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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 ===
 
=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ===
=== Full Year 2025 Earnings ===
 
{{chunk|doc=snjra2xp9r|c=1|p=2}}
====== LegalForward-looking statements and cautionarynon-GAAP statementsmeasures ======
 
* Certain statements in thisthe document are forward-looking, identifiedincluding bypredictions wordsof likefuture "expectsevents," "anticipatestrends," "mayplans," "planexpectations," "target,"or "wouldobjectives," and "could"non-historical information.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", or conditional verbs such as "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.
* 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 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.
* These statements are based on Management's current views and intentions and are subject to change.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which can cause actual results to differ materially.
* This presentation refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position.
* Each forward-looking statement is valid only at the date of the presentation.
* Non-GAAP financial measures generally lack standardized meaning and may not be comparable to measures used by other companies.
* 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 a description of important factors, risks, and uncertainties affecting AXA's business and/or results of operations.
* 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.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* "[[Definition:Underlying earnings|Underlying earnings]]," UEPS, "underlying return on equity," "combined ratio," and "debt gearing" are APMs as defined by ESMA’s guidelines and AMF’s position statement.
* The presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management to analyze operating trends, financial performance, and financial position.
* Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in AXA’s 2025 Activity Report.
* These non-GAAP measures may not be comparable to similarly labeled measures used by other companies and should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS.
* AXA’s 2025 Activity Report is available on www.axa.com.
* "[[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’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 audit completion.
* AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements (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.
* The consolidated financial statements are subject to completion of an audit procedure by AXA's statutory auditors.
 
=== ContentsTable of contents ===
 
{{chunk|doc=snjra2xp9r|c=2|p=3}}
====== PresentationFY25 contentspresentation structure and speakerspresenters ======
 
* The [[Definition:Full year 2025|FY25]] Highlights are on p.page 04 and presented by Thomas Buberl, Group CEO.
* The FY25 Business Performance is on page 09 and presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* Thomas Buberl is the Group CEO.
* The FY25 BusinessFinancial Performance is on p.09page 13 and presented by Alban de Mailly Nesle, Group CFO.
* 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=3|p=4}}
====== Group CEO statement ======
 
* Thomas Buberl is the Group CEO.
Line 60 ⟶ 62:
 
{{chunk|doc=snjra2xp9r|c=4|p=5}}
====== FinancialKey financial performance highlightsindicators ======
 
* Revenues: +6% vs. [[Definition:Full year 2024|FY24]]
Line 66 ⟶ 68:
* ROE: 16% in [[Definition:Full year 2025|FY25]]
* Solvency II ratio: 224% in FY25
 
{{chunk|doc=snjra2xp9r|c=5|p=5}}
====== Shareholder returns and outlook ======
 
* DPS growth: +8%
* 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=65|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=76|p=6}}
====== UnderlyingExecuting earningsthe byplan FYon growth, margin and efficiency ======
 
<div style="overflow-x:auto">
Line 91 ⟶ 89:
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earnings
| style="text-align:right" | 8.1
| style="text-align:right" | 8.4
| 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>
 
{{chunk|doc=snjra2xp9r|c=87|p=6}}
====== OrganicGroup growth,performance profitability, and efficiencyoverview ======
 
* Group revenue +6% (+9% excluding [[Definition:AXA Investment Managers|AXA IM]])
* Top line growth: +6% organic.
* High organic growth: +6% top line growth, balanced across lines
* Growth balanced across lines: P&C +5%, Life +9%, Health +5%.
** P&C: +5%
* Record profitability with further margin expansion in P&C and L&H.
** Life: +9%
* Improved efficiency.
** Health: +5%
* Continued investments in growth and technology for scaling the business.
* Record profitability with further margin expansion in P&C and L&H
* Consistent earnings growth while enhancing reserve prudence.
* Improvement in efficiency
* Scaling the business through continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
{{chunk|doc=snjra2xp9r|c=98|p=6}}
====== Executing the plan on growth, margin and efficiency ======
 
Line 124 ⟶ 118:
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=109|p=7}}
====== ProtectionDemand gaps and emerging risksdrivers ======
 
* Protection gaps and emerging corporate risks are secular trends fuelingdrive demand across businesses.
* Demographics are drivingdrive demand for private retirement and healthcare.
 
{{chunk|doc=snjra2xp9r|c=1110|p=7}}
====== ShareGross written premium by segment ======
 
<div style="overflow-x:auto">
Line 155 ⟶ 149:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=12|p=7}}
====== Secular trends fueling demand ======
 
* Secular trends are fueling demand across businesses.
 
==== Our right to win ====
 
{{chunk|doc=snjra2xp9r|c=1311|p=7}}
====== RightCompetitive to winadvantages ======
 
* 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=14|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=1512|p=8}}
====== Strategic priorities ======
 
Line 189 ⟶ 173:
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=1613|p=9}}
====== FY25Management Business Performanceroles ======
 
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
 
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=1714|p=10}}
====== Gross written premiums & Underlyingunderlying earnings by geographysegment ======
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable"
|-
! style="text-align:left" | Segment
! style="text-align:right" | Gross written premiums
! style="text-align:right" | Underlying earnings
|-
| style="text-align:left" | France <br/>(27% of total GWP{{fn ref|1}})
| style="text-align:right" | +6% <br/>to €31bn
| style="text-align:right" | +7% <br/>to €2.2bn
|-
| style="text-align:left" | Europe <br/>(38% of total GWP{{fn ref|1}})
| style="text-align:right" | +6% <br/>to €43bn
| style="text-align:right" | +9% <br/>to €3.5bn
|-
| style="text-align:left" | AXA XL <br/>(17% of total GWP{{fn ref|1}})
| style="text-align:right" | +4% <br/>to €19bn
| style="text-align:right" | +9% <br/>to €1.9bn
|-
| style="text-align:left" | Asia, Africa &amp; EME-LATAM <br/>(18% of total GWP{{fn ref|1}})
| style="text-align:right" | +13% <br/>to €20bn
| style="text-align:right" | +6% <br/>to €1.5bn
|}
</div>
Line 228 ⟶ 212:
=== P&C – Strong margins, confidence in sustaining growth ===
 
{{chunk|doc=snjra2xp9r|c=1815|p=11}}
====== P&C GWP and earningsstrategic focus ======
 
* [[Definition:Gross written premiums|GWP]]: EUR 58bn across Retail, SME & Mid-market, and AXA XL (Large & Specialty).
* 2025 / Beyond 2025 strategic focus:
* GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty)
** Retail and SME & Mid-market: Growing volumes while expanding margins (2025); Investing to improve customer retention and expanding distribution footprint (Beyond 2025).
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn
** AXA XL (Large & Specialty): Profitable growth with stable margins (2025); Capitalizing on attractive growth opportunities and continued cycle management (Beyond 2025).
 
{{chunk|doc=snjra2xp9r|c=19|p=11}}
====== Outlook by business segment ======
 
<div style="overflow-x:auto">
{| 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=2016|p=11}}
====== FutureP&C strategicunderlying focusearnings and drivers ======
 
* [[Definition:Underlying earnings|Underlying earnings]] +9% to EUR 5.9bn.
* Continued progress on efficiency
* Drivers include continued progress on efficiency, higher investment income, and the use of Data & AI to enhance customer experience and technical excellence.
* Higher investment income
* Data & AI to further enhance customer experience & technical excellence
 
{{chunk|doc=snjra2xp9r|c=2117|p=11}}
====== P&C – Strong margins, confidence in sustaining growth ======
 
Line 270 ⟶ 234:
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
{{chunk|doc=snjra2xp9r|c=2218|p=12}}
====== GWP byand short-term andUnderlying long-termEarnings ======
 
* [[Definition:Gross written premiums|GWP]]: EUR 57bn
<div style="overflow-x:auto">
{| id="t5" class="wikitable"
|-
| style="text-align:left" | Short-term
| style="text-align:right" |
|-
| 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=2319|p=12}}
====== UnderlyingStrategic earningsFocus Areas ======
 
* Strategic focus areas for 2025 and beyond 2025 include:
* [[Definition:Underlying earnings|Underlying earnings]] +7% to EUR 3.5bn
** Long-term business:
*** Accelerating net flows in Savings with attractive margins
*** Capturing savings & retirement opportunities by sourcing the best asset management products for customers
** Short-term business:
*** Growing technical results while absorbing the Mexico VAT impact
*** Capitalizing on demand for health & protection while further improving margins
 
{{chunk|doc=snjra2xp9r|c=20|p=12}}
==== 2025 Beyond 2025 ====
====== Underlying Earnings and Cost Reduction ======
 
* [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn ([[Definition:Full year 2025|FY25]] vs. [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]])
{{chunk|doc=snjra2xp9r|c=24|p=12}}
* Focus on cost reduction
====== Strategic priorities ======
* Increasing penetration of Protection riders in Savings offerings
 
* Leveraging AI to reduce claims leakage and improve customer outcomes in Health
* 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.
* Short-term business: Growing technical results while absorbing Mexico VAT impact.
* Short-term business: Capitalizing on demand for health & protection while further improving margins.
* 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=25|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=2621|p=13}}
====== Group CFO ======
 
Line 318 ⟶ 266:
 
=== P&C – Continued disciplined growth ===
 
{{chunk|doc=snjra2xp9r|c=27|p=14}}
====== Currency notation ======
 
* All figures are in EUR billion.
 
==== GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=2822|p=14}}
====== GWP & other revenues by segmentlines of business ======
 
<div style="overflow-x:auto">
{| id="t6t4" 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 369 ⟶ 312:
</div>
 
{{chunk|doc=snjra2xp9r|c=2923|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, whilewith maintaininga 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=3024|p=14}}
====== GWP & Other Revenues ======
 
{{fn note|1=none|2=Change at constant scope and FX.}}
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
Line 387 ⟶ 331:
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=3125|p=15}}
====== Combined ratio ======
 
<div style="overflow-x:auto">
{| id="t7t5" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|-
| style="text-align:left" | Undiscounted CY loss ratio (ex Nat Cat)
Line 420 ⟶ 360:
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" |
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=3226|p=15}}
====== Combined ratio drivers ======
 
* UndiscountedBetter undiscounted current year loss ratio improved, excluding Nat Cat. from:
** Margin expansion in Commercial lines SME & mid-market business and Personal lines due toreflecting favorable pricing. environment
** Stable AXA XL Insurance margins stable at attractive levels due toreflecting disciplined cycle management.
** ExpenseImprovement in expense ratio improvedreflecting duethe toimpact of efficiency measures, while investingcontinuing to invest in growth initiatives and technology.
** Nat Cat charges below normalized load
 
** Lower reliance on prior year reserve development
{{chunk|doc=snjra2xp9r|c=33|p=15}}
** Taking advantage of a good year to enhance reserve prudence
====== Nat Cat and reserve development ======
 
* Nat Cat charges were below the normalized load.
* Lower reliance on prior year reserve development.
* Reserve prudence enhanced during a favorable year.
 
=== P&C – Earnings growth from higher underwriting and financial result ===
 
{{chunk|doc=snjra2xp9r|c=3427|p=16}}
====== P&C earningsEarnings overviewGrowth ======
 
* P&C earnings increasedgrowth was driven by EURhigher 0.2bnunderwriting toand EURfinancial 4.2bnresults.
* This growth was driven by higher underwriting results and a higher financial result.
 
{{chunk|doc=snjra2xp9r|c=3528|p=16}}
====== Underlying earnings by stepEarnings ======
 
<div style="overflow-x:auto">
{| id="t8t6" class="wikitable fintable"
|-
! style="text-align:left" | Step
! class="col-s" style="text-align:right" | ValueIn Euro million
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth ( Underwriting result{{fn ref|1}})
| style="text-align:right" | +292
|-
Line 464 ⟶ 403:
| 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 481 ⟶ 420:
</div>
 
{{chunk|doc=snjra2xp9r|c=3629|p=16}}
====== P&C earnings growth drivers ======
 
* P&C earnings grew +9% (at constant [[Definition:Foreign exchange|FX]]).
* Growth was driven by a better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.
* Increase inIncreased investment income reflectsreflected higher volumes and better reinvestment yields on fixed income assets.
* Higher unwind of discount of claims reserves, was in line with guidance.
* Unfavorable forex impact was notably due to USD depreciation vs. EUR.
* Underwriting result includes expenses.
 
{{chunk|doc=snjra2xp9r|c=3730|p=16}}
====== P&CFull –Year 2025 Earnings growth from higher underwriting and financial result ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings.
{{fn note|1=1|2=Underwriting result includes expenses.}}
 
=== Life & Health – Strong growth in premiums, positive net flows ===
 
{{chunk|doc=snjra2xp9r|c=3831|p=17}}
====== Life & Health premiums and net flows ======
 
* Life & Health premiums: EUR 4932.1bn0bn (+7% LFL)
** LifeIndividual Protection & Health net flows: EUR +019.2bn0bn (+8% LFL)
** Group Protection & Health: EUR 6.0bn (+6% LFL)
** Savings: EUR 7.0bn (+6% LFL)
* Life & Health net flows: +EUR 0.2bn
** Individual Protection & Health: +EUR 1.0bn
** Group Protection & Health: +EUR 0.2bn
** Savings: -EUR 1.0bn
 
==== Life GWP & Other Revenues ====
{{chunk|doc=snjra2xp9r|c=39|p=17}}
 
====== Life GWP & other revenues by lines of business ======
{{chunk|doc=snjra2xp9r|c=32|p=17}}
====== Life GWP &amp; Other Revenues ======
 
<div style="overflow-x:auto">
{| id="t9t7" class="wikitable fintable"
|-
! 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" | GrowthChange
|-
| style="text-align:left" | Total
Line 541 ⟶ 489:
</div>
 
==== Health GWP & Other Revenues ====
{{chunk|doc=snjra2xp9r|c=40|p=17}}
 
====== Health GWP & other revenues by individual and group ======
{{chunk|doc=snjra2xp9r|c=33|p=17}}
====== Health GWP & other revenues by segment ======
 
<div style="overflow-x:auto">
{| id="t10t8" class="wikitable fintable"
|-
! 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" | GrowthChange
|-
| style="text-align:left" | Total
Line 569 ⟶ 519:
</div>
 
==== Net flows: €+5.4bn ====
{{chunk|doc=snjra2xp9r|c=41|p=17}}
 
====== Net flows by segment ======
{{chunk|doc=snjra2xp9r|c=34|p=17}}
====== Net flows ======
 
* Net flows were EUR +1.5bn in [[Definition:Full year 2024|FY24]].
 
{{chunk|doc=snjra2xp9r|c=35|p=17}}
====== Net flows by business line ======
 
<div style="overflow-x:auto">
{| id="t11t9" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | Net flows€bn
|-
| style="text-align:left" | Protection
Line 595 ⟶ 552:
</div>
 
{{chunk|doc=snjra2xp9r|c=4236|p=17}}
====== Employee Benefits premiumsnet flows ======
 
* Employee Benefits premiums:net flows were EUR 12.9bn (+4% vs.in [[Definition:Full year 20242025|FY24FY25]]) at(+4% constant scope andvs. [[Definition:ForeignFull exchangeyear 2024|FXFY24]]).
* The change is at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=4337|p=17}}
====== Net flows: €+5.4bn ======
====== Life & Health – Strong growth in premiums, positive net flows ======
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
Line 607 ⟶ 565:
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
{{chunk|doc=snjra2xp9r|c=4438|p=18}}
====== PVEP, byNB businessCSM, lineand NBV performance ======
 
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
<div style="overflow-x:auto">
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.
{| id="t12" class="wikitable fintable"
|-
! 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
| style="text-align:right" |
| 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
|-
| style="text-align:left" | Total
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Change
| colspan="2" style="text-align:right" | -2%
|-
| style="text-align:left" | Protection &amp; Health change
| colspan="2" style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked change
| colspan="2" style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A change
| colspan="2" style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A change
| colspan="2" 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" | FY25
|-
| style="text-align:left" | 2.2
| style="text-align:right" | 2.2
|-
| colspan="2" style="text-align:left" | +3%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== NBV (post-tax) by FY ======
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | 2.3
| style="text-align:right" | 2.2
|-
| colspan="2" style="text-align:left" | stable
|-
| style="text-align:left" | NBV margin 4.4%
| style="text-align:right" | 4.5%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== Life & Health performance drivers ======
 
* PVEP was impacted by higher interest rates on discounting, despite strong growth in Life volumes.
* NB CSM was driven by robust Savings & Protection sales; 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=4839|p=18}}
====== Reporting basis ======
 
Line 703 ⟶ 579:
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
{{chunk|doc=snjra2xp9r|c=4940|p=19}}
====== FinancialContractual MetricsService Margin rollforward by Life and Health ======
 
* All figures are in EUR billion.
 
==== Contractual Service Margin rollforward ====
 
{{chunk|doc=snjra2xp9r|c=50|p=19}}
====== Contractual Service Margin rollforward (In Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t15t14" class="wikitable fintable"
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:right" | New business CSMValue
! class="col-s" style="text-align:leftright" | Underlyingo/w return on in-forceLife
! class="col-s" style="text-align:right" | CSMo/w releaseHealth
! style="text-align:right" | Economic variance
! style="text-align:right" | Operating variance
! style="text-align:right" | Affiliates, FX &amp; other
! style="text-align:right" | FY25
|-
| style="text-align:left" | 33.6FY24
| style="text-align:right" | 33.6
| style="text-align:right" | 25.8
| style="text-align:right" | 7.7
|-
| style="text-align:left" | New business CSM
| style="text-align:right" | +2.2
| style="text-align:leftright" | +1.3
| style="text-align:right" |
|-
| style="text-align:left" | Underlying return on in-force
| style="text-align:right" | +1.3
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | CSM release
| style="text-align:right" | -3.0
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Economic variance
| style="text-align:right" | +0.6
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | -0.3
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Affiliates, FX &amp; other
| style="text-align:right" | -1.4
| style="text-align:right" | 33.0
| style="text-align:right" |
|-
| colspan="8" style="text-align:left" | Normalized CSM growth +2%FY25
| style="text-align:right" | 33.0
| style="text-align:right" | 25.4
| style="text-align:right" | 7.6
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=5141|p=19}}
====== CSMNormalized breakdownCSM bygrowth businessand linevariances ======
 
* Normalized CSM increased by +2%.
* Life CSM: EUR 25.4bn ([[Definition:Full year 2025|FY25]]) vs EUR 25.8bn ([[Definition:Full year 2024|FY24]])
* CSM release growth reflected better margins and new business CSM growth, impacted by higher rates.
* Health CSM: EUR 7.6bn (FY25) vs EUR 7.7bn (FY24)
* Economic variance reflected government spreads tightening and positive equity market returns.
 
* Operating variance was driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland.
{{chunk|doc=snjra2xp9r|c=52|p=19}}
* [[Definition:Foreign exchange|FX]] impact was mainly from JPY and HKD depreciation.
====== Normalized CSM growth and drivers ======
 
* Normalized CSM increased by +2%
* CSM release growth reflects 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, 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=53|p=19}}
====== Contractual Service Margin rollforward ======
 
{{fn note|1=1|2=Change at constant scope and FX.}}
 
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=5442|p=20}}
====== Life & Health gross revenues ======
 
* Gross revenues: for Life & Health were EUR 3278,009m990m in 2023, an increase of +1% LFL compared to (reported)2022.
* This growth was driven by Health and Protection lines.
** France: EUR 10,009m
* Health gross revenues increased by +7% LFL to EUR 19,000m.
** Europe: EUR 10,009m
* Protection gross revenues increased by +3% LFL to EUR 20,000m.
** AXA XL: EUR 1,000m
* Unit-Linked gross revenues decreased by -4% LFL to EUR 26,000m.
** International: EUR 1,000m
* General Account gross revenues decreased by -2% LFL to EUR 14,000m.
** Asia: EUR 10,000m
** Other: EUR 0m
 
==== Underlying Earnings +7% ====
 
{{chunk|doc=snjra2xp9r|c=5543|p=20}}
====== Underlying Earningsearnings waterfall by Stepgrowth ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] increased by +7%.
 
{{chunk|doc=snjra2xp9r|c=44|p=20}}
====== Underlying Earnings ======
 
<div style="overflow-x:auto">
{| id="t16t15" class="wikitable fintable"
|-
! style="text-align:left" | Step
! class="col-s" style="text-align:right" | ValueFY24
! class="col-s" style="text-align:right" | Change
|-
|! class="col-s" style="text-align:leftright" | FY24FY25
| style="text-align:right" | 3,323
|-
| style="text-align:left" | Short-term technical margin
| style="text-align:right" | 415
| style="text-align:right" | +60
| style="text-align:right" | 479
|-
| style="text-align:left" | Long-term result incl. CSM release
| style="text-align:right" | 2,680
| style="text-align:right" | +156
| style="text-align:right" | 2,804
|-
| style="text-align:left" | Financial result
| style="text-align:right" | 975
| style="text-align:right" | -11
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax, FX and&amp; others
| style="text-align:right" | -748
| style="text-align:right" | -27
| style="text-align:right" | -728
|-
| style="text-align:left" | FY25Underlying Earnings
| style="text-align:right" | 3,323
| style="text-align:right" | +7%
| style="text-align:right" | 3,501
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=5645|p=20}}
====== FY24Constant vsFX FY25 Underlying Earnings breakdown (In Euro million)change ======
 
* Change is measured at constant [[Definition:Foreign exchange|FX]].
 
==== in billions ====
 
{{chunk|doc=snjra2xp9r|c=46|p=20}}
====== o/w Life & o/w Health by FY24 & FY25 ======
 
<div style="overflow-x:auto">
{| id="t17t16" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" | Short-termo/w technical marginLife
| style="text-align:right" | 4152.6
| style="text-align:right" | 4792.7
| style="text-align:right" | +4% vs. FY24
|-
| style="text-align:left" | Long-termo/w result incl. CSM releaseHealth
| style="text-align:right" | 2,6800.7
| style="text-align:right" | 2,8040.8
| 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=5747|p=20}}
====== UnderlyingTechnical Earningsmargin byand Businesslong-term Lineresults ======
 
* Short-term technical margin was strong, reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
* Life [[Definition:Underlying earnings|underlying earnings]]: EUR 2.7bn (prior: EUR 2.6bn), +4% vs. [[Definition:Full year 2024|FY24]]
* Long-term results were higher due to an +8% increase in CSM release, reflecting growth in the reserve base, including from favorable equity market performance, and better margins.
* Health underlying earnings: EUR 0.8bn (prior: EUR 0.7bn), +17% vs. FY24
 
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
{{chunk|doc=snjra2xp9r|c=58|p=20}}
====== Technical Margin and Long-Term Results ======
 
{{chunk|doc=snjra2xp9r|c=48|p=21}}
* Strong short-term technical margin due to underwriting and claims initiatives
====== Net income ======
* 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
 
* Net income: EUR 7.6bn (+7% reported)
{{chunk|doc=snjra2xp9r|c=59|p=20}}
* Net income per share: EUR 3.56 (+10% reported)
====== Underlying Earnings +7% ======
* [[Definition:Underlying earnings per share|Underlying earnings per share]]: EUR 3.20 (+12% reported)
 
{{chunk|doc=snjra2xp9r|c=49|p=21}}
{{fn note|1=1|2=Change at constant FX.}}
====== Net income by segment ======
 
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=60|p=21}}
====== Net income by business line ======
 
<div style="overflow-x:auto">
{| id="t18t17" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-ms" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Change
|-
| style="text-align:left" | Property &amp; Casualty
Line 883 ⟶ 774:
| style="text-align:right" | -
|-
| style="text-align:left" | <strong>Underlying earnings</strong>
| style="text-align:right" | <strong>8.1</strong>
| style="text-align:right" | <strong>8.4</strong>
| style="text-align:right" | <strong>+6%</strong>
|-
| style="text-align:left" | Non-financial flows
Line 893 ⟶ 784:
| style="text-align:right" |
|-
| style="text-align:left" | <em>o/w capital gains from AXA IM disposal</em>
| style="text-align:right" | -
| style="text-align:right" | +2.2
Line 903 ⟶ 794:
| style="text-align:right" |
|-
| style="text-align:left" | <strong>Net income</strong>
| style="text-align:right" | <strong>7.9</strong>
| style="text-align:right" | <strong>9.8</strong>
| style="text-align:right" | <strong>+26%</strong>
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=6150|p=21}}
====== UnderlyingFinancial earningsperformance and holding costsdrivers ======
 
* [[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]].
 
* Financial flows were lower, reflecting an unfavorable forex impact.
{{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=6351|p=21}}
====== Underlying earnings per share In Euro ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] are presented in EUR.
 
{{chunk|doc=snjra2xp9r|c=64|p=21}}
====== Underlying earnings per share (In Euro) ======
 
<div style="overflow-x:auto">
{| id="t19t18" class="wikitable fintable"
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | 3.59Underlying earnings per share
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
| style="text-align:right" | +8%
Line 945 ⟶ 829:
</div>
 
{{chunk|doc=snjra2xp9r|c=6552|p=21}}
====== Underlying EPSearnings per share growth drivers ======
 
* [[Definition:Underlying earnings per share|Underlying EPSearnings per share]] growth includeddrivers: +6% from earnings growth.; +3% from [[Definition:Capital management|capital management]]; -2% from forex
* Forex impact included -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of anti-dilutive [[Definition:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale
* 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:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale.
 
{{chunk|doc=snjra2xp9r|c=6653|p=21}}
====== Underlying earnings 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.}}
 
=== Shareholders'Shareholders’ Equity ===
 
{{chunk|doc=snjra2xp9r|c=6754|p=22}}
====== Shareholders' Equity ======
 
* Shareholders' Equity is presented in EUR billion.
 
==== Shareholders'Shareholders’ equity ====
 
{{chunk|doc=snjra2xp9r|c=6855|p=22}}
====== Shareholders' equity by period ======
 
<div style="overflow-x:auto">
{| id="t20t19" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | HY25
Line 988 ⟶ 870:
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Total Shareholders' Equityequity
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
Line 1,010 ⟶ 892:
</div>
 
{{chunk|doc=snjra2xp9r|c=6956|p=22}}
====== Shareholders'Shareholders’ equity ======
 
<div style="overflow-x:auto">
{| id="t21t20" 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 1,061 ⟶ 943:
|}
</div>
{{fn note|1=1|2=Shareholders’ equity Group share. Full Year 2025 Earnings}}
 
{{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=7057|p=23}}
====== CurrencyCash notationremittance and position ======
 
* AllCash figures are inremittance: EUR bn8.4bn
* Cash at Holding: EUR 4.2bn
 
{{chunk|doc=snjra2xp9r|c=58|p=23}}
==== Net Cash Remittance ====
====== Net Cash Remittance by Proceeds related to in-force treaties ======
 
{{chunk|doc=snjra2xp9r|c=71|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t22t21" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
|-
| style="text-align:left" | Remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| 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 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" | <strong>7.5</strong>
|-
| style="text-align:left" | Remittance ratio{{fn ref|1}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
Line 1,101 ⟶ 981:
</div>
 
{{chunk|doc=snjra2xp9r|c=7259|p=23}}
====== Net Cash RemittancePosition Bridge ======
 
<div style="overflow-x:auto">
{| id="t23t22" 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 1,136 ⟶ 1,016:
</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&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=7360|p=24}}
====== Foreseeable dividends and share buyback provision ======
 
* Foreseeable [[Definition:Dividend|dividends]]: -EUR -4.8bn
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: -EUR -1.25bn
 
{{chunk|doc=snjra2xp9r|c=7461|p=24}}
====== In Euro billion ======
====== Eligible Own Funds (EOF) / Solvency Capital Requirement (SCR) / Solvency II ratio bridge FY24–FY25 ======
 
<div style="overflow-x:auto">
{| id="t24t23" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | Regulatory &amp; model changes
! class="col-s" style="text-align:right" | Normalized capital generation
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Economic variance &amp; FX
! class="col-s" style="text-align:leftright" | Dividend &amp; annual share buyback
! class="col-s" style="text-align:right" | Management actions, debt &amp; other
! class="col-s" style="text-align:right" | FY25
Line 1,169 ⟶ 1,049:
| style="text-align:right" | -0.4
| style="text-align:right" | -2.1
| style="text-align:leftright" | -6.0 / -0.1
| style="text-align:right" | -0.1
| style="text-align:right" | 56.4
|-
Line 1,179 ⟶ 1,059:
| style="text-align:right" | -1pt
| style="text-align:right" | +4pts
| style="text-align:leftright" | -24pts
| style="text-align:right" | +2pts
| style="text-align:right" | 224%
Line 1,189 ⟶ 1,069:
| style="text-align:right" | 0.0
| style="text-align:right" | -1.2
| style="text-align:leftright" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | 25.2
Line 1,197 ⟶ 1,077:
==== Key sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=7562|p=24}}
====== SolvencyRatio IIas ratioof December 31, 2025 ======
 
* Solvency II ratio as of December 31, 2025: 224%
 
{{chunk|doc=snjra2xp9r|c=76|p=24}}
====== Impact by sensitivity ======
 
<div style="overflow-x:auto">
{| id="t25t24" class="wikitable fintable"
|-
!| style="text-align:left" | Sensitivity
! class="col-s"| style="text-align:right" | Impact224%
|-
| style="text-align:left" | Interest rate +50bps
Line 1,248 ⟶ 1,123:
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
{{chunk|doc=snjra2xp9r|c=7763|p=25}}
====== Solvency II Ratioratio and Capitalcapital Impactsimpacts ======
 
* Solvency II Ratioratio as of December 31/12/, 2025: 224%
* Impact of the end of the grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts, reducingresulting thein ratio toa 215% ratio
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026
* Impact of Solvency II revision, expectedeffective toQ1 come into effect in 1Q272027: +17pts
* No change expected in organic capital generation
* Additional capital flexibility
 
{{chunk|doc=snjra2xp9r|c=64|p=25}}
====== Solvency II – impact of the end of grandfathering period and Solvency II revision ======
 
{{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=7865|p=26}}
====== Group CEO ======
 
Line 1,267 ⟶ 1,147:
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=7966|p=27}}
====== Business performance and outlook ======
 
* RecordAchieved 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.
* Laying foundations for the next plan and confident in delivering sustainable earnings growth.
 
=== Q&A ===
 
{{chunk|doc=snjra2xp9r|c=8067|p=28}}
====== DateFull Year 2025 Earnings ======
 
* February 26, [[Definition:YearFull 2026year 2025|2026Full Year 2025]] Earnings
 
=== AXA Investor Relations – Keep in touch ===
Line 1,284 ⟶ 1,166:
==== Meet our management ====
 
{{chunk|doc=snjra2xp9r|c=8168|p=29}}
====== Investorupcoming calendarevents and contacts ======
 
* Upcoming events include: March Roadshows Europe and US; May 5 1Q25 Activity Indicators Paris; June 2 BNP Paribas Exane CEO Conference Paris; June 2-4 Goldman Sachs European Financials Conference Zurich; July 31 HY26 [[Definition:Earnings release|Earnings Release]] Paris; September 21 AXA Investor Day London.
* March: Roadshows in Europe and US
* Investor Relations contact: +33 1 40 75 48 42, investor.relations@axa.com.
* May 5: 1Q25 Activity Indicators in Paris
* Follow AXA at www.axa.com.
* 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 ====
 
{{chunk|doc=snjra2xp9r|c=82|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=83|p=29}}
====== Website information ======
 
* AXA's website is www.axa.com.
 
== Appendices ==
Line 1,313 ⟶ 1,177:
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=8469|p=31}}
====== Additional disclosures ======
 
* Additional disclosures include: Debt and Invested Assets; Additional P&C disclosures; areAdditional onIFRS17 p.31disclosures.
* 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 ===
 
==== Gross financial debt ====
{{chunk|doc=snjra2xp9r|c=85|p=32}}
====== Gross financial debt and maturity breakdown as of December 31st, 2025 ======
 
{{chunk|doc=snjra2xp9r|c=70|p=32}}
=== Theme: Gross financial debt and ===
====== Gross financial debt by tier and senior debt ======
 
==== Gross financial debt Contractual maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=86|p=32}}
====== Debt gearing ======
 
* Debt gearing was 20.6% (prior: 22.3%).
 
{{chunk|doc=snjra2xp9r|c=87|p=32}}
====== Gross financial debt by tier ======
 
<div style="overflow-x:auto">
{| id="t26t25" class="wikitable fintable"
|-
! style="text-align:left" | in Euro billion
! class="col-ms" style="text-align:right" | FY24
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Jan 1st 2026 <br/> End of the grandfathering period
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
| style="text-align:right" | -
|-
| style="text-align:left" | Tier 1
Line 1,358 ⟶ 1,215:
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8 {{fn ref|*|2=o/w €0.4bn redeemed in Jan 2026}}
|-
| 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>
 
{{fn note|1=*|2=o/w €0.4bn redeemed in Jan 2026}}
{{chunk|doc=snjra2xp9r|c=88|p=32}}
====== Debt maturity and types ======
 
==== Contractual maturity breakdown ====
* The grandfathering period ends on January 1, [[Definition:Year 2026|2026]].
* EUR 0.4bn will be redeemed in January 2026.
* Debt types include Tier 1, Tier 2, and Senior debt.
 
{{chunk|doc=snjra2xp9r|c=8971|p=32}}
====== SeniorContractual debt,maturity Tier 2, Tier 1breakdown by contractual maturitysegment ======
 
<div style="overflow-x:auto">
{| id="t27t26" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,392 ⟶ 1,246:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.5
| style="text-align:right" | -
| style="text-align:right" | 0.9
| 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" | -
| style="text-align:right" | 0.7
| style="text-align:right" | -
| style="text-align:right" | 10.8
| style="text-align:right" | 0.7
|-
| 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" | 4.6
| style="text-align:right" |
|-
| style="text-align:left" | Tiero/w 1Grandfathered debt
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
Line 1,421 ⟶ 1,287:
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" | 0.7
| style="text-align:right" |
|}
</div>
 
==== o/w Grandfathered debt (Contractual maturity breakdown) ====
 
{{chunk|doc=snjra2xp9r|c=90|p=32}}
====== o/w Grandfathered debt (Contractual maturity breakdown) ======
 
<div style="overflow-x:auto">
{| id="t28" 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" | Tier 1
Line 1,471 ⟶ 1,315:
==== Economic maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=9172|p=32}}
====== Economic maturity breakdown (Inin Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t29t27" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2026
Line 1,489 ⟶ 1,333:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | 0.5
| style="text-align:right" | -
| style="text-align:right" | 0.9
| 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" | 0.1-
| style="text-align:right" | 2.4
| style="text-align:right" | 0.51
| style="text-align:right" | 2.0
| style="text-align:right" | 0.47
| style="text-align:right" | 6.4
| style="text-align:right" | -
| 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" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.4
| style="text-align:right" | 0.5
| style="text-align:right" | 4.0
|-
| style="text-align:left" | o/w Grandfathered 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" | 0.1
| style="text-align:right" | 0.9
| style="text-align:right" |
| 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=92|p=32}}
====== Grandfathered debt by economic maturity and tier ======
 
<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" | Tier 1
Line 1,566 ⟶ 1,400:
</div>
 
{{fn note|1=1|2=Nominal debt.}}
{{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.}}
{{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=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.}}
{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}
 
=== General Account Invested Assets ===
 
==== FY25 Total General Account invested assets ====
{{chunk|doc=snjra2xp9r|c=93|p=33}}
====== General Account invested assets ======
 
{{chunk|doc=snjra2xp9r|c=73|p=33}}
* [[Definition:Full year 2025|FY25]] Total General Account invested assets
*====== Duration gap atand -0.4invested yearassets ======
 
* Duration gap: -0.4 year
{{chunk|doc=snjra2xp9r|c=94|p=33}}
====== FY25* Total General Account invested assets: Euro 450 billionEUR ======450bn
* Invested assets include: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, Policy loans
 
{{chunk|doc=snjra2xp9r|c=74|p=33}}
<div style="overflow-x:auto">
{| id="t31" 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=95|p=33}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t32t28" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,628 ⟶ 1,437:
| style="text-align:right" | 27%
|-
| style="text-align:left" | o/w Other fixed income {{fn ref|1}}
| style="text-align:right" | 56
| style="text-align:right" | 13%
Line 1,640 ⟶ 1,449:
| style="text-align:right" | 2%
|-
| style="text-align:left" | Listed equities {{fn ref|2}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
|-
| style="text-align:left" | Private equity and hedge funds {{fn ref|3}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 1,656 ⟶ 1,465:
| style="text-align:right" | 0%
|-
| style="text-align:left" | Total Insurance Invested Assets {{fn ref|4}}
| style="text-align:right" | 450
| style="text-align:right" | 100%
Line 1,662 ⟶ 1,471:
</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 1,669 ⟶ 1,478:
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=9675|p=34}}
====== StructuredInvested andassets Private(100%) CreditIn assetsEuro billion ======
 
<div style="overflow-x:auto">
{| id="t33t29" class="wikitable fintable"
|-
! style="text-align:left" | Invested assets (100%)<br/>In Euro billion
! class="col-ms" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | % of total G/A{{fn ref|1}} portfolio
! style="text-align:left" | Comments
|-
Line 1,710 ⟶ 1,519:
| style="text-align:left" |
|-
| style="text-align:left" | <strongb>Total Structured and Private Credit Assets</strongb>
| style="text-align:right" | <strongb>69</strongb>
| style="text-align:right" | <strongb>15%</strongb>
| style="text-align:left" | o/w 54% participating
|}
Line 1,723 ⟶ 1,532:
==== FY25 Fixed Income Reinvestment ====
 
{{chunk|doc=snjra2xp9r|c=9776|p=35}}
====== FY25 fixedFixed incomeIncome reinvestmentReinvestment allocation(Total: Euro 57 billion) ======
 
<div style="overflow-x:auto">
* EUR 57bn in fixed income reinvestment
{| id="t30" class="wikitable fintable"
* Government bonds & related: 32% of reinvestment, average rating AA
|-
* Investment grade credit: 40% of reinvestment, average rating A
| style="text-align:left" | Government bonds &amp; related (32%) – Average rating: AA
* ABS/CLO/IG fund financing: 21% of reinvestment
| style="text-align:right" | 32%
* Below investment grade credit: 7% of reinvestment
|-
| style="text-align:left" | Investment grade credit (40%)- Average rating: A
| style="text-align:right" | 40%
|-
| style="text-align:left" | ABS/CLO/IG fund financing (21%)
| style="text-align:right" | 21%
|-
| style="text-align:left" | Below investment grade credit (7%)
| style="text-align:right" | 7%
|}
</div>
 
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=9877|p=35}}
====== FY25 Fixed Incomeincome reinvestment yield Reinvestmentby Yieldcategory ======
 
<div style="overflow-x:auto">
{| id="t34t31" class="wikitable fintable"
|-
! style="text-align:left" | Category
! class="col-s" style="text-align:right" | Yield
|-
| style="text-align:left" | Public fixed income{{fn ref|1}}
| style="text-align:right" | 3.5%
|-
!| style="text-align:left" | PublicPrivate &amp; Structured fixed income{{fn ref|12}}
!| style="text-align:leftright" | Private &amp; Structured fixed income{{fn ref|2}}4.7%
! class="col-s" style="text-align:right" | Total fixed income
|-
| style="text-align:left" | 3.5%Total fixed income
| style="text-align:left" | 4.7%
| style="text-align:right" | 3.9%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=9978|p=35}}
====== Fixed income investmentreinvestment detailsyield ======
 
* EUR 57bn fixed income invested at 3.9%
Line 1,758 ⟶ 1,582:
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=10079|p=35}}
====== FY25 Fixed Income Reinvestment 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=80|p=35}}
====== FY25 earnings ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
 
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=10181|p=36}}
====== Additionaladditional disclosures ======
 
* Additional disclosures include: Debt and Invested Assets areon detailedp.31; Additional P&C disclosures on p.3136; Additional IFRS17 disclosures on p.41.
* Additional P&C disclosures are provided on p.36.
* Additional IFRS17 disclosures are available on p.41.
 
=== AXA XL Insurance – Large Commercial & Specialty business ===
Line 1,777 ⟶ 1,604:
==== Well diversified across lines of business and geographies ====
 
{{chunk|doc=snjra2xp9r|c=10282|p=37}}
====== FY25 GWP by line of business ======
 
<div style="overflow-x:auto">
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by line of business: USD 19bn
{| id="t32" class="wikitable fintable"
** Casualty: 35%
|-
** Property: 29%
| style="text-align:left" | Casualty
** Specialty: 19%
| style="text-align:right" | 35%
** Professional lines: 17%
|-
| 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=10383|p=37}}
====== FY25 GWP by geography ======
 
<div style="overflow-x:auto">
* [[Definition:Full year 2025|FY25]] [[Definition:Gross written premiums|GWP]] by geography: USD 19bn
{| id="t33" class="wikitable fintable"
** Americas: 46%
|-
** Europe & APAC: 35%
| style="text-align:left" | Americas
** UK & Lloyds: 19%
| 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=10484|p=37}}
====== Leadingleading market positions ======
 
* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
* Profitability vs.
* Multinational Programs
* Marine
* Fine Art & Specie
 
{{chunk|doc=snjra2xp9r|c=85|p=37}}
==== Managing the cycle to deliver consistent profitability ====
====== Leading market positions across lines ======
 
{{fn note|1=1|2=Including Cyber;}}
{{chunk|doc=snjra2xp9r|c=105|p=37}}
{{fn note|1=2|2=Source: McKinsey;}}
====== Commercial lines performance by segment ======
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights;}}
 
{{fn note|1=4|2=Source: Industry Research Biz (January 2026).}}
* 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}}
{{fn note|1=2|2=Source: McKinsey}}
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
 
=== P&C – Focus on Reserves ===
 
{{chunk|doc=snjra2xp9r|c=86|p=38}}
==== Claims reserves ratio ====
====== Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ======
 
{{chunk|doc=snjra2xp9r|c=107|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=108|p=38}}
====== Claims reserves ratio ======
 
<div style="overflow-x:auto">
{| id="t35t34" class="wikitable fintable"
|-
! colspan="5" style="text-align:leftcenter" | IFRS4
! classcolspan="col-s4" style="text-align:rightcenter" | FY18IFRS17
|-
! style="text-align:left" | FY18
! class="col-s" style="text-align:right" | FY19
! 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" | Claims reserves ratio179%
| style="text-align:right" | 179%
| style="text-align:right" | 185%
| style="text-align:right" | 193%
Line 1,863 ⟶ 1,690:
</div>
 
{{chunk|doc=snjra2xp9r|c=87|p=38}}
==== Technical reserves ratio ====
====== Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums) ======
 
{{chunk|doc=snjra2xp9r|c=109|p=38}}
====== Net undiscounted technical reserves ratio ======
 
* The technical reserves ratio is calculated as Net undiscounted technical reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=110|p=38}}
====== Technical reserves ratio ======
 
<div style="overflow-x:auto">
{| id="t36t35" class="wikitable fintable"
|-
! colspan="5" style="text-align:leftcenter" | IFRS4
! classcolspan="col-s4" style="text-align:rightcenter" | FY18IFRS17
|-
! style="text-align:left" | FY18
! class="col-s" style="text-align:right" | FY19
! 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" | Technical reserves ratio213%
| style="text-align:right" | 213%
| style="text-align:right" | 227%
| style="text-align:right" | 233%
Line 1,904 ⟶ 1,725:
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ===
 
{{chunk|doc=snjra2xp9r|c=11188|p=39}}
====== Currency2026 basisSimplified Group Nat Cat Reinsurance Program ======
 
* The [[Definition:Year 2026|2026]] Simplified Group Nat Cat Reinsurance Program is denominated in Euro.
 
==== Insurance segment (occurrence protection) ====
* All figures are in Euro.
 
{{chunk|doc=snjra2xp9r|c=11289|p=39}}
====== Capacity & Retention by perilPeril ======
 
<div style="overflow-x:auto">
{| id="t37t36" class="wikitable fintable"
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | EU WindstormCapacity
! class="col-s" style="text-align:right" | Europe FloodRetention
! 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" | Reinsurance segment (illustrative) — Alternative Capital &amp; Cat Bonds
|-
| style="text-align:left" | CapacityEU Windstorm
| style="text-align:right" | 4.0bn
| style="text-align:right" | 600m
|-
| style="text-align:left" | Europe Flood
| style="text-align:right" | 2.1bn
| style="text-align:right" | 450m
|-
| style="text-align:left" | Europe Earthquake
| style="text-align:right" | 2.1bn
| style="text-align:right" | 400m
|-
| style="text-align:left" | NA Hurricane
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2}}
|-
| style="text-align:left" | NA Earthquake
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2}}
| style="text-align:left" |
|-
| style="text-align:left" | RetentionPer other perils{{fn ref|3}}
| style="text-align:right" | 600m1.2bn
| 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
| style="text-align:left" |
|}
</div>
 
==== Reinsurance segment (illustrative) ====
{{chunk|doc=snjra2xp9r|c=113|p=39}}
 
====== 2026 Simplified Group Nat Cat Reinsurance Program ======
{{chunk|doc=snjra2xp9r|c=90|p=39}}
====== Alternative Capital & Cat Bonds ======
 
* Alternative Capital & Cat Bonds
* Retention levels are expected to remain stable in [[Definition:Year 2026|2026]], consistent with 2025 levels.
* Stable retention levels are expected to be maintained in [[Definition:Year 2026|2026]], consistent with 2025 levels.
 
{{chunk|doc=snjra2xp9r|c=11491|p=39}}
====== Reinsurance segment (illustrative) ======
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
Line 1,958 ⟶ 1,785:
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
 
{{chunk|doc=snjra2xp9r|c=11592|p=40}}
====== P&C Nat Cat cost deviation ======
 
* NatP&C Cat– costAXA Group earnings deviation iswith presenteddifferent levels of Nat Cat cost in EUR[[Definition:Year billion,2026|2026]] (net of reinsurance.)
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ====
 
{{chunk|doc=snjra2xp9r|c=11693|p=40}}
====== NetNat ofCat reinsurancedeviation analysis ======
 
* The data is presented both netNet of reinsurance, post-tax, and net of reinsurance, pre-tax.
* Net of reinsurance, pre-tax
* More severe years: Negative deviation in approximately 40% of cases
* Less severe years: Positive deviation in approximately 60% of cases
 
{{chunk|doc=snjra2xp9r|c=11794|p=40}}
====== Deviation by scenarioReturn Period and percentilePercentile ======
 
<div style="overflow-x:auto">
{| id="t38t37" class="wikitable"
|-
! style="text-align:left" | ScenarioReturn Period
! style="text-align:right" | Percentile
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 1/20y more severe
| style="text-align:right" | 95th(5th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y more severe
| style="text-align:right" | 90th(10th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y more severe
| style="text-align:right" | 80th(20th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median
| style="text-align:right" | (50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y less severe
| style="text-align:right" | 20th(80th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y less severe
| style="text-align:right" | 10th(90th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y less severe
| style="text-align:right" | 5th(95th)
| style="text-align:right" | €+0.8bn
|}
</div>
 
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====
{{chunk|doc=snjra2xp9r|c=118|p=40}}
====== Nat Cat charges deviation ======
 
{{chunk|doc=snjra2xp9r|c=95|p=40}}
* Negative deviation in approximately 40% of cases for more severe years.
====== Charges & Estimated impact on GEP by Year ======
* Positive deviation in approximately 60% of cases for less severe years.
 
==== Average Expected Nat Cat charges ====
 
{{chunk|doc=snjra2xp9r|c=119|p=40}}
====== Amount & Estimated impact on GEP by year ======
 
<div style="overflow-x:auto">
{| id="t39t38" class="wikitable"
|-
! style="text-align:left" | Year
! style="text-align:right" | 2025Charges (€bn)
! style="text-align:right" | 2026Estimated impact on GEP
|-
| style="text-align:left" | Amount (€bn)2025
| style="text-align:right" | 2.6
| style="text-align:right" | ca. 4.5%
|-
| style="text-align:left" | 2026
| 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}}
 
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=12096|p=41}}
====== AdditionalAppendix disclosuressections ======
 
* Additional disclosures include Debt and Invested Assets disclosures are on p.page 31.
* Additional P&C disclosures are on p.page 36.
* Additional IFRS17 disclosures are on p.page 41.
* Sustainability disclosures are on page 44.
 
=== P&C – Margin Analysis ===
Line 2,053 ⟶ 1,878:
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=12197|p=42}}
====== Pre-tax technical result ======
 
* Pre-taxAll technicalfigures resultare in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=12298|p=42}}
====== Current Accident Year Undiscounted Technical Margin by FY25Gross Earned Premiums ======
 
<div style="overflow-x:auto">
{| id="t40t39" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,068 ⟶ 1,893:
! class="col-s" 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 2,094 ⟶ 1,911:
</div>
 
{{chunk|doc=snjra2xp9r|c=12499|p=42}}
====== CurrentTechnical Accident Year DiscountingResult ======
 
<div style="overflow-x:auto">
{| id="t42t40" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,104 ⟶ 1,921:
! 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
Line 2,126 ⟶ 1,943:
</div>
 
{{chunk|doc=snjra2xp9r|c=125100|p=42}}
====== Prior Years' Reserve Development (PYD) & PYD ratio by FY25 & Change ======
 
<div style="overflow-x:auto">
{| id="t43t41" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,136 ⟶ 1,953:
! 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
Line 2,146 ⟶ 1,963:
</div>
 
{{chunk|doc=snjra2xp9r|c=126101|p=42}}
====== FY25 sensitivity to Current Accident Year discount rate changessensitivity ======
 
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes:
<div style="overflow-x:auto">
** +25bps: EUR +0.2bn
{| id="t44" class="wikitable"
** -25bps: EUR -0.2bn
|-
! 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=127102|p=42}}
====== Pre-tax results ======
 
* All figures are in EUR million (pre-tax).
 
{{chunk|doc=snjra2xp9r|c=128103|p=42}}
====== Investment Incomeincome, ======
 
<div style="overflow-x:auto">
{| id="t45t42" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,177 ⟶ 1,987:
! 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
Line 2,195 ⟶ 2,005:
</div>
 
{{chunk|doc=snjra2xp9r|c=129104|p=42}}
====== Insurance financeFinance expensesExpenses ======
 
<div style="overflow-x:auto">
{| id="t46t43" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,205 ⟶ 2,015:
! 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
Line 2,219 ⟶ 2,029:
</div>
 
{{chunk|doc=snjra2xp9r|c=130105|p=42}}
====== 2026e Insurance Finance Expenses (pre-tax) by change in 2025 current AYand DiscountSensitivity ======
 
* 2026e Insurance Finance Expenses (pre-tax) are projected at approximately EUR -1.4bn.
<div style="overflow-x:auto">
* The sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount is:
{| id="t47" class="wikitable"
** A +25bps change results in approximately EUR -50m.
|-
** A -25bps change results in approximately EUR +50m.
! style="text-align:left" | +25bps
! style="text-align:right" | -25bps
|-
| style="text-align:left" | ~ €-50m
| style="text-align:right" | ~€+50m
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=131106|p=42}}
====== Underlying earningsEarnings before tax, taxTax, affiliatesAffiliates, minorityMinority interests & otherOther, and underlyingUnderlying earningsEarnings ======
 
<div style="overflow-x:auto">
{| id="t48t44" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,243 ⟶ 2,047:
! class="col-s" 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
Line 2,255 ⟶ 2,059:
| 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" | +9%
Line 2,265 ⟶ 2,069:
</div>
 
{{chunk|doc=snjra2xp9r|c=107|p=42}}
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
====== Financial result definitions ======
{{fn note|1=2|2=Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting FY25 current accident year net reserve.}}
 
* Changes versus [[Definition:Full year 2024|FY24]] are at constant [[Definition:Foreign exchange|FX]].
* Reinvestment yield on fixed income assets is defined as (1).
* Parallel shift of the full-year average yield curve (average of monthly opening discount rates of 2025) used for discounting [[Definition:Full year 2025|FY25]] current accident year net reserve is defined as (2).
 
=== L&H – Margin Analysis ===
 
{{chunk|doc=snjra2xp9r|c=132108|p=43}}
====== Scope impact ======
 
Line 2,277 ⟶ 2,085:
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=133109|p=43}}
====== Pre-tax technical result ======
 
* Pre-taxAll technicalfigures resultare (in EUR million):, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=134110|p=43}}
====== Short-term Technical Margin by Gross Earned Premiums and All Year Combined RatioResult ======
 
<div style="overflow-x:auto">
{| id="t49t45" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,292 ⟶ 2,100:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Short-term Technical Margin</strong>
| style="text-align:right" | 479
| style="text-align:right" | +60
Line 2,303 ⟶ 2,111:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=135|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="t50" class="wikitable fintable"
|-
!| style="text-align:left" | Incl. recapture of Laya
! class="col-s"| style="text-align:right" | FY25
! class="col-s"| style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Long-term Technical Margin</strong>
| style="text-align:right" | 2,804
| style="text-align:right" | +156
Line 2,332 ⟶ 2,127:
| style="text-align:right" | -150
| style="text-align:right" | -58
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=137|p=43}}
====== FY25 CSM by interest rates, sovereign spreads, corporate spread, equities ======
 
<div style="overflow-x:auto">
{| id="t51" 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>
Line 2,372 ⟶ 2,132:
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=138111|p=43}}
====== Pre-tax result by segmentresults ======
 
* All figures are in EUR million, pre-tax.
* Pre-tax result: EUR 7,604m
** 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=139112|p=43}}
====== Investment income (non-VFAand only)insurance finance expenses ======
 
<div style="overflow-x:auto">
{| id="t52t46" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,394 ⟶ 2,147:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Investment Income (non-VFA only)</strong>
| style="text-align:right" | 2,484
| style="text-align:right" | -1
Line 2,409 ⟶ 2,162:
| style="text-align:right" | 3.8%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=140|p=43}}
====== Insurance Finance Expenses (non-VFA only) ======
 
<div style="overflow-x:auto">
{| id="t53" 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 (non-VFA only)</strong>
| style="text-align:right" | -1,538
| style="text-align:right" | -9
Line 2,436 ⟶ 2,177:
</div>
 
==== Life & Health FY25 CSM Key Sensitivities ====
{{chunk|doc=snjra2xp9r|c=141|p=43}}
 
====== Underlying Earnings before tax, Tax, Affiliates, Minority interests & Other, Underlying Earnings ======
{{chunk|doc=snjra2xp9r|c=113|p=43}}
====== CSM sensitivity to interest rates ======
 
* CSM sensitivity to interest rates is EUR -0.2bn for a +50bps change and EUR +0.2bn for a -50bps change.
 
{{chunk|doc=snjra2xp9r|c=114|p=43}}
====== Life & Health FY25 CSM Key Sensitivities ======
 
<div style="overflow-x:auto">
{| id="t54t47" class="wikitable fintable"
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| 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>
 
{{chunk|doc=snjra2xp9r|c=115|p=43}}
====== Life & Health FY25 CSM Key Sensitivities ======
 
<div style="overflow-x:auto">
{| id="t48" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,446 ⟶ 2,229:
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | <strong>Underlying Earnings before tax</strong>
| style="text-align:right" | 4,229
| style="text-align:right" | +205
Line 2,458 ⟶ 2,241:
| style="text-align:right" | -51
|-
| style="text-align:left" | <strong>Underlying Earnings</strong>
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | <em>Growth vs. FY24 (at constant FX)</em>
| style="text-align:right" |
| style="text-align:right" | +7%
Line 2,470 ⟶ 2,253:
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
=== ContentsTable of contents ===
 
{{chunk|doc=snjra2xp9r|c=142116|p=44}}
====== Additional disclosures ======
 
* Additional disclosures include Debt and Invested Assets on p.31, Additional P&C disclosures on p.36, and Additional IFRS17 disclosures on p.41.
* Additional disclosures include P&C disclosures.
* Additional disclosures include IFRS17 disclosures.
 
=== Expanding AXA'sAXA’s role in society: AXA for Progress Index ===
 
==== As a GLOBAL INVESTOR ====
{{chunk|doc=snjra2xp9r|c=143|p=45}}
 
====== 2025 Result by As a GLOBAL INVESTOR, As a GLOBAL INSURER, As a COMPANY ======
{{chunk|doc=snjra2xp9r|c=117|p=45}}
====== Climate transition and community resilience financing per year ======
 
<div style="overflow-x:auto">
{| id="t55t49" class="wikitable"
|-
! colspan="2" style="text-align:center" | As a GLOBAL INVESTOR
! colspan="2" style="text-align:center" | As a GLOBAL INSURER
! colspan="2" style="text-align:center" | As a COMPANY
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
! style="text-align:left" | Target
!| style="text-align:rightleft" | 2025€5bn{{fn ref|2}}<br/> in climate transition financing per Resultyear
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | &gt;€500m{{fn ref|2}}<br/> in community resilience financing per year
| style="text-align:right" | €1.4bn
|}
</div>
 
==== As a GLOBAL INSURER ====
 
{{chunk|doc=snjra2xp9r|c=118|p=45}}
====== Target by 2025 Result ======
 
<div style="overflow-x:auto">
{| id="t50" class="wikitable"
|-
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn€6bn{{fn ref|23}}<br/> in climateP&amp;C GWP to support transition financingunderwriting per(cumulative year2024-2026)
| 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;€500m20,000{{fn ref|24}}<br/> inclimate communityadaptation resiliencesolutions financing&amp; perservices (cumulative 2024-2026)<br/> Target revised in year2025
| style="text-align:right" | &gt;2019,000{{fn ref|4}} climate adaptation solutions &amp; services (cumulative698<br/>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" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}<br/> inclusive insurance customers by 2026
| 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>
 
==== As a COMPANY ====
 
{{chunk|doc=snjra2xp9r|c=119|p=45}}
====== Target by 2025 Result ======
 
<div style="overflow-x:auto">
{| id="t51" 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.}}<br/> AXA Group employees trained on climate adaptation by 2026
| style="text-align:right" | 46,420
|-
| style="text-align:left" | Contribute to Net-Zero<br/> -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<br/> 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%<br/>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 2,520 ⟶ 2,325:
</div>
 
{{fn note|1=1|2=AXA'sAXA’s Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group'sGroup’s auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.}}
{{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}
{{fn note|1=3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
Line 2,531 ⟶ 2,336:
=== Sustainability Performance & Ratings ===
 
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====== Sustainability ratingsRatings ======
 
* S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices: for97th percentile in 2025.
* MSCI ESG Ratings: AAA score forin 2025.
* CDP Climate Change: B score forin 2025.
* Morningstar Sustainalytics: ESG Risk Rating of: 17.0 (Low risk) forin 2025.
* FTSEFTSE4Good RussellIndex Series: 4.3/5 score in FTSE4Good Index Series for 2025.
 
{{chunk|doc=snjra2xp9r|c=145121|p=46}}
====== Sustainability Performance & Ratings ======
 
Line 2,547 ⟶ 2,352:
=== Scope ===
 
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====== Scope of activities by geography and segmentdefinitions ======
 
* France: includes insurance activities, banking activities, and holding.
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* 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 (equity method): 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 contributecontributing only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) are (fully consolidated).
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are (fully consolidated).
** EME-LATAM (equity method): Russia (Reso) (insurance activities), is consolidated under the equity method and contributescontributing only to net income.
** Other: 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(fully areconsolidated), fullyand Asian joint ventures (consolidated under the equity method).
* AXA Investment Managers (until July 1, 2025): Asian joint ventures are consolidated under the equity method.
 
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====== 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.
Line 2,572 ⟶ 2,372:
=== Glossary ===
 
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====== Glossary of financial terms ======
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
Line 2,579 ⟶ 2,379:
* 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’sshareholder'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 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.
Line 2,590 ⟶ 2,390:
* 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 Full Year 2025 Earnings February 26, 2026 ===
 
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====== Full Year 2025 Earnings ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"