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| pages = 49
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_presentation.md->
| intro_sentence = This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).
| wide = yes
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''This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).''
 
=== Full Year 2025 Earnings Presentation February 26, 2026 ===
 
{{chunk|doc=snjra2xp9r|c=1|p=1}}
====== Presentation date ======
 
* The presentation date is February 26, [[Definition:Year 2026|2026]].
 
=== Full Year 2025 Earnings ===
 
{{chunk|doc=snjra2xp9r|c=21|p=2}}
====== Legal and cautionary statements ======
 
* Certain statements in thethis presentationdocument are forward-looking, includingidentified predictionsby ofwords futurelike events"expects," trends"anticipates," plans"may," expectations"plan," or"target," objectives"would," and other non-historical information"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.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", "would", and "could".
* Forward-looking statements are based on Management’s current views and intentions, are subject to change, and carry known and unknown risks and uncertainties outside AXA’s control that could cause actual results to differ materially.
* 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.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law.
* These statements are based on Management’s current views and intentions and are subject to change.
* This presentation refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position.
* 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.
* Non-GAAP financial measures generally lack standardized meaning and may not be comparable to measures used by other companies.
* 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"underlying return on equity”equity," “combined"combined ratio”ratio," and “debt"debt gearing”gearing" are APMs as defined inby ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliationReconciliations of APMs to relatedIFRS financial statement itemsstatements and/or their calculation methodologymethodologies inare itsprovided Activityin Report as of December 31, 2025 (“AXA’sAXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”Report.
* AXA’s 2025 Activity Report is available on www.axa.com.
* Further information on non-GAAP financial measures is available in the Glossary in AXA’s 2025 Activity Report.
* AXA’s Activityconsolidated Reportfinancial asstatements offor the year ended December 31, 2025, iswere availableexamined onby the AXABoard of Directors on February 25, 2026, and are subject Groupto websiteaudit (www.axa.com)completion.
* 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.
 
=== Contents ===
{{chunk|doc=snjra2xp9r|c=3|p=3}}
====== Presentation structure and speakers ======
 
{{chunk|doc=snjra2xp9r|c=2|p=3}}
* The presentation includes "[[Definition:Full year 2025|FY25]] Highlights" on page 04, presented by Thomas Buberl, Group CEO.
====== Presentation contents and speakers ======
* "FY25 Business Performance" is on page 09, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
 
* "FY25 Financial Performance" is on page 13, presented by Alban de Mailly Nesle, Group CFO.
* [[Definition:Full year 2025|FY25]] Highlights are on p.04.
* Thomas Buberl is the Group CEO.
* FY25 Business Performance is on p.09.
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* FY25 Financial Performance is on p.13.
* Alban de Mailly Nesle is the Group CFO.
 
== FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=43|p=4}}
====== Group CEO ======
 
Line 64 ⟶ 59:
=== Full Year 2025 – Excellent performance ===
 
{{chunk|doc=snjra2xp9r|c=54|p=5}}
====== Financial performance FY25highlights ======
 
* Revenues: +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24
* ROE: 16% in [[Definition:Full year 2025|FY25]]
* Solvency II ratio: 224% in FY25
 
{{chunk|doc=snjra2xp9r|c=65|p=5}}
====== Shareholder returns and future outlook ======
 
* DPS growth: +8%
* Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* Annual [[Definition:Share buyback|share buyback]]: EUR 1.25bn
* 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=76|p=5}}
====== Full Year 2025 – Excellent performance ======
 
Line 86 ⟶ 82:
=== Executing the plan on growth, margin and efficiency ===
 
{{chunk|doc=snjra2xp9r|c=87|p=6}}
====== Underlying earnings by FY24, FY25, ChangeFY ======
 
<div style="overflow-x:auto">
Line 108 ⟶ 104:
|}
</div>
 
* High organic growth: +6% top line growth, well balanced across lines (P&amp;C: +5%, Life: +9%, Health: +5%)
{{chunk|doc=snjra2xp9r|c=8|p=6}}
* Record profitability: Further margin expansion in P&amp;C and L&amp;H; improvement in efficiency
====== Organic growth, profitability, and efficiency ======
* Scaling the business: Continued investments in growth and technology
 
* Consistent earnings growth while enhancing reserve prudence
* Top line growth: +6% organic.
* Growth balanced across lines: P&C +5%, Life +9%, Health +5%.
* Record profitability with further margin expansion in P&C and L&H.
* Improved efficiency.
* Continued investments in growth and technology for scaling the business.
* Consistent earnings growth while enhancing reserve prudence.
 
{{chunk|doc=snjra2xp9r|c=9|p=6}}
====== Executing the plan on growth, margin and efficiency ======
 
{{fn note|1=1|2=Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX.}}
Line 119 ⟶ 124:
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=910|p=7}}
====== Protection gaps and emerging risks ======
 
* Protection gaps and emerging corporate risks are secular trends fueling demand across businesses.
* Demographics are driving demand for private retirement and healthcare.
 
{{chunk|doc=snjra2xp9r|c=11|p=7}}
====== Share by segment ======
 
Line 136 ⟶ 147:
| style="text-align:left" | Large &amp; Specialty
| style="text-align:right" | 17%
|-
| style="text-align:left" | SME &amp; Mid-market
| style="text-align:right" | 16%
|-
| 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=1012|p=7}}
====== Secular trends fueling demand ======
 
* Secular trends are fueling demand across businesses.
* Protection gaps and emerging corporate risks are driving demand.
* Demographics are driving demand for private retirement and healthcare.
 
==== Our right to win ====
 
{{chunk|doc=snjra2xp9r|c=1113|p=7}}
====== CompetitiveRight advantagesto win ======
 
* Leading brand and high customer NPS
* Strong and diversified distribution
* Technical expertise in pricing and underwriting risks
* Scale offering a cost advantage
 
{{chunk|doc=snjra2xp9r|c=1214|p=7}}
====== Our right to win ======
 
Line 168 ⟶ 178:
=== Laying the foundation for the next plan ===
 
{{chunk|doc=snjra2xp9r|c=1315|p=8}}
====== Strategic priorities ======
 
Line 179 ⟶ 189:
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=1416|p=9}}
====== ExecutiveFY25 rolesBusiness Performance ======
 
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
Line 186 ⟶ 196:
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=1517|p=10}}
====== Gross written premiums & Underlying earnings by geography ======
 
Line 195 ⟶ 205:
! 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}})
| 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}})
| 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}})
| 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}})
| 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>
<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.}}
Line 207 ⟶ 228:
=== P&C – Strong margins, confidence in sustaining growth ===
 
{{chunk|doc=snjra2xp9r|c=1618|p=11}}
====== GrossP&C writtenGWP premiumsand earnings ======
 
* [[Definition:Gross written premiums|Gross Written PremiumsGWP]] (GWP) were: EUR 58bn.
* GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty).
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn
 
{{chunk|doc=snjra2xp9r|c=1719|p=11}}
====== 2025Outlook andby Beyondbusiness segment ======
 
<div style="overflow-x:auto">
Line 233 ⟶ 255:
</div>
 
{{chunk|doc=snjra2xp9r|c=1820|p=11}}
====== UnderlyingFuture earningsstrategic and efficiencyfocus ======
 
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn
* Continued progress on efficiency
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
 
{{chunk|doc=snjra2xp9r|c=1921|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
Line 249 ⟶ 270:
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
{{chunk|doc=snjra2xp9r|c=2022|p=12}}
====== GWP by Shortshort-term and Longlong-term ======
 
<div style="overflow-x:auto">
Line 256 ⟶ 277:
|-
| style="text-align:left" | Short-term
| style="text-align:right" | Long-term
|-
| style="text-align:left" | Long-term
| style="text-align:right" |
|-
| style="text-align:left" | Total GWP
| style="text-align:right" | €57bn
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=23|p=12}}
====== Underlying earnings ======
 
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn
 
==== 2025 Beyond 2025 ====
 
{{chunk|doc=snjra2xp9r|c=2124|p=12}}
====== Strategic priorities for 2025 and Beyond 2025 ======
 
* Long-term business: Accelerating net flows in Savings at attractive margins.
* Long-term business: Capturing savings & retirement opportunity, sourcing best asset management products for customers.
** 2025: Accelerating net flows in Savings at attractive margins
* Short-term business: Growing technical results while absorbing Mexico VAT impact.
** Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for customers
* Short-term business: Capitalizing on demand for health & protection while further improving margins.
* Focus on cost reduction.
** 2025: Growing technical results while absorbing Mexico VAT impact
* Increasing penetration of Protection riders in Savings offerings.
** Beyond 2025: Capitalizing on demand for health & protection while further improving margins
* Leveraging AI to reduce claims leakage & improve customer outcomes in Health.
* [[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=2225|p=12}}
====== 2025 Beyond 2025 ======
 
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
 
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=2326|p=13}}
====== Group CFO ======
 
Line 290 ⟶ 319:
=== P&C – Continued disciplined growth ===
 
{{chunk|doc=snjra2xp9r|c=2427|p=14}}
====== Currency notation ======
 
Line 297 ⟶ 326:
==== GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=2528|p=14}}
====== GWP & other revenues by lines of businesssegment ======
 
<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
Line 311 ⟶ 340:
|-
| style="text-align:left" | Commercial lines
| rowspan="3" style="text-align:right" | 56.5
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
Line 318 ⟶ 347:
|-
| style="text-align:left" | AXA XL Reinsurance
| style="text-align:right" |
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
Line 324 ⟶ 354:
|-
| style="text-align:left" | Retail lines
| style="text-align:right" |
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
Line 338 ⟶ 369:
</div>
 
{{chunk|doc=snjra2xp9r|c=2629|p=14}}
====== Commercial lines growth drivers ======
 
* Continued pricing momentum and volume growth in Mid-market and SME.
* Growth in lines of business with attractive margins while maintaining 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=2730|p=14}}
====== GWP & Other Revenues ======
 
Line 356 ⟶ 387:
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=2831|p=15}}
====== Combined ratio ======
 
Line 366 ⟶ 397:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Combined ratio (total)
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
Line 392 ⟶ 423:
</div>
 
{{chunk|doc=snjra2xp9r|c=2932|p=15}}
====== Combined ratio drivers ======
 
* Undiscounted current year loss ratio improved, excluding Nat Cat.
* Margin expansion in Commercial lines SME & mid-market business and Personal lines due to favorable pricing.
* AXA XL Insurance margins stable at attractive levels, reflectingdue to disciplined cycle management.
* Expense ratio improved due to efficiency measures, while continuing investmentinvesting in growth initiatives and technology.
 
{{chunk|doc=snjra2xp9r|c=3033|p=15}}
====== Nat Cat and reserve managementdevelopment ======
 
* Nat Cat charges were below the normalized load.
Line 409 ⟶ 440:
=== P&C – Earnings growth from higher underwriting and financial result ===
 
{{chunk|doc=snjra2xp9r|c=3134|p=16}}
====== P&C earnings growthoverview ======
 
* P&C earnings grewincreased by EUR 0.2bn to EUR 74.6bn in 20232bn.
* This growth was driven by a higher underwriting resultresults and a higher financial result.
 
{{chunk|doc=snjra2xp9r|c=3235|p=16}}
====== Underlying earnings waterfall by step ======
 
<div style="overflow-x:auto">
Line 427 ⟶ 458:
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth ( Underwriting result{{fn ref|1}})
| style="text-align:right" | +292
|-
Line 433 ⟶ 464:
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income ( Financial result)
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
Line 450 ⟶ 481:
</div>
 
{{chunk|doc=snjra2xp9r|c=3336|p=16}}
====== P&C earnings growth drivers ======
 
* P&C earnings grew +9%.
* Growth was driven by thea better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.
* Increase in investment income reflects higher volumes and better reinvestment yields on fixed income assets.
* Growth was driven by the financial result.
* 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=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}}
====== Financial result drivers ======
 
* Investment income increased due to higher volumes.
* Investment income increased due to better reinvestment yields on fixed income assets.
* The unwind of discount of claims reserves was higher, in line with guidance.
 
{{chunk|doc=snjra2xp9r|c=36|p=16}}
====== Forex impact ======
 
* There was an unfavorable forex impact, notably due to USD depreciation vs. EUR.
 
{{chunk|doc=snjra2xp9r|c=37|p=16}}
====== P&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}}
====== Life GWP &amp; OtherHealth premiums and net Revenuesflows ======
 
* Life & Health premiums: EUR 49.1bn (+7% LFL)
* Life & Health net flows: EUR +0.2bn
 
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== Life GWP & other revenues by lines of business ======
 
<div style="overflow-x:auto">
Line 493 ⟶ 513:
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Growth
|-
| style="text-align:left" | Total
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|-
| style="text-align:left" | Protection
Line 513 ⟶ 538:
| 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=3940|p=17}}
====== Health GWP & other revenues by individual and group ======
 
Line 531 ⟶ 551:
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Growth
|-
| style="text-align:left" | Total
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|-
| style="text-align:left" | Individual
Line 541 ⟶ 566:
| 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=4041|p=17}}
====== FlowNet flows by segment ======
 
<div style="overflow-x:auto">
Line 556 ⟶ 576:
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | FlowNet (€bn)flows
|-
| style="text-align:left" | Protection
Line 575 ⟶ 595:
</div>
 
{{chunk|doc=snjra2xp9r|c=4142|p=17}}
====== Employee Benefits premiums ======
 
* Employee Benefits premiums: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]]) at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=4243|p=17}}
====== Life & Health – Strong growth in premiums, positive net flows ======
 
{{fn note|1=1|2=Change at constant scope and FX. Including both short-term and long-term Employee Benefits GWP and other revenues.}}
 
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
{{chunk|doc=snjra2xp9r|c=43|p=18}}
====== Currency notation ======
 
* All figures are in EUR billion.
 
{{chunk|doc=snjra2xp9r|c=44|p=18}}
====== PVEP by business mixline ======
 
<div style="overflow-x:auto">
Line 603 ⟶ 618:
|-
| 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" |
| style="text-align:right" | 8.5
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" |
| style="text-align:right" | 7.8
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" |
| style="text-align:right" | 1.7
|-
Line 620 ⟶ 638:
|-
| style="text-align:left" | Change
| colspan="2" style="text-align:right" | -2%
| style="text-align:right" | -2%
|-
| style="text-align:left" | Protection &amp; Health change
| colspan="2" style="text-align:right" | -4%
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked change
| colspan="2" style="text-align:right" | +18%
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A change
| colspan="2" style="text-align:right" | -10%
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A change
| colspan="2" style="text-align:right" | -10%
| style="text-align:right" | -10%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=45|p=18}}
====== NB CSM (pre-tax) by FY ======
 
<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | NB CSM (pre-tax)2.2
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
|-
| colspan="2" style="text-align:left" | Change+3%
| style="text-align:right" |
| style="text-align:right" | +3%
|}
</div>
Line 667 ⟶ 676:
{| id="t14" class="wikitable fintable"
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | NBV (post-tax)2.3
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
|-
| colspan="2" style="text-align:left" | Changestable
| style="text-align:right" |
| style="text-align:right" | stable
|-
| style="text-align:left" | NBV margin 4.4%
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
|}
Line 686 ⟶ 690:
 
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== PVEP,Life NB& CSM,Health andperformance NBV performancedrivers ======
 
* 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 was 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}}
====== Reporting basis ======
====== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ======
 
{{fn* note|1=1|2=ChangeAll changes are at constant scope and [[Definition:Foreign exchange|FX]].}}
 
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
{{chunk|doc=snjra2xp9r|c=49|p=19}}
====== NewFinancial business CSMMetrics ======
 
* NewAll businessfigures CSM:are in EUR 2billion.2bn
 
==== Contractual Service Margin rollforward ====
Line 720 ⟶ 724:
! style="text-align:right" | Affiliates, FX &amp; other
! style="text-align:right" | FY25
|-
| style="text-align:left" | 33.6
| style="text-align:right" | +2.2
| style="text-align:left" | +1.3
| style="text-align:right" | -3.0
| style="text-align:right" | +0.6
| style="text-align:right" | -0.3
| style="text-align:right" | -1.4
| style="text-align:right" | 33.0
|-
| colspan="8" style="text-align:left" | Normalized CSM growth +2%
|}
</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=51|p=19}}
====== CSM breakdown by business line ======
 
* Life CSM: EUR 25.4bn ([[Definition:Full year 2025|FY25]]) vs EUR 25.8bn ([[Definition:Full year 2024|FY24]])
* Health CSM: EUR 7.6bn (FY25) vs EUR 7.7bn (FY24)
 
{{chunk|doc=snjra2xp9r|c=52|p=19}}
====== Normalized CSM growth and drivers ======
 
* Normalized CSM growth:increased by +2%
* Normalized CSM up +2%, with CSM release growth reflectingreflects better margins
* New business CSM growth was 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=5253|p=19}}
====== Contractual Service Margin rollforward ======
 
Line 744 ⟶ 761:
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=5354|p=20}}
====== Life & Health businessgross overviewrevenues ======
 
* Gross revenues: EUR 32,009m in 2023 (reported)
* All figures are in EUR million.
** France: EUR 10,009m
** Europe: EUR 10,009m
** AXA XL: EUR 1,000m
** International: EUR 1,000m
** Asia: EUR 10,000m
** Other: EUR 0m
 
==== Underlying Earnings +7% ====
 
{{chunk|doc=snjra2xp9r|c=5455|p=20}}
====== Underlying Earnings (Inwaterfall Euroby million)Step ======
 
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|-
! style="text-align:left" | Step
! class="col-s" style="text-align:right" | FY24Value
|-
! style="text-align:left" | Short-term technical margin
!| style="text-align:left" | Long-term result incl. CSM releaseFY24
! class="col-s"| style="text-align:right" | Financial result3,323
! 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+60
| 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+156
| 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;FX and 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" | TotalFY25
| 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%
 
{{chunk|doc=snjra2xp9r|c=56|p=20}}
====== inFY24 billionsvs FY25 Underlying Earnings breakdown (In Euro million) ======
 
<div style="overflow-x:auto">
Line 821 ⟶ 812:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change at constant FX
|-
| style="text-align:left" | o/wShort-term Lifetechnical margin
| style="text-align:right" | 2.6415
| style="text-align:right" | 2.7479
| style="text-align:right" | +4% vs. FY24
|-
| style="text-align:left" | o/wLong-term Healthresult incl. CSM release
| style="text-align:right" | 0.72,680
| style="text-align:right" | 0.82,804
|-
| style="text-align:right" | +17% vs. FY24
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others
| style="text-align:right" | -748
| style="text-align:right" | -728
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=57|p=20}}
====== TechnicalUnderlying MarginEarnings andby Long-TermBusiness ResultsLine ======
 
* Life [[Definition:Underlying earnings|underlying earnings]]: EUR 2.7bn (prior: EUR 2.6bn), +4% vs. [[Definition:Full year 2024|FY24]]
* Short-term technical margin was strong, reflecting underwriting and claims initiatives.
* Health underlying earnings: EUR 0.8bn (prior: EUR 0.7bn), +17% vs. FY24
* Underwriting and 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=58|p=20}}
====== UnderlyingTechnical EarningsMargin and Long-Term Results ======
 
* Strong short-term technical margin due to underwriting and claims initiatives
* Impact of legislative change on recoverability of value added tax in Mexico: -EUR 0.1bn
* Higher long-term results from +8% increase in CSM release
* Increase in CSM release reflects growth in reserve base, including from favorable equity market performance, and better margins
 
{{chunk|doc=snjra2xp9r|c=59|p=20}}
====== Underlying Earnings +7% ======
 
{{fn note|1=1|2=Change at constant FX.}}
Line 850 ⟶ 852:
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=5960|p=21}}
====== Net income by business line ======
 
Line 908 ⟶ 910:
</div>
 
{{chunk|doc=snjra2xp9r|c=6061|p=21}}
====== Underlying earnings and netholding income driverscosts ======
 
* [[Definition:Underlying earnings|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 income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
{{chunk|doc=snjra2xp9r|c=62|p=21}}
====== Net income drivers ======
 
* Net Income was higher, mainly reflecting higher [[Definition:Underlying earnings|underlying earnings]] and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Lower financial flows reflected an unfavorable forex impact.
 
==== Underlying earnings per share ====
 
{{chunk|doc=snjra2xp9r|c=6163|p=21}}
====== Underlying earnings per share ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] are presented in EuroEUR.
 
{{chunk|doc=snjra2xp9r|c=6264|p=21}}
====== Underlying earnings per share (In Euro) ======
 
Line 939 ⟶ 945:
</div>
 
{{chunk|doc=snjra2xp9r|c=6365|p=21}}
====== Underlying EPS growth drivers ======
 
* [[Definition:Underlying earnings per share|Underlying EPS]] growth: included +6% from earnings growth.
* Underlying EPS growth: included +3% from [[Definition:Capital management|capital management]].
* Underlying EPS growth: included -2% from forex.
* Underlying EPS growth: included -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of the anti-dilutive [[Definition:AXAShare Investment Managersbuyback|AXAshare IMbuyback]] sale, related to the timing of anti-dilutive [[Definition:ShareAXA buybackInvestment Managers|shareAXA buybackIM]] sale.
 
{{chunk|doc=snjra2xp9r|c=6466|p=21}}
====== Underlying earnings per share ======
 
Line 953 ⟶ 959:
 
=== Shareholders' Equity ===
 
{{chunk|doc=snjra2xp9r|c=67|p=22}}
====== Shareholders' Equity ======
 
* Shareholders' Equity is presented in EUR billion.
 
==== Shareholders' equity ====
 
{{chunk|doc=snjra2xp9r|c=6568|p=22}}
====== Shareholders' equity<sup>1</sup> ======
 
<div style="overflow-x:auto">
Line 966 ⟶ 977:
! class="col-s" style="text-align:right" | HY25
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Total
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
| style="text-align:right" | 47.2
|-
| style="text-align:left" | SHE (excl. OCI)
Line 981 ⟶ 987:
| style="text-align:right" | -7.2
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Shareholders' Equity
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
| style="text-align:right" | 47.2
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
Line 999 ⟶ 1,010:
</div>
 
{{chunk|doc=snjra2xp9r|c=6669|p=22}}
====== Shareholders' equity ======
 
Line 1,055 ⟶ 1,066:
=== Higher organic cash remittance and robust cash position at Holding ===
 
{{chunk|doc=snjra2xp9r|c=6770|p=23}}
====== CashCurrency remittance and positionnotation ======
 
* InAll figures are in EUR billionbn.
 
==== Net Cash Remittance ====
 
{{chunk|doc=snjra2xp9r|c=6871|p=23}}
====== Net Cash Remittance ======
 
Line 1,070 ⟶ 1,081:
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
|-
| style="text-align:left" | Proceeds related to in-force treaties{{fn ref|2}}
Line 1,076 ⟶ 1,087:
| style="text-align:right" |
|-
| style="text-align:left" | Ordinary cash remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
Line 1,082 ⟶ 1,093:
| style="text-align:left" | Total
| style="text-align:right" | 7.7
| style="text-align:right" | <strong>7.5</strong>
|-
| style="text-align:left" | Remittance ratio{{fn ref|1}}
Line 1,090 ⟶ 1,101:
</div>
 
{{chunk|doc=snjra2xp9r|c=6972|p=23}}
====== Net Cash Remittance ======
 
Line 1,130 ⟶ 1,141:
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=7073|p=24}}
====== Foreseeable dividends and share buyback provision ======
 
Line 1,136 ⟶ 1,147:
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn
 
{{chunk|doc=snjra2xp9r|c=7174|p=24}}
====== Eligible Own Funds (EOF) / Solvency Capital Requirement (SCR) / Solvency II ratio bridge FY24–FY25 ======
 
<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:leftright" | Regulatory &amp; model changesFY24
! class="col-s" style="text-align:leftright" | NormalizedRegulatory &amp; capitalmodel generationchanges
! class="col-s" style="text-align:right" | OperatingNormalized capital variancegeneration
! class="col-s" style="text-align:right" | EconomicOperating variance &amp; FX
! class="col-s" style="text-align:right" | Economic variance &amp; FX
! style="text-align:left" | Dividend &amp; annual share buyback
! class="col-s" style="text-align:leftright" | Management actions, debt &amp; other
! class="col-s" style="text-align:right" | FY25
|}-
| style="text-align:left" | Eligible Own Funds (EOF)
</div>
| style="text-align:right" | 55.9
 
| style="text-align:right" | +0.2
{{chunk|doc=snjra2xp9r|c=72|p=24}}
| style="text-align:right" | +8.8
====== Solvency II ratio movements ======
| style="text-align:right" | -0.4
 
| style="text-align:right" | -2.1
* Solvency II ratio: 55.9 (reported)
| style="text-align:left" | -6.0 / -0.1
* 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]]
| style="text-align:right" |
* Solvency II ratio at period end: 56.4 (reported)
| style="text-align:right" | 56.4
 
{{chunk|doc=snjra2xp9r|c=73|p=24}}
====== Solvency II ratio ======
 
<div style="overflow-x:auto">
{| id="t25" class="wikitable"
|-
!| style="text-align:left" | FY24Solvency II ratio
!| style="text-align:leftright" | Regulatory &amp; model changes216%
!| style="text-align:leftright" | Normalized capital generation+0pt
!| style="text-align:right" | Operating variance+28pts
!| style="text-align:right" | Economic variance &amp; FX-1pt
!| style="text-align:leftright" | Dividend &amp; annual share buyback+4pts
!| style="text-align:left" | Management actions, debt &amp; other-24pts
!| style="text-align:right" | FY25+2pts
| style="text-align:right" | 224%
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)
| style="text-align:right" | 25.9
| style="text-align:right" | 0.0
| style="text-align:right" | +0.6
| style="text-align:right" | 0.0
| style="text-align:right" | -1.2
| style="text-align:left" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | 25.2
|}
</div>
 
==== Key sensitivities ====
{{chunk|doc=snjra2xp9r|c=74|p=24}}
====== Solvency II ratio evolution ======
 
* Solvency II ratio was 216%.
* The ratio increased by +28pts due to operating return.
* The ratio decreased by -1pt due to market impacts.
* The ratio increased by +4pts due to [[Definition:Capital management|capital management]].
* The ratio decreased by -24pts due to regulatory changes.
* The ratio increased by +2pts due to other effects.
* The final Solvency II ratio was 224%.
 
{{chunk|doc=snjra2xp9r|c=75|p=24}}
====== Solvency CapitalII Requirement (SCR)ratio ======
 
* Solvency II ratio as of December 31, 2025: 224%
<div style="overflow-x:auto">
{| id="t26" class="wikitable"
|-
! style="text-align:left" | FY24
! 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=76|p=24}}
====== SolvencyImpact IIby ratio bridgesensitivity ======
 
* 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="t27t25" class="wikitable fintable"
|-
! style="text-align:left" | ScenarioSensitivity
! 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
Line 1,234 ⟶ 1,221:
|-
| style="text-align:left" | Euro Sovereign spreads +50bps{{fn ref|1}}
| style="text-align:right" | -17 ptpts
|-
| style="text-align:left" | Credit migration{{fn ref|2}}
| style="text-align:right" | +2-4 pts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25%
| style="text-align:right" | -71 ptspt
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%
| style="text-align:right" | -4+2 pts
|-
| style="text-align:left" | PE &amp; Infra +25%
Line 1,261 ⟶ 1,248:
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
{{chunk|doc=snjra2xp9r|c=7877|p=25}}
====== Solvency II Ratio and Capital Impacts ======
====== Ratio as of 31/12/2025 by impact of the end of grandfathering period and Solvency II revision ======
 
* Solvency II Ratio as of 31/12/2025: 224%
<div style="overflow-x:auto">
* Impact of the end of the grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts, reducing the ratio to 215%
{| id="t28" class="wikitable"
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026
|-
* Impact of Solvency II revision, expected to come into effect in 1Q27: +17pts
| style="text-align:left" | Ratio as of 31/12/2025
* No change expected in organic capital generation
| style="text-align:right" | 224%
* Additional capital flexibility
| style="text-align:left" |
|-
| 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:left" |
|}
</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 ==
 
{{chunk|doc=snjra2xp9r|c=7978|p=26}}
====== Group CEO ======
 
Line 1,296 ⟶ 1,267:
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=8079|p=27}}
====== Business performance and outlook ======
 
* Record 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.
* Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.
 
=== Q&A ===
 
{{chunk|doc=snjra2xp9r|c=8180|p=28}}
====== Date ======
 
Line 1,315 ⟶ 1,284:
==== Meet our management ====
 
{{chunk|doc=snjra2xp9r|c=8281|p=29}}
====== Investor relations calendar ======
 
* March: Roadshows in Europe and US
Line 1,327 ⟶ 1,296:
==== Contact us ====
 
{{chunk|doc=snjra2xp9r|c=8382|p=29}}
====== Investor Relations contact ======
 
* Investor Relations contact number: +33 1 40 75 48 42.
* Investor Relations email: investor.relations@axa.com.
 
==== Follow us ====
 
{{chunk|doc=snjra2xp9r|c=8483|p=29}}
====== AXAWebsite websiteinformation ======
 
* AXA's website: is www.axa.com.
 
== Appendices ==
 
=== Contents ===
{{chunk|doc=snjra2xp9r|c=85|p=31}}
====== Appendices overview ======
 
{{chunk|doc=snjra2xp9r|c=84|p=31}}
* The document includes appendices on: Debt and Invested Assets; Additional P&C disclosures; Additional IFRS17 disclosures.
====== Additional disclosures ======
 
* Debt and Invested Assets are on p.31.
* Additional P&C disclosures are on p.36.
* Additional IFRS17 disclosures are on p.41.
 
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
{{chunk|doc=snjra2xp9r|c=8685|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
=== Theme: Gross financial debt and ===
* All figures are in EUR billion.
 
==== Gross financial debt Contractual maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=8786|p=32}}
====== Debt gearing ======
 
* Debt gearing: was 20.6% (prior: 22.3%).
 
{{chunk|doc=snjra2xp9r|c=8887|p=32}}
====== Gross financial debt (Inby Euro billion)tier ======
 
<div style="overflow-x:auto">
{| id="t29t26" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-sm" style="text-align:right" | FY24
! class="col-sm" style="text-align:right" | FY25
! class="col-sm" 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
Line 1,391 ⟶ 1,359:
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8
|-
| style="text-align:left" | <strong>Total</strong>
| style="text-align:right" | <strong>19.2</strong>
| style="text-align:right" | <strong>20.3</strong>
| style="text-align:right" | <strong>20.3</strong>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=8988|p=32}}
====== GrossDebt financialmaturity debtand detailstypes ======
 
* End of theThe grandfathering period ends on January 1, [[Definition:Year 2026|2026]].
* EUR 0.4bn will be redeemed in JanJanuary [[Definition:Year 2026|2026]].
* Debt types include Tier 1, Tier 2, and Senior debt.
 
{{chunk|doc=snjra2xp9r|c=89|p=32}}
==== Contractual maturity breakdown ====
====== Senior debt, Tier 2, Tier 1 by contractual maturity ======
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
====== Contractual maturity breakdown (In Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t30t27" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,425 ⟶ 1,397:
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
Line 1,435 ⟶ 1,407:
| 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" | 4.6
| style="text-align:right" |
|-
Line 1,449 ⟶ 1,421:
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 40.67
| style="text-align:right" |
|}
</div>
 
==== o/w Grandfathered debt (Contractual maturity breakdown) ====
{{chunk|doc=snjra2xp9r|c=91|p=32}}
====== Contractual maturity breakdown ======
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
* Grandfathered debt is included in the contractual maturity breakdown.
====== o/w Grandfathered debt (Contractual maturity breakdown) ======
 
{{chunk|doc=snjra2xp9r|c=92|p=32}}
====== Tier 1 & Tier 2 by 2025, 2026, 2027, 2028, 2029, 2030, 2031-2039, ≥2040, Undated ======
 
<div style="overflow-x:auto">
{| id="t31t28" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,502 ⟶ 1,471:
==== Economic maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=9391|p=32}}
====== Economic maturity breakdown by(In seniorEuro debt, Tier 2, Tier 1billion) ======
 
<div style="overflow-x:auto">
{| id="t32t29" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,534 ⟶ 1,503:
| style="text-align:right" | 0.1
| 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" | 0.4
| style="text-align:right" | 6.4
| style="text-align:right" | 0.7
| style="text-align:right" |
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 0.1
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.1
| 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
| style="text-align:right" |
|}
</div>
 
==== o/w Grandfathered debt (Economic maturity breakdown) ====
{{chunk|doc=snjra2xp9r|c=94|p=32}}
====== Grandfathered debt ======
 
{{chunk|doc=snjra2xp9r|c=92|p=32}}
* o/w Grandfathered debt
====== Grandfathered debt by economic maturity and tier ======
 
{{chunk|doc=snjra2xp9r|c=95|p=32}}
====== Tier 1 & Tier 2 by economic maturity ======
 
<div style="overflow-x:auto">
{| id="t33t30" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,605 ⟶ 1,571:
=== General Account Invested Assets ===
 
{{chunk|doc=snjra2xp9r|c=9693|p=33}}
====== General Account invested assets duration gap ======
 
* [[Definition:Full year 2025|FY25]] Total General Account invested assets Duration gap at -0.4 year
* Duration gap at -0.4 year
 
{{chunk|doc=snjra2xp9r|c=9794|p=33}}
====== FY25 Total General Account invested assets: Euro 450 billion ======
 
<div style="overflow-x:auto">
{| id="t34t31" class="wikitable fintable"
|-
| style="text-align:left" | Fixed income
| style="text-align:right" | 77%
|-
| style="text-align:left" | Real estate
| style="text-align:right" | 9%
|-
| style="text-align:left" | Infrastructure equity
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds
| style="text-align:right" | 5%
|-
| style="text-align:left" | Cash
| style="text-align:right" | 4%
|-
| style="text-align:left" | Policy loans
| style="text-align:right" | 0%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=9895|p=33}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t35t32" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,688 ⟶ 1,662:
</div>
 
{{fn note|1=1|2=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=Includes hedges. Listed equities excluding hedges at Euro 14 billion.}}
{{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
Line 1,695 ⟶ 1,669:
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=9996|p=34}}
====== Invested assets (100%) by Total Structured and Private Credit Assetsassets ======
 
<div style="overflow-x:auto">
{| id="t36t33" class="wikitable fintable"
|-
! style="text-align:left" | Invested assets (100%)<br/>In Euro billion
! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | % of total G/A{{fn ref|1}} portfolio
! style="text-align:rightleft" | 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" | <strong>Total Structured and Private Credit Assets</strong>
| style="text-align:right" | <strong>69</strong>
| style="text-align:right" | <strong>15%</strong>
| 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 1,722 ⟶ 1,723:
==== FY25 Fixed Income Reinvestment ====
 
{{chunk|doc=snjra2xp9r|c=10097|p=35}}
====== FixedFY25 fixed income reinvestment portfolioallocation ======
 
* EUR 57bn in fixed income reinvestment
* Government bonds & related comprise 32% of the portfolio with an average rating of AA.
* InvestmentGovernment gradebonds credit& comprisesrelated: 4032% of the portfolio with anreinvestment, average rating of A.AA
* Investment grade credit: 40% of reinvestment, average rating A
* ABS/CLO/IG fund financing comprises 21% of the portfolio.
* ABS/CLO/IG fund financing: 21% of reinvestment
* Below investment grade credit comprises 7% of the portfolio.
* Below investment grade credit: 7% of reinvestment
* The total reinvestment amount is EUR 57bn.
 
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=10198|p=35}}
====== FY25 Fixed income reinvestment yield by public, private & structuredIncome fixedReinvestment incomeYield ======
 
<div style="overflow-x:auto">
{| id="t37t34" class="wikitable fintable"
|-
! style="text-align:left" | Public fixed income{{fn ref|1}}
Line 1,749 ⟶ 1,750:
</div>
 
{{chunk|doc=snjra2xp9r|c=10299|p=35}}
====== FY25 fixedFixed income reinvestmentinvestment yielddetails ======
 
* EUR 57bn fixed income invested at 3.9%
Line 1,757 ⟶ 1,758:
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=103100|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
Line 1,763 ⟶ 1,764:
{{fn note|1=2|2=Private & Structured credit (CLOs, ABS, Infra & CRE debt, Fund financing and Private hybrid).}}
 
=== Contents ===
{{chunk|doc=snjra2xp9r|c=104|p=36}}
 
{{chunk|doc=snjra2xp9r|c=101|p=36}}
====== Additional disclosures ======
 
* AdditionalDebt P&Cand disclosuresInvested Assets are ondetailed pageon 36p.31.
* Additional IFRS17P&C disclosures are onprovided pageon 41p.36.
* DebtAdditional and Invested AssetsIFRS17 disclosures are available on page 31p.41.
 
=== AXA XL Insurance – Large Commercial & Specialty business ===
Line 1,774 ⟶ 1,777:
==== Well diversified across lines of business and geographies ====
 
{{chunk|doc=snjra2xp9r|c=105102|p=37}}
====== FY25 GWP by line of business ======
 
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business: USD 19bn
<div style="overflow-x:auto">
** Casualty: 35%
{| id="t38" class="wikitable fintable"
** Property: 29%
|-
** Specialty: 19%
| style="text-align:left" | Casualty
** Professional lines: 17%
| style="text-align:right" | 35%
|-
| style="text-align:left" | Property
| style="text-align:right" | 29%
|-
| style="text-align:left" | Specialty
| style="text-align:right" | 19%
|-
| style="text-align:left" | Professional lines{{fn ref|1}}
| style="text-align:right" | 17%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=106103|p=37}}
====== FY25 GWP by geography ======
 
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by geography: USD 19bn
<div style="overflow-x:auto">
** Americas: 46%
{| id="t39" class="wikitable fintable"
** Europe & APAC: 35%
|-
** UK & Lloyds: 19%
| style="text-align:left" | Americas
| style="text-align:right" | 46%
|-
| style="text-align:left" | Europe &amp; APAC
| style="text-align:right" | 35%
|-
| style="text-align:left" | UK &amp; Lloyds
| style="text-align:right" | 19%
|}
</div>
 
==== Leading market positions across lines ====
 
{{chunk|doc=snjra2xp9r|c=107104|p=37}}
====== Commercial linesLeading market positionpositions ======
 
* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
* Multinational Programs
* Marine
* Fine Art & Specie
 
==== Managing the cycle to deliver consistent profitability ====
 
{{chunk|doc=snjra2xp9r|c=108105|p=37}}
====== ProfitabilityCommercial vs.lines Ex-price growthperformance by line of businesssegment ======
 
* Bubble chart axes: Ex-price growth (%) (x-axis) and Profitability (y-axis).
* Segments shown in the bubble chart:
** Property: high profitability, high ex-price growth
** Specialty
** Casualty
** Professional lines: lower profitability, lower ex-price growth
 
{{chunk|doc=snjra2xp9r|c=106|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
{{fn note|1=1|2=Including Cyber}}
* Profitability vs. Ex-price growth (%)
{{fn note|1=2|2=Source: McKinsey}}
** Professional lines: lower ex-price growth, lower profitability
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
** Casualty: medium ex-price growth, medium profitability
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
** Specialty (including Cyber): medium-high ex-price growth, medium-high profitability
** Property: high ex-price growth, high profitability
 
=== P&C – Focus on Reserves ===
Line 1,833 ⟶ 1,828:
==== Claims reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=109107|p=38}}
====== Claims reserves ratio definition ======
 
* Claims reserves ratio is defined as Net undiscounted claims reserves /divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=110108|p=38}}
====== Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
{| id="t40t35" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,849 ⟶ 1,844:
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22 (IFRS4)
! class="col-s" style="text-align:right" | FY22 (IFRS17)
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
! 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
Line 1,874 ⟶ 1,865:
==== Technical reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=111109|p=38}}
====== TechnicalNet undiscounted technical reserves ratio definition ======
 
* The technical reserves ratio is calculated as Net undiscounted technical reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=112110|p=38}}
====== Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
{| id="t41t36" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,890 ⟶ 1,881:
! class="col-s" style="text-align:right" | FY20
! class="col-s" style="text-align:right" | FY21
! class="col-s" style="text-align:right" | FY22 (IFRS4)
! class="col-s" style="text-align:right" | FY22 (IFRS17)
! class="col-s" style="text-align:right" | FY23
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
! style="text-align:left" |
! colspan="5" style="text-align:center" | IFRS4
! colspan="4" style="text-align:center" | IFRS17
|-
| style="text-align:left" | Technical reserves ratio
Line 1,917 ⟶ 1,904:
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===
 
{{chunk|doc=snjra2xp9r|c=113111|p=39}}
====== NatCurrency Cat Reinsurance Programbasis ======
 
* All figures are in EUREuro.
 
{{chunk|doc=snjra2xp9r|c=112|p=39}}
==== Insurance segment (occurrence protection) ====
====== Capacity & Retention by peril ======
 
==== Reinsurance segment (illustrative) ====
 
{{chunk|doc=snjra2xp9r|c=114|p=39}}
====== Alternative Capital & Cat Bonds ======
 
* Alternative Capital & Cat Bonds
 
{{chunk|doc=snjra2xp9r|c=115|p=39}}
====== Capacity and Retention by peril ======
 
<div style="overflow-x:auto">
{| id="t42t37" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,944 ⟶ 1,922:
! 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" | Reinsurance segment (illustrative) — Alternative Capital &amp; Cat Bonds
|-
| style="text-align:left" | Capacity
Line 1,952 ⟶ 1,931:
| style="text-align:right" | 1.2bn
| style="text-align:right" |
| style="text-align:left" |
|-
| style="text-align:left" | Retention
Line 1,960 ⟶ 1,940:
| style="text-align:right" | 600m{{fn ref|2}}
| style="text-align:right" | 400m
| style="text-align:left" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=116113|p=39}}
====== Retention2026 levelsSimplified Group Nat Cat Reinsurance Program ======
 
* Stable retentionRetention levels maintainedare expected to remain stable in [[Definition:Year 2026|2026]], asconsistent inwith 2025 levels.
 
{{chunk|doc=snjra2xp9r|c=117114|p=39}}
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
====== Reinsurance segment (illustrative) ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,977 ⟶ 1,958:
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
 
{{chunk|doc=snjra2xp9r|c=118115|p=40}}
====== Nat Cat cost deviation ======
 
* Nat Cat cost 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 ====
 
{{chunk|doc=snjra2xp9r|c=119116|p=40}}
====== NatNet Catof charges deviationreinsurance ======
 
* The tabledata presentsis Natpresented Cat charges deviationboth net of reinsurance, post-tax, and net of reinsurance, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=120117|p=40}}
====== Deviation by percentilescenario and return periodpercentile ======
 
<div style="overflow-x:auto">
{| id="t43t38" class="wikitable"
|-
! style="text-align:left" | PercentileScenario
! style="text-align:right" | Return periodPercentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 95th1/20y more severe
| style="text-align:right" | 1/20y (more severe)95th
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 90th1/10y more severe
| style="text-align:right" | 1/10y90th
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 80th1/5y more severe
| style="text-align:right" | 1/5y80th
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | 50thMedian
| style="text-align:right" | Median50th
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 20th1/5y less severe
| style="text-align:right" | 1/5y20th
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 10th1/10y less severe
| style="text-align:right" | 1/10y10th
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 5th1/20y less severe
| style="text-align:right" | 1/20y5th
| style="text-align:right" | €+0.8bn
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=121118|p=40}}
====== Nat Cat charges deviation ======
 
Line 2,037 ⟶ 2,018:
==== Average Expected Nat Cat charges ====
 
{{chunk|doc=snjra2xp9r|c=122119|p=40}}
====== ValueAmount & Estimated impact on GEP by year ======
 
<div style="overflow-x:auto">
{| id="t44t39" class="wikitable"
|-
! style="text-align:left" |
Line 2,047 ⟶ 2,028:
! style="text-align:right" | 2026
|-
| style="text-align:left" | ValueAmount (€bn)
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
Line 2,059 ⟶ 2,040:
{{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}}
 
=== Contents ===
{{chunk|doc=snjra2xp9r|c=123|p=41}}
 
{{chunk|doc=snjra2xp9r|c=120|p=41}}
====== Additional disclosures ======
 
* Additional disclosures include Debt and Invested Assets are detailed on p.31.
* Additional P&C disclosures are on p.36.
* Additional IFRS17 disclosures are on p.41.
 
=== P&C – Margin Analysis ===
Line 2,070 ⟶ 2,053:
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=124121|p=42}}
====== Pre-tax technical result ======
 
* AllPre-tax figurestechnical areresult in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=125122|p=42}}
====== Current Accident Year Undiscounted Technical Margin by FY25 ======
 
<div style="overflow-x:auto">
{| id="t45t40" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Current Accident Year Undiscounted Technical Margin</strong>
| style="text-align:right" | 2,778
| style="text-align:right" | +707
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=123|p=42}}
====== Gross Earned Premiums and Current Accident Year Undiscounted Combined Ratio ======
 
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,097 ⟶ 2,088:
| style="text-align:right" | -1.0pt
|-
| style="text-align:left" | <em>o/w Nat Cats</em>
| style="text-align:right" | <em>3.4%</em>
| style="text-align:right" | <em>-0.4pt</em>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=126124|p=42}}
====== Current Accident Year Discounting by FY25 ======
 
<div style="overflow-x:auto">
{| id="t46t42" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,135 ⟶ 2,126:
</div>
 
{{chunk|doc=snjra2xp9r|c=127125|p=42}}
====== Prior Years' Reserve Development (PYD) ======
 
<div style="overflow-x:auto">
{| id="t47t43" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,155 ⟶ 2,146:
</div>
 
{{chunk|doc=snjra2xp9r|c=128126|p=42}}
====== FY25 sensitivity to Current Accident Year discount rate sensitivitychanges ======
 
<div style="overflow-x:auto">
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes: +25bps results in EUR +0.2bn; -25bps results in EUR -0.2bn.
{| id="t44" class="wikitable"
|-
! style="text-align:left" | +25bps
! style="text-align:right" | -25bps
|-
| style="text-align:left" | €+0.2bn
| style="text-align:right" | €-0.2bn
|}
</div>
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=129127|p=42}}
====== Pre-tax results ======
 
* All figures are in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=130128|p=42}}
====== Investment incomeIncome ======
 
<div style="overflow-x:auto">
{| id="t48t45" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,195:
</div>
 
{{chunk|doc=snjra2xp9r|c=131129|p=42}}
====== Insurance Financefinance Expensesexpenses ======
 
<div style="overflow-x:auto">
{| id="t49t46" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,219:
</div>
 
{{chunk|doc=snjra2xp9r|c=132130|p=42}}
====== 2026e Insurance financeFinance Expenses (pre-tax) by change in 2025 current AY expensesDiscount ======
 
<div style="overflow-x:auto">
* 2026e Insurance Finance Expenses (pre-tax): ~ EUR -1.4bn
{| id="t47" class="wikitable"
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount:
|-
** +25bps: ~ EUR -50m
! style="text-align:left" | +25bps
** -25bps: ~ EUR +50m
! style="text-align:right" | -25bps
|-
| style="text-align:left" | ~ €-50m
| style="text-align:right" | ~€+50m
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=133131|p=42}}
====== Underlying Earningsearnings before tax, tax, affiliates, minority interests & other, and Underlyingunderlying Earningsearnings ======
 
<div style="overflow-x:auto">
{| id="t50t48" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Underlying Earnings before tax</strong>
Line 2,255 ⟶ 2,261:
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" |
| style="text-align:right" | <em>+9%</em>
|}
</div>
Line 2,264 ⟶ 2,270:
=== L&H – Margin Analysis ===
 
{{chunk|doc=snjra2xp9r|c=134132|p=43}}
====== Scope impact ======
 
* ScopeIncludes scope impact is included.
 
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=135133|p=43}}
====== Pre-tax technical result ======
 
* Pre-tax technical result (in EUR million):
 
{{chunk|doc=snjra2xp9r|c=136134|p=43}}
====== Short-term Technical Margin by Gross Earned Premiums and All Year Combined Ratio ======
 
<div style="overflow-x:auto">
{| id="t51t49" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,286 ⟶ 2,292:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <bstrong>Short-term Technical Margin</bstrong>
| style="text-align:right" | <b>479</b>
| style="text-align:right" | <b>+60</b>
|-
| style="text-align:left" | Gross Earned Premiums
Line 2,300 ⟶ 2,306:
</div>
 
{{chunk|doc=snjra2xp9r|c=137135|p=43}}
====== Laya recapture ======
 
* Includes recapture of Laya.
 
{{chunk|doc=snjra2xp9r|c=136|p=43}}
====== Long-term Technical Margin by CSM release and Technical experience ======
 
<div style="overflow-x:auto">
{| id="t52t50" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Change
|-
| style="text-align:left" | <bstrong>Long-term Technical Margin</bstrong>
| style="text-align:right" | <b>2,804</b>
| style="text-align:right" | <b>+156</b>
|-
| style="text-align:left" | CSM release
Line 2,324 ⟶ 2,335:
</div>
 
{{chunk|doc=snjra2xp9r|c=138137|p=43}}
====== FY25 CSM by interest rates, sovereign spreads, corporate spread, equities ======
====== 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="t53t51" class="wikitable fintable"
|-
! style="text-align:left" | Baseline
! class="col-s" 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>
(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=140138|p=43}}
====== Pre-tax result by segment ======
 
* Pre-tax result (in: EUR million7, pre-tax)604m
** France: EUR 2,000m
** Europe: EUR 2,000m
** AXA XL: EUR 1,500m
** Asia: EUR 1,000m
** International: EUR 500m
** [[Definition:AXA Investment Managers|AXA IM]]: EUR 200m
** Other: EUR 400m
 
{{chunk|doc=snjra2xp9r|c=141139|p=43}}
====== Investment Incomeincome (non-VFA only) ======
 
<div style="overflow-x:auto">
{| id="t54t52" 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" | <bstrong>Investment Income (non-VFA only)</bstrong>
| style="text-align:right" | <b>2,484</b>
| style="text-align:right" | <b>-1</b>
|-
| style="text-align:left" | FY25 Average Assets
Line 2,384 ⟶ 2,412:
</div>
 
{{chunk|doc=snjra2xp9r|c=142140|p=43}}
====== Insurance Finance Expenses (non-VFA only) ======
 
<div style="overflow-x:auto">
{| id="t55t53" 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" | <bstrong>Insurance Finance Expenses (non-VFA only)</bstrong>
| 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 2,408 ⟶ 2,436:
</div>
 
{{chunk|doc=snjra2xp9r|c=143141|p=43}}
====== Underlying earningsEarnings before tax, andTax, underlyingAffiliates, earningsMinority interests & Other, Underlying Earnings ======
 
<div style="overflow-x:auto">
{| id="t56t54" 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" | <bstrong>Underlying Earnings before tax</bstrong>
| style="text-align:right" | <b>4,229</b>
| style="text-align:right" | <b>+205</b>
|-
| style="text-align:left" | Tax
Line 2,430 ⟶ 2,458:
| style="text-align:right" | -51
|-
| style="text-align:left" | <bstrong>Underlying Earnings</bstrong>
| style="text-align:right" | <b>3,501</b>
| style="text-align:right" | <b>+219</b>
|-
| style="text-align:left" | <iem>Growth vs. FY24 (at constant FX)</iem>
| style="text-align:right" |
| style="text-align:right" | +7%
Line 2,442 ⟶ 2,470:
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
=== Contents ===
{{chunk|doc=snjra2xp9r|c=144|p=44}}
 
{{chunk|doc=snjra2xp9r|c=142|p=44}}
====== Additional disclosures ======
 
* Additional disclosures include Debt and Invested Assets disclosures are on p.31.
* Additional disclosures include P&C disclosures are on p.36.
* Additional IFRS17 disclosures areinclude onIFRS17 p.41disclosures.
 
=== Expanding AXA's role in society: AXA for Progress Index ===
 
{{chunk|doc=snjra2xp9r|c=145143|p=45}}
====== Target and 2025 Result by GlobalAs Investora GLOBAL INVESTOR, GlobalAs Insurera GLOBAL INSURER, andAs a CompanyCOMPANY ======
 
<div style="overflow-x:auto">
{| id="t57t55" class="wikitable"
|-
! colspan="2" style="text-align:center" | As a GLOBAL INVESTOR
Line 2,501 ⟶ 2,531:
=== Sustainability Performance & Ratings ===
 
{{chunk|doc=snjra2xp9r|c=146144|p=46}}
====== Sustainability ratings ======
 
* S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices percentile: 97th infor 2025.
* MSCI score: AAA inscore for 2025.
* CDP score: B inscore for 2025.
* Morningstar Sustainalytics: ESG Risk Rating: of 17.0 (Low risk) infor 2025.
* FTSE4GoodFTSE Index Series scoreRussell: 4.3/5 score in FTSE4Good Index Series for 2025.
 
{{chunk|doc=snjra2xp9r|c=147145|p=46}}
====== Sustainability Performance & Ratings ======
 
Line 2,517 ⟶ 2,547:
=== Scope ===
 
{{chunk|doc=snjra2xp9r|c=148146|p=47}}
====== Scope of activities by geography and segment ======
 
* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities);, Germany (insurance activities and holding);, Belgium and Luxembourg (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).
* AXA 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.
** EME-LATAM: AXA Mediterranean Holdings is included.
* 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=149147|p=47}}
====== Accounting standards ======
 
Line 2,541 ⟶ 2,572:
=== Glossary ===
 
{{chunk|doc=snjra2xp9r|c=150148|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, consisting 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 Value (NBV): the value of newly issued contracts during the current year
* 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.
** 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 ContractualValue Service Marginmargin (NBNBV CSMmargin): a componentratio of the(i) carryingNBV, amount ofrepresenting the assetvalue or liability forof newly issued insurance contracts during the periodcurrent year, representing the unearned profit to be recognized as insurance contract services are(ii) providedPVEP.
* 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, net of reinsurance.
* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing the Group share.
* 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
* 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.
** Operating variance is net of reinsurance
* 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.
* 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=151|p=49}}
====== Earnings presentation details ======
 
*=== [[Definition:FullThank yearyou 2025|Full Year 2025]] Earnings presentation was on February 26, [[Definition:Year2026 2026|2026]].===
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"