Insurer Brain

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

Browse history interactively
← Older editNewer edit →
Content deleted Content added
VisualWikitext
doc_archive: publish snjra2xp9r (.md link)
doc_archive: publish snjra2xp9r
Line 10:
| 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
Line 20:
 
=== Full Year 2025 Earnings Presentation ===
 
{{chunk|doc=snjra2xp9r|c=1|p=1}}
====== Earnings presentation ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings Presentation
 
=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ===
 
{{chunk|doc=snjra2xp9r|c=12|p=2}}
====== Forward-looking statements and non-GAAP measures ======
 
* Certain statements in the documentpresentation are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", 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 provideproviding one-off guidance for the last year of the Group's current strategic plan.
* These statements are based on Management's current views and intentions and are subject to change.
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which cancould cause actual results to differ materially.
* Each forward-looking statement is validspeaks only at the dateas of the presentation date.
* 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.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The presentation refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management tofor analyzeanalyzing operating trends, financial performance, and financial position.
* These non-GAAP financial measures generally have no standardized meaning and 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.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS.
* "[[Definition:Underlying earnings|Underlying earnings]]", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015.
* AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (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 inof AXA's 2025 Activity Report.
* AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit by AXA's statutory auditors.
* The consolidated financial statements are subject to completion of an audit procedure by AXA's statutory auditors.
 
=== Table of contentsContents ===
 
{{chunk|doc=snjra2xp9r|c=23|p=3}}
====== FY25Presentation presentation structureagenda and presentersspeakers ======
 
* The [[Definition:Full year 2025|FY25]] Highlights arepresented on page 04 and presented by Thomas Buberl, Group CEO.
* Thomas Buberl, Group CEO, is a speaker
* The FY25 Business Performance is on page 09 and presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
* The FY25 FinancialBusiness Performance ispresented on page 13 and presented by Alban de Mailly Nesle, Group CFO.09
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, is a speaker
* FY25 Financial Performance presented on page 13
* Alban de Mailly Nesle, Group CFO, is a speaker
 
== FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=34|p=4}}
====== Group CEO statement ======
 
* Thomas Buberl is the Group CEO.
Line 61 ⟶ 69:
=== Full Year 2025 – Excellent performance ===
 
{{chunk|doc=snjra2xp9r|c=45|p=5}}
====== Key financialFY25 performance indicatorsand shareholder value ======
 
* Revenues: +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24
* ROE: 16% in [[Definition:Full year 2025|FY25]]
* Solvency II ratio: 224% in FY25
* Delivering value for shareholders with +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* DPS growth: +8%
* Annual [[Definition:Share buyback|share buyback]]: EUR 1.25bn
* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=56|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=67|p=6}}
====== ExecutingUnderlying theearnings planby on growth, margin and efficiencyFY ======
 
<div style="overflow-x:auto">
Line 89 ⟶ 96:
! 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%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=78|p=6}}
====== GroupKey performance overviewindicators ======
 
* Group[[Definition:Underlying revenueearnings +6%per share|Underlying earnings per share]] (EPS) +9% excluding [[Definition:AXA Investment Managers|AXA IM]])
* HighTop organicline growth: +6% top line growth, balanced across lines(organic)
** P&C: +5%
** Life: +9%
Line 106 ⟶ 115:
* Record profitability with further margin expansion in P&C and L&H
* Improvement in efficiency
* Scaling the business through continuedContinued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
{{chunk|doc=snjra2xp9r|c=89|p=6}}
====== Executing the plan on growth, margin and efficiency ======
 
Line 118 ⟶ 127:
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=910|p=7}}
====== DemandSecular driverstrends fueling demand ======
 
* Protection gaps and emerging corporate risks driveare driving demand.
* Demographics driveare driving demand for private retirement and healthcare.
 
{{chunk|doc=snjra2xp9r|c=1011|p=7}}
====== GrossShare writtenby premium bybusiness segment ======
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|-
! style="text-align:left" | Business Segment
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Life
Line 152 ⟶ 161:
==== Our right to win ====
 
{{chunk|doc=snjra2xp9r|c=1112|p=7}}
====== Competitive advantages ======
 
Line 159 ⟶ 168:
* Technical expertise in pricing and underwriting risks
* Scale offering cost advantage
 
{{chunk|doc=snjra2xp9r|c=13|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=1214|p=8}}
====== Strategic priorities ======
 
Line 173 ⟶ 187:
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=1315|p=9}}
====== ManagementExecutive roles ======
 
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
 
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=1416|p=10}}
====== GrossBasis writtenof premiums & underlying earnings by segmentreporting ======
 
* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Underlying earnings|underlying earnings]] are reported at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=17|p=10}}
====== Gross written premiums & Underlying earnings by geography ======
 
<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 212 ⟶ 231:
=== P&C – Strong margins, confidence in sustaining growth ===
 
{{chunk|doc=snjra2xp9r|c=1518|p=11}}
====== P&C GWP and strategicunderlying focusearnings ======
 
* [[Definition:Gross written premiums|GWP]]: EUR 58bn
* GWP mix includes Retail, SME & Mid-market, and AXA XL (Large & Specialty)
* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn
 
==== 2025 and Beyond 2025 Strategy ====
* [[Definition:Gross written premiums|GWP]] EUR 58bn across Retail, SME & Mid-market, and AXA XL (Large & Specialty).
* 2025 / Beyond 2025 strategic focus:
** Retail and SME & Mid-market: Growing volumes while expanding margins (2025); Investing to improve customer retention and expanding distribution footprint (Beyond 2025).
** 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=1619|p=11}}
====== P&CStrategic underlyingpriorities earningsby and driverssegment ======
 
* Retail and SME & Mid-market: growing volumes while expanding margins by 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 by 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025.
* Drivers include continued progress on efficiency, higher investment income, and the use of Data & AI to enhance customer experience and technical excellence.
* Continued progress on efficiency.
* Higher investment income.
* Data & AI to further enhance customer experience and technical excellence.
 
{{chunk|doc=snjra2xp9r|c=1720|p=11}}
====== P&C2025 –and StrongBeyond margins,2025 confidence in sustaining growthStrategy ======
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
Line 234 ⟶ 257:
=== L&H – Good momentum, well positioned to capture growth opportunities ===
 
{{chunk|doc=snjra2xp9r|c=1821|p=12}}
====== L&H GWP and Underlying Earnings ======
 
* [[Definition:Gross written premiums|GWP]]: EUR 57bn
** Short-term
** Long-term
* [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn
 
==== Strategic Priorities ====
{{chunk|doc=snjra2xp9r|c=19|p=12}}
====== Strategic Focus Areas ======
 
{{chunk|doc=snjra2xp9r|c=22|p=12}}
* Strategic focus areas for 2025 and beyond 2025 include:
====== Strategic priorities by business line ======
** 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
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=20|p=12}}
{| id="t4" class="wikitable"
====== Underlying Earnings and Cost Reduction ======
|-
! style="text-align:left" |
! style="text-align:left" | 2025
! style="text-align:left" | Beyond 2025
|-
| style="text-align:left" | Long-term business
| style="text-align:left" | Accelerating net flows in Savings at attractive margins
| style="text-align:left" | Capturing savings &amp; retirement opportunity, sourcing best asset management products for our customers
|-
| style="text-align:left" | Short-term business
| style="text-align:left" | Growing technical results while absorbing Mexico VAT impact
| style="text-align:left" | Capitalizing on demand for health &amp; protection while further improving our margins
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=23|p=12}}
====== Strategic priorities ======
 
* [[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]])
* Focus on cost reduction
* Increasing penetration of Protection riders in Savings offerings
* Leveraging AI to reduce claims leakage and improve customer outcomes in Health
 
{{chunk|doc=snjra2xp9r|c=24|p=12}}
====== Strategic Priorities ======
 
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
 
== FY25 Financial Performance ==
 
{{chunk|doc=snjra2xp9r|c=2125|p=13}}
====== Group CFO ======
 
Line 266 ⟶ 307:
 
=== P&C – Continued disciplined growth ===
 
{{chunk|doc=snjra2xp9r|c=26|p=14}}
====== P&C Gross Written Premiums ======
 
* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) in P&C were EUR 40.1bn in 2023, up from EUR 37.7bn in 2022 (+6% LFL).
 
==== GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=2227|p=14}}
====== GWP & other revenues by commercial lines, ofAXA businessXL Reinsurance, and retail lines ======
 
<div style="overflow-x:auto">
{| id="t4t5" 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" | FY25
Line 281 ⟶ 327:
! class="col-s" style="text-align:right" | o/w pricing{{fn ref|1}}
! class="col-s" style="text-align:right" | o/w volume{{fn ref|2}}
|-
| style="text-align:left" | Total
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Commercial lines
Line 302 ⟶ 355:
| style="text-align:right" | +5%
| style="text-align:right" | +2%
|-
| style="text-align:left" | Total
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=2328|p=14}}
====== CommercialBusiness Linesgrowth Growth Driversdrivers ======
 
* Continued pricing momentum and volume growth in Mid-market and SME
* Growth in lines of business with attractive margins, withwhile amaintaining focus on retention at AXA XL Insurance
* Growth supported by alternative capital
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
 
{{chunk|doc=snjra2xp9r|c=2429|p=14}}
====== GWPReporting & Other Revenuesbasis ======
 
{{fn* note|1=none|2=ChangeAll changes are reported at constant scope and [[Definition:Foreign exchange|FX]].}}
{{fn note|1=1|2=Price effect.}}
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
Line 331 ⟶ 375:
==== Combined ratio ====
 
{{chunk|doc=snjra2xp9r|c=2530|p=15}}
====== Combined ratio ======
 
<div style="overflow-x:auto">
{| id="t5t6" 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 360 ⟶ 408:
| 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=2631|p=15}}
====== CombinedUndiscounted ratiocurrent driversyear loss ratio ======
 
* Better undiscountedUndiscounted current year loss ratio improved, excluding Nat Cat, due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing from:environment.
* Stable AXA XL Insurance margins at attractive levels reflected disciplined cycle management.
** Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment
* Improvement in expense ratio reflected the impact of efficiency measures, while continuing investment in growth initiatives and technology.
** Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management
* Nat Cat charges were below the normalized load.
** Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology
* Lower reliance on prior year reserve development.
** Nat Cat charges below normalized load
** Lower reliance on prior yearEnhanced reserve developmentprudence.
** Taking advantage of a good year to enhance reserve prudence
 
=== P&C – Earnings growth from higher underwriting and financial result ===
 
{{chunk|doc=snjra2xp9r|c=2732|p=16}}
====== P&C Earnings Growthearnings ======
 
* In EUR million
* P&C earnings growth was driven by higher underwriting and financial results.
 
==== Underlying Earnings ====
{{chunk|doc=snjra2xp9r|c=28|p=16}}
 
====== Underlying Earnings ======
{{chunk|doc=snjra2xp9r|c=33|p=16}}
====== Underlying Earnings (in Euro million) ======
 
<div style="overflow-x:auto">
{| id="t6t7" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | In Euro million
|-
| style="text-align:left" | FY24
Line 406 ⟶ 448:
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses
| style="text-align:right" | -235
|-
Line 417 ⟶ 459:
| style="text-align:left" | FY25
| style="text-align:right" | 5,872
|-
| style="text-align:left" | Change at constant FX
| style="text-align:right" | +9%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=2934|p=16}}
====== P&CUnderlying earnings growth drivers ======
 
* Better underwriting result from strong volume growth and improved all-year combined ratio, while enhancing reserve prudence.
* P&C earnings grew +9% (at constant [[Definition:Foreign exchange|FX]]).
* Increase in investment income reflecting higher volumes and better reinvestment yields on fixed income assets.
* Growth was driven by a better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.
* Higher unwind of discount of claims reserves, in in line with guidance.
* Increased investment income reflected higher volumes and better reinvestment yields on fixed income assets.
* Unfavorable forex impact notably due to USD depreciation vs. EUR.
* 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=3035|p=16}}
====== Full Year 2025Underlying Earnings ======
 
{{fn note|1=1|2=Underwriting result includes expenses.}}
 
{{chunk|doc=snjra2xp9r|c=36|p=16}}
====== Constant FX change and FY25 earnings ======
 
* Change at constant [[Definition:Foreign exchange|FX]].
* [[Definition:Full year 2025|Full Year 2025]] Earnings.
 
=== Life & Health – Strong growth in premiums, positive net flows ===
 
{{chunk|doc=snjra2xp9r|c=3137|p=17}}
====== LifeCurrency & Health premiums and net flowsnotation ======
 
* All figures are in EUR billion.
* Life & Health premiums: EUR 32.0bn (+7% LFL)
** Individual Protection & Health: EUR 19.0bn (+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
 
{{chunk|doc=snjra2xp9r|c=38|p=17}}
==== Life GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=32|p=17}}
====== Life GWP &amp; Other Revenues ======
 
<div style="overflow-x:auto">
{| id="t7t8" 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" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Total
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|-
| style="text-align:left" | Protection
Line 472 ⟶ 507:
| style="text-align:right" | +11%
|-
| style="text-align:left" | Unit-Linkedlinked
| style="text-align:right" |
| style="text-align:right" | 9.3
Line 486 ⟶ 521:
| style="text-align:right" | 1.9
| style="text-align:right" | -7%
|-
| style="text-align:left" | Total Life GWP &amp; Other Revenues
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=39|p=17}}
==== Health GWP & Other Revenues ====
====== 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="t8t9" 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" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Total
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|-
| style="text-align:left" | Individual
Line 516 ⟶ 549:
| style="text-align:right" | 8.5
| style="text-align:right" | +4%
|-
| style="text-align:left" | Total Health GWP &amp; Other Revenues
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=40|p=17}}
==== Net flows: €+5.4bn ====
====== Employee Benefits premiums ======
 
* Employee Benefits premiums: EUR 12.9bn (+4% vs. [[Definition:Full year 2024|FY24]])
{{chunk|doc=snjra2xp9r|c=34|p=17}}
====== Net flows ======
 
{{chunk|doc=snjra2xp9r|c=41|p=17}}
* Net flows were EUR +1.5bn in [[Definition:Full year 2024|FY24]].
====== Net flows: €+5.4bn vs. €+1.5bn in FY24 ======
 
{{chunk|doc=snjra2xp9r|c=35|p=17}}
====== Net flows by business line ======
 
<div style="overflow-x:auto">
{| id="t9t10" class="wikitable fintable"
|-
! style="text-align:left" | (in Euro billion)
! class="col-s" style="text-align:right" | €bnFY25
|-
| style="text-align:left" | Protection
Line 552 ⟶ 588:
</div>
 
{{chunk|doc=snjra2xp9r|c=3642|p=17}}
====== EmployeeBasis Benefitsof net flowschange ======
 
* Change is measured at constant scope and [[Definition:Foreign exchange|FX]].
* Employee Benefits net flows were EUR 12.9bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]]).
* The change is at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=3743|p=17}}
====== Life & Health – Strong growth in premiums, positive net flows ======
====== Net flows: €+5.4bn ======
 
{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}
Line 565 ⟶ 600:
=== Life & Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ===
 
{{chunk|doc=snjra2xp9r|c=3844|p=18}}
====== PVEP,Currency NB CSM, and NBV performancenotation ======
 
* All figures are in EUR billions.
* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
* NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.
* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.
 
{{chunk|doc=snjra2xp9r|c=3945|p=18}}
====== ReportingPVEP basisby lines of business ======
 
<div style="overflow-x:auto">
* All changes are at constant scope and [[Definition:Foreign exchange|FX]].
{| id="t11" 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" | FY25
! class="col-s" style="text-align:right" | Change at constant scope and FX
|-
| style="text-align:left" | Protection &amp; Health
| style="text-align:right" |
| style="text-align:right" | 31.4
| style="text-align:right" | -4%
|-
| style="text-align:left" | Unit-Linked
| style="text-align:right" |
| style="text-align:right" | 8.5
| style="text-align:right" | +18%
|-
| style="text-align:left" | Capital-light G/A
| style="text-align:right" |
| style="text-align:right" | 7.8
| style="text-align:right" | -10%
|-
| style="text-align:left" | Traditional G/A
| style="text-align:right" |
| style="text-align:right" | 1.7
| style="text-align:right" | -10%
|-
| style="text-align:left" | Total PVEP
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
| style="text-align:right" | -2%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=46|p=18}}
====== NB CSM (pre-tax) ======
 
<div style="overflow-x:auto">
{| id="t12" 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" | FY25
! style="text-align:left" | Change at constant scope and FX
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:left" | +3%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=47|p=18}}
====== NBV (post-tax) by FY24, FY25, and Change at constant scope and FX ======
 
<div style="overflow-x:auto">
{| id="t13" 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" | FY25
! style="text-align:left" | Change at constant scope and FX
|-
| style="text-align:left" | NBV (post-tax)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:left" | stable
|-
| style="text-align:left" | NBV margin
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:left" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=48|p=18}}
====== Life & Health performance ======
 
* PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes
* NB CSM driven by robust Savings & Protection sales; reported growth impacted by higher interest rates for discounting of future profits
* NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France
* Change at constant scope and [[Definition:Foreign exchange|FX]]
 
=== Life & Health – Growth in new business driving Normalized CSM growth ===
 
{{chunk|doc=snjra2xp9r|c=4049|p=19}}
====== ContractualNormalized ServiceCSM Margin rollforward by Lifegrowth and Healthvariances ======
 
* Normalized CSM growth: +2%
* Normalized CSM up +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates
* Economic variance reflected government spreads tightening and positive equity market returns
* Operating variance driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland
* [[Definition:Foreign exchange|FX]] impact mainly from JPY and HKD depreciation
 
{{chunk|doc=snjra2xp9r|c=50|p=19}}
====== Contractual Service Margin rollforward ======
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|-
!| style="text-align:left" | In Euro billion
! class="col-s"| style="text-align:right" | ValueCSM
! class="col-s" style="text-align:right" | o/w Life
! class="col-s" style="text-align:right" | o/w Health
|-
| style="text-align:left" | FY24
| style="text-align:right" | 33.6
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 25.8
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 7.7
|-
| style="text-align:left" | New business CSM
| style="text-align:right" | +2.2
| style="text-align:right" |
| 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" |
| style="text-align:right" |
|-
| style="text-align:left" | FY25
| style="text-align:right" | 33.0
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 25.4
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 7.6
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=4151|p=19}}
====== NormalizedConstant CSM growthscope and variancesFX definition ======
 
* Change at constant scope and [[Definition:Foreign exchange|FX]].
* Normalized CSM increased by +2%.
* CSM release growth reflected better margins and new business CSM growth, impacted by higher rates.
* 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.
* [[Definition:Foreign exchange|FX]] impact was mainly from JPY and HKD depreciation.
 
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=4252|p=20}}
====== Life & Health gross revenuesperformance ======
 
* All figures are in EUR million.
* Gross revenues for Life & Health were EUR 78,990m in 2023, an increase of +1% LFL compared to 2022.
* This growth was driven by Health and Protection lines.
* Health gross revenues increased by +7% LFL to EUR 19,000m.
* Protection gross revenues increased by +3% LFL to EUR 20,000m.
* Unit-Linked gross revenues decreased by -4% LFL to EUR 26,000m.
* General Account gross revenues decreased by -2% LFL to EUR 14,000m.
 
==== Underlying Earnings ====
 
{{chunk|doc=snjra2xp9r|c=4353|p=20}}
====== Underlying earnings growth ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] increased by +7%.
 
{{chunk|doc=snjra2xp9r|c=44|p=20}}
====== Underlying Earnings ======
 
Line 691 ⟶ 795:
| style="text-align:right" | -728
|-
| style="text-align:left" | Underlying EarningsTotal
| style="text-align:right" | 3,323
| style="text-align:right" | +7%
Line 698 ⟶ 802:
</div>
 
{{chunk|doc=snjra2xp9r|c=4554|p=20}}
====== ConstantUnderlying FXearnings changeby business line ======
 
* Life [[Definition:Underlying earnings|underlying earnings]]: EUR 2.7bn (prior: EUR 2.6bn), +4% vs. [[Definition:Full year 2024|FY24]]
* Change is measured at constant [[Definition:Foreign exchange|FX]].
* Health underlying earnings: EUR 0.8bn (prior: EUR 0.7bn), +17% vs. FY24
 
{{chunk|doc=snjra2xp9r|c=55|p=20}}
==== in billions ====
 
{{chunk|doc=snjra2xp9r|c=46|p=20}}
====== o/w Life & o/w Health by FY24 & FY25 ======
 
<div style="overflow-x:auto">
{| id="t16" 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" | o/w Life
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
| style="text-align:right" | +4% vs. FY24
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 0.7
| style="text-align:right" | 0.8
| style="text-align:right" | +17% vs. FY24
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=47|p=20}}
====== Technical margin and long-term results ======
 
* Short-term technical margin was strong, reflectingdue to underwriting and claims initiatives, that more thanwhich offset the EUR -0.1bn impact of legislative change on theVAT recoverability of value added tax in Mexico (EUR -0.1bn).
* Long-term results were higherincreased due to an +8% increaserise in CSM release, reflecting growth in the reserve base and improved margins, including from favorable equity market performance, and better margins.
* Change at constant [[Definition:Foreign exchange|FX]]
 
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=4856|p=21}}
====== NetUnderlying earnings and net income by segment ======
 
* Net income: EUR 7.6bn (+7% reported)
* Net income per share: EUR 3.56 (+10% reported)
* [[Definition:Underlying earnings per share|Underlying earnings per share]]: EUR 3.20 (+12% reported)
 
{{chunk|doc=snjra2xp9r|c=49|p=21}}
====== Net income by segment ======
 
<div style="overflow-x:auto">
{| id="t17t16" class="wikitable fintable"
|-
! style="text-align:left" |
Line 774 ⟶ 848:
| style="text-align:right" | -
|-
|! style="text-align:left" | Underlying earnings
|! class="col-s" style="text-align:right" | 8.1
|! class="col-s" style="text-align:right" | 8.4
|! class="col-s" style="text-align:right" | +6%
|-
| style="text-align:left" | Non-financial flows
Line 794 ⟶ 868:
| style="text-align:right" |
|-
|! style="text-align:left" | Net income
|! class="col-s" style="text-align:right" | 7.9
|! class="col-s" style="text-align:right" | 9.8
|! class="col-s" style="text-align:right" | +26%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=5057|p=21}}
====== FinancialUnderlying performanceearnings and net income drivers ======
 
* [[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 Incomeincome 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.
 
==== Underlying earnings per share ====
 
{{chunk|doc=snjra2xp9r|c=5158|p=21}}
====== Underlying earnings per share In Euro ======
 
<div style="overflow-x:auto">
{| id="t18t17" 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" | Underlying earnings per share3.59
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
| style="text-align:right" | +8%
Line 829 ⟶ 901:
</div>
 
{{chunk|doc=snjra2xp9r|c=5259|p=21}}
====== Underlying earnings per share growth drivers ======
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth drivers: +6% from earnings growth; -1% from temporary [[Definition:Earnings dilution|earnings dilution]] from [[Definition:AXA Investment Managers|AXA IM]] sale due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]; +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
 
{{chunk|doc=snjra2xp9r|c=5360|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=5461|p=22}}
====== Shareholders' Equity ======
 
* Shareholders'All Equityfigures is presentedare in EUR billionbn.
 
==== Shareholders’Shareholders' equity ====
 
{{chunk|doc=snjra2xp9r|c=5562|p=22}}
====== Shareholders' equity by period ======
 
<div style="overflow-x:auto">
{| id="t19t18" 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 870 ⟶ 941:
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Total Shareholders' equity
| style="text-align:right" | 49.9
| style="text-align:right" | 45.5
| style="text-align:right" | 47.2
|-
| style="text-align:left" | SHE (excl. OCI &amp; undated subordinated debt)
| style="text-align:right" | 53.2
| style="text-align:right" | 47.0
| style="text-align:right" | 49.4
|-
| style="text-align:left" | Debt gearing
| style="text-align:right" | 20.6%
| style="text-align:right" | 23.4%
| style="text-align:right" | 22.3%
|-
| style="text-align:left" | Underlying ROE
| style="text-align:right" | 15.2%
| style="text-align:right" | 17.5%
| style="text-align:right" | 16.0%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=5663|p=22}}
====== Shareholders’Shareholders' equity and debt gearing ======
 
* SHE (excl. OCI & undated subordinated debt): 53.2 / 47.0 / 49.4
* Debt gearing: 20.6% / 23.4% / 22.3%
* Underlying ROE: 15.2% / 17.5% / 16.0%
 
{{chunk|doc=snjra2xp9r|c=64|p=22}}
====== Shareholders' equity ======
 
<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 to FY25
! class="col-s" style="text-align:right" | HY25 to FY25
Line 943 ⟶ 1,006:
|}
</div>
 
{{fn note|1=1|2=Shareholders’ equity Group share. Full Year 2025 Earnings}}
{{fn note|1=1|2=Shareholders' equity Group share.}}
 
=== Higher organic cash remittance and robust cash position at Holding ===
 
{{chunk|doc=snjra2xp9r|c=5765|p=23}}
====== CashCurrency remittance and positionnotation ======
 
* CashAll remittance:figures are in EUR 8billion.4bn
* Cash at Holding: EUR 4.2bn
 
==== Net Cash Remittance ====
{{chunk|doc=snjra2xp9r|c=58|p=23}}
 
====== Net Cash Remittance by Proceeds related to in-force treaties ======
{{chunk|doc=snjra2xp9r|c=66|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t21t20" 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" | 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 cash remittance
| style="text-align:right" | 7.1
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Total
Line 975 ⟶ 1,040:
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Remittance ratio{{fn ref|1}}
| style="text-align:right" | 82%
| style="text-align:right" | 82%
Line 981 ⟶ 1,046:
</div>
 
==== Cash Position Bridge ====
{{chunk|doc=snjra2xp9r|c=59|p=23}}
 
{{chunk|doc=snjra2xp9r|c=67|p=23}}
====== Cash Position Bridge ======
 
<div style="overflow-x:auto">
{| id="t22t21" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | In Euro billion
|-
| style="text-align:left" | FY24 Cash position
Line 1,011 ⟶ 1,081:
| style="text-align:right" | +3.1
|-
!| style="text-align:left" | FY25 Cash position
! class="col-s"| style="text-align:right" | 5.6
|}
</div>
 
{{fn note|1=1|2=1. Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=2. €0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=6068|p=24}}
====== ForeseeableSolvency dividendsII and share buyback provisionratio ======
 
* Solvency II ratio: 224%
* Foreseeable [[Definition:Dividend|dividends]]: -EUR 4.8bn
* Solvency II ratio in Euro billion
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: -EUR 1.25bn
 
{{chunk|doc=snjra2xp9r|c=6169|p=24}}
====== InEligible EuroOwn billionFunds (EOF) waterfall ======
 
<div style="overflow-x:auto">
{| id="t23t22" class="wikitable fintable"
|-
!| style="text-align:left" | FY24
! 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:right" | 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
|-
| style="text-align:left" | Eligible Own Funds (EOF)
| style="text-align:right" | 55.9
|-
| style="text-align:left" | Regulatory &amp; model changes
| style="text-align:right" | +0.2
|-
| style="text-align:left" | Normalized capital generation
| style="text-align:right" | +8.8
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | -0.4
|-
| style="text-align:left" | Economic variance &amp; FX
| style="text-align:right" | -2.1
|-
| style="text-align:left" | Dividend &amp; annual share buyback
| style="text-align:right" | -6.0
|-
| style="text-align:left" | Management actions, debt &amp; other
| style="text-align:right" | -0.1
|-
| style="text-align:left" | FY25
| style="text-align:right" | 56.4
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=70|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=71|p=24}}
====== Solvency II ratio bridge ======
 
<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|-
| style="text-align:left" | Solvency II ratioFY24
| style="text-align:right" | 216%
|-
| style="text-align:left" | Regulatory &amp; model changes
| style="text-align:right" | +0pt
|-
| style="text-align:left" | Normalized capital generation
| style="text-align:right" | +28pts
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | -1pt
|-
| style="text-align:left" | Economic variance &amp; FX
| style="text-align:right" | +4pts
|-
| style="text-align:left" | Dividend &amp; annual share buyback
| style="text-align:right" | -24pts
|-
| style="text-align:left" | Management actions, debt &amp; other
| style="text-align:right" | +2pts
|-
| style="text-align:left" | FY25
| style="text-align:right" | 224%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=72|p=24}}
====== Solvency Capital Requirement (SCR) waterfall ======
 
<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)FY24
| style="text-align:right" | 25.9
|-
| style="text-align:left" | Regulatory &amp; model changes
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Normalized capital generation
| style="text-align:right" | +0.6
|-
| style="text-align:left" | Operating variance
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Economic variance &amp; FX
| style="text-align:right" | -1.2
|-
| style="text-align:left" | Dividend &amp; annual share buyback
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Management actions, debt &amp; other
| style="text-align:right" | -0.2
|-
| style="text-align:left" | FY25
| style="text-align:right" | 25.2
|}
Line 1,077 ⟶ 1,201:
==== Key sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=6273|p=24}}
====== RatioKey as of December 31, 2025sensitivities ======
 
<div style="overflow-x:auto">
{| id="t24t25" class="wikitable fintable"
|-
| style="text-align:left" | Ratio as of December 31, 2025
| style="text-align:right" | 224%
|-
Line 1,102 ⟶ 1,226:
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25%
| style="text-align:right" | -1+14 ptpts
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%
| style="text-align:right" | +2-19 pts
|-
| style="text-align:left" | PE &amp; Infra +25%
| style="text-align:right" | +142 pts
|-
| style="text-align:left" | PE &amp; Infra -25%
| style="text-align:right" | -191 ptspt
|-
| style="text-align:left" | Inflation swap curve +50bps
Line 1,118 ⟶ 1,242:
</div>
 
{{fn note|1=1|2=1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures).}}
{{fn note|1=2|2=2. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).}}
 
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
{{chunk|doc=snjra2xp9r|c=6374|p=25}}
====== Solvency II ratio andby capital impactsperiod/impact ======
 
<div style="overflow-x:auto">
* Solvency II ratio as of December 31, 2025: 224%
{| id="t26" class="wikitable fintable"
* Impact of the end of the grandfathering period on January 1, [[Definition:Year 2026|2026]]: -10pts, resulting in a 215% ratio
|-
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, 2026
! style="text-align:left" | Period/Impact
* Impact of Solvency II revision, effective Q1 2027: +17pts
! class="col-s" style="text-align:right" | Change
* No change expected in organic capital generation
! class="col-s" style="text-align:right" | Ratio
* Additional capital flexibility
|-
| style="text-align:left" | Ratio as of 31/12/2025
| style="text-align:right" |
| style="text-align:right" | 224%
|-
| style="text-align:left" | Impact of the end of grandfathering period on January 1, 2026
| style="text-align:right" | -10pts
| style="text-align:right" | 215%
|-
| style="text-align:left" | Impact of Solvency II revision to come into effect in 1Q27
| style="text-align:right" | +17pts{{fn ref|1}}
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=75|p=25}}
====== Grandfathered debt and capital flexibility ======
 
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, [[Definition:Year 2026|2026]].
* No change is expected in organic capital generation.
* Additional capital flexibility is anticipated.
 
{{chunk|doc=snjra2xp9r|c=6476|p=25}}
====== Solvency II – impact of the end of grandfathering period and Solvency II revision ======
 
Line 1,140 ⟶ 1,285:
== Conclusion ==
 
{{chunk|doc=snjra2xp9r|c=6577|p=26}}
====== Group CEO ======
 
* Thomas Buberl is the, Group CEO.
 
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=6678|p=27}}
====== Business performance and outlook ======
 
* Achieved recordRecord results 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 diversifiedDiversified franchise is well-positioned to capture future growth opportunities.
* LayingFoundations foundationsare being laid for the next plan, andwith confidentconfidence in delivering sustainable earnings growth.
 
=== Q&A ===
 
{{chunk|doc=snjra2xp9r|c=67|p=28}}
====== Full Year 2025 Earnings ======
 
*== [[Definition:FullQ&A year 2025|Full Year 2025]] Earnings ==
 
=== AXA Investor Relations – Keep in touch ===
Line 1,166 ⟶ 1,306:
==== Meet our management ====
 
{{chunk|doc=snjra2xp9r|c=6879|p=29}}
====== upcominginvestor events and contactscalendar ======
 
* March: Roadshows - Europe and US [p.
* 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.
 
* Investor Relations contact: +33 1 40 75 48 42, investor.relations@axa.com.
==== Contact us ====
* Follow AXA at www.axa.com.
 
{{chunk|doc=snjra2xp9r|c=80|p=29}}
====== Investor Relations Contact Information ======
 
* Investor Relations contact number: +33 1 40 75 48 42
* Investor Relations email: investor.relations@axa.com
 
==== Follow us ====
 
{{chunk|doc=snjra2xp9r|c=81|p=29}}
====== AXA website ======
 
* AXA's website is www.axa.com.
 
== Appendices ==
Line 1,177 ⟶ 1,330:
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=6982|p=31}}
====== Additional disclosures ======
 
* Additional disclosures include: Debt and Invested Assets; Additional P&C disclosures; Additionalon IFRS17 disclosuresp.31
* Additional P&C disclosures on p.36
* Additional IFRS17 disclosures on p.41
 
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
{{chunk|doc=snjra2xp9r|c=83|p=32}}
==== Gross financial debt ====
====== Gross financial debt and maturity breakdown ======
 
* All figures are in EUR bn.
{{chunk|doc=snjra2xp9r|c=70|p=32}}
 
====== Gross financial debt by tier and senior debt ======
==== Gross financial debt¹'² ====
 
{{chunk|doc=snjra2xp9r|c=84|p=32}}
====== Gross financial debt by tier ======
 
<div style="overflow-x:auto">
{| id="t25t27" 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" | FY25
! class="col-s" 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 1,215 ⟶ 1,370:
| 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" | Total
Line 1,224 ⟶ 1,379:
</div>
 
{{chunk|doc=snjra2xp9r|c=85|p=32}}
{{fn note|1=*|2=o/w €0.4bn redeemed in Jan 2026}}
====== Debt gearing and redemption ======
 
* Debt gearing: 20.6% in [[Definition:Full year 2024|FY24]]; 22.3% in [[Definition:Full year 2025|FY25]]
* EUR 0.4bn redeemed in January [[Definition:Year 2026|2026]]
* End of the grandfathering period
 
==== Contractual maturity breakdown ====
 
{{chunk|doc=snjra2xp9r|c=7186|p=32}}
====== ContractualSenior maturitydebt, breakdownTier 2, Tier 1 by segmentcontractual maturity ======
 
<div style="overflow-x:auto">
{| id="t26t28" 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 1,246 ⟶ 1,406:
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | -0.5
| style="text-align:right" | -
| style="text-align:right" | -
Line 1,253 ⟶ 1,413:
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | -0.5
| style="text-align:right" | -0.7
|-
| style="text-align:left" | Tier 2
Line 1,265 ⟶ 1,425:
| style="text-align:right" | -
| style="text-align:right" | 10.8
| style="text-align:right" | 04.76
|-
| style="text-align:left" | Tier 1
Line 1,276 ⟶ 1,436:
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 4.6-
|}
</div>
 
==== o/w Grandfathered debt ====
 
{{chunk|doc=snjra2xp9r|c=87|p=32}}
====== Grandfathered debt by contractual maturity and tier ======
 
<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|-
|! style="text-align:left" | o/w Grandfathered debt
|! 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 1,313 ⟶ 1,483:
</div>
 
==== Economic maturity breakdown³ ====
 
{{chunk|doc=snjra2xp9r|c=7288|p=32}}
====== Economic maturity breakdown³ (inIn Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t27t30" 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 1,334 ⟶ 1,504:
| 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" | -
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | -0.5
| style="text-align:right" | -0.7
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 2.4-
| style="text-align:right" | 0.15
| style="text-align:right" | 2.0
| style="text-align:right" | 0.7
| style="text-align:right" | 6.4
| style="text-align:right" | -
| style="text-align:right" | 04.70
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | 2.4
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.4
| style="text-align:right" | -
| style="text-align:right" | -
|}
| style="text-align:right" | -
</div>
| style="text-align:right" | 0.4
 
| style="text-align:right" | 0.5
==== o/w Grandfathered debt ====
| style="text-align:right" | 4.0
 
{{chunk|doc=snjra2xp9r|c=89|p=32}}
====== Tier 1 and Tier 2 by economic maturity ======
 
<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|-
|! style="text-align:left" | o/w Grandfathered debt
|! 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 1,394 ⟶ 1,574:
| style="text-align:right" | -
| style="text-align:right" | 0.7
| style="text-align:right" | -
| style="text-align:right" | 0.2
| style="text-align:right" | -
| style="text-align:right" | -
|}
Line 1,406 ⟶ 1,586:
=== General Account Invested Assets ===
 
{{chunk|doc=snjra2xp9r|c=90|p=33}}
==== FY25 Total General Account invested assets ====
====== General Account Invested Assets ======
 
{{chunk|doc=snjra2xp9r|c=73|p=33}}
====== Duration gap and invested assets ======
 
* Total General Account invested assets for [[Definition:Full year 2025|FY25]] were EUR 450bn.
* Duration gap: -0.4 year
* The duration gap was -0.4 years.
* Total invested assets: EUR 450bn
* Invested assets includemix included: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans.
 
{{chunk|doc=snjra2xp9r|c=7491|p=33}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t28t32" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,437 ⟶ 1,615:
| 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 1,449 ⟶ 1,627:
| 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 1,465 ⟶ 1,643:
| style="text-align:right" | 0%
|-
|! style="text-align:left" | Total Insurance Invested Assets {{fn ref|4}}
|! class="col-s" style="text-align:right" | 450
|! class="col-s" style="text-align:right" | 100%
|}
</div>
 
{{fn note|1=1|2=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 1,478 ⟶ 1,656:
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=7592|p=34}}
====== Invested assets (100%) In Euro billion ======
 
<div style="overflow-x:auto">
{| id="t29t33" class="wikitable fintable"
|-
! style="text-align:left" | Invested assets (100%) In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | % of total G/A{{fn ref|1}} portfolio
Line 1,519 ⟶ 1,697:
| style="text-align:left" |
|-
|! style="text-align:left" | <b>Total Structured and Private Credit Assets</b>
|! class="col-s" style="text-align:right" | <b>69</b>
|! class="col-s" style="text-align:right" | <b>15%</b>
|! style="text-align:left" | o/w 54% participating
|}
</div>
Line 1,532 ⟶ 1,710:
==== FY25 Fixed Income Reinvestment ====
 
{{chunk|doc=snjra2xp9r|c=7693|p=35}}
====== FY25Share Fixed& IncomeAverage Reinvestmentrating (Total:by Euro 57 billion)Segment ======
 
<div style="overflow-x:auto">
{| id="t30t34" class="wikitable fintable"
|-
|! style="text-align:left" | Government bonds &amp; related (32%) – Average rating: AASegment
! class="col-s" style="text-align:right" | Share
! class="col-s" style="text-align:right" | Average rating
|-
| style="text-align:left" | Government bonds &amp; related
| style="text-align:right" | 32%
| style="text-align:right" | AA
|-
| style="text-align:left" | Investment grade credit (40%)- Average rating: A
| style="text-align:right" | 40%
| style="text-align:right" | A
|-
| style="text-align:left" | ABS/CLO/IG fund financing (21%)
| style="text-align:right" | 21%
| style="text-align:right" |
|-
| style="text-align:left" | Below investment grade credit (7%)
| style="text-align:right" | 7%
| style="text-align:right" |
|}
</div>
Line 1,554 ⟶ 1,740:
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=7794|p=35}}
====== FY25 Fixed income reinvestment yieldIncome byReinvestment categoryYield ======
 
<div style="overflow-x:auto">
{| id="t31t35" class="wikitable fintable"
|-
! style="text-align:left" | Category
! class="col-s" style="text-align:right" | Yield
|-
Line 1,574 ⟶ 1,760:
</div>
 
{{chunk|doc=snjra2xp9r|c=7895|p=35}}
====== Fixed incomeIncome reinvestmentReinvestment yieldYield ======
 
* EUR 57bn fixed income invested at 3.9%
Line 1,582 ⟶ 1,768:
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=7996|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
{{fn note|1=1|2=Government and Corporate bonds and related.}}
{{fn note|1=2|2=Private &amp; Structured credit (CLOs, ABS, Infra &amp; 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=8197|p=36}}
====== additionalAdditional disclosures ======
 
* Additional disclosures include: Debt and Invested Assets on p.31; Additional P&C disclosures are on p.page 36; Additional IFRS17 disclosures on p.41.
* Debt and Invested Assets disclosures are on page 31.
* Additional IFRS17 disclosures are on page 41.
 
=== AXA XL Insurance – Large Commercial & Specialty business ===
Line 1,604 ⟶ 1,787:
==== Well diversified across lines of business and geographies ====
 
{{chunk|doc=snjra2xp9r|c=8298|p=37}}
====== GWPShare by line of business ======
 
<div style="overflow-x:auto">
{| id="t32t36" class="wikitable fintable"
|-
! style="text-align:left" | Line of business
! class="col-s" style="text-align:right" | Share
|-
| style="text-align:left" | Casualty
Line 1,624 ⟶ 1,810:
</div>
 
{{chunk|doc=snjra2xp9r|c=8399|p=37}}
====== $19bn FY25 GWP by geography ======
 
<div style="overflow-x:auto">
{| id="t33t37" class="wikitable fintable"
|-
! style="text-align:left" | Geography
! class="col-s" style="text-align:right" | Share
|-
| style="text-align:left" | Americas
Line 1,643 ⟶ 1,832:
==== Leading market positions across lines ====
 
{{chunk|doc=snjra2xp9r|c=84100|p=37}}
====== leadingLeading market positions ======
 
* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
* Profitability vs.
 
==== Managing the cycle to deliver consistent profitability ====
{{chunk|doc=snjra2xp9r|c=85|p=37}}
====== Leading market positions across lines ======
 
{{chunk|doc=snjra2xp9r|c=101|p=37}}
{{fn note|1=1|2=Including Cyber;}}
====== Profitability vs. Ex-price Growth ======
{{fn note|1=2|2=Source: McKinsey;}}
 
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights;}}
* The chart "Profitability vs Ex-price growth (%)" displays bubbles for Property, Specialty, Casualty, and Professional lines.
{{fn note|1=4|2=Source: Industry Research Biz (January 2026).}}
 
{{chunk|doc=snjra2xp9r|c=102|p=37}}
====== Managing the cycle to deliver consistent profitability ======
 
{{fn note|1=1|2=Including Cyber}}
{{fn note|1=2|2=Source: McKinsey}}
{{fn note|1=3|2=Source: Aon, Guy Carpenter, and Global Market Insights}}
{{fn note|1=4|2=Source: Industry Research Biz (January 2026)}}
 
=== P&C – Focus on Reserves ===
 
==== Claims reserves ratio ====
{{chunk|doc=snjra2xp9r|c=86|p=38}}
 
{{chunk|doc=snjra2xp9r|c=103|p=38}}
====== Claims reserves ratio definition ======
 
* The claims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=104|p=38}}
====== Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
{| id="t34t38" class="wikitable fintable"
|-
! colspan="5" style="text-align:center" | IFRS4
Line 1,690 ⟶ 1,892:
</div>
 
==== Technical reserves ratio ====
{{chunk|doc=snjra2xp9r|c=87|p=38}}
 
{{chunk|doc=snjra2xp9r|c=105|p=38}}
====== Net undiscounted technical reserves ratio ======
 
* Net undiscounted technical reserves are measured against Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=106|p=38}}
====== Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
{| id="t35t39" class="wikitable fintable"
|-
! colspan="5" style="text-align:center" | IFRS4
Line 1,723 ⟶ 1,932:
{{fn note|1=1|2=Includes net undiscounted claims reserves and unearned premium reserves.}}
 
=== P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹ ===
 
{{chunk|doc=snjra2xp9r|c=88107|p=39}}
====== 2026 Simplified GroupP&C Nat Cat Reinsurance Program Structure ======
 
* All figures are in EUR.
* The [[Definition:Year 2026|2026]] Simplified Group Nat Cat Reinsurance Program is denominated in Euro.
* The simplified Group Nat Cat Reinsurance Program for [[Definition:Year 2026|2026]] includes an Insurance segment (occurrence protection), a Reinsurance segment (illustrative), and Alternative Capital & Cat Bonds.
 
{{chunk|doc=snjra2xp9r|c=108|p=39}}
==== Insurance segment (occurrence protection) ====
====== Capacity and retention by peril ======
 
{{chunk|doc=snjra2xp9r|c=89|p=39}}
====== Capacity & Retention by Peril ======
 
<div style="overflow-x:auto">
{| id="t36t40" class="wikitable fintable"
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | CapacityEU Windstorm
! class="col-s" style="text-align:right" | RetentionEurope Flood
! class="col-s" style="text-align:right" | Europe Earthquake
! class="col-s" style="text-align:right" | NA Hurricane
! class="col-s" style="text-align:right" | NA Earthquake
! class="col-s" style="text-align:right" | Per other perils³
|-
| style="text-align:left" | EU WindstormCapacity
| 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}}1.2bn
|-
| style="text-align:left" | Per other perils{{fn ref|3}}Retention
| style="text-align:right" | 1.2bn600m
| style="text-align:right" | 450m
| style="text-align:right" | 400m
| style="text-align:right" | 600m²
| style="text-align:right" | 600m²
| style="text-align:right" | 400m
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=109|p=39}}
==== Reinsurance segment (illustrative) ====
====== 2026 Nat Cat Reinsurance Program ======
 
* Retention levels for [[Definition:Year 2026|2026]] are maintained at the same stable levels as in 2025.
{{chunk|doc=snjra2xp9r|c=90|p=39}}
====== Alternative Capital & Cat Bonds ======
 
{{chunk|doc=snjra2xp9r|c=110|p=39}}
* Alternative Capital & Cat Bonds
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹ ======
* Stable retention levels are expected to be maintained in [[Definition:Year 2026|2026]], consistent with 2025 levels.
 
{{fn note|1=1|2=Excludes local reinsurance covers}}
{{chunk|doc=snjra2xp9r|c=91|p=39}}
{{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA)}}
====== Reinsurance segment (illustrative) ======
 
{{fn note|1=1|2=Excludes local reinsurance covers;}}
{{fn note|1=2|2=Varying retention between MX and NA (400m MX, 600m NA);}}
{{fn note|1=3|2=Other perils include Turkey earthquake, Other Europe and NA perils, South America Earthquake as well as a series of other secondary perils. Capacity varies by peril type.}}
 
=== P&C – AXA Group earnings deviation with different levels of Nat Cat cost in 2026 ===
 
{{chunk|doc=snjra2xp9r|c=92111|p=40}}
====== P&C Nat Cat cost deviation ======
 
* P&CThe –data AXAis Group earnings deviation with different levels of Nat Cat costpresented in [[Definition:YearEUR 2026|2026]]billion, (net of reinsurance).
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ====
 
{{chunk|doc=snjra2xp9r|c=93112|p=40}}
====== NatNet Catof deviationreinsurance analysispost-tax deviation ======
 
* Negative deviation in approximately 40% of cases for more severe years.
* Net of reinsurance, post-tax
* Positive deviation in approximately 60% of cases for less severe years.
* 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=94113|p=40}}
====== DeviationEarnings deviation by Return Period and Percentileprobability ======
 
<div style="overflow-x:auto">
{| id="t37t41" class="wikitable"
|-
! style="text-align:left" | Return PeriodProbability
! style="text-align:right" | PercentileEarnings deviation
! style="text-align:right" | Deviation
|-
| style="text-align:left" | 1/20y (95th)
| style="text-align:right" | (5th)
| style="text-align:right" | €-1.2bn
|-
| style="text-align:left" | 1/10y (90th)
| style="text-align:right" | (10th)
| style="text-align:right" | €-0.8bn
|-
| style="text-align:left" | 1/5y (80th)
| style="text-align:right" | (20th)
| style="text-align:right" | €-0.4bn
|-
| style="text-align:left" | Median (50th)
| style="text-align:right" | (50th)
| style="text-align:right" | €+0.1bn
|-
| style="text-align:left" | 1/5y (20th)
| style="text-align:right" | (80th)
| style="text-align:right" | €+0.5bn
|-
| style="text-align:left" | 1/10y (10th)
| style="text-align:right" | (90th)
| style="text-align:right" | €+0.7bn
|-
| style="text-align:left" | 1/20y (5th)
| style="text-align:right" | (95th)
| style="text-align:right" | €+0.8bn
|}
</div>
 
==== Average Expected Nat Cat charges net of reinsurance, pre-tax ====
 
{{chunk|doc=snjra2xp9r|c=95114|p=40}}
====== ChargesAverage &expected EstimatedNat impactCat on GEP by Yearcharges ======
 
* Net of reinsurance, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=115|p=40}}
====== Average expected Nat Cat charges and estimated impact on GEP by year ======
 
<div style="overflow-x:auto">
{| id="t38t42" class="wikitable"
|-
! style="text-align:left" | Year
! style="text-align:right" | Charges (€bn)2025
! style="text-align:right" | Estimated impact on GEP2026
|-
| style="text-align:left" | 2025Average Expected Nat Cat charges
| 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%
|}
Line 1,866 ⟶ 2,062:
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=96116|p=41}}
====== AppendixAdditional sectionsdisclosures ======
 
* Debt and Invested Assets disclosures are detailed on page p.31.
* Additional P&C disclosures are on page p.36.
* Additional IFRS17 disclosures are on page p.41.
* Sustainability disclosures are on page 44.
 
=== P&C – Margin Analysis ===
 
{{chunk|doc=snjra2xp9r|c=117|p=42}}
====== Changes vs. FY24 at constant FX ======
 
* Changes are versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
 
==== Technical Result ====
 
==== In Euro million (pre-tax) ====
{{chunk|doc=snjra2xp9r|c=97|p=42}}
====== Pre-tax technical result ======
 
{{chunk|doc=snjra2xp9r|c=118|p=42}}
* All figures are in EUR million (pre-tax).
====== Technical Result ======
 
{{chunk|doc=snjra2xp9r|c=98|p=42}}
====== Current Accident Year Undiscounted Technical Margin by Gross Earned Premiums ======
 
<div style="overflow-x:auto">
{| id="t39t43" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,908 ⟶ 2,105:
| style="text-align:right" | 3.4%
| style="text-align:right" | -0.4pt
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=99|p=42}}
====== Technical Result ======
 
<div style="overflow-x:auto">
{| id="t40" 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" | Current Accident Year Discounting
Line 1,940 ⟶ 2,125:
| style="text-align:right" | 2.8%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=100|p=42}}
====== Prior Years' Reserve Development (PYD) & PYD ratio by FY25 & Change ======
 
<div style="overflow-x:auto">
{| id="t41" 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" | Prior Years' Reserve Development (PYD)
Line 1,963 ⟶ 2,136:
</div>
 
{{chunk|doc=snjra2xp9r|c=101119|p=42}}
====== CurrentFY25 Accidentsensitivity Yearto discount rate sensitivitychanges ======
 
* [[Definition:Full year 2025|FY25]] sensitivity to Current Accident Year discount rate changes: +25bps results in +EUR 0.2bn; -25bps results in -EUR 0.2bn.
** +25bps: EUR +0.2bn
** -25bps: EUR -0.2bn
 
==== Financial Result ====
 
==== In Euro million (pre-tax) ====
{{chunk|doc=snjra2xp9r|c=102|p=42}}
====== Pre-tax results ======
 
{{chunk|doc=snjra2xp9r|c=120|p=42}}
* All figures are in EUR million (pre-tax).
====== Financial Result In Euro million (pre-tax) ======
 
{{chunk|doc=snjra2xp9r|c=103|p=42}}
====== Investment income, ======
 
<div style="overflow-x:auto">
{| id="t42t44" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,002 ⟶ 2,170:
| style="text-align:right" | 4.3%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=104|p=42}}
====== Insurance Finance Expenses ======
 
<div style="overflow-x:auto">
{| id="t43" 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" | Insurance Finance Expenses
Line 2,029 ⟶ 2,185:
</div>
 
{{chunk|doc=snjra2xp9r|c=105121|p=42}}
====== 2026e Insurance Finance Expenses and Sensitivity ======
 
* 2026e Insurance Finance Expenses (pre-tax): are projected at approximately ~EUR -1.4bn.
* The sensitivitySensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount is:
** A +25bps: change results in approximately ~EUR -50m.
** A -25bps: change results in approximately ~EUR +50m.
 
{{chunk|doc=snjra2xp9r|c=106122|p=42}}
====== Underlying Earningsearnings before tax, Taxtax, Affiliatesaffiliates, Minorityminority interests & Otherother, Underlyingand underlying Earningsearnings ======
 
<div style="overflow-x:auto">
{| id="t44t45" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,069 ⟶ 2,225:
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{chunk|doc=snjra2xp9r|c=107|p=42}}
{{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.}}
====== Financial result definitions ======
 
* 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=108123|p=43}}
====== Scope impact ======
 
Line 2,085 ⟶ 2,237:
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=109124|p=43}}
====== Pre-tax technical result ======
 
* AllPre-tax figurestechnical areresult in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=110125|p=43}}
====== Short-term Technical ResultMargin, Gross Earned Premiums, All Year Combined Ratio by FY25 ======
 
<div style="overflow-x:auto">
{| id="t45t46" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,111 ⟶ 2,263:
| style="text-align:right" | 97.2%
| style="text-align:right" | -0.1pts
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=126|p=43}}
====== Technical Result Adjustments ======
 
* Includes the recapture of Laya.
 
{{chunk|doc=snjra2xp9r|c=127|p=43}}
====== Long-term Technical Margin ======
 
<div style="overflow-x:auto">
{| id="t47" 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" | Long-term Technical Margin
Line 2,132 ⟶ 2,297:
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=111128|p=43}}
====== Pre-tax results ======
 
* All figures are in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=112129|p=43}}
====== Investment income and(non-VFA insurance finance expensesonly) ======
 
<div style="overflow-x:auto">
{| id="t46t48" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,162 ⟶ 2,327:
| style="text-align:right" | 3.8%
| style="text-align:right" |
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=130|p=43}}
====== Insurance Finance Expenses (non-VFA only) ======
 
<div style="overflow-x:auto">
{| id="t49" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Insurance Finance Expenses (non-VFA only)
Line 2,177 ⟶ 2,354:
</div>
 
{{chunk|doc=snjra2xp9r|c=131|p=43}}
==== Life & Health FY25 CSM Key Sensitivities ====
====== Financial Result ======
 
<div style="overflow-x:auto">
{{chunk|doc=snjra2xp9r|c=113|p=43}}
{| id="t50" class="wikitable fintable"
====== CSM sensitivity to interest rates ======
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying Earnings before tax
| style="text-align:right" | 4,229
| style="text-align:right" | +205
|-
| style="text-align:left" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" |
| style="text-align:right" | +7%
|}
</div>
 
==== Life &amp; Health FY25 CSM Key Sensitivities ====
* 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=114132|p=43}}
====== LifeCSM &sensitivity Health FY25 CSMto Keyeconomic Sensitivitiesfactors ======
 
* CSM sensitivity to a 100 bps increase in interest rates is -EUR 0.2bn.
* CSM sensitivity to a 100 bps decrease in interest rates is +EUR 0.2bn.
* CSM sensitivity to a 10% increase in equity markets is +EUR 0.1bn.
* CSM sensitivity to a 10% decrease in equity markets is -EUR 0.1bn.
* CSM sensitivity to a 10% increase in real estate markets is +EUR 0.1bn.
* CSM sensitivity to a 10% decrease in real estate markets is -EUR 0.1bn.
* CSM sensitivity to a 10% increase in credit spreads is -EUR 0.1bn.
* CSM sensitivity to a 10% decrease in credit spreads is +EUR 0.1bn.
* CSM sensitivity to a 10% increase in [[Definition:Foreign exchange|FX]] rates (USD/EUR) is +EUR 0.1bn.
* CSM sensitivity to a 10% decrease in FX rates (USD/EUR) is -EUR 0.1bn.
* CSM sensitivity to a 10% increase in FX rates (GBP/EUR) is +EUR 0.1bn.
* CSM sensitivity to a 10% decrease in FX rates (GBP/EUR) is -EUR 0.1bn.
 
{{chunk|doc=snjra2xp9r|c=133|p=43}}
====== Life &amp; Health FY25 CSM Key Sensitivities ======
 
<div style="overflow-x:auto">
{| id="t47t51" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | <b>Baseline</b>
| style="text-align:right" | <b>33.3</b>
|-
| style="text-align:left" | Interest rates +50bps
Line 2,219 ⟶ 2,442:
</div>
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
{{chunk|doc=snjra2xp9r|c=115|p=43}}
====== Life & Health FY25 CSM Key Sensitivities ======
 
{{chunk|doc=snjra2xp9r|c=134|p=43}}
<div style="overflow-x:auto">
====== CSM key sensitivities ======
{| id="t48" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying Earnings before tax
| style="text-align:right" | 4,229
| style="text-align:right" | +205
|-
| style="text-align:left" | Tax
| style="text-align:right" | -800
| style="text-align:right" | 65
|-
| style="text-align:left" | Affiliates, Minority interests &amp; Other
| style="text-align:right" | 72
| style="text-align:right" | -51
|-
| style="text-align:left" | Underlying Earnings
| style="text-align:right" | 3,501
| style="text-align:right" | +219
|-
| style="text-align:left" | Growth vs. FY24 (at constant FX)
| style="text-align:right" |
| style="text-align:right" | +7%
|}
</div>
 
* Changes versus [[Definition:Full year 2024|FY24]] are at constant [[Definition:Foreign exchange|FX]].
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
=== Table of contentsContents ===
 
{{chunk|doc=snjra2xp9r|c=116135|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.
 
=== Expanding AXA’sAXA's role in society: AXA for Progress Index ===
 
==== As a GLOBAL INVESTOR ====
 
{{chunk|doc=snjra2xp9r|c=117136|p=45}}
====== Climate transition and community resilience financing pertargets and yearresults ======
 
* Target for climate transition financing: EUR 5bn per year.
<div style="overflow-x:auto">
* Target for community resilience financing: >EUR 500m per year.
{| id="t49" class="wikitable"
* 2025 Result for climate transition financing: EUR 6.4bn.
|-
* 2025 Result for community resilience financing: EUR 1.4bn.
! style="text-align:left" | Target
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2}}<br/> in climate transition financing per year
| 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=118137|p=45}}
====== TargetP&C byGWP 2025and Resultclimate adaptation targets ======
 
* Target for P&C [[Definition:Gross written premiums|GWP]] to support transition underwriting is EUR 6bn (cumulative 2024-[[Definition:Year 2026|2026]]).
<div style="overflow-x:auto">
* Target for climate adaptation solutions & services is >20,000 (cumulative 2024-2026), with this target revised in 2025.
{| id="t50" class="wikitable"
* Target for inclusive insurance customers is >20m by 2026.
|-
* 2025 Result for P&C GWP is EUR 4.6bn.
! style="text-align:left" | Target
* 2025 Result for cumulative climate adaptation solutions & services (2024-2025) is 19,698.
! style="text-align:right" | 2025 Result
* 2025 Result for inclusive insurance customers is 20.6m.
|-
| style="text-align:left" | €6bn{{fn ref|3}}<br/> in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4}}<br/> climate adaptation solutions &amp; services (cumulative 2024-2026)<br/> Target revised in 2025
| style="text-align:right" | 19,698<br/>Cumulative 2024-2025
|-
| style="text-align:left" | &gt;20m{{fn ref|5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}<br/> inclusive insurance customers by 2026
| style="text-align:right" | 20.6m
|}
</div>
 
==== As a COMPANY ====
 
{{chunk|doc=snjra2xp9r|c=119138|p=45}}
====== TargetESG bytargets 2025and Resultresults ======
 
* Target: >80,000 AXA Group employees trained on climate adaptation by [[Definition:Year 2026|2026]]
<div style="overflow-x:auto">
* 2025 Result: 46,420 employees trained
{| id="t51" class="wikitable fintable"
* Target: Contribute to Net-Zero -50% by 2030 in absolute carbon emissions and offset of residual emissions
|-
* 2025 Result: -64% reduction against 2019
! style="text-align:left" | Target
* Target: 50% of AXA Group employees engaged in volunteering activities by 2026
! class="col-m" style="text-align:right" | 2025 Result
* 2025 Result: 56% of employees engaged
|-
 
| 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
{{chunk|doc=snjra2xp9r|c=139|p=45}}
| style="text-align:right" | 46,420
====== As a COMPANY ======
|-
| 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%
|}
</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 2,336 ⟶ 2,506:
=== Sustainability Performance & Ratings ===
 
{{chunk|doc=snjra2xp9r|c=120140|p=46}}
====== Sustainability Ratingsratings ======
 
* S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices: 97th percentile infor 2025.
* MSCI ESG Ratings: AAA score infor 2025.
* CDP Climate Change: B score infor 2025.
* SustainalyticsMORNINGSTAR SUSTAINALYTICS: ESG Risk Rating: of 17.0 (Low risk) infor 2025.
* FTSE4GoodFTSE IndexRUSSELL SeriesAn LSEG Business: 4.3/5 score in FTSE4Good Index Series for 2025.
 
{{chunk|doc=snjra2xp9r|c=121141|p=46}}
====== Sustainability Performance & Ratings ======
 
Line 2,352 ⟶ 2,522:
=== Scope ===
 
{{chunk|doc=snjra2xp9r|c=122142|p=47}}
====== Scope definitions ======
 
* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxembourgLuxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities).
* AXA XL: includes insurance and reinsurance activities and holding.
* Asia, Africa & EME-LATAM:
Line 2,366 ⟶ 2,536:
** Other: AXA Mediterranean Holdings.
* Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]] (until July 1, 2025): includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method).
 
* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.
{{chunk|doc=snjra2xp9r|c=143|p=47}}
====== Accounting standards ======
 
* All comparative figures from 2023 onwards are under IFRS17/9 accounting standards, effective January 1, 2023.
* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.
 
=== Glossary ===
 
{{chunk|doc=snjra2xp9r|c=123144|p=48}}
====== Glossary of terms ======
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder'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.
* 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.
** It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests.
* New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
* Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes, net of reinsurance.
** Operating variance is net of reinsurance.
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing the Group share.
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
** PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
* Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
=== Thank you ===
 
{{chunk|doc=snjra2xp9r|c=124145|p=49}}
====== Full YearFY 2025 Earningsearnings ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"