Data:AXA/2025/FY/Earnings presentation.json: Difference between revisions

"content": "* Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.\n* Forward-looking statements are identified by words like \"expects\", \"anticipates\", \"may\", \"plan,\" \"target\", or conditional verbs such as \"would\" and \"could\".\n* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS) growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group's current strategic plan.\n* These statements are based on Management's current views and intentions and are subject to change.\n* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which can cause actual results to differ materially.\n* Each forward-looking statement is valid only at the date of the presentation.\n* 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.\n* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.\n* The presentation refers to non-GAAP financial measures, or alternative performance measures (APMs), used by Management to analyze operating trends, financial performance, and financial position.\n* These non-GAAP measures may not be comparable to similarly labeled measures used by other companies and should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS.\n* \"[[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.\n* AXA provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements (and/or their calculation methodology) in its Activity Report as of December 31, 2025 (\"AXA's 2025 Activity Report\") under the heading \"USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES\".\n* Further information on non-GAAP financial measures is available in the Glossary in AXA's 2025 Activity Report.\n* AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).\n* AXA's consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026.\n* The consolidated financial statements are subject to completion of an audit procedure by AXA's statutory auditors.\n\n=== Table of contents ==="

"id": "snjra2xp9r-c2",

"chunk": 2,

"heading": "FY25 presentation structure and presenters",

"content": "* The [[Definition:Full year 2025|FY25]] Highlights are on page 04 and presented by Thomas Buberl, Group CEO.\n* The FY25 Business Performance is on page 09 and presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology.\n* The FY25 Financial Performance is on page 13 and presented by Alban de Mailly Nesle, Group CFO.\n\n== FY25 Highlights =="

"id": "snjra2xp9r-c3",

"chunk": 3,

"heading": "Group CEO statement",

"id": "snjra2xp9r-c4",

"chunk": 4,

"heading": "Key financial performance indicators",

"content": "* Revenues: +6% vs. [[Definition:Full year 2024|FY24]]\n* [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24\n* ROE: 16% in [[Definition:Full year 2025|FY25]]\n* Solvency II ratio: 224% in FY25\n* DPS growth: +8%\n* Annual [[Definition:Share buyback|share buyback]]: EUR 1.25bn\n* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]"

"id": "snjra2xp9r-c5",

"chunk": 5,

"content": "{{fn note|1=1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}\n{{fn note|1=2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}\n\n=== Executing the plan on growth, margin and efficiency ==="

"id": "snjra2xp9r-c6",

"chunk": 6,

"heading": "Executing the plan on growth, margin and efficiency",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t1\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Underlying earnings\n| style=\"text-align:right\" | 8.1\n| style=\"text-align:right\" | 8.4\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c7",

"chunk": 7,

"heading": "Group performance overview",

"AXA Investment Managers"

"content": "* Group revenue +6% (+9% excluding [[Definition:AXA Investment Managers|AXA IM]])\n* High organic growth: +6% top line growth, balanced across lines\n** P\u0026C: +5%\n** Life: +9%\n** Health: +5%\n* Record profitability with further margin expansion in P\u0026C and L\u0026H\n* Improvement in efficiency\n* Scaling the business through continued investments in growth and technology\n* Consistent earnings growth while enhancing reserve prudence"

"id": "snjra2xp9r-c8",

"chunk": 8,

},

{

"id": "snjra2xp9r-c9",

"chunk": 9,

"pages": [

7

],

"heading": "Demand drivers",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

"content": "* Protection gaps and emerging corporate risks drive demand.\n* Demographics drive demand for private retirement and healthcare."

"heading": "Gross written premium by segment",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t2\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | Segment\n! class=\"col-s\" style=\"text-align:right\" | Share\n|-\n| style=\"text-align:left\" | Life\n| style=\"text-align:right\" | 33%\n|-\n| style=\"text-align:left\" | Health\n| style=\"text-align:right\" | 17%\n|-\n| style=\"text-align:left\" | Large \u0026amp; Specialty\n| style=\"text-align:right\" | 17%\n|-\n| style=\"text-align:left\" | SME \u0026amp; Mid-market\n| style=\"text-align:right\" | 16%\n|-\n| style=\"text-align:left\" | Retail\n| style=\"text-align:right\" | 17%\n|}\n\u003C/div\u003E\n\n==== Our right to win ===="

"heading": "Competitive advantages",

"content": "* Leading brand and high customer NPS\n* Strong and diversified distribution\n* Technical expertise in pricing and underwriting risks\n* Scale offering cost advantage\n\n=== Laying the foundation for the next plan ==="

8

"heading": "Strategic priorities",

"content": "* Clear tech and AI roadmap\n* Driving efficiency\n* Enhancing capital allocation discipline\n* Building resilience\n* Confidence in sustaining earnings growth\n\n== FY25 Business Performance =="

9

"heading": "Management roles",

"content": "* Guillaume Borie is Global Head of Finance, Strategy, Underwriting, Risk, and Technology.\n\n=== Strong delivery across our businesses ==="

10

"heading": "Gross written premiums \u0026 underlying earnings by segment",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t3\" class=\"wikitable\"\n|-\n! style=\"text-align:left\" | Segment\n! style=\"text-align:right\" | Gross written premiums\n! style=\"text-align:right\" | Underlying earnings\n|-\n| style=\"text-align:left\" | France\u003Cbr/\u003E(27% of total GWP{{fn ref|1}})\n| style=\"text-align:right\" | +6%\u003Cbr/\u003Eto €31bn\n| style=\"text-align:right\" | +7%\u003Cbr/\u003Eto €2.2bn\n|-\n| style=\"text-align:left\" | Europe\u003Cbr/\u003E(38% of total GWP{{fn ref|1}})\n| style=\"text-align:right\" | +6%\u003Cbr/\u003Eto €43bn\n| style=\"text-align:right\" | +9%\u003Cbr/\u003Eto €3.5bn\n|-\n| style=\"text-align:left\" | AXA XL\u003Cbr/\u003E(17% of total GWP{{fn ref|1}})\n| style=\"text-align:right\" | +4%\u003Cbr/\u003Eto €19bn\n| style=\"text-align:right\" | +9%\u003Cbr/\u003Eto €1.9bn\n|-\n| style=\"text-align:left\" | Asia, Africa \u0026amp; EME-LATAM\u003Cbr/\u003E(18% of total GWP{{fn ref|1}})\n| style=\"text-align:right\" | +13%\u003Cbr/\u003Eto €20bn\n| style=\"text-align:right\" | +6%\u003Cbr/\u003Eto €1.5bn\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers.}}\n\n=== P\u0026C – Strong margins, confidence in sustaining growth ==="

11

"heading": "P\u0026C GWP and strategic focus",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

"content": "* [[Definition:Gross written premiums|GWP]] EUR 58bn across Retail, SME \u0026 Mid-market, and AXA XL (Large \u0026 Specialty).\n* 2025 / Beyond 2025 strategic focus:\n** Retail and SME \u0026 Mid-market: Growing volumes while expanding margins (2025); Investing to improve customer retention and expanding distribution footprint (Beyond 2025).\n** AXA XL (Large \u0026 Specialty): Profitable growth with stable margins (2025); Capitalizing on attractive growth opportunities and continued cycle management (Beyond 2025)."

11

"heading": "P\u0026C underlying earnings and drivers",

"Underlying earnings"

"content": "* [[Definition:Underlying earnings|Underlying earnings]] +9% to EUR 5.9bn.\n* Drivers include continued progress on efficiency, higher investment income, and the use of Data \u0026 AI to enhance customer experience and technical excellence."

11

"heading": "P\u0026C – Strong margins, confidence in sustaining growth",

"content": "{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}\n{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}\n\n=== L\u0026H – Good momentum, well positioned to capture growth opportunities ==="

12

"heading": "GWP and Underlying Earnings",

"Gross written premiums"

"Gross written premiums"

"content": "* [[Definition:Gross written premiums|GWP]]: EUR 57bn"

12

"heading": "Strategic Focus Areas",

"content": "* Strategic focus areas for 2025 and beyond 2025 include:\n** Long-term business:\n*** Accelerating net flows in Savings with attractive margins\n*** Capturing savings \u0026 retirement opportunities by sourcing the best asset management products for customers\n** Short-term business:\n*** Growing technical results while absorbing the Mexico VAT impact\n*** Capitalizing on demand for health \u0026 protection while further improving margins"

12

"heading": "Underlying Earnings and Cost Reduction",

"links": [

"Underlying earnings",

"Full year 2025",

"Full year 2024",

"Foreign exchange"

],

"effective_tags": [

"Foreign exchange",

"Full year 2024",

"Full year 2025",

"Underlying earnings"

],

"content": "* [[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]])\n* Focus on cost reduction\n* Increasing penetration of Protection riders in Savings offerings\n* Leveraging AI to reduce claims leakage and improve customer outcomes in Health\n\n== FY25 Financial Performance =="

13

"heading": "Group CFO",

"links": [],

"effective_tags": [],

"content": "* Alban de Mailly Nesle is the Group CFO.\n\n=== P\u0026C – Continued disciplined growth ===\n\n==== GWP \u0026 Other Revenues ===="

14

"heading": "GWP \u0026 other revenues by lines of business",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t4\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n! class=\"col-s\" style=\"text-align:right\" | o/w pricing{{fn ref|1}}\n! class=\"col-s\" style=\"text-align:right\" | o/w volume{{fn ref|2}}\n|-\n| style=\"text-align:left\" | Commercial lines\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 35.8\n| style=\"text-align:right\" | +4%\n| style=\"text-align:right\" | +2%\n| style=\"text-align:right\" | +2%\n|-\n| style=\"text-align:left\" | AXA XL Reinsurance\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 2.6\n| style=\"text-align:right\" | +8%\n| style=\"text-align:right\" | +0.3%\n| style=\"text-align:right\" | +7%\n|-\n| style=\"text-align:left\" | Retail lines\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 19.7\n| style=\"text-align:right\" | +7%\n| style=\"text-align:right\" | +5%\n| style=\"text-align:right\" | +2%\n|-\n| style=\"text-align:left\" | Total\n| style=\"text-align:right\" | 56.5\n| style=\"text-align:right\" | 58.0\n| style=\"text-align:right\" | +5%\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E"

14

"heading": "Commercial Lines Growth Drivers",

"links": [

"Full year 2025"

],

"effective_tags": [

"Full year 2025"

],

"content": "* Continued pricing momentum and volume growth in Mid-market and SME\n* Growth in lines of business with attractive margins, with a focus on retention at AXA XL Insurance\n* Growth supported by alternative capital\n* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])"

14

"heading": "GWP \u0026 Other Revenues",

"content": "{{fn note|1=none|2=Change at constant scope and FX.}}\n{{fn note|1=1|2=Price effect.}}\n{{fn note|1=2|2=Includes exposure adjustments and mix \u0026 other effects.}}\n\n=== P\u0026C – Delivering further margin expansion while enhancing reserve prudence ===\n\n==== Combined ratio ===="

15

"heading": "Combined ratio",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t5\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Undiscounted CY loss ratio (ex Nat Cat)\n| style=\"text-align:right\" | 67.4%\n| style=\"text-align:right\" | 67.0%\n|-\n| style=\"text-align:left\" | Expense ratio\n| style=\"text-align:right\" | 25.0%\n| style=\"text-align:right\" | 24.8%\n|-\n| style=\"text-align:left\" | Nat Cat\n| style=\"text-align:right\" | 3.8%\n| style=\"text-align:right\" | 3.4%\n|-\n| style=\"text-align:left\" | Prior year reserve development\n| style=\"text-align:right\" | -1.6%\n| style=\"text-align:right\" | -1.1%\n|-\n| style=\"text-align:left\" | Discount\n| style=\"text-align:right\" | -3.6%\n| style=\"text-align:right\" | -3.5%\n|-\n| style=\"text-align:left\" |\n| style=\"text-align:right\" | 91.0%\n| style=\"text-align:right\" | 90.6%\n|}\n\u003C/div\u003E"

15

"heading": "Combined ratio drivers",

"links": [],

"effective_tags": [],

"content": "* Better undiscounted current year loss ratio excluding Nat Cat from:\n** Margin expansion in Commercial lines SME \u0026 mid-market business and Personal lines reflecting favorable pricing environment\n** Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management\n** Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology\n** Nat Cat charges below normalized load\n** Lower reliance on prior year reserve development\n** Taking advantage of a good year to enhance reserve prudence\n\n=== P\u0026C – Earnings growth from higher underwriting and financial result ==="

16

"heading": "P\u0026C Earnings Growth",

"content": "* P\u0026C earnings growth was driven by higher underwriting and financial results."

16

"heading": "Underlying Earnings",

"links": [],

"effective_tags": [],

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t6\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | In Euro million\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 5,510\n|-\n| style=\"text-align:left\" | Volume growth\n| style=\"text-align:right\" | +292\n|-\n| style=\"text-align:left\" | Margin improvement\n| style=\"text-align:right\" | +189\n|-\n| style=\"text-align:left\" | Investment income\n| style=\"text-align:right\" | +435\n|-\n| style=\"text-align:left\" | Insurance finance expenses\n| style=\"text-align:right\" | -235\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -169\n|-\n| style=\"text-align:left\" | Affiliates, FX \u0026amp; other\n| style=\"text-align:right\" | -150\n|-\n| style=\"text-align:left\" | FY25\n| style=\"text-align:right\" | 5,872\n|}\n\u003C/div\u003E"

16

"heading": "P\u0026C earnings growth drivers",

"content": "* P\u0026C earnings grew +9% (at constant [[Definition:Foreign exchange|FX]]).\n* Growth was driven by a better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence.\n* Increased investment income reflected higher volumes and better reinvestment yields on fixed income assets.\n* Higher unwind of discount of claims reserves was in line with guidance.\n* Unfavorable forex impact was notably due to USD depreciation vs. EUR.\n* Underwriting result includes expenses."

16

"heading": "Full Year 2025 Earnings",

"links": [

"Full year 2025"

],

"effective_tags": [

"Full year 2025"

],

"content": "* [[Definition:Full year 2025|Full Year 2025]] Earnings.\n\n=== Life \u0026 Health – Strong growth in premiums, positive net flows ==="

17

"heading": "Life \u0026 Health premiums and net flows",

"content": "* Life \u0026 Health premiums: EUR 32.0bn (+7% LFL)\n** Individual Protection \u0026 Health: EUR 19.0bn (+8% LFL)\n** Group Protection \u0026 Health: EUR 6.0bn (+6% LFL)\n** Savings: EUR 7.0bn (+6% LFL)\n* Life \u0026 Health net flows: +EUR 0.2bn\n** Individual Protection \u0026 Health: +EUR 1.0bn\n** Group Protection \u0026 Health: +EUR 0.2bn\n** Savings: -EUR 1.0bn\n\n==== Life GWP \u0026 Other Revenues ===="

17

"heading": "Life GWP \u0026amp; Other Revenues",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t7\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Total\n| style=\"text-align:right\" | 34.5\n| style=\"text-align:right\" | 37.5\n| style=\"text-align:right\" | +9%\n|-\n| style=\"text-align:left\" | Protection\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 17.3\n| style=\"text-align:right\" | +11%\n|-\n| style=\"text-align:left\" | Unit-Linked\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 9.3\n| style=\"text-align:right\" | +13%\n|-\n| style=\"text-align:left\" | Capital light G/A\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 9.0\n| style=\"text-align:right\" | +7%\n|-\n| style=\"text-align:left\" | Traditional G/A\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1.9\n| style=\"text-align:right\" | -7%\n|}\n\u003C/div\u003E\n\n==== Health GWP \u0026 Other Revenues ===="

17

"heading": "Health GWP \u0026 other revenues by segment",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t8\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Total\n| style=\"text-align:right\" | 17.5\n| style=\"text-align:right\" | 19.0\n| style=\"text-align:right\" | +5%\n|-\n| style=\"text-align:left\" | Individual\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 10.5\n| style=\"text-align:right\" | +6%\n|-\n| style=\"text-align:left\" | Group\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 8.5\n| style=\"text-align:right\" | +4%\n|}\n\u003C/div\u003E\n\n==== Net flows: €+5.4bn ===="

17

"heading": "Net flows",

"links": [

"Full year 2024"

],

"effective_tags": [

"Full year 2024"

],

"content": "* Net flows were EUR +1.5bn in [[Definition:Full year 2024|FY24]]."

17

"heading": "Net flows by business line",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t9\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | €bn\n|-\n| style=\"text-align:left\" | Protection\n| style=\"text-align:right\" | +4.9\n|-\n| style=\"text-align:left\" | Health\n| style=\"text-align:right\" | +2.7\n|-\n| style=\"text-align:left\" | Unit-Linked\n| style=\"text-align:right\" | +1.5\n|-\n| style=\"text-align:left\" | Capital light G/A\n| style=\"text-align:right\" | +1.2\n|-\n| style=\"text-align:left\" | Traditional G/A\n| style=\"text-align:right\" | -5.0\n|}\n\u003C/div\u003E"

17

"heading": "Employee Benefits net flows",

"Full year 2025",

"Full year 2024",

"Foreign exchange"

"Full year 2024",

"content": "* Employee Benefits net flows were EUR 12.9bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]]).\n* The change is at constant scope and [[Definition:Foreign exchange|FX]]."

"heading": "Net flows: €+5.4bn",

"content": "{{fn note|1=1|2=Including both short-term and long-term Employee Benefits GWP and other revenues.}}\n\n=== Life \u0026 Health – Strong volume growth in Savings and Protection impacted by higher interest rates on discounting ==="

18

"heading": "PVEP, NB CSM, and NBV performance",

"content": "* PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.\n* NB CSM was driven by robust Savings \u0026 Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.\n* NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France."

18

"heading": "Reporting basis",

"Foreign exchange"

"Foreign exchange"

"content": "* All changes are at constant scope and [[Definition:Foreign exchange|FX]].\n\n=== Life \u0026 Health – Growth in new business driving Normalized CSM growth ==="

"id": "snjra2xp9r-c40",

"chunk": 40,

19

"heading": "Contractual Service Margin rollforward by Life and Health",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t14\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | Value\n! class=\"col-s\" style=\"text-align:right\" | o/w Life\n! class=\"col-s\" style=\"text-align:right\" | o/w Health\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 33.6\n| style=\"text-align:right\" | 25.8\n| style=\"text-align:right\" | 7.7\n|-\n| style=\"text-align:left\" | New business CSM\n| style=\"text-align:right\" | +2.2\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Underlying return on in-force\n| style=\"text-align:right\" | +1.3\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | CSM release\n| style=\"text-align:right\" | -3.0\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Economic variance\n| style=\"text-align:right\" | +0.6\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Operating variance\n| style=\"text-align:right\" | -0.3\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Affiliates, FX \u0026amp; other\n| style=\"text-align:right\" | -1.4\n| style=\"text-align:right\" |\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | FY25\n| style=\"text-align:right\" | 33.0\n| style=\"text-align:right\" | 25.4\n| style=\"text-align:right\" | 7.6\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c41",

"chunk": 41,

19

"heading": "Normalized CSM growth and variances",

"content": "* Normalized CSM increased by +2%.\n* CSM release growth reflected better margins and new business CSM growth, impacted by higher rates.\n* Economic variance reflected government spreads tightening and positive equity market returns.\n* 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.\n* [[Definition:Foreign exchange|FX]] impact was mainly from JPY and HKD depreciation.\n\n=== Life \u0026 Health – Strong momentum in both short-term and long-term business ==="

"id": "snjra2xp9r-c42",

"chunk": 42,

20

"heading": "Life \u0026 Health gross revenues",

"content": "* Gross revenues for Life \u0026 Health were EUR 78,990m in 2023, an increase of +1% LFL compared to 2022.\n* This growth was driven by Health and Protection lines.\n* Health gross revenues increased by +7% LFL to EUR 19,000m.\n* Protection gross revenues increased by +3% LFL to EUR 20,000m.\n* Unit-Linked gross revenues decreased by -4% LFL to EUR 26,000m.\n* General Account gross revenues decreased by -2% LFL to EUR 14,000m.\n\n==== Underlying Earnings ===="

"id": "snjra2xp9r-c43",

"chunk": 43,

20

"heading": "Underlying earnings growth",

"Underlying earnings per share"

"Underlying earnings per share"

"content": "* [[Definition:Underlying earnings per share|Underlying earnings per share]] increased by +7%."

"id": "snjra2xp9r-c44",

"chunk": 44,

20

"heading": "Underlying Earnings",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t15\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | Change\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Short-term technical margin\n| style=\"text-align:right\" | 415\n| style=\"text-align:right\" | +60\n| style=\"text-align:right\" | 479\n|-\n| style=\"text-align:left\" | Long-term result incl. CSM release\n| style=\"text-align:right\" | 2,680\n| style=\"text-align:right\" | +156\n| style=\"text-align:right\" | 2,804\n|-\n| style=\"text-align:left\" | Financial result\n| style=\"text-align:right\" | 975\n| style=\"text-align:right\" | -11\n| style=\"text-align:right\" | 946\n|-\n| style=\"text-align:left\" | Tax \u0026amp; others\n| style=\"text-align:right\" | -748\n| style=\"text-align:right\" | -27\n| style=\"text-align:right\" | -728\n|-\n| style=\"text-align:left\" | Underlying Earnings\n| style=\"text-align:right\" | 3,323\n| style=\"text-align:right\" | +7%\n| style=\"text-align:right\" | 3,501\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c45",

"chunk": 45,

20

"heading": "Constant FX change",

"content": "* Change is measured at constant [[Definition:Foreign exchange|FX]].\n\n==== in billions ===="

"id": "snjra2xp9r-c46",

"chunk": 46,

"heading": "o/w Life \u0026 o/w Health by FY24 \u0026 FY25",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t16\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-m\" style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w Life\n| style=\"text-align:right\" | 2.6\n| style=\"text-align:right\" | 2.7\n| style=\"text-align:right\" | +4% vs. FY24\n|-\n| style=\"text-align:left\" | o/w Health\n| style=\"text-align:right\" | 0.7\n| style=\"text-align:right\" | 0.8\n| style=\"text-align:right\" | +17% vs. FY24\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c47",

"chunk": 47,

"heading": "Technical margin and long-term results",

"content": "* Short-term technical margin was strong, reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).\n* Long-term results were higher due to an +8% increase in CSM release, reflecting growth in the reserve base, including from favorable equity market performance, and better margins.\n\n=== Growth in net income reflecting higher earnings \u0026 the gain from the sale of AXA IM ==="

"id": "snjra2xp9r-c48",

"chunk": 48,

21

"heading": "Net income",

"Underlying earnings per share"

"Underlying earnings per share"

"content": "* Net income: EUR 7.6bn (+7% reported)\n* Net income per share: EUR 3.56 (+10% reported)\n* [[Definition:Underlying earnings per share|Underlying earnings per share]]: EUR 3.20 (+12% reported)"

"id": "snjra2xp9r-c49",

"chunk": 49,

"heading": "Net income by segment",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t17\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Property \u0026amp; Casualty\n| style=\"text-align:right\" | 5.5\n| style=\"text-align:right\" | 5.9\n| style=\"text-align:right\" | +9%\n|-\n| style=\"text-align:left\" | Life \u0026amp; Health\n| style=\"text-align:right\" | 3.3\n| style=\"text-align:right\" | 3.5\n| style=\"text-align:right\" | +7%\n|-\n| style=\"text-align:left\" | Asset Management\n| style=\"text-align:right\" | 0.4\n| style=\"text-align:right\" | 0.2\n| style=\"text-align:right\" | -57%\n|-\n| style=\"text-align:left\" | Holdings \u0026amp; other\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | -\n|-\n| style=\"text-align:left\" | Underlying earnings\n| style=\"text-align:right\" | 8.1\n| style=\"text-align:right\" | 8.4\n| style=\"text-align:right\" | +6%\n|-\n| style=\"text-align:left\" | Non-financial flows\n| style=\"text-align:right\" | -0.5\n| style=\"text-align:right\" | +2.1\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | o/w capital gains from AXA IM disposal\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | +2.2\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Financial flows (incl. RCG)\n| style=\"text-align:right\" | +0.3\n| style=\"text-align:right\" | -0.7\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Net income\n| style=\"text-align:right\" | 7.9\n| style=\"text-align:right\" | 9.8\n| style=\"text-align:right\" | +26%\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c50",

"chunk": 50,

"heading": "Financial performance drivers",

"content": "* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses.\n* Holding cost was stable and is expected to remain at the current level in [[Definition:Year 2026|2026]].\n* Net Income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].\n* Financial flows were lower, reflecting an unfavorable forex impact.\n\n==== Underlying earnings per share ===="

"id": "snjra2xp9r-c51",

"chunk": 51,

"heading": "Underlying earnings per share In Euro",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t18\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | Underlying earnings per share\n| style=\"text-align:right\" | 3.59\n| style=\"text-align:right\" | 3.86\n| style=\"text-align:right\" | +8%\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c52",

"chunk": 52,

"heading": "Underlying earnings per share growth drivers",

"Capital management",

"AXA Investment Managers"

"content": "* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth drivers: +6% from earnings growth; +3% from [[Definition:Capital management|capital management]]; -2% from forex\n* 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"

"id": "snjra2xp9r-c53",

"chunk": 53,

"content": "{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}\n\n=== Shareholders’ Equity ==="

"id": "snjra2xp9r-c54",

"chunk": 54,

"content": "* Shareholders' Equity is presented in EUR billion.\n\n==== Shareholders’ equity ===="

"id": "snjra2xp9r-c55",

"chunk": 55,

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t19\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | in Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | HY25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | SHE (excl. OCI)\n| style=\"text-align:right\" | 58.0\n| style=\"text-align:right\" | 52.7\n| style=\"text-align:right\" | 54.0\n|-\n| style=\"text-align:left\" | Net OCI\n| style=\"text-align:right\" | -8.1\n| style=\"text-align:right\" | -7.2\n| style=\"text-align:right\" | -6.8\n|-\n| style=\"text-align:left\" | Total Shareholders' equity\n| style=\"text-align:right\" | 49.9\n| style=\"text-align:right\" | 45.5\n| style=\"text-align:right\" | 47.2\n|-\n| style=\"text-align:left\" | SHE (excl. OCI \u0026amp; undated subordinated debt)\n| style=\"text-align:right\" | 53.2\n| style=\"text-align:right\" | 47.0\n| style=\"text-align:right\" | 49.4\n|-\n| style=\"text-align:left\" | Debt gearing\n| style=\"text-align:right\" | 20.6%\n| style=\"text-align:right\" | 23.4%\n| style=\"text-align:right\" | 22.3%\n|-\n| style=\"text-align:left\" | Underlying ROE\n| style=\"text-align:right\" | 15.2%\n| style=\"text-align:right\" | 17.5%\n| style=\"text-align:right\" | 16.0%\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c56",

"chunk": 56,

"heading": "Shareholders’ equity",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t20\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24 to FY25\n! class=\"col-s\" style=\"text-align:right\" | HY25 to FY25\n|-\n| style=\"text-align:left\" | Opening Shareholders' equity\n| style=\"text-align:right\" | 49.9\n| style=\"text-align:right\" | 45.5\n|-\n| style=\"text-align:left\" | Change in Net OCI\n| style=\"text-align:right\" | 1.3\n| style=\"text-align:right\" | 0.4\n|-\n| style=\"text-align:left\" | Net income for the period\n| style=\"text-align:right\" | 9.8\n| style=\"text-align:right\" | 5.9\n|-\n| style=\"text-align:left\" | Dividend\n| style=\"text-align:right\" | -4.6\n| style=\"text-align:right\" | -\n|-\n| style=\"text-align:left\" | Annual share buyback\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | -\n|-\n| style=\"text-align:left\" | Anti-dilutive share buyback following the sale of AXA IM\n| style=\"text-align:right\" | -3.5\n| style=\"text-align:right\" | -3.5\n|-\n| style=\"text-align:left\" | Undated subordinated debt (including interest charges)\n| style=\"text-align:right\" | -0.3\n| style=\"text-align:right\" | -1.2\n|-\n| style=\"text-align:left\" | Forex\n| style=\"text-align:right\" | -3.5\n| style=\"text-align:right\" | -0.1\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" | -0.6\n| style=\"text-align:right\" | 0.3\n|-\n| style=\"text-align:left\" | Closing Shareholders' equity\n| style=\"text-align:right\" | 47.2\n| style=\"text-align:right\" | 47.2\n|}\n\u003C/div\u003E\n{{fn note|1=1|2=Shareholders’ equity Group share. Full Year 2025 Earnings}}\n\n=== Higher organic cash remittance and robust cash position at Holding ==="

"id": "snjra2xp9r-c57",

"chunk": 57,

"heading": "Cash remittance and position",

"content": "* Cash remittance: EUR 8.4bn\n* Cash at Holding: EUR 4.2bn"

"id": "snjra2xp9r-c58",

"chunk": 58,

"heading": "Net Cash Remittance by Proceeds related to in-force treaties",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t21\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Remittance\n| style=\"text-align:right\" | 7.1\n| style=\"text-align:right\" | 7.5\n|-\n| style=\"text-align:left\" | Proceeds related to in-force treaties{{fn ref|2}}\n| style=\"text-align:right\" | 0.6\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Total\n| style=\"text-align:right\" | 7.7\n| style=\"text-align:right\" | 7.5\n|-\n| style=\"text-align:left\" | Remittance ratio{{fn ref|1}}\n| style=\"text-align:right\" | 82%\n| style=\"text-align:right\" | 82%\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c59",

"chunk": 59,

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t22\" class=\"wikitable fintable\"\n|-\n| style=\"text-align:left\" | FY24 Cash position\n| style=\"text-align:right\" | 4.0\n|-\n| style=\"text-align:left\" | Net cash remittance from subsidiaries\n| style=\"text-align:right\" | +7.5\n|-\n| style=\"text-align:left\" | Dividend\n| style=\"text-align:right\" | -4.6\n|-\n| style=\"text-align:left\" | Annual share buyback\n| style=\"text-align:right\" | -1.2\n|-\n| style=\"text-align:left\" | Anti-dilutive share buyback following the sale of AXA IM\n| style=\"text-align:right\" | -3.5\n|-\n| style=\"text-align:left\" | Holding costs and interest expenses\n| style=\"text-align:right\" | -1.3\n|-\n| style=\"text-align:left\" | Change in net debt\n| style=\"text-align:right\" | +1.6\n|-\n| style=\"text-align:left\" | M\u0026amp;A and other\n| style=\"text-align:right\" | +3.1\n|-\n! style=\"text-align:left\" | FY25 Cash position\n! class=\"col-s\" style=\"text-align:right\" | 5.6\n|}\n\u003C/div\u003E\n\n{{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.}}\n{{fn note|1=2|2=2. €0.6bn proceeds related to L\u0026S reinsurance in-force treaties at AXA France and AXA Life Europe.}}\n\n=== Solvency II at 224% ==="

"id": "snjra2xp9r-c60",

"chunk": 60,

"content": "* Foreseeable [[Definition:Dividend|dividends]]: -EUR 4.8bn\n* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: -EUR 1.25bn"

"id": "snjra2xp9r-c61",

"chunk": 61,

"heading": "In Euro billion",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t23\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | Regulatory \u0026amp; model changes\n! class=\"col-s\" style=\"text-align:right\" | Normalized capital generation\n! class=\"col-s\" style=\"text-align:right\" | Operating variance\n! class=\"col-s\" style=\"text-align:right\" | Economic variance \u0026amp; FX\n! class=\"col-s\" style=\"text-align:right\" | Dividend \u0026amp; annual share buyback\n! class=\"col-s\" style=\"text-align:right\" | Management actions, debt \u0026amp; other\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Eligible Own Funds (EOF)\n| style=\"text-align:right\" | 55.9\n| style=\"text-align:right\" | +0.2\n| style=\"text-align:right\" | +8.8\n| style=\"text-align:right\" | -0.4\n| style=\"text-align:right\" | -2.1\n| style=\"text-align:right\" | -6.0\n| style=\"text-align:right\" | -0.1\n| style=\"text-align:right\" | 56.4\n|-\n| style=\"text-align:left\" | Solvency II ratio\n| style=\"text-align:right\" | 216%\n| style=\"text-align:right\" | +0pt\n| style=\"text-align:right\" | +28pts\n| style=\"text-align:right\" | -1pt\n| style=\"text-align:right\" | +4pts\n| style=\"text-align:right\" | -24pts\n| style=\"text-align:right\" | +2pts\n| style=\"text-align:right\" | 224%\n|-\n| style=\"text-align:left\" | Solvency Capital Requirement (SCR)\n| style=\"text-align:right\" | 25.9\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" | +0.6\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | 0.0\n| style=\"text-align:right\" | -0.2\n| style=\"text-align:right\" | 25.2\n|}\n\u003C/div\u003E\n\n==== Key sensitivities ===="