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| pages = 49
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/abwhxx5fn6DF3AUJ_AXA_Full_Year_Results_2025b.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_presentation.md->
| intro_sentence = This article summarizes AXA's Earnings presentation published on 2026-02-26 (49 pages).
| wide = yes
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=== Full Year 2025 Earnings Presentation ===
 
{{chunk|doc=snjra2xp9r|c=1|p=1}}
====== 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=21|p=2}}
====== Forward-looking statements and non-GAAP measures ======
 
* Certain statements in thethis presentationdocument are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information.
* Forward-looking statements are identified by words like "expects", "anticipates", "may", "plan," "target", or conditional verbs such aslike "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, providingand provide one-off guidance for the last year of the Group'sGroup’s current strategic plan.
* These statements are based on Management'sManagement’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'sAXA’s control, which could cause actual results to differ materially.
* Each forward-looking statement speaksis valid only asat the date of thethis presentation date.
* Refer to Part 5 - "Risk“Risk Factors and Risk Management"Management” of AXA'sAXA’s Universal Registration Document for the year ended December 31, 2024 (the "2024“2024 Universal Registration Document"Document”) for important factors, risks, and uncertainties affecting AXA’s business and/or results.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* TheThis presentation refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management forto analyzinganalyze operating trends, financial performance, and position.
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group'sGroup’s consolidated financial statements and related notes prepared in accordance with IFRS.
* "[[Definition:Underlying earnings|Underlying earnings]]", UEPS ("underlying“underlying earnings per share"share”), "underlying“underlying return on equity"equity”, "combined“combined ratio"ratio”, and "debt“debt gearing"gearing” are APMs as defined in ESMA'sESMA’s guidelines and the AMF'sAMF’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“AXA’s 2025 Activity Report"Report”), under the heading "USE“USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES"MEASURES”.
* Further information on non-GAAP financial measures is available in the Glossary ofin AXA'sAXA’s 2025 Activity Report.
* AXA'sAXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).
* AXA'sAXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA'sAXA’s statutory auditors.
 
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=32|p=3}}
====== PresentationFY25 presentation agenda and speakers ======
 
* [[Definition:Full year 2025|FY25]] Highlights presentedare on page p.04.
* Thomas Buberl, Group CEO, iswill a speakerpresent.
* FY25 Business Performance presentedis on page p.09.
* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, iswill a speakerpresent.
* FY25 Financial Performance presentedis on page p.13.
* Alban de Mailly Nesle, Group CFO, iswill a speakerpresent.
 
== FY25 Highlights ==
 
{{chunk|doc=snjra2xp9r|c=43|p=4}}
====== Group CEO ======
 
Line 69 ⟶ 64:
=== Full Year 2025 – Excellent performance ===
 
{{chunk|doc=snjra2xp9r|c=54|p=5}}
====== FY25Financial performance and shareholder valuereturns ======
 
* 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 withvia +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]
* Confident to deliver underlying EPS growth at the upper end of the 6%-8% [[Definition:Target range|target range]] for [[Definition:Year 2026|2026]]
 
{{chunk|doc=snjra2xp9r|c=65|p=5}}
====== Full Year 2025 – Excellent performance ======
 
{{fn note|1=1|2=Based on the dividend proposed by AXA'sAXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders'Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=2|2=Following AXA'sAXA’s Board of Directors'Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
 
=== Executing the plan on growth, margin and efficiency ===
 
{{chunk|doc=snjra2xp9r|c=76|p=6}}
====== Underlying earnings by(In FYEuro billion) ======
 
<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|-
! style="text-align:left" | Period
! class="col-s" style="text-align:right" | FY24Underlying earnings
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Underlying earningsFY24
| style="text-align:right" | 8.1
| style="text-align:right" |
|-
| style="text-align:left" | FY25
| style="text-align:right" | 8.4
| style="text-align:right" | +6%
|-
| style="text-align:left" | FY25 excluding AXA IM
| style="text-align:right" |
| style="text-align:right" | +9%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=87|p=6}}
====== KeyStrategic performancepriorities indicatorsand performance ======
 
* High organic growth: +6% top line growth, balanced across lines (P&C: +5%, Life: +9%, Health: +5%)
* [[Definition:Underlying earnings per share|Underlying earnings per share]] (EPS) +9% excluding [[Definition:AXA Investment Managers|AXA IM]]
* Record profitability: Further margin expansion in P&C and L&H; improved efficiency
* Top line growth +6% (organic)
* Scaling the business: Continued investments in growth and technology
** P&C: +5%
** Life: +9%
** Health: +5%
* Record profitability with further margin expansion in P&C and L&H
* Improvement in efficiency
* Continued investments in growth and technology
* Consistent earnings growth while enhancing reserve prudence
 
{{chunk|doc=snjra2xp9r|c=98|p=6}}
====== Executing the plan on growth, margin and efficiency ======
 
Line 127 ⟶ 123:
==== Secular trends fueling demand across businesses ====
 
{{chunk|doc=snjra2xp9r|c=109|p=7}}
====== Secular trends fueling demand ======
 
Line 133 ⟶ 129:
* Demographics are driving demand for private retirement and healthcare.
 
{{chunk|doc=snjra2xp9r|c=1110|p=7}}
====== Pie chart represents FY25 gross written premium split excluding AXA IM and holdings. ======
====== Share by business segment ======
 
<div style="overflow-x:auto">
Line 161 ⟶ 157:
==== Our right to win ====
 
{{chunk|doc=snjra2xp9r|c=1211|p=7}}
====== Competitive advantagesAdvantages ======
 
* Leading brand and high customer NPS
Line 169 ⟶ 165:
* Scale offering cost advantage
 
{{chunk|doc=snjra2xp9r|c=1312|p=7}}
====== Our right to win ======
 
Line 176 ⟶ 172:
=== Laying the foundation for the next plan ===
 
{{chunk|doc=snjra2xp9r|c=1413|p=8}}
====== Strategic priorities ======
 
Line 187 ⟶ 183:
== FY25 Business Performance ==
 
{{chunk|doc=snjra2xp9r|c=1514|p=9}}
====== ExecutiveGuillaume rolesBorie's role ======
 
* Guillaume Borie is the Global Head of Finance, Strategy, Underwriting, Risk, and Technology.
Line 194 ⟶ 190:
=== Strong delivery across our businesses ===
 
{{chunk|doc=snjra2xp9r|c=1615|p=10}}
====== Basis of reporting ======
 
* [[Definition:Gross written premiums|Gross written premiums]] (GWP) and [[Definition:Underlying earnings|underlying earnings]] are reported at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=1716|p=10}}
====== GrossStrong writtendelivery premiumsacross &our Underlying earnings by geographybusinesses ======
 
<div style="overflow-x:auto">
Line 231 ⟶ 227:
=== P&C – Strong margins, confidence in sustaining growth ===
 
{{chunk|doc=snjra2xp9r|c=1817|p=11}}
====== GWP and underlying earnings ======
 
* [[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 ====
 
{{chunk|doc=snjra2xp9r|c=18|p=11}}
====== 2025 and Beyond 2025 Strategy ======
 
* Retail and SME & Mid-market: growing volumes while expanding margins in 2025; investing to improve customer retention and expanding distribution footprint beyond 2025.
* AXA XL (Large & Specialty): profitable growth with stable margins in 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025.
 
==== Key Drivers ====
 
{{chunk|doc=snjra2xp9r|c=19|p=11}}
====== StrategicKey prioritiesdrivers byof segmentperformance ======
 
* Continued progress on efficiency
* Retail and SME & Mid-market: growing volumes while expanding margins by 2025; investing to improve customer retention and expanding distribution footprint beyond 2025.
* Higher investment income
* AXA XL (Large & Specialty): profitable growth with stable margins by 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025.
* Data & AI to further enhance customer experience & technical excellence
* Continued progress on efficiency.
* Higher investment income.
* Data & AI to further enhance customer experience and technical excellence.
 
{{chunk|doc=snjra2xp9r|c=20|p=11}}
====== 2025Key and Beyond 2025 StrategyDrivers ======
 
{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}
Line 258 ⟶ 260:
 
{{chunk|doc=snjra2xp9r|c=21|p=12}}
====== L&H GWP and Underlying Earningsearnings ======
 
* [[Definition:Gross written premiums|GWP]]: EUR 57bn
** GWP mix includes Short-term and Long-term
** Long-term
* [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn
 
==== Strategic PrioritiesRoadmap ====
 
{{chunk|doc=snjra2xp9r|c=22|p=12}}
====== Strategic priorities by business lineRoadmap ======
 
<div style="overflow-x:auto">
Line 288 ⟶ 289:
 
{{chunk|doc=snjra2xp9r|c=23|p=12}}
====== Strategic prioritiesinitiatives ======
 
* 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 PrioritiesRoadmap ======
 
{{fn note|1=1|2=1. Change FY25 vs. FY24 at constant FX.}}
Line 302 ⟶ 303:
 
{{chunk|doc=snjra2xp9r|c=25|p=13}}
====== GroupManagement CFOroles ======
 
* Alban de Mailly Nesle is the Group CFO.
Line 311 ⟶ 312:
====== P&C Gross Written Premiums ======
 
* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) infor P&C werereached EUR 4039.1bn0bn in 2023, up from EUR 3736.7bn in 2022, representing a (+6% LFL)increase on a reported basis.
* On a like-for-like (LFL) basis, GWP increased by +7%.
* Commercial lines GWP grew by +9% LFL to EUR 26.0bn (reported: EUR 24.4bn in 2022).
* Personal lines GWP increased by +3% LFL to EUR 13.0bn (reported: EUR 12.3bn in 2022).
 
==== GWP & Other Revenues ====
 
{{chunk|doc=snjra2xp9r|c=27|p=14}}
====== GWP &amp; otherOther revenues by commercial lines, AXA XL Reinsurance, and retail linesRevenues ======
 
<div style="overflow-x:auto">
Line 327 ⟶ 331:
! 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 355 ⟶ 352:
| 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=28|p=14}}
====== BusinessCommercial lines growth drivers ======
 
* Continued pricing momentum and volume growth in Mid-market and SME
* Growth in lines of business with attractive margins, while maintaining focus on retention at AXA XL Insurance
* Growth supported by alternative capital
* Favorable pricing trends and strong growth in net new contracts (+1.7m in [[Definition:Full year 2025|FY25]])
 
{{chunk|doc=snjra2xp9r|c=29|p=14}}
====== ReportingGWP basis& Other Revenues ======
 
{{fn note|1=1|2=Price effect.}}
* All changes are reported at constant scope and [[Definition:Foreign exchange|FX]].
{{fn note|1=2|2=Includes exposure adjustments and mix & other effects.}}
 
=== P&C – Delivering further margin expansion while enhancing reserve prudence ===
Line 384 ⟶ 389:
! 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 408 ⟶ 409:
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.5%
|-
| style="text-align:left" | Total Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=31|p=15}}
====== Undiscounted current year loss ratio drivers ======
 
* Undiscounted current year loss ratio improved, excluding Natural Catastrophe (Nat Cat, due to margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment).
* Margin expansion in Commercial lines SME & mid-market business and Personal lines reflected a favorable pricing environment.
* Stable AXA XL Insurance margins at attractive levels reflected disciplined cycle management.
* AXA XL Insurance margins remained stable at attractive levels due to disciplined cycle management.
* Improvement in expense ratio reflected the impact of efficiency measures, while continuing investment in growth initiatives and technology.
* Expense ratio improved due to efficiency measures, while investments in growth initiatives and technology continued.
* Nat Cat charges were below the normalized load.
* Lower relianceReliance on prior year reserve development was lower.
* Reserve prudence was enhanced during a favorable year.
* Enhanced reserve prudence.
 
=== P&C – Earnings growth from higher underwriting and financial result ===
 
{{chunk|doc=snjra2xp9r|c=32|p=16}}
====== P&CCurrency earningsnotation ======
 
* InAll figures are in EUR million.
 
==== Underlying Earnings ====
 
{{chunk|doc=snjra2xp9r|c=33|p=16}}
Line 435 ⟶ 439:
<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|-
! style="text-align:left" | Driver
! class="col-s" style="text-align:right" | Value
|-
| style="text-align:left" | FY24
| style="text-align:right" | 5,510
|-
| style="text-align:left" | Volume growth {{fn ref|1}}
| style="text-align:right" | +292
|-
| style="text-align:left" | Margin improvement {{fn ref|1}}
| style="text-align:right" | +189
|-
| style="text-align:left" | Investment income (Financial result)
| style="text-align:right" | +435
|-
| style="text-align:left" | Insurance finance expenses (Financial result)
| style="text-align:right" | -235
|-
Line 460 ⟶ 467:
| style="text-align:right" | 5,872
|-
| style="text-align:left" | Total Change at constant FX
| style="text-align:right" | +9%
|}
Line 466 ⟶ 473:
 
{{chunk|doc=snjra2xp9r|c=34|p=16}}
====== UnderlyingP&C earnings drivers ======
 
* Better underwritingUnderwriting result fromimproved due to strong volume growth and improvedan enhanced all-year combined ratio, whilealongside enhancingincreased reserve prudence.
* IncreaseInvestment inincome investment incomeincreased, reflecting higher volumes and betterimproved reinvestment yields on fixed income assets.
* Higher unwindUnwind of discount of claims reserves, inwas inhigher, lineconsistent with guidance.
* Unfavorable forexForex impact notablywas unfavorable, primarily due to USD depreciation vs.against the EUR.
 
{{chunk|doc=snjra2xp9r|c=35|p=16}}
====== UnderlyingP&C – Earnings growth from higher underwriting and financial result ======
 
{{fn note|1=1|2=Underwriting result includes expenses.}}
 
{{chunk|doc=snjra2xp9r|c=36|p=16}}
====== ConstantReporting FX change and FY25 earningsbasis ======
 
* Change is 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=37|p=17}}
====== CurrencyFinancial notationmetrics ======
 
* All financial figures are in EUREuro billion.
 
{{chunk|doc=snjra2xp9r|c=38|p=17}}
Line 497 ⟶ 503:
{| id="t8" 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 522 ⟶ 528:
| 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
Line 530 ⟶ 536:
 
{{chunk|doc=snjra2xp9r|c=39|p=17}}
====== Health GWP &amp; otherOther revenues by individual and groupRevenues ======
 
<div style="overflow-x:auto">
{| id="t9" 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 550 ⟶ 556:
| 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
Line 560 ⟶ 566:
====== Employee Benefits premiums ======
 
* Employee Benefits premiums: EUR 12.9bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]])
 
{{chunk|doc=snjra2xp9r|c=41|p=17}}
====== Net flows: €+5.4bn vs. €+1.5bn in FY24 (in Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|-
! style="text-align:left" | (in Euro billion)
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Protection
Line 589 ⟶ 592:
 
{{chunk|doc=snjra2xp9r|c=42|p=17}}
====== BasisReporting of changebasis ======
 
* Change is measured at constant scope and [[Definition:Foreign exchange|FX]].
 
{{chunk|doc=snjra2xp9r|c=43|p=17}}
Line 601 ⟶ 604:
 
{{chunk|doc=snjra2xp9r|c=44|p=18}}
====== CurrencyLife notation& Health Performance ======
 
* PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes
* All figures are in EUR billions.
* NB CSM driven by robust Savings & Protection sales, with 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
 
{{chunk|doc=snjra2xp9r|c=45|p=18}}
====== PVEP by lines of business ======
 
<div style="overflow-x:auto">
{| 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
Line 649 ⟶ 654:
{| 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
Line 662 ⟶ 667:
 
{{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
Line 685 ⟶ 690:
 
{{chunk|doc=snjra2xp9r|c=48|p=18}}
====== LifeReporting & Health performancebasis ======
 
* Change at constant scope and [[Definition:Foreign exchange|FX]].
* 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 ===
Line 697 ⟶ 699:
====== Normalized CSM growth and variances ======
 
* Normalized CSM growth: was +2%.
* Normalized CSM upincreased by +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 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.
 
==== Contractual Service Margin rollforward ====
 
{{chunk|doc=snjra2xp9r|c=50|p=19}}
====== Contractual Service Margin rollforward (in Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|-
|! style="text-align:left" | In Euro billionItem
|! class="col-s" style="text-align:right" | CSMValue
|-
| 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
Line 741 ⟶ 739:
| style="text-align:left" | FY25
| style="text-align:right" | 33.0
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=51|p=19}}
====== CSM breakdown by segment (in Euro billion) ======
 
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|-
! style="text-align:left" | Segment
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 25.8
| style="text-align:right" | 25.4
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 7.7
| style="text-align:right" | 7.6
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=5152|p=19}}
====== Constant scope and FX definition ======
 
* Change at constant scope and [[Definition:Foreign exchange|FX]] refers to adjustments made for changes in the company's perimeter and foreign exchange rates.
 
=== Life & Health – Strong momentum in both short-term and long-term business ===
 
{{chunk|doc=snjra2xp9r|c=52|p=20}}
====== Life & Health performance ======
 
* All figures are in EUR million.
 
==== Underlying Earnings ====
 
{{chunk|doc=snjra2xp9r|c=53|p=20}}
====== Underlying Earnings (in Euro million) ======
 
<div style="overflow-x:auto">
{| id="t15t16" class="wikitable fintable"
|-
! style="text-align:left" | Component
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | ChangeBridge
! class="col-s" style="text-align:right" | FY25
|-
Line 790 ⟶ 795:
| style="text-align:right" | 946
|-
| style="text-align:left" | Tax &amp; others / Tax, FX and others
| style="text-align:right" | -748
| style="text-align:right" | -27
| style="text-align:right" | -728
|-
|! style="text-align:left" | Total Underlying Earnings
|! class="col-s" style="text-align:right" | 3,323
|! class="col-s" style="text-align:right" | +7%{{fn ref|*|2=Change at constant FX.}}
|! class="col-s" style="text-align:right" | 3,501
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=54|p=20}}
====== UnderlyingAdditional earningsMetrics by(in business linebillions) ======
 
<div style="overflow-x:auto">
* Life [[Definition:Underlying earnings|underlying earnings]]: EUR 2.7bn (prior: EUR 2.6bn), +4% vs. [[Definition:Full year 2024|FY24]]
{| id="t17" class="wikitable fintable"
* Health underlying earnings: EUR 0.8bn (prior: EUR 0.7bn), +17% vs. FY24
|-
! style="text-align:left" | Metric
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change vs. FY24{{fn ref|*|2=Change at constant FX.}}
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
| style="text-align:right" | +4%
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 0.7
| style="text-align:right" | 0.8
| style="text-align:right" | +17%
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=55|p=20}}
====== Technical marginShort-term and long-term business results ======
 
* ShortStrong short-term technical margin was strong due toreflected underwriting and claims initiatives, which more than offset the EUR -0.1bn impact of legislative change on VATthe recoverability of value added tax in Mexico (-EUR 0.1bn).
* LongHigher long-term results increased due tofrom an 8% riseincrease 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]]
{{chunk|doc=snjra2xp9r|c=56|p=20}}
====== Life & Health – Strong momentum in both short-term and long-term business ======
 
{{fn note|1=*|2=Change at constant FX.}}
 
=== Growth in net income reflecting higher earnings & the gain from the sale of AXA IM ===
 
{{chunk|doc=snjra2xp9r|c=5657|p=21}}
====== Underlying earnings and& netNet income by segment ======
 
<div style="overflow-x:auto">
{| id="t16t18" class="wikitable fintable"
|-
! style="text-align:left" |
Line 874 ⟶ 900:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=57|p=21}}
====== Underlying earnings 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 income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Financial flows were lower, reflecting an unfavorable forex impact.
 
==== Underlying earnings per share ====
Line 889 ⟶ 907:
 
<div style="overflow-x:auto">
{| id="t17t19" class="wikitable fintable"
|-
! style="text-align:left" | FY24
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | 3.59Underlying earnings per share
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
| style="text-align:right" | +8%
Line 902 ⟶ 922:
 
{{chunk|doc=snjra2xp9r|c=59|p=21}}
====== UnderlyingEarnings earnings per sharegrowth 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 includes -1% from temporary [[Definition:Earnings dilution|earnings dilution]] due to the timing of the anti-dilutive [[Definition:Share buyback|share buyback]] related to the [[Definition:AXA Investment Managers|AXA IM]] sale.
 
{{chunk|doc=snjra2xp9r|c=60|p=21}}
====== Underlying earnings perand sharenet income performance ======
 
* [[Definition:Underlying earnings|Underlying earnings]] showed strong performance from insurance businesses.
{{fn note|1=1|2=Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share.}}
* Holding cost was stable and is expected to remain at the current level in [[Definition:Year 2026|2026]].
* Net Income was higher, mainly reflecting higher underlying earnings and the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
* Lower financial flows reflected an unfavorable forex impact.
* Change for underlying earnings and net income is at constant [[Definition:Foreign exchange|FX]].
* Change for [[Definition:Underlying earnings per share|underlying earnings per share]] is on a reported basis.
 
=== Shareholders'Shareholders’ Equity ===
 
{{chunk|doc=snjra2xp9r|c=61|p=22}}
====== Shareholders' Equityequity ======
 
* AllShareholders' figuresEquity areis presented in EUR bnbillion.
 
==== Shareholders' equity ====
 
{{chunk|doc=snjra2xp9r|c=62|p=22}}
====== Shareholders'Shareholders’ equity by period ======
 
<div style="overflow-x:auto">
{| id="t18t20" class="wikitable fintable"
|-
! style="text-align:left" |
Line 930 ⟶ 954:
! class="col-s" style="text-align:right" | HY25
! class="col-s" style="text-align:right" | FY25
|-
| 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)
Line 941 ⟶ 970:
| style="text-align:right" | -6.8
|-
| style="text-align:left" | Shareholders'SHE equity(excl. OCI &amp; undated subordinated debt)
| style="text-align:right" | 4953.92
| style="text-align:right" | 4547.50
| style="text-align:right" | 4749.24
|-
| 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=63|p=22}}
====== Shareholders'Shareholders’ equity and debt gearingEquity ======
 
* 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="t19t21" class="wikitable fintable"
|-
! style="text-align:left" |
Line 1,007 ⟶ 1,039:
</div>
 
{{fn note|1=1|2=Shareholders'Shareholders’ equity Group share.}}
 
=== Higher organic cash remittance and robust cash position at Holding ===
 
{{chunk|doc=snjra2xp9r|c=6564|p=23}}
====== Currency notation ======
 
Line 1,018 ⟶ 1,050:
==== Net Cash Remittance ====
 
{{chunk|doc=snjra2xp9r|c=6665|p=23}}
====== Net Cash Remittance ======
 
<div style="overflow-x:auto">
{| id="t20t22" 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 1,036 ⟶ 1,068:
| style="text-align:right" | 7.5
|-
| style="text-align:left" | Total Net Cash Remittance
| style="text-align:right" | 7.7
| style="text-align:right" | 7.5
Line 1,046 ⟶ 1,078:
</div>
 
{{chunk|doc=snjra2xp9r|c=66|p=23}}
==== Cash Position Bridge ====
====== Cash position bridge (in Euro billion) ======
 
{{chunk|doc=snjra2xp9r|c=67|p=23}}
====== Cash Position Bridge ======
 
<div style="overflow-x:auto">
{| id="t21t23" 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 1,081 ⟶ 1,108:
| 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=Based on ordinary cash remittance of Euro 7.1 billion in FY24 and Euro 7.5 billion in FY25.}}
{{fn note|1=2|2=€0.6bn proceeds related to L&amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}
 
=== Solvency II at 224% ===
 
{{chunk|doc=snjra2xp9r|c=6867|p=24}}
====== Solvency II ratio ======
 
* Solvency II ratio: was 224% as of December 31, 2023.
* The ratio was 215% as of September 30, 2023.
* Solvency II ratio in Euro billion
* The ratio was 212% as of December 31, 2022.
* The Solvency II ratio increased by 9pts from September 30, 2023, and by 12pts from December 31, 2022.
* The Solvency II ratio was 200% at the lower end of the target operating range.
* The Solvency II ratio was 230% at the upper end of the target operating range.
* The Solvency II ratio was 224% at December 31, 2023, above the target operating range of 200%-230%.
* The Solvency II ratio was 215% at September 30, 2023, within the target operating range of 200%-230%.
* The Solvency II ratio was 212% at December 31, 2022, within the target operating range of 200%-230%.
 
{{chunk|doc=snjra2xp9r|c=6968|p=24}}
====== Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio waterfall from FY24 to FY25 ======
 
<div style="overflow-x:auto">
{| id="t22t24" 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" | FY24Solvency II ratio
| 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" | FY24Solvency Capital Requirement (SCR)
| 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
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=69|p=24}}
====== Solvency II ratio components ======
 
* Foreseeable [[Definition:Dividend|dividends]]: EUR -4.8bn
* Provision for annual [[Definition:Share buyback|share buyback]] for [[Definition:Year 2026|2026]]: EUR -1.25bn
 
==== Key sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=7370|p=24}}
====== Key sensitivities ======
 
Line 1,226 ⟶ 1,212:
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) +25%
| style="text-align:right" | +14-1 ptspt
|-
| style="text-align:left" | Listed Equity (excl. PE &amp; Infra) -25%
| style="text-align:right" | -19+2 pts
|-
| style="text-align:left" | PE &amp; Infra +25%
| style="text-align:right" | +214 pts
|-
| style="text-align:left" | PE &amp; Infra -25%
| style="text-align:right" | -119 ptpts
|-
| style="text-align:left" | Inflation swap curve +50bps
Line 1,247 ⟶ 1,233:
=== Solvency II – impact of the end of grandfathering period and Solvency II revision ===
 
{{chunk|doc=snjra2xp9r|c=7471|p=25}}
====== Solvency II ratioRatio by period/impactImpacts ======
 
<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|-
! style="text-align:left" | PeriodMetric /Impact Event
! class="col-sm" style="text-align:right" | ChangeImpact / Ratio
! class="col-s" style="text-align:right" | Ratio
|-
| 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 to 215%
| 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=7572|p=25}}
====== GrandfatheredSolvency debt andII capital flexibilityimpacts ======
 
* EUR 2.4bn of grandfathered debt will no longer be eligible as capital from January 1, [[Definition:Year 2026|2026]].
Line 1,278 ⟶ 1,260:
* Additional capital flexibility is anticipated.
 
{{chunk|doc=snjra2xp9r|c=7673|p=25}}
====== Solvency II – impact of the end of grandfathering period and Solvency II revision ======
 
Line 1,285 ⟶ 1,267:
== Conclusion ==
 
{{chunk|doc=snjra2xp9r|c=7774|p=26}}
====== Group CEOConclusion ======
 
*=== Thomas Buberl,Theme: Group CEO [ ===
 
=== Conclusion ===
 
{{chunk|doc=snjra2xp9r|c=7875|p=27}}
====== Business performance and outlook ======
 
* Record results were achieved at the top end of the [[Definition:Target range|target range]], while enhancing reserve prudence.
* All businesses are in excellent shape, delivering strong growth and profitability.
* DiversifiedThe diversified franchise is well-positioned to capture future growth opportunities.
* Foundations are being laid for the next plan, with confidence in delivering sustainable earnings growth.
 
== Q&A ==
 
{{chunk|doc=snjra2xp9r|c=76|p=28}}
====== Full Year 2025 Earnings ======
 
==* Q&A[[Definition:Full year 2025|Full Year 2025]] Earnings ==
 
=== AXA Investor Relations – Keep in touch ===
Line 1,306 ⟶ 1,293:
==== Meet our management ====
 
{{chunk|doc=snjra2xp9r|c=7977|p=29}}
====== investorInvestor calendar ======
 
* March: Roadshows -in Europe and US [p.
* May 5: 1Q25 Activity Indicators in Paris
* June 2: BNP Paribas Exane CEO Conference in Paris
* June 2-4: Goldman Sachs European Financials Conference in Zurich
* July 31: HY26 [[Definition:Earnings release|Earnings Release]] in Paris
* September 21: AXA Investor Day in London
 
==== Contact us ====
 
{{chunk|doc=snjra2xp9r|c=8078|p=29}}
====== Investor Relationsrelations Contactcontact Informationinformation ======
 
* Investor Relations contact number: +33 1 40 75 48 42
* Investor Relations email: investor.relations@axa.com
 
==== Follow us www.axa.com ====
 
{{chunk|doc=snjra2xp9r|c=8179|p=29}}
====== AXAsocial websitemedia links ======
 
* YouTube
* AXA's website is www.axa.com.
* Facebook
* Instagram
* Twitter
* LinkedIn
* AXA logo icon
 
== Appendices ==
Line 1,330 ⟶ 1,327:
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=8280|p=31}}
====== AdditionalPresentation disclosurescontents ======
 
* Debt and Invested Assets disclosuresare detailed on p.page 31.
* Additional P&C disclosures are on p.page 36.
* Additional IFRS17 disclosures are on p.page 41.
 
=== Gross financial debt and maturity breakdown as of December 31st, 2025 ===
 
{{chunk|doc=snjra2xp9r|c=8381|p=32}}
====== Gross financial debt and maturity breakdown ======
 
* Gross financial debt and maturity breakdown is presented in EUR billion.
* All figures are in EUR bn.
 
==== Gross financial debt¹'² ====
 
{{chunk|doc=snjra2xp9r|c=8482|p=32}}
====== GrossDebt financialgearing debtand bygross tierfinancial debt ======
 
* Debt gearing: 20.6% ([[Definition:Full year 2024|FY24]]); 22.3% ([[Definition:Full year 2025|FY25]])
<div style="overflow-x:auto">
* Gross financial debt (EUR bn):
{| id="t27" class="wikitable fintable"
** FY24: Tier 1 EUR 4.8bn; Tier 2 EUR 10.8bn; Senior debt EUR 3.5bn; Total EUR 19.2bn
|-
** FY25: Tier 1 EUR 4.6bn; Tier 2 EUR 12.2bn; Senior debt EUR 3.5bn; Total EUR 20.3bn
! style="text-align:left" |
** Jan 1st [[Definition:Year 2026|2026]]: Tier 1 EUR 3.2bn; Tier 2 EUR 11.3bn; Senior debt EUR 5.8bn; Total EUR 20.3bn
! class="col-s" style="text-align:right" | FY24
* EUR 0.4bn of Tier 2 debt redeemed in January 2026
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Jan 1st 2026
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
| style="text-align:right" | 3.2
|-
| style="text-align:left" | Tier 2
| style="text-align:right" | 10.8
| style="text-align:right" | 12.2
| style="text-align:right" | 11.3
|-
| style="text-align:left" | Senior debt
| style="text-align:right" | 3.5
| style="text-align:right" | 3.5
| style="text-align:right" | 5.8
|-
| style="text-align:left" | Total
| style="text-align:right" | 19.2
| style="text-align:right" | 20.3
| style="text-align:right" | 20.3
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=85|p=32}}
====== 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=8683|p=32}}
====== SeniorContractual debt,maturity Tier 2, Tier 1 by contractual maturitybreakdown ======
 
<div style="overflow-x:auto">
Line 1,413 ⟶ 1,381:
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5-
| style="text-align:right" | 0.7
|-
Line 1,439 ⟶ 1,407:
|}
</div>
* o/w Grandfathered debt
 
==== 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"
|+ o/w Grandfathered debt
|-
! style="text-align:left" |
Line 1,483 ⟶ 1,447:
</div>
 
==== Economic maturity breakdown³ ====
 
{{chunk|doc=snjra2xp9r|c=8884|p=32}}
====== Economic maturity breakdown³ (In Euro billion) ======
 
<div style="overflow-x:auto">
Line 1,506 ⟶ 1,470:
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -0.5
| style="text-align:right" | -
| style="text-align:right" | 0.9
| style="text-align:right" | 1.5
| style="text-align:right" | 0.5
| style="text-align:right" | 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" | -
| style="text-align:right" | 0.5
| 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" | 4.0.7
|-
| style="text-align:left" | Tier 1
| style="text-align:right" | 0.1
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 0.1
| style="text-align:right" | 2.4
| style="text-align:right" | 0.1
| style="text-align:right" | -
Line 1,533 ⟶ 1,497:
| style="text-align:right" | 0.4
| style="text-align:right" | -
| style="text-align:right" | -4.0
|}
</div>
* o/w Grandfathered debt
 
==== o/w Grandfathered debt ====
 
{{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"
|+ o/w Grandfathered debt
|-
! style="text-align:left" |
Line 1,574 ⟶ 1,534:
| 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 1,586 ⟶ 1,546:
=== General Account Invested Assets ===
 
{{chunk|doc=snjra2xp9r|c=9085|p=33}}
====== General Account Investedinvested Assetsassets ======
 
* Total General Account invested assets for [[Definition:Full year 2025|FY25]] wereTotal EURGeneral 450bn.Account invested assets
* The durationDuration gap wasat -0.4 years.year
* Invested assets mix included: Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans.
 
{{chunk|doc=snjra2xp9r|c=9186|p=33}}
====== InvestedFY25 assetsTotal (100%)General InAccount invested assets (Euro 450 billion) ======
 
<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|-
! style="text-align:left" | Invested assets (100%)<br/>In Euro billion
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | %
Line 1,643 ⟶ 1,602:
| 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>
Line 1,656 ⟶ 1,615:
=== Structured and Private Credit assets ===
 
{{chunk|doc=snjra2xp9r|c=9287|p=34}}
====== Invested assets (100%) In Euro billion ======
 
Line 1,662 ⟶ 1,621:
{| id="t33" 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
! class="col-s" style="text-align:leftright" | Comments
|-
| style="text-align:left" | Residential Mortgages
| style="text-align:right" | 16
| style="text-align:right" | 4%
| style="text-align:right" |
| style="text-align:left" | - €6bn Dutch mortgages, NHG guaranteed<br/>- €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
|-
| style="text-align:left" | CLO &amp; ABS
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:left" | - 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
|-
| style="text-align:left" | Infrastructure debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Skewed towards resilient industries (Telecom, Utilities, Transport)
|-
| style="text-align:left" | CRE debt
| style="text-align:right" | 8
| style="text-align:right" | 2%
| style="text-align:left" | - Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
|-
| style="text-align:left" | Mid-Market lending
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:left" | - Strong diversification with €8m average ticket<br/>- Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
|-
| style="text-align:left" | Other
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:left" |
|-
! style="text-align:left" | Total Structured and Private Credit Assets
! class="col-s" style="text-align:right" | 69
! class="col-s" style="text-align:right" | 15%
! style="text-align:left" | o/w 54% participating
|}
</div>
* €6bn Dutch mortgages, NHG guaranteed
* €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
</td>
</tr>
<tr>
<td>CLO & ABS</td>
<td>25</td>
<td>6%</td>
<td>- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)</td>
</tr>
<tr>
<td>Infrastructure debt</td>
<td>8</td>
<td>2%</td>
<td>- Skewed towards resilient industries (Telecom, Utilities, Transport)</td>
</tr>
<tr>
<td>CRE debt</td>
<td>8</td>
<td>2%</td>
<td>- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV</td>
</tr>
<tr>
<td>Mid-Market lending</td>
<td>10</td>
<td>2%</td>
<td>
* Strong diversification with €8m average ticket
* Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
</td>
</tr>
<tr>
<td>Other</td>
<td>2</td>
<td>0%</td>
<td></td>
</tr>
<tr>
<td>Total Structured and Private Credit Assets</td>
<td>69</td>
<td>15%</td>
<td>o/w 54% participating</td>
</tr>
</table>
 
{{fn note|1=1|2=G/A: General Account}}
Line 1,710 ⟶ 1,683:
==== FY25 Fixed Income Reinvestment ====
 
{{chunk|doc=snjra2xp9r|c=9388|p=35}}
====== ShareFY25 &Fixed AverageIncome ratingReinvestment by(Total: SegmentEuro 57 billion) ======
 
<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|-
!| style="text-align:left" | SegmentGovernment bonds &amp; related (32%) – Average rating: AA
! class="col-s" style="text-align:right" | Share
! class="col-s" style="text-align:right" | Average rating
|-
| style="text-align:left" | GovernmentInvestment bondsgrade &amp;credit related(40%)- Average rating: A
| style="text-align:right" | 32%
| style="text-align:right" | AA
|-
| style="text-align:left" | InvestmentABS/CLO/IG gradefund creditfinancing (21%)
| style="text-align:right" | 40%
| style="text-align:right" | A
|-
| style="text-align:left" | ABS/CLO/IGBelow fundinvestment financinggrade credit (7%)
| style="text-align:right" | 21%
| style="text-align:right" |
|-
| style="text-align:left" | Below investment grade credit
| style="text-align:right" | 7%
| style="text-align:right" |
|}
</div>
Line 1,740 ⟶ 1,701:
==== FY25 Fixed Income Reinvestment Yield ====
 
{{chunk|doc=snjra2xp9r|c=9489|p=35}}
====== FY25 Fixed Income Reinvestment Yield ======
 
Line 1,746 ⟶ 1,707:
{| id="t35" class="wikitable fintable"
|-
! style="text-align:left" | Category
! class="col-s" style="text-align:right" | Yield
|-
Line 1,760 ⟶ 1,721:
</div>
 
{{chunk|doc=snjra2xp9r|c=9590|p=35}}
====== Fixed Incomeincome Reinvestment Yieldinvestment ======
 
* EUR 57bn fixed income invested at 3.9%
* Average duration of 9 years
* Includes EUR 19.7bn of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY)
** Private & Structured Credit includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY
* Gradual shift from alternative total return assets to Private & Structured credit
 
{{chunk|doc=snjra2xp9r|c=9691|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).}}
 
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=9792|p=36}}
====== Additionaladditional disclosures ======
 
* AdditionalDebt P&Cand disclosuresInvested Assets are ondetailed pageon 36p.31.
* DebtAdditional and Invested AssetsP&C disclosures are on page 31p.36.
* Additional IFRS17 disclosures are on page p.41.
 
=== AXA XL Insurance – Large Commercial & Specialty business ===
 
{{chunk|doc=snjra2xp9r|c=93|p=37}}
==== Well diversified across lines of business and geographies ====
====== Business diversification ======
 
* Business is well diversified across lines of business and geographies.
{{chunk|doc=snjra2xp9r|c=98|p=37}}
 
====== Share by line of business ======
{{chunk|doc=snjra2xp9r|c=94|p=37}}
====== $19bn FY25 GWP by line of business ======
 
<div style="overflow-x:auto">
Line 1,794 ⟶ 1,759:
|-
! style="text-align:left" | Line of business
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Casualty
Line 1,810 ⟶ 1,775:
</div>
 
{{chunk|doc=snjra2xp9r|c=9995|p=37}}
====== $19bn FY25 GWP by geography ======
 
Line 1,817 ⟶ 1,782:
|-
! style="text-align:left" | Geography
! class="col-s" style="text-align:right" | Share (%)
|-
| style="text-align:left" | Americas
Line 1,830 ⟶ 1,795:
</div>
 
{{chunk|doc=snjra2xp9r|c=96|p=37}}
==== Leading market positions across lines ====
====== Market positions and profitability management ======
 
{{chunk|doc=snjra2xp9r|c=100|p=37}}
====== Leading market positions ======
 
* Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie.
 
==== Managing the cycle to deliver consistent profitability ====
 
{{chunk|doc=snjra2xp9r|c=101|p=37}}
====== Profitability vs. Ex-price Growth ======
 
* AXA XL Insurance holds leading market positions across its lines.
* The chart "Profitability vs Ex-price growth (%)" displays bubbles for Property, Specialty, Casualty, and Professional lines.
* AXA XL Insurance is a Top 3 global player in Multinational Programs, Marine, and Fine Art & Specie.
* The company manages the cycle to deliver consistent profitability.
* Profitability versus ex-price growth (%) is analyzed by line, including Professional lines, Casualty, Specialty, and Property.
* A chart indicates a positive correlation between ex-price growth and profitability for these lines.
 
{{chunk|doc=snjra2xp9r|c=10297|p=37}}
====== ManagingAXA theXL cycleInsurance to– deliverLarge consistentCommercial profitability& Specialty business ======
 
{{fn note|1=1|2=Including Cyber}}
Line 1,856 ⟶ 1,816:
==== Claims reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=10398|p=38}}
====== Claims reserves ratio definition ======
 
* The claimsClaims reserves ratio is defined as Net undiscounted claims reserves divided by Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=10499|p=38}}
====== Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
Line 1,894 ⟶ 1,854:
==== Technical reserves ratio ====
 
{{chunk|doc=snjra2xp9r|c=105100|p=38}}
====== Net undiscounted technical reserves ratio ======
 
* Net undiscounted technical reserves are measuredpresented againstas a ratio to Net earned premiums.
 
{{chunk|doc=snjra2xp9r|c=106101|p=38}}
====== Technical reserves ratio (Net undiscounted technical reserves/Net earned premiums) ======
 
<div style="overflow-x:auto">
Line 1,932 ⟶ 1,892:
{{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=107102|p=39}}
====== P&CCurrency Nat Cat Reinsurance Program Structurebasis ======
 
* All figures are in EUR.
* 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=108103|p=39}}
====== CapacityInsurance andsegment retention(occurrence by perilprotection) ======
 
<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|-
! style="text-align:left" | Peril
! class="col-s" style="text-align:right" | EU WindstormCapacity
! class="col-s" style="text-align:right" | Europe FloodRetention
! class="col-s" style="text-align:right" | Europe Earthquake
! class="col-s" style="text-align:right" | NA Hurricane
! class="col-s" style="text-align:right" | NA Earthquake
! class="col-s" style="text-align:right" | Per other perils³
|-
| style="text-align:left" | CapacityEU Windstorm
| style="text-align:right" | 4.0bn
| style="text-align:right" | 600m
|-
| style="text-align:left" | Europe Flood
| style="text-align:right" | 2.1bn
| style="text-align:right" | 450m
|-
| style="text-align:left" | Europe Earthquake
| style="text-align:right" | 2.1bn
| style="text-align:right" | 400m
|-
| style="text-align:left" | NA Hurricane
| style="text-align:right" | 1.2bn
| style="text-align:right" | 600m{{fn ref|2}}
|-
| style="text-align:left" | NA Earthquake
| style="text-align:right" | 1.2bn
| style="text-align:right" | 1.2bn600m{{fn ref|2}}
|-
| style="text-align:left" | RetentionPer other perils{{fn ref|3}}
| style="text-align:right" | 600m
| 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=109104|p=39}}
====== 2026 Simplified Group Nat Cat Reinsurance Program ======
 
* Reinsurance segment is illustrative.
* Retention levels for [[Definition:Year 2026|2026]] are maintained at the same stable levels as in 2025.
* Includes Alternative Capital & Cat Bonds.
* Stable retention levels maintained in [[Definition:Year 2026|2026]] as in 2025.
 
{{chunk|doc=snjra2xp9r|c=110105|p=39}}
====== P&C – 2026 Simplified Group Nat Cat Reinsurance Program¹ ======
 
{{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=111106|p=40}}
====== Nat Cat cost deviationscenarios ======
 
* TheNat dataCat iscost scenarios are presented in EUR billion, net of reinsurance.
 
==== Group underlying earnings deviation to average Nat Cat charges in 2026 ====
 
{{chunk|doc=snjra2xp9r|c=112107|p=40}}
====== NetNat ofCat reinsurance post-taxcharges deviation ======
 
* Net of reinsurance, post-tax.
* Negative deviation in approximately 40% of cases for more severe years.
* PositiveMore severe years show negative deviation in approximately 6040% of cases for less severe years.
* Less severe years show positive deviation in approximately 60% of cases.
 
{{chunk|doc=snjra2xp9r|c=113108|p=40}}
====== EarningsGroup underlying earnings deviation byto average Nat Cat charges in 2026 (net of reinsurance, probabilitypost-tax) ======
 
<div style="overflow-x:auto">
{| id="t41" class="wikitable"
|-
! style="text-align:left" | Probability (Percentile)
! style="text-align:right" | Earnings deviationDeviation
|-
| style="text-align:left" | 1/20y (95th)
Line 2,033 ⟶ 1,999:
==== Average Expected Nat Cat charges ====
 
{{chunk|doc=snjra2xp9r|c=114109|p=40}}
====== Average expected Natnatural Catcatastrophe charges ======
 
* NetAverage expected natural catastrophe charges are net of reinsurance, and pre-tax.
 
{{chunk|doc=snjra2xp9r|c=115110|p=40}}
====== Average expectedExpected Nat Cat charges and(net estimatedof impactreinsurance, on GEP by yearpre-tax) ======
 
<div style="overflow-x:auto">
Line 2,048 ⟶ 2,014:
! style="text-align:right" | 2026
|-
| style="text-align:left" | Average Expected Nat Cat charges (in Euro billion)
| style="text-align:right" | 2.6
| style="text-align:right" | 2.7
Line 2,058 ⟶ 2,024:
</div>
 
{{fn note|1=1|2=1. Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. Deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).}}
 
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=116111|p=41}}
====== Additional disclosures ======
 
Line 2,070 ⟶ 2,036:
 
=== 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 ====
 
{{chunk|doc=snjra2xp9r|c=112|p=42}}
==== In Euro million (pre-tax) ====
====== In Euro million (pre-tax) ======
 
{{chunk|doc=snjra2xp9r|c=118|p=42}}
====== Technical Result ======
 
<div style="overflow-x:auto">
Line 2,135 ⟶ 2,094:
|}
</div>
 
{{chunk|doc=snjra2xp9r|c=119|p=42}}
====== FY25 sensitivity to discount rate changes ======
 
* [[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.
 
==== Financial Result ====
 
{{chunk|doc=snjra2xp9r|c=113|p=42}}
==== In Euro million (pre-tax) ====
====== In Euro million (pre-tax) ======
 
{{chunk|doc=snjra2xp9r|c=120|p=42}}
====== Financial Result In Euro million (pre-tax) ======
 
<div style="overflow-x:auto">
Line 2,185 ⟶ 2,137:
</div>
 
{{chunk|doc=snjra2xp9r|c=121114|p=42}}
====== 2026eFinancial Insurance Finance ExpensesResult ======
 
* 2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount:
** +25bps: ~EUR -50m
** -25bps: ~EUR +50m
 
{{chunk|doc=snjra2xp9r|c=122|p=42}}
====== Underlying earnings before tax, tax, affiliates, minority interests & other, and underlying earnings ======
 
<div style="overflow-x:auto">
Line 2,225 ⟶ 2,169:
</div>
 
{{chunk|doc=snjra2xp9r|c=115|p=42}}
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
====== Discount rate sensitivity ======
{{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.}}
 
* [[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.
* 2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn.
* Sensitivity of 2026e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps results in ~EUR -50m; -25bps results in ~EUR +50m.
* Changes are versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].
 
=== L&H – Margin Analysis ===
 
{{chunk|doc=snjra2xp9r|c=123116|p=43}}
====== Scope impact ======
 
Line 2,237 ⟶ 2,186:
==== Technical Result ====
 
{{chunk|doc=snjra2xp9r|c=124117|p=43}}
====== Pre-taxIn technicalEuro resultmillion, pre-tax ======
 
* Pre-tax technical result in EUR million.
 
{{chunk|doc=snjra2xp9r|c=125|p=43}}
====== Short-term Technical Margin, Gross Earned Premiums, All Year Combined Ratio by FY25 ======
 
<div style="overflow-x:auto">
Line 2,263 ⟶ 2,207:
| 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" |
! 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 2,295 ⟶ 2,222:
</div>
 
{{chunk|doc=snjra2xp9r|c=118|p=43}}
==== Financial Result ====
====== Laya recapture ======
 
* Includes recapture of Laya.
{{chunk|doc=snjra2xp9r|c=128|p=43}}
====== Pre-tax results ======
 
==== Financial Result ====
* All figures are in EUR million, pre-tax.
 
{{chunk|doc=snjra2xp9r|c=129119|p=43}}
====== InvestmentIn incomeEuro (non-VFAmillion, only)pre-tax ======
 
<div style="overflow-x:auto">
{| id="t48t47" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,327 ⟶ 2,254:
| 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 2,354 ⟶ 2,269:
</div>
 
{{chunk|doc=snjra2xp9r|c=131120|p=43}}
====== Financial Result ======
 
<div style="overflow-x:auto">
{| id="t50t48" class="wikitable fintable"
|-
! style="text-align:left" |
Line 2,386 ⟶ 2,301:
</div>
 
==== Life &amp; Health FY25 CSM Key Sensitivities ====
 
{{chunk|doc=snjra2xp9r|c=132121|p=43}}
====== CSM(in sensitivityEuro to economic factorsbillion) ======
 
* 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="t51t49" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Baseline
Line 2,443 ⟶ 2,339:
 
{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}
 
{{chunk|doc=snjra2xp9r|c=134|p=43}}
====== CSM key sensitivities ======
 
* Changes versus [[Definition:Full year 2024|FY24]] are at constant [[Definition:Foreign exchange|FX]].
 
=== Contents ===
 
{{chunk|doc=snjra2xp9r|c=135122|p=44}}
====== Additional disclosures ======
 
* Additional disclosures include: Debt and Invested Assets on p.31; Additional P&C disclosures on p.36; 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=136123|p=45}}
====== ClimateAs anda communityGLOBAL financing targets and resultsINVESTOR ======
 
<div style="overflow-x:auto">
* Target for climate transition financing: EUR 5bn per year.
{| id="t50" class="wikitable"
* Target for community resilience financing: >EUR 500m per year.
|-
* 2025 Result for climate transition financing: EUR 6.4bn.
! style="text-align:left" | Target
* 2025 Result for community resilience financing: EUR 1.4bn.
! style="text-align:right" | 2025 Result
|-
| style="text-align:left" | €5bn{{fn ref|2}} in climate transition financing per year
| style="text-align:right" | €6.4bn
|-
| style="text-align:left" | &gt;€500m{{fn ref|2}} in community resilience financing per year
| style="text-align:right" | €1.4bn
|}
</div>
 
==== As a GLOBAL INSURER ====
 
{{chunk|doc=snjra2xp9r|c=137124|p=45}}
====== P&CAs GWPa andGLOBAL climate adaptation targetsINSURER ======
 
<div style="overflow-x:auto">
* Target for P&C [[Definition:Gross written premiums|GWP]] to support transition underwriting is EUR 6bn (cumulative 2024-[[Definition:Year 2026|2026]]).
{| id="t51" class="wikitable"
* Target for climate adaptation solutions & services is >20,000 (cumulative 2024-2026), with this target revised in 2025.
|-
* Target for inclusive insurance customers is >20m by 2026.
! style="text-align:left" | Target
* 2025 Result for P&C GWP is EUR 4.6bn.
! style="text-align:right" | 2025 Result
* 2025 Result for cumulative climate adaptation solutions & services (2024-2025) is 19,698.
|-
* 2025 Result for inclusive insurance customers is 20.6m.
| style="text-align:left" | €6bn{{fn ref|3}} in P&amp;C GWP to support transition underwriting (cumulative 2024-2026)
| style="text-align:right" | €4.6bn
|-
| style="text-align:left" | &gt;20,000{{fn ref|4}} climate adaptation solutions &amp; services (cumulative 2024-2026) Target revised in 2025
| style="text-align:right" | 19,698 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.}} inclusive insurance customers by 2026
| style="text-align:right" | 20.6m
|}
</div>
 
==== As a COMPANY ====
 
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====== ESGAs targetsa and resultsCOMPANY ======
 
<div style="overflow-x:auto">
* Target: >80,000 AXA Group employees trained on climate adaptation by [[Definition:Year 2026|2026]]
{| id="t52" class="wikitable fintable"
* 2025 Result: 46,420 employees trained
|-
* Target: Contribute to Net-Zero -50% by 2030 in absolute carbon emissions and offset of residual emissions
! style="text-align:left" | Target
* 2025 Result: -64% reduction against 2019
! class="col-m" style="text-align:right" | 2025 Result
* Target: 50% of AXA Group employees engaged in volunteering activities by 2026
|-
* 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.}} AXA Group employees trained on climate adaptation by 2026
 
| style="text-align:right" | 46,420
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|-
====== As a COMPANY ======
| style="text-align:left" | Contribute to Net-Zero -50%{{fn ref|7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}} by 2030 in absolute carbon emissions and offset of residual emissions{{fn ref|8|2=Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).}}
| style="text-align:right" | -64% Reduction against 2019
|-
| style="text-align:left" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026
| style="text-align:right" | 56%
|}
</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 &amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}
{{fn note|1=4|2=Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions &amp; services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaption solutions &amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from &gt;9,000 to &gt;20,000.}}
{{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}
{{fn note|1=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.}}
Line 2,506 ⟶ 2,423:
=== Sustainability Performance & Ratings ===
 
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====== SustainabilityESG ratings ======
 
* S&P Global: 97th percentile in Dow Jones Best-in-Class Europe & World indices for 2025.
* MSCI: AAA score for 2025.
* CDP: B score for 2025.
* MORNINGSTARMorningstar SUSTAINALYTICSSustainalytics: ESG Risk Rating of 17.0 (Low risk) for 2025.
* FTSE RUSSELLRussell An(an LSEG Business): 4.3/5 score in FTSE4Good Index Series for 2025.
 
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====== Sustainability Performance & Ratings ======
 
Line 2,522 ⟶ 2,439:
=== Scope ===
 
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====== Scope definitions ======
 
* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (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 includes:
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (fully consolidated).
** Asia (equity method): China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) businesses, contributing only to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (fully consolidated).
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).
** EME-LATAM (equity method): Russia (Reso) (insurance activities), contributing only to net income.
** 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.
 
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====== 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 ===
 
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====== Glossary of financial terms ======
 
* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
* Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums & other revenues|GWP & Other Revenues]]): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
** Other Revenues: represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).
* New Business Value (NBV): the value of newly issued contracts during the current year.
** It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
* New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.
* Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.
** Operating variance is net of reinsurance.
* Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.
** PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
* Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
=== Thank you ===
 
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====== FYFull Year 2025 earningsEarnings ======
 
* [[Definition:Full year 2025|Full Year 2025]] Earnings
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_presentation"