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

"content": "* Certain statements in thethis presentationdocument are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information.\n* Forward-looking statements are identified by words like \"expects\", \"anticipates\", \"may\", \"plan,\" \"target\", or conditional verbs such aslike \"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, providingand provide one-off guidance for the last year of the Group'sGroup’s current strategic plan.\n* These statements are based on Management'sManagement’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'sAXA’s control, which could cause actual results to differ materially.\n* Each forward-looking statement speaksis valid only asat the date of thethis presentation date.\n* 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.\n* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.\n* TheThis presentation refers to non-GAAP financial measures, or alternative performance measures (\"APMs\"), used by Management forto analyzinganalyze operating trends, financial performance, and position.\n* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.\n* 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.\n* \"[[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.\n* 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”.\n* Further information on non-GAAP financial measures is available in the Glossary ofin AXA'sAXA’s 2025 Activity Report.\n* AXA'sAXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).\n* 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.\n\n=== Contents ==="

"id": "snjra2xp9r-c3c2",

"chunk": 32,

"heading": "PresentationFY25 presentation agenda and speakers",

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

"id": "snjra2xp9r-c4c3",

"chunk": 43,

"id": "snjra2xp9r-c5c4",

"chunk": 54,

"heading": "FY25Financial performance and shareholder valuereturns",

"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* Delivering value for shareholders withvia +8% DPS growth and EUR 1.25bn annual [[Definition:Share buyback|share buyback]]\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-c6c5",

"chunk": 65,

"content": "{{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.}}\n{{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.}}\n\n=== Executing the plan on growth, margin and efficiency ==="

"id": "snjra2xp9r-c7c6",

"chunk": 76,

"heading": "Underlying earnings by(In FYEuro billion)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t1\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | Period\n! class=\"col-s\" style=\"text-align:right\" | FY24Underlying earnings\n! class=\"col-s\" style=\"text-align:right\" | FY25Change\n!|-\n| classstyle=\"coltext-salign:left\" | FY24\n| style=\"text-align:right\" | Change8.1\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Underlying earningsFY25\n| style=\"text-align:right\" | 8.14\n| style=\"text-align:right\" | 8.4+6%\n|-\n| style=\"text-align:left\" | FY25 excluding AXA IM\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | +69%\n|}\n\u003C/div\u003E"

"id": "snjra2xp9r-c8c7",

"chunk": 87,

"heading": "KeyStrategic performancepriorities indicatorsand performance",

"links": [],

"effective_tags": [],

"id": "snjra2xp9r-c9c8",

"chunk": 98,

"id": "snjra2xp9r-c10c9",

"chunk": 109,

"id": "snjra2xp9r-c11c10",

"chunk": 1110,

"id": "snjra2xp9r-c12c11",

"chunk": 1211,

"heading": "Competitive advantagesAdvantages",

"id": "snjra2xp9r-c13c12",

"chunk": 1312,

"id": "snjra2xp9r-c14c13",

"chunk": 1413,

"id": "snjra2xp9r-c15c14",

"chunk": 1514,

"heading": "ExecutiveGuillaume rolesBorie's role",

"id": "snjra2xp9r-c16c15",

"chunk": 1615,

"content": "* [[Definition:Gross written premiums|Gross written premiums]] (GWP) and [[Definition:Underlying earnings|underlying earnings]] are reported at constant scope and [[Definition:Foreign exchange|FX]]."

"id": "snjra2xp9r-c17c16",

"chunk": 1716,

"heading": "GrossStrong writtendelivery premiumsacross \u0026our Underlying earnings by geographybusinesses",

"id": "snjra2xp9r-c18c17",

"chunk": 1817,

"content": "* [[Definition:Gross written premiums|GWP]]: EUR 58bn\n* GWP mix includes Retail, SME \u0026 Mid-market, and AXA XL (Large \u0026 Specialty).\n* [[Definition:Underlying earnings|Underlying earnings]]: +9% to EUR 5.9bn.\n\n==== 2025 and Beyond 2025 Strategy ===="

"heading": "StrategicKey prioritiesdrivers byof segmentperformance",

"content": "* Retail and SME \u0026 Mid-market: growing volumes while expanding margins by 2025; investing to improve customer retention and expanding distribution footprint beyond 2025.\n* AXA XL (Large \u0026 Specialty): profitable growth with stable margins by 2025; capitalizing on attractive growth opportunities and continued cycle management beyond 2025.\n* Continued progress on efficiency.\n* Higher investment income.\n* Data \u0026 AI to further enhance customer experience and\u0026 technical excellence."

"heading": "2025Key and Beyond 2025 StrategyDrivers",

"heading": "L\u0026H GWP and Underlying Earningsearnings",

"content": "* [[Definition:Gross written premiums|GWP]]: EUR 57bn\n** GWP mix includes Short-term\n** and Long-term\n* [[Definition:Underlying earnings|Underlying earnings]]: +7% to EUR 3.5bn\n\n==== Strategic PrioritiesRoadmap ===="

"heading": "Strategic priorities by business lineRoadmap",

"heading": "Strategic prioritiesinitiatives",

"content": "* 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."

"heading": "Strategic PrioritiesRoadmap",

"heading": "GroupManagement CFOroles",

"content": "* [[Definition:Gross written premiums|Gross Written Premiums]] (GWP) infor P\u0026C werereached EUR 4039.1bn0bn in 2023, up from EUR 3736.7bn in 2022, representing a (+6% increase on a reported basis.\n* On a like-for-like (LFL) basis, GWP increased by +7%.\n* Commercial lines GWP grew by +9% LFL to EUR 26.0bn (reported: EUR 24.4bn in 2022).\n* Personal lines GWP increased by +3% LFL to EUR 13.0bn (reported: EUR 12.3bn in 2022).\n\n==== GWP \u0026 Other Revenues ===="

"heading": "GWP \u0026u0026amp; otherOther revenues by commercial lines, AXA XL Reinsurance, and retail linesRevenues",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t5\" 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\" | 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\" | TotalCommercial lines\n| style=\"text-align:right\" | 56.5\n| style=\"text-align:right\" | 5835.08\n| style=\"text-align:right\" | +54%\n| style=\"text-align:right\" | +2%\n| style=\"text-align:right\" | +2%\n|-\n| style=\"text-align:left\" | CommercialAXA linesXL Reinsurance\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 352.86\n| style=\"text-align:right\" | +48%\n| style=\"text-align:right\" | +20.3%\n| style=\"text-align:right\" | +27%\n|-\n| style=\"text-align:left\" | AXARetail XL Reinsurancelines\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 219.67\n| style=\"text-align:right\" | +87%\n| style=\"text-align:right\" | +0.35%\n| style=\"text-align:right\" | +72%\n|-\n| style=\"text-align:left\" | Retail linesTotal\n| style=\"text-align:right\" | 56.5\n| style=\"text-align:right\" | 1958.70\n| style=\"text-align:right\" | +75%\n| style=\"text-align:right\" | +5%\n| style=\"text-align:right\" | +2%\n|}\n\u003C/div\u003E"

"heading": "BusinessCommercial lines growth drivers",

"content": "* Continued pricing momentum and volume growth in Mid-market and SME\n* Growth in lines of business with attractive margins, while maintaining 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]])"

"heading": "ReportingGWP basis\u0026 Other Revenues",

"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\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | CombinedUndiscounted CY loss ratio (ex Nat Cat)\n| style=\"text-align:right\" | 9167.04%\n| style=\"text-align:right\" | 9067.60%\n|-\n| style=\"text-align:left\" | Undiscounted CY lossExpense ratio (ex Nat Cat)\n| style=\"text-align:right\" | 6725.40%\n| style=\"text-align:right\" | 6724.08%\n|-\n| style=\"text-align:left\" | ExpenseNat ratioCat\n| style=\"text-align:right\" | 253.08%\n| style=\"text-align:right\" | 243.84%\n|-\n| style=\"text-align:left\" | NatPrior Catyear reserve development\n| style=\"text-align:right\" | 3-1.86%\n| style=\"text-align:right\" | 3-1.41%\n|-\n| style=\"text-align:left\" | Prior year reserve developmentDiscount\n| style=\"text-align:right\" | -13.6%\n| style=\"text-align:right\" | -13.15%\n|-\n| style=\"text-align:left\" | DiscountTotal Combined ratio\n| style=\"text-align:right\" | -391.60%\n| style=\"text-align:right\" | -390.56%\n|}\n\u003C/div\u003E"

"heading": "Undiscounted current year loss ratio drivers",

"content": "* Undiscounted current year loss ratio improved, excluding NatNatural Cat,Catastrophe due(Nat toCat).\n* marginMargin expansion in Commercial lines SME \u0026 mid-market business and Personal lines, reflectingreflected a favorable pricing environment.\n* Stable AXA XL Insurance margins remained stable at attractive levels reflecteddue to disciplined cycle management.\n* Improvement in expenseExpense ratio reflectedimproved thedue impact ofto efficiency measures, while continuing investmentinvestments in growth initiatives and technology continued.\n* Nat Cat charges were below the normalized load.\n* Lower relianceReliance on prior year reserve development was lower.\n* Enhanced reserveReserve prudence was enhanced during a favorable year.\n\n=== P\u0026C – Earnings growth from higher underwriting and financial result ==="

"heading": "P\u0026CCurrency earningsnotation",

"content": "* InAll EURfigures million\n\n====are Underlyingin EarningsEUR ====million."

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t7\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | Driver\n! class=\"col-s\" style=\"text-align:right\" | Value\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 5,510\n|-\n| style=\"text-align:left\" | Volume growth {{fn ref|1}}\n| style=\"text-align:right\" | +292\n|-\n| style=\"text-align:left\" | Margin improvement {{fn ref|1}}\n| style=\"text-align:right\" | +189\n|-\n| style=\"text-align:left\" | Investment income (Financial result)\n| style=\"text-align:right\" | +435\n|-\n| style=\"text-align:left\" | Insurance finance expenses (Financial result)\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| style=\"text-align:left\" | Total Change at constant FX\n| style=\"text-align:right\" | +9%\n|}\n\u003C/div\u003E"

"heading": "UnderlyingP\u0026C earnings drivers",

"content": "* Better underwritingUnderwriting result fromimproved due to strong volume growth and improvedan enhanced all-year combined ratio, whilealongside enhancingincreased reserve prudence.\n* Increase in investmentInvestment income increased, reflecting higher volumes and betterimproved reinvestment yields on fixed income assets.\n* Higher unwindUnwind of discount of claims reserves, inwas inhigher, lineconsistent with guidance.\n* Unfavorable forexForex impact notablywas unfavorable, primarily due to USD depreciation vs.against the EUR."

"heading": "UnderlyingP\u0026C – Earnings growth from higher underwriting and financial result",

"heading": "ConstantReporting FX change and FY25 earningsbasis",

"Foreign exchange",

"Foreign exchange",

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

"heading": "CurrencyFinancial notationmetrics",

"content": "* All financial figures are in EUREuro billion."

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t8\" 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\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\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| style=\"text-align:left\" | Total Life GWP \u0026amp; Other Revenues\n| style=\"text-align:right\" | 34.5\n| style=\"text-align:right\" | 37.5\n| style=\"text-align:right\" | +9%\n|}\n\u003C/div\u003E"

"heading": "Health GWP \u0026u0026amp; otherOther revenues by individual and groupRevenues",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t9\" 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\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change\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| style=\"text-align:left\" | Total Health GWP \u0026amp; Other Revenues\n| style=\"text-align:right\" | 17.5\n| style=\"text-align:right\" | 19.0\n| style=\"text-align:right\" | +5%\n|}\n\u003C/div\u003E"

"Full year 2024",

"content": "* Employee Benefits premiums: EUR 12.9bn in [[Definition:Full year 2025|FY25]] (+4% vs. [[Definition:Full year 2024|FY24]])"

"heading": "Net flows: €+5.4bn vs. €+1.5bn in FY24 (in Euro billion)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t10\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | (in Euro billion)\n! class=\"col-s\" style=\"text-align:right\" | FY25\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"

"heading": "BasisReporting of changebasis",

"content": "* Change is measured at constant scope and [[Definition:Foreign exchange|FX]]."

"heading": "CurrencyLife notation\u0026 Health Performance",

"heading": "PVEP by lines of business",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t11\" 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\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | Change at constant scope and FX\n|-\n| style=\"text-align:left\" | Protection \u0026amp; Health\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 31.4\n| style=\"text-align:right\" | -4%\n|-\n| style=\"text-align:left\" | Unit-Linked\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 8.5\n| style=\"text-align:right\" | +18%\n|-\n| style=\"text-align:left\" | Capital-light G/A\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 7.8\n| style=\"text-align:right\" | -10%\n|-\n| style=\"text-align:left\" | Traditional G/A\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | 1.7\n| style=\"text-align:right\" | -10%\n|-\n| style=\"text-align:left\" | Total PVEP\n| style=\"text-align:right\" | 50.9\n| style=\"text-align:right\" | 49.4\n| style=\"text-align:right\" | -2%\n|}\n\u003C/div\u003E"

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t12\" 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\" | FY25\n! style=\"text-align:left\" | Change at constant scope and FX\n|-\n| style=\"text-align:left\" | NB CSM (pre-tax)\n| style=\"text-align:right\" | 2.2\n| style=\"text-align:right\" | 2.2\n| style=\"text-align:left\" | +3%\n|}\n\u003C/div\u003E"

"heading": "NBV (post-tax) by FY24, FY25, and Change at constant scope and FX",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t13\" 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\" | FY25\n! style=\"text-align:left\" | Change at constant scope and FX\n|-\n| style=\"text-align:left\" | NBV (post-tax)\n| style=\"text-align:right\" | 2.3\n| style=\"text-align:right\" | 2.2\n| style=\"text-align:left\" | stable\n|-\n| style=\"text-align:left\" | NBV margin\n| style=\"text-align:right\" | 4.4%\n| style=\"text-align:right\" | 4.5%\n| style=\"text-align:left\" |\n|}\n\u003C/div\u003E"

"heading": "LifeReporting \u0026 Health performancebasis",

"content": "* PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes\n* NB CSM driven by robust Savings \u0026 Protection sales; reported growth impacted by higher interest rates for discounting of future profits\n* NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France\n* Change at constant scope and [[Definition:Foreign exchange|FX]].\n\n=== Life \u0026 Health – Growth in new business driving Normalized CSM growth ==="

"content": "* Normalized CSM growth: was +2%.\n* Normalized CSM upincreased by +2%, with CSM release growth reflecting 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==== Contractual Service Margin rollforward ===="

"heading": "Contractual Service Margin rollforward (in Euro billion)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t14\" class=\"wikitable fintable\"\n|-\n|! style=\"text-align:left\" | In Euro billionItem\n|! styleclass=\"textcol-align:rights\" | CSM\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 33.6Value\n|-\n| style=\"text-align:left\" | o/w LifeFY24\n| style=\"text-align:right\" | 2533.8\n|-\n| style=\"text-align:left\" | o/w Health\n| style=\"text-align:right\" | 7.76\n|-\n| style=\"text-align:left\" | New business CSM\n| style=\"text-align:right\" | +2.2\n|-\n| style=\"text-align:left\" | Underlying return on in-force\n| style=\"text-align:right\" | +1.3\n|-\n| style=\"text-align:left\" | CSM release\n| style=\"text-align:right\" | -3.0\n|-\n| style=\"text-align:left\" | Economic variance\n| style=\"text-align:right\" | +0.6\n|-\n| style=\"text-align:left\" | Operating variance\n| style=\"text-align:right\" | -0.3\n|-\n| style=\"text-align:left\" | Affiliates, FX \u0026amp; other\n| style=\"text-align:right\" | -1.4\n|-\n| style=\"text-align:left\" | FY25\n| style=\"text-align:right\" | 33.0\n|-\n| style=\"text-align:left\" | o/w Life\n| style=\"text-align:right\" | 25.4\n|-\n| style=\"text-align:left\" | o/w Health\n| style=\"text-align:right\" | 7.6\n|}\n\u003C/div\u003E"

"heading": "ConstantCSM scopebreakdown andby FXsegment definition(in Euro billion)",

"links": [],

"effective_tags": [],

2019

"heading": "LifeConstant \u0026scope Healthand performanceFX definition",

"links": [],

"effective_tags": [],

"heading": "Underlying Earnings (in Euro million)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t15t16\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | Component\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | ChangeBridge\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 / Tax, FX and 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\" | Total Underlying Earnings\n|! class=\"col-s\" style=\"text-align:right\" | 3,323\n|! class=\"col-s\" style=\"text-align:right\" | +7%{{fn ref|*|2=Change at constant FX.}}\n|! class=\"col-s\" style=\"text-align:right\" | 3,501\n|}\n\u003C/div\u003E"

"heading": "UnderlyingAdditional earningsMetrics by(in business linebillions)",

"links": [],

"effective_tags": [],

"heading": "Technical marginShort-term and long-term business results",

"links": [],

"effective_tags": [],

2120

"heading": "UnderlyingLife earnings\u0026 andHealth net– incomeStrong momentum in both short-term and bylong-term segmentbusiness",

"heading": "Underlying earnings and\u0026 netNet income driversby segment",

"links": [],

"effective_tags": [],

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t17t19\" 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"

"heading": "UnderlyingEarnings earnings per sharegrowth drivers",

"CapitalAXA managementInvestment Managers"

"content": "* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth drivers: +6% from earnings growth; -1+3% from temporary [[Definition:EarningsCapital dilutionmanagement|earningscapital dilutionmanagement]]; -2% from forex\n* Forex impact includes -1% from temporary [[Definition:AXAEarnings Investment Managersdilution|AXAearnings IMdilution]] sale due to the timing of the anti-dilutive [[Definition:Share buyback|share buyback]]; +3%related fromto the [[Definition:CapitalAXA managementInvestment Managers|capitalAXA managementIM]]; -2% from forexsale."

"heading": "Underlying earnings perand sharenet income performance",

"links": [],

"effective_tags": [],

"heading": "Shareholders' Equityequity",

"content": "* AllShareholders' figuresEquity areis presented in EUR bnbillion.\n\n==== Shareholders' equity ===="

"heading": "Shareholders'Shareholders’ equity by period",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t18t20\" 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\" | HY25\n! class=\"col-s\" style=\"text-align:right\" | FY25\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)\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\" | Shareholders'SHE (excl. OCI equity\u0026amp; undated subordinated debt)\n| style=\"text-align:right\" | 53.2\n| style=\"text-align:right\" | 47.0\n| style=\"text-align:right\" | 49.94\n|-\n| style=\"text-align:left\" | Debt gearing\n| style=\"text-align:right\" | 4520.56%\n| style=\"text-align:right\" | 4723.4%\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"

"heading": "Shareholders'Shareholders’ equity and debt gearingEquity",

2223

"heading": "Shareholders'Currency equitynotation",

"heading": "CurrencyNet notationCash Remittance",

"heading": "Net Cash Remittanceposition bridge (in Euro billion)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t20t23\" class=\"wikitable fintable\"\n|-\n!| style=\"text-align:left\" | FY24 Cash position\n! class=\"col-s\"| style=\"text-align:right\" | FY244.0\n!|-\n| classstyle=\"coltext-salign:left\" | Net cash remittance from subsidiaries\n| style=\"text-align:right\" | FY25+7.5\n|-\n| style=\"text-align:left\" | Proceeds related toDividend\n| instyle=\"text-forcealign:right\" treaties{{fn| ref-4.6\n|2}}-\n| style=\"text-align:rightleft\" | 0.6Annual share buyback\n| style=\"text-align:right\" | -1.2\n|-\n| style=\"text-align:left\" | OrdinaryAnti-dilutive cashshare remittancebuyback following the sale of AXA IM\n| style=\"text-align:right\" | 7-3.15\n|-\n| style=\"text-align:rightleft\" | 7.5\n|-Holding costs and interest expenses\n| style=\"text-align:leftright\" | Total-1.3\n|-\n| style=\"text-align:rightleft\" | 7.7Change in net debt\n| style=\"text-align:right\" | 7+1.56\n|-\n| style=\"text-align:left\" | RemittanceM\u0026amp;A ratio{{fnand ref|1}}other\n| style=\"text-align:right\" | 82%+3.1\n|-\n! style=\"text-align:left\" | FY25 Cash position\n! class=\"col-s\" style=\"text-align:right\" | 82%5.6\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=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=€0.6bn Cashproceeds Positionrelated Bridgeto L\u0026amp;S reinsurance in-force treaties at AXA France and AXA Life Europe.}}\n\n=== Solvency II at 224% ==="

2324

"heading": "CashSolvency PositionII Bridgeratio",

"heading": "Eligible Own Funds (EOF), Solvency Capital Requirement (SCR), and Solvency II ratio waterfall from FY24 to FY25",

"heading": "EligibleSolvency OwnII Fundsratio (EOF) waterfallcomponents",

"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\n\n==== Key sensitivities ===="

2425

"heading": "Solvency II ratioRatio bridgeImpacts",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t23t26\" class=\"wikitable fintable\"\n|-\n|! style=\"text-align:left\" | FY24\n|Metric style=\"text-align:right\"/ | 216%Event\n|-\n|! styleclass=\"textcol-align:leftm\" | Regulatory \u0026amp; model changes\n| style=\"text-align:right\" | +0ptImpact / Ratio\n|-\n| style=\"text-align:left\" | NormalizedRatio capitalas generationof 31/12/2025\n| style=\"text-align:right\" | +28pts224%\n|-\n| style=\"text-align:left\" | OperatingImpact variance\n|of style=\"text-align:right\"the |end -1pt\n|-\n|of style=\"text-align:left\"grandfathering |period Economicon varianceJanuary \u0026amp;1, FX2026\n| style=\"text-align:right\" | +4pts-10pts to 215%\n|-\n| style=\"text-align:left\" | DividendImpact \u0026amp;of annualSolvency shareII buyback\n|revision style=\"text-align:right\"to |come -24pts\n|-\n|into style=\"text-align:left\"effect |in Management actions, debt \u0026amp; other1Q27\n| style=\"text-align:right\" | +2pts\n|-\n| style=\"text-align:left\"17pts{{fn ref| FY25\n| style=\"text-align:right\" | 224%1}}\n|}\n\u003C/div\u003E"

2425

"heading": "Solvency CapitalII Requirementcapital (SCR) waterfallimpacts",

"links": [],

"effective_tags": [],

2425

2526

"heading": "Solvency II ratio by period/impactConclusion",

2527

"heading": "GrandfatheredBusiness debtperformance and capital flexibilityoutlook",

"YearTarget 2026range"

"YearTarget 2026range"

2528

"links": [],

"effective_tags": [],

2629

"heading": "GroupInvestor CEOcalendar",

"links": [],

"effective_tags": [],

2729

"heading": "BusinessInvestor performancerelations andcontact outlookinformation",

"links": [],

"effective_tags": [],

"heading": "investorsocial calendarmedia links",

"content": "* March:YouTube\n* RoadshowsFacebook\n* -Instagram\n* EuropeTwitter\n* andLinkedIn\n* USAXA [p.logo icon\n\n== Appendices ==\n\n=== ContactContents us ===="

2931

"heading": "InvestorPresentation Relations Contact Informationcontents",

2932

"heading": "AXAGross websitefinancial debt and maturity breakdown",

"content": "* AXA'sGross websitefinancial debt and maturity breakdown is www.axa.compresented in EUR billion.\n\n== Appendices ==\n\n=== ContentsGross financial debt ===="

3132

"heading": "AdditionalDebt disclosuresgearing and gross financial debt",

"links": [],

"effective_tags": [],

"heading": "Gross financial debt andContractual maturity breakdown",

"heading": "GrossEconomic financialmaturity debt by tierbreakdown",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t27t30\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY242025\n! class=\"col-s\" style=\"text-align:right\" | FY252026\n! class=\"col-s\" style=\"text-align:right\" | Jan2027\n! 1stclass=\"col-s\" 2026style=\"text-align:right\" | 2028\n! class=\"col-s\" style=\"text-align:right\" | 2029\n! class=\"col-s\" style=\"text-align:right\" | 2030\n! class=\"col-s\" style=\"text-align:right\" | 2031-2039\n! class=\"col-s\" style=\"text-align:right\" | ≥2040\n! class=\"col-s\" style=\"text-align:right\" | Undated\n|-\n| style=\"text-align:left\" | TierSenior debt\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.5\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.9\n| style=\"text-align:right\" | 1.5\n| style=\"text-align:right\" | 40.85\n| style=\"text-align:right\" | -\n|-\n| style=\"text-align:left\" | Tier 2\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 2.4\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 2.0\n| style=\"text-align:right\" | 0.7\n| style=\"text-align:right\" | 6.4\n| style=\"text-align:right\" | 3-\n| style=\"text-align:right\" | 0.27\n|-\n| style=\"text-align:left\" | Tier 21\n| style=\"text-align:right\" | 100.81\n| style=\"text-align:right\" | 12-\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.21\n| style=\"text-align:right\" | 11-\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.34\n| style=\"text-align:right\" | -\n| style=\"text-align:leftright\" | Senior4.0\n|}\n\u003C/div\u003E\n* o/w Grandfathered debt\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t31\" class=\"wikitable fintable\"\n|+ o/w Grandfathered debt\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | 32025\n! class=\"col-s\" style=\"text-align:right\" | 2026\n! class=\"col-s\" style=\"text-align:right\" | 2027\n! class=\"col-s\" style=\"text-align:right\" | 2028\n! class=\"col-s\" style=\"text-align:right\" | 2029\n! class=\"col-s\" style=\"text-align:right\" | 2030\n! class=\"col-s\" style=\"text-align:right\" | 2031-2039\n! class=\"col-s\" style=\"text-align:right\" | ≥2040\n! class=\"col-s\" style=\"text-align:right\" | Undated\n|-\n| style=\"text-align:left\" | Tier 1\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.51\n| style=\"text-align:right\" | 3-\n| style=\"text-align:right\" | 0.51\n| style=\"text-align:right\" | 5-\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.4\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.8\n|-\n| style=\"text-align:left\" | TotalTier 2\n| style=\"text-align:right\" | 19.2-\n| style=\"text-align:right\" | 20-\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | 0.37\n| style=\"text-align:right\" | 200.32\n| style=\"text-align:right\" | -\n| style=\"text-align:right\" | -\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Nominal debt.}}\n{{fn note|1=2|2=In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005.}}\n{{fn note|1=3|2=Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, that has no step-up, the undated nature of the instrument is retained for the purpose of this diagram. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time.}}\n\n=== General Account Invested Assets ==="

3233

"heading": "DebtGeneral gearingAccount andinvested redemptionassets",

"Full year 20242025",

"Full year 20242025",

"content": "* Debt gearing: 20.6% in [[Definition:Full year 2024|FY24]]; 22.3% in [[Definition:Full year 2025|FY25]]\n* EURTotal 0.4bnGeneral redeemedAccount ininvested January [[Definition:Year 2026|2026]]assets\n* EndDuration ofgap theat grandfathering-0.4 period\n\n==== Contractual maturity breakdown ====year"

3233

"heading": "SeniorFY25 debt,Total TierGeneral 2,Account Tierinvested 1assets by(Euro contractual450 maturitybillion)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t28t32\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\"Invested style=assets (100%)\"text-align:rightu003Cbr/\"u003EIn |Euro 2025billion\n! class=\"col-s\" style=\"text-align:right\" | 2026FY25\n! class=\"col-s\" style=\"text-align:right\" | 2027%\n! class=\"col|-s\"n| style=\"text-align:rightleft\" | 2028Fixed income\n! class=\"col-s\"| style=\"text-align:right\" | 2029345\n! class=\"col-s\"| style=\"text-align:right\" | 203077%\n! class=\"col|-s\"n| style=\"text-align:rightleft\" | 2031-2039o/w Government bonds\n! class=\"col-s\"| style=\"text-align:right\" | ≥2040167\n! class=\"col-s\"| style=\"text-align:right\" | Undated37%\n|-\n| style=\"text-align:left\" | Senioro/w Corporate bonds and debtloans\n| style=\"text-align:right\" | 0.5121\n| style=\"text-align:right\" | 27%\n|-\n| style=\"text-align:rightleft\" | -o/w Other fixed income {{fn ref|1}}\n| style=\"text-align:right\" | 0.556\n| style=\"text-align:right\" | -13%\n| style=\"text-align:right\" | 0.9\n| style=\"text-align:rightleft\" | 1.5Real estate\n| style=\"text-align:right\" | 0.541\n| style=\"text-align:right\" | 0.79%\n|-\n| style=\"text-align:left\" | TierInfrastructure 2equity\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | 2%\n|-\n| style=\"text-align:rightleft\" | -Listed equities {{fn ref|2}}\n| style=\"text-align:right\" | -10\n| style=\"text-align:right\" | 2%\n|-\n| style=\"text-align:rightleft\" | 0.7\n|Private style=\"text-align:right\"equity |and -hedge funds {{fn ref|3}}\n| style=\"text-align:right\" | 10.823\n| style=\"text-align:right\" | 4.65%\n|-\n| style=\"text-align:left\" | Tier 1Cash\n| style=\"text-align:right\" | -19\n| style=\"text-align:right\" | 4%\n|-\n| style=\"text-align:rightleft\" | -Policy loans\n| style=\"text-align:right\" | -2\n| style=\"text-align:right\" | -0%\n| style=\"text-align:right\" | -\n| style=\"text-align:rightleft\" | -Total Insurance Invested Assets {{fn ref|4}}\n| style=\"text-align:right\" | -450\n| style=\"text-align:right\" | -100%\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Other fixed income includes Asset Backed Securities (Euro 25 billion), Residential Loans (Euro 16 billion), Commercial \u0026 Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 8 billion).}}\n{{fn note|1=2|2=Includes o/whedges. GrandfatheredListed debtequities excluding hedges at Euro 14 billion.}}\n{{fn note|1=3|2=Includes Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}\n{{fn note|1=4|2=Please refer to the financial supplement for more details.}}\n\n=== Structured and Private Credit assets ==="

3234

"heading": "GrandfatheredInvested debtassets by(100%) contractualIn maturityEuro and tierbillion",

3235

"heading": "EconomicFY25 maturityFixed breakdown³Income Reinvestment (InTotal: Euro 57 billion)",

3235

"heading": "TierFY25 1Fixed andIncome TierReinvestment 2 by economic maturityYield",

3335

"heading": "GeneralFixed Accountincome Invested Assetsinvestment",

"links": [],

"effective_tags": [],

3335

"heading": "InvestedFY25 assetsFixed (100%)Income InReinvestment Euro billionYield",

3436

"heading": "Investedadditional assets (100%) In Euro billiondisclosures",

3537

"heading": "ShareBusiness \u0026 Average rating by Segmentdiversification",

3537

"heading": "$19bn FY25 FixedGWP by Incomeline Reinvestmentof Yieldbusiness",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t35t36\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | Line of business\n! class=\"col-s\" style=\"text-align:right\" | YieldShare (%)\n|-\n| style=\"text-align:left\" | Public fixed income{{fn ref|1}}Casualty\n| style=\"text-align:right\" | 3.535%\n|-\n| style=\"text-align:left\" | PrivateProperty\n| style=\u0026amp;"text-align:right\" Structured| fixed29%\n|-\n| income{{fnstyle=\"text-align:left\" ref|2}} Specialty\n| style=\"text-align:right\" | 4.719%\n|-\n| style=\"text-align:left\" | TotalProfessional fixedlines{{fn incomeref|1}}\n| style=\"text-align:right\" | 3.917%\n|}\n\u003C/div\u003E"

3537

"heading": "Fixed$19bn IncomeFY25 ReinvestmentGWP Yieldby geography",

3537

"heading": "FY25Market Fixedpositions Incomeand Reinvestmentprofitability Yieldmanagement",

3637

"heading": "AdditionalAXA disclosuresXL Insurance – Large Commercial \u0026 Specialty business",

3738

"heading": "ShareClaims byreserves lineratio of businessdefinition",

3738

"heading": "$19bnClaims FY25reserves GWP by geographyratio",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t37t38\" class=\"wikitable fintable\"\n|-\n! colspan=\"5\" style=\"text-align:center\" | IFRS4\n! colspan=\"4\" style=\"text-align:center\" | IFRS17\n|-\n! style=\"text-align:left\" | GeographyFY18\n! class=\"col-s\" style=\"text-align:right\" | ShareFY19\n! class=\"col-s\" style=\"text-align:right\" | FY20\n! class=\"col-s\" style=\"text-align:right\" | FY21\n! class=\"col-s\" style=\"text-align:right\" | FY22\n! class=\"col-s\" style=\"text-align:leftright\" | AmericasFY22\n! class=\"col-s\" style=\"text-align:right\" | FY23\n! class=\"col-s\" style=\"text-align:right\" | 46%FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Europe179%\n| style=\u0026amp;"text-align:right\" APAC| 185%\n| style=\"text-align:right\" | 35193%\n| style=\"text-align:right\" | 188%\n| style=\"text-align:leftright\" | UK189%\n| style=\u0026amp;"text-align:right\" Lloyds| 198%\n| style=\"text-align:right\" | 19195%\n| style=\"text-align:right\" | 180%\n| style=\"text-align:right\" | 175%\n|}\n\u003C/div\u003E\n\n==== Leading market positionsTechnical acrossreserves linesratio ===="

3738

"heading": "LeadingNet marketundiscounted positionstechnical reserves ratio",

3738

"heading": "ProfitabilityTechnical vs.reserves Ex-price Growthratio",

3739

"heading": "ManagingCurrency the cycle to deliver consistent profitabilitybasis",

3839

"heading": "ClaimsInsurance reservessegment ratio(occurrence definitionprotection)",

3839

"heading": "Claims2026 reservesSimplified ratioGroup (NetNat undiscountedCat claimsReinsurance reserves/Net earned premiums)Program",

"links": [],

"effective_tags": [],

3839

"heading": "NetP\u0026C undiscounted– technical2026 reservesSimplified ratioGroup Nat Cat Reinsurance Program",

3840

"heading": "TechnicalNat reservesCat ratiocost (Net undiscounted technical reserves/Net earned premiums)scenarios",

3940

"heading": "P\u0026C Nat Cat Reinsurance Programcharges Structuredeviation",

"links": [],

"effective_tags": [],

3940

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t40t41\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\"Probability style=\"text-align:right\" | EU Windstorm(Percentile)\n! class=\"col-s\" style=\"text-align:right\" | EuropeEarnings FloodDeviation\n! class=\"col|-s\"n| style=\"text-align:rightleft\" | Europe1/20y Earthquake(95th)\n! class=\"col-s\"| style=\"text-align:right\" | NA Hurricane€-1.2bn\n! class=\"col|-s\"n| style=\"text-align:rightleft\" | NA1/10y Earthquake(90th)\n! class=\"col-s\"| style=\"text-align:right\" | Per other perils³€-0.8bn\n|-\n| style=\"text-align:left\" | Capacity1/5y (80th)\n| style=\"text-align:right\" | 4€-0.0bn4bn\n|-\n| style=\"text-align:rightleft\" | 2.1bnMedian (50th)\n| style=\"text-align:right\" | 2€+0.1bn\n| style=\"text-align:right\" | 1.2bn\n| style=\"text-align:rightleft\" | 1.2bn/5y (20th)\n| style=\"text-align:right\" | 1€+0.2bn5bn\n|-\n| style=\"text-align:left\" | Retention\n| style=\"text-align:right\" |1/10y 600m(10th)\n| style=\"text-align:right\" | 450m€+0.7bn\n| style=\"text-align:right\" | 400m\n| style=\"text-align:rightleft\" | 600m²\n|1/20y style=\"text-align:right\" | 600m²(5th)\n| style=\"text-align:right\" | 400m€+0.8bn\n|}\n\u003C/div\u003E\n\n==== Average Expected Nat Cat charges ===="

3940

"heading": "2026Average Natexpected Catnatural Reinsurancecatastrophe Programcharges",

"links": [],

"effective_tags": [],

3940

"heading": "P\u0026CAverage –Expected 2026Nat SimplifiedCat Groupcharges Nat(net Catof Reinsurancereinsurance, Program¹pre-tax)",

4041

"heading": "NatAdditional Cat cost deviationdisclosures",

4042

"heading": "NetIn ofEuro reinsurancemillion post(pre-tax deviation)",

4042

"heading": "EarningsIn deviationEuro bymillion probability(pre-tax)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t41t44\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | Probability\n! class=\"col-s\" style=\"text-align:right\" | EarningsFY25\n! class=\"col-s\" style=\"text-align:right\" | deviationChange\n|-\n| style=\"text-align:left\" | 1/20yInvestment (95th)Income\n| style=\"text-align:right\" | €3,988\n| style=\"text-1.2bnalign:right\" | +435\n|-\n| style=\"text-align:left\" | 1/10yFY25 (90th)Average Assets\n| style=\"text-align:right\" | €€115bn\n| style=\"text-0.8bnalign:right\" |\n|-\n| style=\"text-align:left\" | 1/5yAsset (80th)book yield\n| style=\"text-align:right\" | €-03.4bn5%\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | MedianFY25 (50th)Reinvestment yield{{fn ref|1}}\n| style=\"text-align:right\" | €+04.1bn3%\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | 1/5yInsurance Finance (20th)Expenses\n| style=\"text-align:right\" | €+0.5bn-1,358\n| style=\"text-align:right\" | -235\n|-\n| style=\"text-align:left\" | 1/10yFY24 (10th)Reserves at locked-in rate\n| style=\"text-align:right\" | €+0.7bn€71bn\n| style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | 1/20yLiability book (5th)yield\n| style=\"text-align:right\" | €+01.8bn9%\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n\n==== Average Expected Nat Cat charges ===="

4042

"heading": "AverageFinancial expected Nat Cat chargesResult",

"heading": "ChangesDiscount vs.rate FY24 at constant FXsensitivity",

"Full year 2024",

"content": "* [[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.\n* 2026e Insurance Finance Expenses (pre-tax): ~EUR -1.4bn.\n====* FinancialSensitivity Resultof ====2026e Insurance Finance Expenses to changes in 2025 current AY Discount: +25bps results in ~EUR -50m; -25bps results in ~EUR +50m.\n* Changes are versus [[Definition:Full year 2024|FY24]] at constant [[Definition:Foreign exchange|FX]].\n\n==== InL\u0026H Euro– millionMargin (pre-tax)Analysis ===="

"id": "snjra2xp9r-c120c116",

"chunk": 120116,

"id": "snjra2xp9r-c124c117",

"chunk": 124117,

"heading": "Pre-taxIn technicalEuro resultmillion, pre-tax",

"id": "snjra2xp9r-c125c118",

"chunk": 125118,

"id": "snjra2xp9r-c126c119",

"chunk": 126119,

"heading": "TechnicalIn ResultEuro Adjustmentsmillion, pre-tax",

"id": "snjra2xp9r-c127c120",

"chunk": 127120,

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t50t48\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\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 before tax\n| style=\"text-align:right\" | 4,229\n| style=\"text-align:right\" | +205\n|-\n| style=\"text-align:left\" | Tax\n| style=\"text-align:right\" | -800\n| style=\"text-align:right\" | 65\n|-\n| style=\"text-align:left\" | Affiliates, Minority interests \u0026amp; Other\n| style=\"text-align:right\" | 72\n| style=\"text-align:right\" | -51\n|-\n| style=\"text-align:left\" | Underlying Earnings\n| style=\"text-align:right\" | 3,501\n| style=\"text-align:right\" | +219\n|-\n| style=\"text-align:left\" | Growth vs. FY24 (at constant FX)\n| style=\"text-align:right\" |\n| style=\"text-align:right\" | +7%\n|}\n\u003C/div\u003E\n\n==== Life \u0026amp;u0026 Health FY25 CSM Key Sensitivities ===="

"id": "snjra2xp9r-c132c121",

"chunk": 132121,

"heading": "CSM(in sensitivityEuro to economic factorsbillion)",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t51t49\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" |\n|-\n| style=\"text-align:left\" | Baseline\n| style=\"text-align:right\" | 33.3\n|-\n| style=\"text-align:left\" | Interest rates +50bps\n| style=\"text-align:right\" | -0.8\n|-\n| style=\"text-align:left\" | Interest rates -50bps\n| style=\"text-align:right\" | 0.6\n|-\n| style=\"text-align:left\" | Sovereign spreads +50bps\n| style=\"text-align:right\" | -1.9\n|-\n| style=\"text-align:left\" | Sovereign spreads -50bps\n| style=\"text-align:right\" | 1.9\n|-\n| style=\"text-align:left\" | Corporate spread +50bps\n| style=\"text-align:right\" | -0.8\n|-\n| style=\"text-align:left\" | Corporate spread -50bps\n| style=\"text-align:right\" | 0.7\n|-\n| style=\"text-align:left\" | Equities +25%\n| style=\"text-align:right\" | 1.8\n|-\n| style=\"text-align:left\" | Equities -25%\n| style=\"text-align:right\" | -2.2\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Reinvestment yield on fixed income assets.}}\n\n=== Contents ==="

"id": "snjra2xp9r-c134c122",

"chunk": 134122,

"content": "* Additional disclosures include: Debt and Invested Assets on p.31; Additional P\u0026C disclosures on p.36; Additional IFRS17 disclosures on p.41.\n\n=== Expanding AXA'sAXA’s role in society: AXA for Progress Index ===\n\n==== As a GLOBAL INVESTOR ===="

"id": "snjra2xp9r-c136c123",

"chunk": 136123,

"heading": "ClimateAs anda communityGLOBAL financing targets and resultsINVESTOR",

"content": "*\u003Cdiv Targetstyle=\"overflow-x:auto\"\u003E\n{| forid=\"t50\" climateclass=\"wikitable\"\n|-\n! transition financingstyle=\"text-align:left\" EUR| 5bn per year.Target\n*! Target for community resilience financingstyle=\"text-align: right\u003EEUR" 500m| per2025 year.Result\n*|-\n| 2025style=\"text-align:left\" Result| €5bn{{fn ref|2}} forin climate transition financing per year\n| style=\"text-align:right\" EUR| 6€6.4bn.\n*|-\n| 2025style=\"text-align:left\" Result| \u0026gt;€500m{{fn ref|2}} forin community resilience financing per year\n| style=\"text-align:right\" EUR| 1€1.4bn.\n|}\n\u003C/div\u003E\n\n==== As a GLOBAL INSURER ===="

"id": "snjra2xp9r-c137c124",

"chunk": 137124,

"heading": "P\u0026CAs GWPa andGLOBAL climate adaptation targetsINSURER",

"links": [],

"effective_tags": [],

"id": "snjra2xp9r-c138c125",

"chunk": 138125,

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t52\" class=\"wikitable fintable\"\n|-\n! style=\"text-align:left\" | Target\n! class=\"col-m\" style=\"text-align:right\" | 2025 Result\n|-\n| style=\"text-align:left\" | \u0026gt;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\n| style=\"text-align:right\" | 46,420\n|-\n| 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).}}\n| style=\"text-align:right\" | -64% Reduction against 2019\n|-\n| style=\"text-align:left\" | 50% Percentage of AXA Group employees engaged in volunteering activities by 2026\n| style=\"text-align:right\" | 56%\n|}\n\u003C/div\u003E\n\n{{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.}}\n{{fn note|1=2|2=Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.}}\n{{fn note|1=3|2=Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK \u0026u0026amp; Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.}}\n{{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 \u0026u0026amp; 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 \u0026u0026amp; services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from \u0026gt;9,000 to \u0026gt;20,000.}}\n{{fn note|1=5|2=Low-income to mass market segments in emerging markets and modest income segments in mature markets.}}\n{{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.}}\n{{fn note|1=7|2=Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.}}\n{{fn note|1=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).}}\n\n=== Sustainability Performance \u0026 Ratings ==="

"id": "snjra2xp9r-c140c126",

"chunk": 140126,

"heading": "SustainabilityESG ratings",

"content": "* S\u0026P Global: 97th percentile in Dow Jones Best-in-Class Europe \u0026 World indices for 2025.\n* MSCI: AAA score for 2025.\n* CDP: B score for 2025.\n* MORNINGSTARMorningstar SUSTAINALYTICSSustainalytics: ESG Risk Rating of 17.0 (Low risk) for 2025.\n* FTSE RUSSELLRussell An(an LSEG Business): 4.3/5 score in FTSE4Good Index Series for 2025."

"id": "snjra2xp9r-c141c127",

"chunk": 141127,

"id": "snjra2xp9r-c142c128",

"chunk": 142128,

"content": "* France: includes insurance activities, banking activities, and holding.\n* 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).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM includes:\n** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C, China P\u0026C, South Korea, and Asia Holdings (fully consolidated).\n** Asia (equity method): China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, 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.\n** Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (fully consolidated).\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).\n** EME-LATAM (equity method): Russia (Reso) (insurance activities), contributing only to net income.\n** Other: AXA Mediterranean Holdings.\n* Transversal \u0026 Other: includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings.\n* [[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).\n* All comparative figures going back to 2023 are under IFRS17/9 accounting standards, effective January 1, 2023, unless otherwise specified.\n* Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4.\n\n=== Glossary ==="

"id": "snjra2xp9r-c143c129",

"chunk": 143129,

"heading": "Glossary of financial terms",

"content": "* 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%.\n* 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.\n* 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.\n* 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.\n* 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.\n* [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]] ([[Definition:Gross written premiums \u0026 other revenues|GWP \u0026 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).\n** Other Revenues: represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).\n* New Business Value (NBV): the value of newly issued contracts during the current year.\n** 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.\n* 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.\n* New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP.\n* 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.\n** Operating variance is net of reinsurance.\n* 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.\n** PVEP is discounted at the reference interest rate and PVEP is Group share.\n* 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.\n* Underlying return on in-force: represents the release of Time Value of Options \u0026 Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n=== Thank you ==="

"id": "snjra2xp9r-c145c130",

"chunk": 145130,

"heading": "FYFull Year 2025 earningsEarnings",