ===
Line 1,434 ⟶ 1,833:
==== Claims reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=107109|p=38}}
====== Net undiscounted claimsClaims reserves ratio definition ======
 
* The claims reserves ratio is calculated as Net undiscounted claims reserves divided by/ Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=108110|p=38}}
====== Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t40" class="wikitable fintable"
[Chart/image description:]
|-
Bar chart: Claims reserves ratio, FY18 to [[Definition:Full year 2025|FY25]].
! style="text-align:left" |
IFRS4:
! class="col-s" style="text-align:right" | FY18
FY18: 179%
! class="col-s" style="text-align:right" | FY19
FY19: 185%
! class="col-s" style="text-align:right" | FY20
FY20: 193%
! class="col-s" style="text-align:right" | FY21
FY21: 188%
! class="col-s" style="text-align:right" | FY22
FY22: 189%
! class="col-s" style="text-align:right" | FY22
IFRS17:
! class="col-s" style="text-align:right" | FY23
FY22: 198%
! class="col-s" style="text-align:right" | FY24
FY23: 195%
! class="col-s" style="text-align:right" | FY25
[[Definition:Full year 2024|FY24]]: 180%
|-
FY25: 175%
! style="text-align:left" |
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
|-
| style="text-align:left" | Claims reserves ratio
| style="text-align:right" | 179%
| style="text-align:right" | 185%
| style="text-align:right" | 193%
| style="text-align:right" | 188%
| style="text-align:right" | 189%
| style="text-align:right" | 198%
| style="text-align:right" | 195%
| style="text-align:right" | 180%
| style="text-align:right" | 175%
|}
</div>
 
==== Technical reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=109111|p=38}}
====== Net undiscounted technicalTechnical reserves ratio definition ======
 
* Net undiscountedThe technical reserves areratio measuredis calculated as aNet ratioundiscounted technical reserves divided toby Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=110112|p=38}}
====== Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums) ======
 
<div classstyle="edoverflow-chart-descx:auto">
{| id="t41" class="wikitable fintable"
[Chart/image description:]
|-
Bar chart: Technical reserves ratio, FY18 to [[Definition:Full year 2025|FY25]].
! style="text-align:left" |
IFRS4:
! class="col-s" style="text-align:right" | FY18
FY18: 213%
! class="col-s" style="text-align:right" | FY19
FY19: 227%
! class="col-s" style="text-align:right" | FY20
FY20: 233%
! class="col-s" style="text-align:right" | FY21
FY21: 226%
! class="col-s" style="text-align:right" | FY22
FY22: 227%
! class="col-s" style="text-align:right" | FY22
IFRS17:
! class="col-s" style="text-align:right" | FY23
FY22: 234%
! class="col-s" style="text-align:right" | FY24
FY23: 232%
! class="col-s" style="text-align:right" | FY25
[[Definition:Full year 2024|FY24]]: 216%
|-
FY25: 210%
! style="text-align:left" |
@@ORIG_0@@
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
|-
| style="text-align:left" | Technical reserves ratio
| style="text-align:right" | 213%
| style="text-align:right" | 227%
| style="text-align:right" | 233%
| style="text-align:right" | 226%
| style="text-align:right" | 227%
| style="text-align:right" | 234%
| style="text-align:right" | 232%
| style="text-align:right" | 216%
| style="text-align:right" | 210%
|}
</div>
 
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
 
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===
 
{{chunk|doc=snjra2xp9r|c=111113|p=39}}
====== CurrencyNat notationCat Reinsurance Program ======
 
* All figures are in EuroEUR.
 
==== Insurance segment (occurrence protection) ====
{{chunk|doc=snjra2xp9r|c=112|p=39}}
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
==== Reinsurance segment (illustrative) ====
<div class="ed-chart-desc">
[Chart/image description:]
Bar chart: [[Definition:Year 2026|2026]] Simplified Group Nat Cat Reinsurance Program — Capacity and Retention by peril, Insurance segment (occurrence protection) and Reinsurance segment (illustrative), in Euro.
</div>
 
{{chunk|doc=snjra2xp9r|c=113114|p=39}}
====== 2026Alternative SimplifiedCapital Group Nat& Cat Reinsurance ProgramBonds ======
 
* Alternative Capital & Cat Bonds
* Insurance segment (occurrence protection):
** EU Windstorm: Capacity EUR 4.0bn; Retention EUR 600m
** Europe Flood: Capacity EUR 2.1bn; Retention EUR 450m
** Europe Earthquake: Capacity EUR 2.1bn; Retention EUR 400m
** NA Hurricane: Capacity EUR 1.2bn; Retention EUR 600m
** NA Earthquake: Capacity EUR 1.2bn; Retention EUR 600m
** Per other perils: Retention EUR 400m
* Reinsurance segment (illustrative): includes Alternative Capital & Cat Bonds
* The program includes a EUR 1.0bn component.
 
{{chunk|doc=snjra2xp9r|c=114115|p=39}}
====== Capacity and Retention by peril ======
 
<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | EU Windstorm
! class="col-s" style="text-align:right" | Europe Flood
! class="col-s" style="text-align:right" | Europe Earthquake
! class="col-s" style="text-align:right" | NA Hurricane
! class="col-s" style="text-align:right" | NA Earthquake
! class="col-s" style="text-align:right" | Per other perils{{fn ref|3}}
|-
| style="text-align:left" | Capacity
| style="text-align:right" | 4.0bn
| style="text-align:right" | 2.1bn
| style="text-align:right" | 2.1bn
| style="text-align:right" | 1.2bn
| style="text-align:right" | 1.2bn
| style="text-align:right" |
|-
| style="text-align:left" | Retention
| style="text-align:right" | 600m
| style="text-align:right" | 450m
| style="text-align:right" | 400m
| style="text-align:right" | 600m{{fn ref|2}}
| style="text-align:right" | 600m{{fn ref|2}}
| style="text-align:right" | 400m
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=116|p=39}}
====== Retention levels ======
 
* RetentionStable retention levels are stablemaintained in [[Definition:Year 2026|2026]], consistentas within 2025.
 
{{chunk|doc=snjra2xp9r|c=115117|p=39}}
====== Reinsurance segment (illustrative) ======
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,527 ⟶ 1,977:
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
 
{{chunk|doc=snjra2xp9r|c=116118|p=40}}
====== P&C Nat Cat cost deviation ======
 
* AllNat figuresCat arecost deviation in [[Definition:Year 2026|2026]] is presented in EUR billion, (net of reinsurance).
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ====
 
{{chunk|doc=snjra2xp9r|c=117119|p=40}}
====== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-taxdeviation ======
 
* The table presents Nat Cat charges deviation net of reinsurance, post-tax and pre-tax.
<div class="ed-chart-desc">
 
[Chart/image description:]
{{chunk|doc=snjra2xp9r|c=120|p=40}}
Bar chart: Group [[Definition:Underlying earnings|underlying earnings]] deviation to average Nat Cat charges in [[Definition:Year 2026|2026]].
====== Deviation by percentile and return period ======
The chart shows a distribution of outcomes from negative to positive deviation.
 
- More severe years (Negative deviation in ca. 40% of cases):
<div style="overflow-x:auto">
- 1/20y (95th): €-1.2bn
{| id="t43" class="wikitable"
- 1/10y (90th): €-0.8bn
|-
- 1/5y (80th): €-0.4bn
! style="text-align:left" | Percentile
- Median (50th): €+0.1bn
! style="text-align:right" | Return period
- Less severe years (Positive deviation in ca. 60% of cases):
! style="text-align:right" | Deviation
- 1/5y (20th): €+0.5bn
|-
- 1/10y (10th): €+0.7bn
| style="text-align:left" | 95th
- 1/20y (5th): €+0.8bn
| style="text-align:right" | 1/20y (more severe)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 90th
| style="text-align:right" | 1/10y
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 80th
| style="text-align:right" | 1/5y
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | 50th
| style="text-align:right" | Median
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 20th
| style="text-align:right" | 1/5y
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 10th
| style="text-align:right" | 1/10y
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 5th
| style="text-align:right" | 1/20y
| style="text-align:right" | €+0.8bn
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=121|p=40}}
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====
====== Nat Cat charges deviation ======
 
* Negative deviation in approximately 40% of cases for more severe years.
{{chunk|doc=snjra2xp9r|c=118|p=40}}
* Positive deviation in approximately 60% of cases for less severe years.
====== Average Expected Nat Cat charges net of reinsurance, pre-tax ======
 
==== Average Expected Nat Cat charges ====
<div class="ed-chart-desc">
 
[Chart/image description:]
{{chunk|doc=snjra2xp9r|c=122|p=40}}
Bar chart: Average Expected Nat Cat charges, 2025 vs [[Definition:Year 2026|2026]], in Euro billion.
====== Value & Estimated impact on GEP by year ======
- 2025: 2.6
 
- 2026: 2.7
<div style="overflow-x:auto">
- Estimated impact on GEP:
{| id="t44" class="wikitable"
- 2025: ca. 4.5%
|-
- 2026: ca. 4.5%
! style="text-align:left" |
! style="text-align:right" | 2025
! style="text-align:right" | 2026
|-
| style="text-align:left" | Value (€bn)
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
|-
| style="text-align:left" | Estimated impact on GEP
| style="text-align:right" | ca. 4.5%
| style="text-align:right" | ca. 4.5%
|}
</div>
 
{{fn note|1=1|2=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). Full Year 2025 Earnings}}
{{chunk|doc=snjra2xp9r|c=119|p=40}}
====== Average Expected Nat Cat charges net of reinsurance, pre-tax ======
 
{{chunk|doc=snjra2xp9r|c=123|p=41}}
{{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).}}
====== Additional disclosures ======
 
* Debt and Invested Assets are detailed on p.31
{{chunk|doc=snjra2xp9r|c=120|p=41}}
======* Additional P&C disclosures ======are on p.36
* Additional IFRS17 disclosures are on p.41
 
=== P&C – Margin Analysis ===
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=124|p=42}}
====== Pre-tax technical result ======
 
* All figures are in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=125|p=42}}
====== Current Accident Year Undiscounted Technical Margin ======
 
<div style="overflow-x:auto">
{| id="t11t45" class="wikitable fintable"
|-
|! style="text-align:left" | 1.
|! class="col-m" style="text-align:leftright" | Debt and Invested AssetsFY25
|! class="col-m" style="text-align:right" | p.31Change
|-
| style="text-align:left" | 2.<strong>Current Accident Year Undiscounted Technical Margin</strong>
| style="text-align:leftright" | Additional P&amp;C disclosures2,778
| style="text-align:right" | p.36+707
|-
| style="text-align:left" | Gross Earned Premiums
| style="text-align:right" | 57,656
| style="text-align:right" | +6%
|-
| style="text-align:left" | 3.Current Accident Year Undiscounted Combined Ratio
| style="text-align:leftright" | Additional IFRS17 disclosures95.2%
| style="text-align:right" | p-1.410pt
|-
| style="text-align:left" | 4.<em>o/w Nat Cats</em>
| style="text-align:leftright" | Sustainability<em>3.4%</em>
| style="text-align:right" | p<em>-0.444pt</em>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=126|p=42}}
=== P&C – Margin Analysis ===
====== Current Accident Year Discounting by FY25 ======
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=121|p=42}}
{| id="t46" class="wikitable fintable"
====== P&C – Margin Analysis ======
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Current Accident Year Discounting</strong>
| style="text-align:right" | 2,009
| style="text-align:right" | +115
|-
| style="text-align:left" | Discounting Ratio (in Combined Ratio points)
| style="text-align:right" | -3.5%
| style="text-align:right" | +0.0pt
|-
| style="text-align:left" | Current Accident Year Net Claims reserves
| style="text-align:right" | €19.0bn
| style="text-align:right" |
|-
| style="text-align:left" | Duration
| style="text-align:right" | 4.0 years
| style="text-align:right" |
|-
| style="text-align:left" | Current Accident Year Discount rate
| style="text-align:right" | 2.8%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=127|p=42}}
<div class="ed-chart-desc">
====== Prior Years' Reserve Development (PYD) ======
[Chart/image description:]
 
Bar chart: Technical Result and Financial Result for P&C, [[Definition:Full year 2025|FY25]], in Euro million (pre-tax). The chart shows a flow from Technical Result components (Current Accident Year Undiscounted Technical Margin, Current Accident Year Discounting, Prior Years' Reserve Development) to Financial Result components (Investment Income, Insurance Finance Expenses), culminating in [[Definition:Underlying earnings|Underlying Earnings]] before tax and Underlying Earnings.
<div style="overflow-x:auto">
{| id="t47" 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" | <strong>Prior Years' Reserve Development (PYD)</strong>
| style="text-align:right" | 622
| style="text-align:right" | -341
|-
| style="text-align:left" | PYD ratio
| style="text-align:right" | -1.1%
| style="text-align:right" | +0.7pt
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=122128|p=42}}
====== TechnicalFY25 ResultCurrent Accident Year discount rate sensitivity ======
 
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year Undiscounteddiscount Technicalrate Marginchanges: EUR+25bps 2,778mresults in EUR (+0.2bn; -25bps results in EUR 707m)-0.2bn.
* Gross Earned Premiums: EUR 57,656m (+6%)
* Current Accident Year Undiscounted Combined Ratio: 95.2% (-1.0pt)
** of which Nat Cats: 3.4% (-0.4pt)
* Current Accident Year Discounting: EUR 2,009m (+EUR 115m)
* Discounting Ratio (in Combined Ratio points): -3.5% (+0.0pt)
* Current Accident Year Net Claims reserves: EUR 19.0bn
* Duration: 4.0 years
* Current Accident Year Discount rate: 2.8%
* Prior Years' Reserve Development (PYD): EUR 622m (-EUR 341m)
* PYD ratio: -1.1% (+0.7pt)
 
==== Financial Result ====
{{chunk|doc=snjra2xp9r|c=123|p=42}}
====== Financial Result and Underlying Earnings ======
 
{{chunk|doc=snjra2xp9r|c=129|p=42}}
* Investment Income: EUR 3,988m (+EUR 435m)
====== Pre-tax results ======
* [[Definition:Full year 2025|FY25]] Average Assets: EUR 115bn
* Asset book yield: 3.5%
* FY25 Reinvestment yield: 4.3%
* Insurance Finance Expenses: EUR -1,358m (-EUR 235m)
* [[Definition:Full year 2024|FY24]] Reserves at locked-in rate: EUR 71bn
* Liability book yield: 1.9%
* [[Definition:Underlying earnings|Underlying Earnings]] before tax: EUR 8,040m (+EUR 681m)
* Tax: EUR -2,060m (-EUR 169m)
* Affiliates, Minority interests & Other: EUR -108m (-EUR 10m)
* Underlying Earnings: EUR 5,872m (+EUR 501m)
* Growth vs. FY24 (at constant [[Definition:Foreign exchange|FX]]): +9%
 
* All figures are in EUR million (pre-tax).
{{chunk|doc=snjra2xp9r|c=124|p=42}}
 
====== Discount Rate Sensitivity ======
{{chunk|doc=snjra2xp9r|c=130|p=42}}
====== Investment income ======
 
<div style="overflow-x:auto">
{| id="t48" 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" | <strong>Investment Income</strong>
| style="text-align:right" | 3,988
| style="text-align:right" | +435
|-
| style="text-align:left" | FY25 Average Assets
| style="text-align:right" | €115bn
| style="text-align:right" |
|-
| style="text-align:left" | Asset book yield
| style="text-align:right" | 3.5%
| style="text-align:right" |
|-
| style="text-align:left" | FY25 Reinvestment yield{{fn ref|1}}
| style="text-align:right" | 4.3%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=131|p=42}}
====== Insurance Finance Expenses ======
 
<div style="overflow-x:auto">
{| id="t49" 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" | <strong>Insurance Finance Expenses</strong>
| style="text-align:right" | -1,358
| style="text-align:right" | -235
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
| style="text-align:right" | €71bn
| style="text-align:right" |
|-
| style="text-align:left" | Liability book yield
| style="text-align:right" | 1.9%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=132|p=42}}
====== Insurance finance expenses ======
 
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes:
** +25bps: +EUR 0.2bn
** -25bps: -EUR 0.2bn
* 2026e Insurance Finance Expenses (pre-tax): ~ EUR -1.4bn
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount:
Line 1,648 ⟶ 2,227:
** -25bps: ~ EUR +50m
 
{{chunk|doc=snjra2xp9r|c=125133|p=42}}
====== P&CUnderlying –Earnings Marginbefore Analysistax and Underlying Earnings ======
 
<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Underlying Earnings before tax</strong>
| style="text-align:right" | 8,040
| style="text-align:right" | +681
|-
| style="text-align:left" | Tax
| style="text-align:right" | -2,060
| style="text-align:right" | -169
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | -108
| style="text-align:right" | -10
|-
| style="text-align:left" | <strong>Underlying Earnings</strong>
| style="text-align:right" | 5,872
| style="text-align:right" | +501
|-
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" |
| style="text-align:right" | <em>+9%</em>
|}
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
Line 1,656 ⟶ 2,264:
=== L&H – Margin Analysis ===
 
{{chunk|doc=snjra2xp9r|c=126134|p=43}}
====== Scope impact ======
 
* Includes scopeScope impact is included.
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=127135|p=43}}
====== Pre-tax figurestechnical result ======
 
* AllPre-tax figurestechnical areresult in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=128136|p=43}}
====== Short-term Technical ResultMargin by Gross Earned Premiums and All Year Combined Ratio ======
 
<div style="overflow-x:auto">
{| id="t12t51" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,678 ⟶ 2,286:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <b>Short-term Technical Margin</b>
| style="text-align:right" | <b>479</b>
| style="text-align:right" | <b>+60</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 1,689 ⟶ 2,297:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=137|p=43}}
====== Long-term Technical Margin by CSM release and Technical experience ======
 
<div style="overflow-x:auto">
{| id="t52" class="wikitable fintable"
|-
|! style="text-align:left" | Long-term Technical Margin
|! class="col-m" style="text-align:right" | 2,804FY25
|! class="col-m" style="text-align:right" | +156Change
|-
| style="text-align:left" | <b>Long-term Technical Margin</b>
| style="text-align:right" | <b>2,804</b>
| style="text-align:right" | <b>+156</b>
|-
| style="text-align:left" | CSM release
Line 1,703 ⟶ 2,323:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=138|p=43}}
====== Technical result adjustments ======
 
* The technical result includes the recapture of Laya.
 
{{chunk|doc=snjra2xp9r|c=139|p=43}}
====== FY25 CSM by sensitivities ======
 
<div style="overflow-x:auto">
{| id="t53" class="wikitable"
|}
</div>
(in Euro billion)</caption>
<tr><th></th><th>[[Definition:Full year 2025|FY25]]</th></tr>
<tr><td><b>Baseline</b></td><td>33.3</td></tr>
<tr><td>Interest rates +50bps</td><td>-0.8</td></tr>
<tr><td>Interest rates -50bps</td><td>0.6</td></tr>
<tr><td>Sovereign spreads +50bps</td><td>-1.9</td></tr>
<tr><td>Sovereign spreads -50bps</td><td>1.9</td></tr>
<tr><td>Corporate spread +50bps</td><td>-0.8</td></tr>
<tr><td>Corporate spread -50bps</td><td>0.7</td></tr>
<tr><td>Equities +25%</td><td>1.8</td></tr>
<tr><td>Equities -25%</td><td>-2.2</td></tr>
</table>
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=129140|p=43}}
====== Pre-tax resultsresult ======
 
* All figuresPre-tax areresult (in EUR million, pre-tax.)
 
{{chunk|doc=snjra2xp9r|c=130141|p=43}}
====== Investment incomeIncome &(non-VFA insurance finance expensesonly) ======
 
<div style="overflow-x:auto">
{| id="t13t54" 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" | <b>Investment Income (non-VFA only)</b>
| style="text-align:right" | <b>2,484</b>
| style="text-align:right" | <b>-1</b>
|-
| style="text-align:left" | FY25 Average Assets
Line 1,736 ⟶ 2,381:
| style="text-align:right" | 3.8%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=142|p=43}}
====== Insurance Finance Expenses (non-VFA only) ======
 
<div style="overflow-x:auto">
{| id="t55" class="wikitable"
|-
! style="text-align:left" |
! style="text-align:right" | FY25
! style="text-align:right" | Change
|-
| style="text-align:left" | <b>Insurance Finance Expenses (non-VFA only)</b>
| style="text-align:right" | <b>-1,538</b>
| style="text-align:right" | <b>-9</b>
|-
| style="text-align:left" | FY24 Reserves at locked-in rate
Line 1,751 ⟶ 2,408:
</div>
 
{{chunk|doc=snjra2xp9r|c=131143|p=43}}
====== FinancialUnderlying Resultearnings before tax and underlying earnings ======
 
<div class="ed-chart-desc">
[Chart/image description:]
Flow diagram showing the summation of margins to [[Definition:Underlying earnings|Underlying Earnings]]:
- Short-term Technical Margin (479) [Incl. recapture of Laya]
- Plus (+) Long-term Technical Margin (2,804)
- 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}}
====== Financial Result ======
 
<div style="overflow-x:auto">
{| id="t14t56" 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" | <b>Underlying Earnings before tax</b>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>+205</b>
|-
| style="text-align:left" | Tax
Line 1,786 ⟶ 2,430:
| style="text-align:right" | -51
|-
| style="text-align:left" | <b>Underlying Earnings</b>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | <i>Growth vs. FY24 (at constant FX)</i>
| style="text-align:right" |
| style="text-align:right" | +7%
Line 1,796 ⟶ 2,440:
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{chunk|doc=snjra2xp9r|c=133|p=43}}
====== FY25 CSM by sensitivities ======
 
{{chunk|doc=snjra2xp9r|c=144|p=44}}
<div style="overflow-x:auto">
====== Additional disclosures ======
{| id="t15" class="wikitable fintable"
|-
| style="text-align:left" | Baseline
| style="text-align:right" | 33.3
|-
| style="text-align:left" | Interest rates +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Interest rates -50bps
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Sovereign spreads +50bps
| style="text-align:right" | -1.9
|-
| style="text-align:left" | Sovereign spreads -50bps
| style="text-align:right" | 1.9
|-
| style="text-align:left" | Corporate spread +50bps
| style="text-align:right" | -0.8
|-
| style="text-align:left" | Corporate spread -50bps
| style="text-align:right" | 0.7
|-
| style="text-align:left" | Equities +25%
| style="text-align:right" | 1.8
|-
| style="text-align:left" | Equities -25%
| style="text-align:right" | -2.2
|}
</div>
 
* Debt and Invested Assets disclosures are on p.31.
{{fn note|1=1|2=1. Reinvestment yield on fixed income assets.}}
* Additional P&C disclosures are on p.36.
* Additional IFRS17 disclosures are on p.41.
 
=== Expanding AXA's role in society: AXA for Progress Index ===
{{chunk|doc=snjra2xp9r|c=134|p=44}}
====== Financial results ======
 
{{chunk|doc=snjra2xp9r|c=145|p=45}}
* The financial results are presented on a reported basis.
====== Target and 2025 Result by Global Investor, Global Insurer, and Company ======
 
{{chunk|doc=snjra2xp9r|c=135|p=44}}
====== Debt and Invested Assets ======
 
<div style="overflow-x:auto">
{| id="t16t57" class="wikitable"
|-
|! colspan="2" style="text-align:leftcenter" | 1.As a GLOBAL INVESTOR
|! colspan="2" style="text-align:leftcenter" | DebtAs anda InvestedGLOBAL AssetsINSURER
|! colspan="2" style="text-align:rightcenter" | p.31As a COMPANY
|-
| style="text-align:left" | 2.
| style="text-align:left" | Additional P&amp;C disclosures
| style="text-align:right" | p.36
|-
| style="text-align:left" | 3.
| style="text-align:left" | Additional IFRS17 disclosures
| style="text-align:right" | p.41
|-
| style="text-align:left" | 4.
| style="text-align:left" | Sustainability
| style="text-align:right" | p.44
|}
</div>
 
=== Expanding AXA's role in society: AXA for Progress Index ===
 
{{chunk|doc=snjra2xp9r|c=136|p=45}}
====== Climate transition financing & community resilience financing by Target ======
 
<div style="overflow-x:auto">
{| id="t17" class="wikitable"
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
! style="text-align:left" | Target
|-
|! style="text-align:leftright" | €5bn{{fn ref|2}} in climate transition financing per2025 yearResult
| 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>
 
{{chunk|doc=snjra2xp9r|c=137|p=45}}
====== Target by 2025 result ======
 
<div style="overflow-x:auto">
{| id="t18" 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
| rowspan="2" style="text-align:right" | €6.4bn
| 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;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" | &gt;20,000€500m{{fn ref|42}} climatein adaptationcommunity solutionsresilience &amp;financing services (cumulative 2024-2026) Target revised inper 2025year
| style="text-align:right" | 19&gt;20,698000{{fn Cumulativeref|4}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025
| style="text-align:left" | 19,698 Cumulative 2024-2025
| style="text-align:right" | 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" | -64% Reduction against 2019
|-
| style="text-align:left" |
| style="text-align:right" | €1.4bn
| 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>
 
{{chunk|doc=snjra2xp9r|c=138|p=45}}
====== Target by 2025 Result ======
 
<div style="overflow-x:auto">
{| id="t19" 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: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%
Line 1,932 ⟶ 2,501:
=== Sustainability Performance & Ratings ===
 
{{chunk|doc=snjra2xp9r|c=146|p=46}}
==== S&P Global ====
====== Sustainability ratings ======
 
* Dow Jones Best-in-Class Europe & World indices percentile: 97th in 2025
{{chunk|doc=snjra2xp9r|c=139|p=46}}
* MSCI score: AAA in 2025
====== S&P Global ESG ratings ======
* CDP score: B in 2025
* Sustainalytics ESG Risk Rating: 17.0 (Low risk) in 2025
* FTSE4Good Index Series score: 4.3/5 in 2025
 
{{chunk|doc=snjra2xp9r|c=147|p=46}}
* Dow Jones Best-in-Class Europe & World indices percentile: 97
====== Sustainability Performance & Ratings ======
* Score: AAA
* ESG Risk Rating: 17.0 (Low risk)
* FTSE4Good Index Series score: 4.3/5
 
{{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.}}
==== QCDP ====
 
{{chunk|doc=snjra2xp9r|c=140|p=46}}
====== QCDP score ======
 
* 2025 QCDP score: B
 
{{chunk|doc=snjra2xp9r|c=141|p=46}}
====== QCDP ======
 
{{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.}}
 
=== Scope ===
 
{{chunk|doc=snjra2xp9r|c=142148|p=47}}
====== Scope definitionsof activities by geography and businesssegment ======
 
* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities),; Germany (insurance activities and holding),; Belgium and LuxemburgLuxembourg (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).
* AXAXLAXA XL: 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) businesses are consolidated under the equity method and contribute only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and 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.
** OtherEME-LATAM: 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, and Asian joint ventures which are consolidated under the equity method.
* AXA Investment Managers (until July 1, 2025): Asian joint ventures are consolidated under the equity method.
 
{{chunk|doc=snjra2xp9r|c=143149|p=47}}
====== Accounting standards ======
 
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
 
=== Glossary ===
 
{{chunk|doc=snjra2xp9r|c=144150|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%.
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* 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 (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.
* 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.
* 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.
 
* 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%
=== February 26, 2026 Thank you Full Year 2025 Earnings ===
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
* 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 (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
* 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
* 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
 
==== Thank you ====
 
{{chunk|doc=snjra2xp9r|c=145151|p=49}}
====== FullEarnings Yearpresentation 2025 Earningsdetails ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings presentation was on February 26, [[Definition:Year 2026|2026]].
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"