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

"heading": "ForwardImportant legal information and cautionary statements concerning forward-looking statements and the use of non-GAAPgaap financial measures",

"content": "* Certain statements incontained thisherein documentmay arebe forward-looking, statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations, or objectives, and other non-information that is not historical information.\n* Forward-looking statements are generally identified by words likeand \"expects\"expressions such as “expects”, \"anticipates\"“anticipates”, \"may\"“may”, \"plan“plan,\"” \"target\"“target” or any variations or similar terminology of these words and expressions, or conditional verbs likesuch \"would\"as, without limitations, “would” and \"could\"“could”.\n* StatementsIn particular, the statements in this presentation regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (UEPS“UEPS”) growth for [[Definition:Year 2026|2026]] are forward-looking andstatements to provide one-off guidance forin the context of the last year of the Group’s current strategic plan.\n* These statements in this presentation are based on Management’s current views and intentions and are subject to change.\n* Undue reliance should not be placed on forward-looking statements duebecause, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, whichand can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.\n* Each forward-looking statement is validspeaks only at the date of this presentation.\n* ReferPlease refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks, and uncertainties affectingthat may affect AXA’s business and/or results of operations.\n* AXA specifically disclaims anyand undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.\n* ThisIn addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (APMs“APMs”), used by Management toin analyzeanalyzing AXA’s operating trends, financial performance, and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results.\n* These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labeledlabelled measures used by other companies.\n* NonAs a result, none of these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.\n* \"“[[Definition:Underlying earnings|Underlying earnings]]\"”, UEPS (“underlying earnings per share”), “underlying return on equity”, “combined ratio”, and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.\n* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.\n* FurtherFor further information on the above-mentioned and other non-GAAP financial measures is availableused in this presentation, see the Glossary in AXA’s 2025 Activity Report.\n* AXA’s Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com).\n* AXA’s consolidated financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA’s statutory auditors.\n\n=== Contents ==="

"id": "snjra2xp9r-c2c3",

"chunk": 23,

"heading": "FY25 presentation agendaContents",

"content": "* 1. [[Definition:Full year 2025|FY25]] Highlights are on p.04.\n* Thomas Buberl, Group CEO, will present.\n* 2. FY25 Business Performance is on p.09.\n* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, will present.\n* 3. FY25 Financial Performance is on p.13.\n* Alban de Mailly Nesle, Group CFO, will present.\n\n== FY25 Highlights =="

"id": "snjra2xp9r-c3c4",

"chunk": 34,

"heading": "Group CEOSection",

"content": "* Thomas Buberl is the, Group CEO.\n\n=== Full Year 2025 – Excellent performance ==="

"id": "snjra2xp9r-c4c5",

"chunk": 45,

"heading": "FinancialFull performanceYear and2025 shareholder– returnsExcellent performance",

"content": "* Revenues: +6% Revenues vs. [[Definition:Full year 2024|FY24]]\n* +8% [[Definition:Underlying earnings per share|Underlying EPS]]: +8% vs. FY24\n* ROE: 16% inROE [[Definition:Full year 2025|FY25]]\n* 224% Solvency II ratio: 224% in FY25\n* Delivering value for shareholders via +8% DPS{{fn growthref|1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and EURsubject 1to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}} growth and €1.25bn annual [[Definition:Shareshare buybackbuy back{{fn ref|share2|2=Following buyback]]AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}\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]]\n\n{{fn note|1=1|2=Based on the dividend proposed by AXA’s Board of Directors on February 25, 2026 and subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}\n{{fn note|1=2|2=Following AXA’s Board of Directors’ approval on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}"

"heading": "UnderlyingExecuting earningsthe (Inplan Euroon billion)growth, margin and efficiency",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t1\" class=\"wikitable fintable\"\n|+ Underlying earnings\n|-\n! style=\"text-align:left\" | PeriodIn Euro billion\n! class=\"col-s\" style=\"text-align:right\" | Underlying earnings\n! class=\"col-s\" style=\"text-align:right\" | Change\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 8.1\n|-\n| style=\"text-align:rightleft\" |\n|- FY25\n| style=\"text-align:leftright\" | FY258.4\n|-\n| style=\"text-align:rightleft\" | 8.4Change\n| style=\"text-align:right\" | +6%\n|-\n| style=\"text-align:left\" | FY25Change excluding AXA IM\n| style=\"text-align:right\" | +9%\n| style=}\"text-alignn\u003C/div\u003E\n\n* High organic growth:right +6% top line growth, well balanced across lines (P\"u0026C: |+5%, Life: +9%, Health: +5%)\n* Record profitability: Further margin expansion in P\u0026C and L\u0026H; improvement in efficiency\n* Scaling the business: Continued investments in growth and technology\n* Consistent earnings growth while enhancing reserve prudence\n\n\u003Cdiv class=\"ed-fn-notes\" style=\"display:none\"\u003E\n|}\n\u003C/div\u003E"

67

"heading": "StrategicDiversified prioritiesfranchise, andwell performancepositioned in an attractive industry",

68

"heading": "ExecutingLaying the planfoundation onfor growth,the marginnext and efficiencyplan",

79

"heading": "Secular trends fueling demandSection",

"heading": "BasisStrong ofdelivery reportingacross our businesses",

"UnderlyingForeign earningsexchange",

"ForeignUnderlying exchangeearnings"

"id": "snjra2xp9r-c16c11",

"chunk": 1611,

"heading": "GWPP\u0026C and– underlyingStrong earningsmargins, confidence in sustaining growth",

"content": "* €58bn [[Definition:Gross written premiums|GWP]]: EUR 58bn\n* GWP mix includes: Retail, SME \u0026 Mid-market, andAXA XL{{fn ref|1|2=Includes AXA XL Re premiums of €2.6bn.}} (Large \u0026 Specialty). — shares not printed\n* [[Definition:Underlying earnings|Underlying earnings]]: +9%{{fn toref|2|2=Change EURFY25 5vs.9bn FY24 at constant FX.}} to €5.9bn\n* 2025\n====* 2025Retail and SME \u0026 Mid-market: Growing volumes while expanding margins\n* AXA XL (Large \u0026 Specialty): Profitable growth with stable margins\n* Beyond 2025\n* StrategyRetail and SME \u0026 Mid-market: Investing to improve customer retention \u0026 expanding distribution footprint\n* AXA XL (Large \u0026 Specialty): Capitalizing on attractive growth opportunities and continued cycle management\n* Continued progress on efficiency\n* Higher investment income\n* Data \u0026 AI to further enhance customer experience \u0026 technical excellence\n\n{{fn note|1=1|2=Includes AXA XL Re premiums of €2.6bn.}}\n{{fn note|1=2|2=Change FY25 vs. FY24 at constant FX.}}"

"id": "snjra2xp9r-c18c12",

"chunk": 1812,

"heading": "L\u0026H GWP– andGood earningsmomentum, well positioned to capture growth opportunities",

"id": "snjra2xp9r-c22c13",

"chunk": 2213,

"heading": "Management rolesSection",

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

"id": "snjra2xp9r-c26c14",

"chunk": 2614,

"heading": "P\u0026C Gross– WrittenContinued Premiumsdisciplined growth",

"id": "snjra2xp9r-c29c15",

"chunk": 2915,

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t6t7\" class=\"wikitable fintable\"\n|+ Combined ratio\n|-\n! style=\"text-align:left\" |\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | Undiscounted CY lossCombined ratio (ex Nat Cat)\n| style=\"text-align:right\" | 6791.40%\n| style=\"text-align:right\" | 6790.06%\n|-\n| style=\"text-align:left\" | ExpenseUndiscounted CY loss ratio (ex Nat Cat)\n| style=\"text-align:right\" | 2567.04%\n| style=\"text-align:right\" | 2467.80%\n|-\n| style=\"text-align:left\" | NatExpense Catratio\n| style=\"text-align:right\" | 325.80%\n| style=\"text-align:right\" | 324.48%\n|-\n| style=\"text-align:left\" | PriorNat year reserve developmentCat\n| style=\"text-align:right\" | -13.68%\n| style=\"text-align:right\" | -13.14%\n|-\n| style=\"text-align:left\" | DiscountPrior year reserve development\n| style=\"text-align:right\" | -31.6%\n| style=\"text-align:right\" | -31.51%\n|-\n| style=\"text-align:left\" | Total Combined ratioDiscount\n| style=\"text-align:right\" | 91-3.06%\n| style=\"text-align:right\" | 90-3.65%\n|}\n\u003C/div\u003E\n\n* Better undiscounted current year loss ratio excluding Nat Cat from:\n* Margin expansion in Commercial lines SME \u0026 mid-market business and Personal lines reflecting favorable pricing environment\n* Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management\n* Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology\n* Nat Cat charges below normalized load\n* Lower reliance on prior year reserve development\n* Taking advantage of a good year to enhance reserve prudence"

"id": "snjra2xp9r-c31c16",

"chunk": 3116,

"id": "snjra2xp9r-c37c17",

"chunk": 3717,

"id": "snjra2xp9r-c41c18",

"chunk": 4118,

"id": "snjra2xp9r-c49c19",

"chunk": 4919,

"heading": "Life \u0026 Health – Growth in new business driving Normalized CSM growth and variances",

"content": "* In Euro billion\n* Normalized CSM growth was +2%.\n* Normalized CSM increasedup by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates.\n* Economic variance reflectedreflecting government spreads tightening and positive equity market returns.\n* Operating variance was driven by better margins and net flows, whichthat 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\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t15\" class=\"wikitable fintable\"\n|+ Contractual Service Margin rollforward\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | Value\n|-\n| style=\"text-align:left\" | FY24\n| style=\"text-align:right\" | 33.6\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\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t16\" class=\"wikitable fintable\"\n|+ Contractual Service Margin rollforward (continued)\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|-\n| style=\"text-align:left\" | o/w Life\n| style=\"text-align:right\" | 25.8\n| style=\"text-align:right\" | 25.4\n|-\n| style=\"text-align:left\" | o/w Health\n| style=\"text-align:right\" | 7.7\n| style=\"text-align:right\" | 7.6\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Change at constant scope and FX.}}"

"id": "snjra2xp9r-c50c20",

"chunk": 5020,

1920

"heading": "ContractualLife Service\u0026 MarginHealth rollforward– Strong momentum (in Euroboth short-term and long-term billion)business",

"ForeignFull exchangeyear 2024",

"ForeignFull exchangeyear 2024",

"id": "snjra2xp9r-c53c21",

"chunk": 5321,

"heading": "UnderlyingGrowth in net income reflecting higher earnings \u0026 Netthe incomegain from the sale of byAXA segmentIM",

"id": "snjra2xp9r-c61c22",

"chunk": 6122,

"content": "* In Euro billion\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t20\" class=\"wikitable fintable\"\n|+ Shareholders’ equity{{fn ref|1|2=Shareholders’ equity Group share.}}\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24\n! class=\"col-s\" style=\"text-align:right\" | HY25\n! class=\"col-s\" style=\"text-align:right\" | FY25\n|-\n| style=\"text-align:left\" | SHE (excl. OCI)\n| style=\"text-align:right\" | 58.0\n| style=\"text-align:right\" | 52.7\n| style=\"text-align:right\" | 54.0\n|-\n| style=\"text-align:left\" | Net OCI\n| style=\"text-align:right\" | -8.1\n| style=\"text-align:right\" | -7.2\n| style=\"text-align:right\" | -6.8\n|-\n| style=\"text-align:left\" | Total Shareholders' equity\n| style=\"text-align:right\" | 49.9\n| style=\"text-align:right\" | 45.5\n| style=\"text-align:right\" | 47.2\n|-\n| style=\"text-align:left\" | SHE (excl. OCI \u0026amp; undated subordinated debt)\n| style=\"text-align:right\" | 53.2\n| style=\"text-align:right\" | 47.0\n| style=\"text-align:right\" | 49.4\n|-\n| style=\"text-align:left\" | Debt gearing\n| style=\"text-align:right\" | 20.6%\n| style=\"text-align:right\" | 23.4%\n| style=\"text-align:right\" | 22.3%\n|-\n| style=\"text-align:left\" | Underlying ROE\n| style=\"text-align:right\" | 15.2%\n| style=\"text-align:right\" | 17.5%\n| style=\"text-align:right\" | 16.0%\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t21\" class=\"wikitable fintable\"\n|+ Shareholders' equity roll-forward\n|-\n! style=\"text-align:left\" | In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY24 to FY25\n! class=\"col-s\" style=\"text-align:right\" | HY25 to FY25\n|-\n| style=\"text-align:left\" | Opening Shareholders' equity\n| style=\"text-align:right\" | 49.9\n| style=\"text-align:right\" | 45.5\n|-\n| style=\"text-align:left\" | Change in Net OCI\n| style=\"text-align:right\" | 1.3\n| style=\"text-align:right\" | 0.4\n|-\n| style=\"text-align:left\" | Net income for the period\n| style=\"text-align:right\" | 9.8\n| style=\"text-align:right\" | 5.9\n|-\n| style=\"text-align:left\" | Dividend\n| style=\"text-align:right\" | -4.6\n| style=\"text-align:right\" | -—\n|-\n| style=\"text-align:left\" | Annual share buyback\n| style=\"text-align:right\" | -1.2\n| style=\"text-align:right\" | -—\n|-\n| style=\"text-align:left\" | Anti-dilutive share buyback following the sale of AXA IM\n| style=\"text-align:right\" | -3.5\n| style=\"text-align:right\" | -3.5\n|-\n| style=\"text-align:left\" | Undated subordinated debt (including interest charges)\n| style=\"text-align:right\" | -0.3\n| style=\"text-align:right\" | -1.2\n|-\n| style=\"text-align:left\" | Forex\n| style=\"text-align:right\" | -3.5\n| style=\"text-align:right\" | -0.1\n|-\n| style=\"text-align:left\" | Other\n| style=\"text-align:right\" | -0.6\n| style=\"text-align:right\" | 0.3\n|-\n| style=\"text-align:left\" | Closing Shareholders' equity\n| style=\"text-align:right\" | 47.2\n| style=\"text-align:right\" | 47.2\n|}\n\u003C/div\u003E\n\n{{fn note|1=1|2=Shareholders’ equity Group share.}}\n\n=== Higher organic cash remittance and robust cash position at Holding ==="

"id": "snjra2xp9r-c64c23",

"chunk": 6423,

"heading": "CurrencyHigher notationorganic cash remittance and robust cash position at Holding",

"id": "snjra2xp9r-c65c24",

"chunk": 6524,

"heading": "Solvency II ratioat components224%",

"id": "snjra2xp9r-c70c25",

"chunk": 7025,

"heading": "Solvency II Ratio– Impactsimpact of the end of grandfathering period and Solvency II revision",

"id": "snjra2xp9r-c73c26",

"chunk": 7326,

"heading": "ConclusionSection",

"content": "===* Theme:Thomas Buberl, Group CEO [ ===\n\n=== Conclusion ==="

"id": "snjra2xp9r-c75c27",

"chunk": 7527,

"heading": "Business performance and outlookConclusion",

"content": "* Record results were achieved, at the top end of the [[Definition:Target range|target range]], while enhancing reserve prudence.\n* All businesses are in excellent shape, delivering strong growth and profitability.\n* The diversifiedDiversified franchise is, well-positioned to capture future growth opportunities.\n* FoundationsLaying are being laidfoundations for the next plan, withand confidenceconfident in delivering sustainable earnings growth.\n\n== Q\u0026A Full Year 2025 Earnings =="

"id": "snjra2xp9r-c76c28",

"chunk": 7628,

"heading": "AXA Investor calendarRelations – Keep in touch",

"id": "snjra2xp9r-c79c29",

"chunk": 7929,

"heading": "Presentation contentsContents",

"content": "* 1. Debt and Invested Assets are detailed on page p.31.\n* 2. Additional P\u0026C disclosures are on page p.36.\n* 3. Additional IFRS17 disclosures are on page p.41.\n\n=== Gross financial debt and maturity breakdown as of December 31st, 2025 ==="

"id": "snjra2xp9r-c81c30",

"chunk": 8130,

"heading": "Gross financial debt and maturity breakdown as of December 31st, 2025",

"Full year 2025",

"Full year 2025",

"id": "snjra2xp9r-c83c31",

"chunk": 8331,

"heading": "General Account investedInvested assetsAssets",

"id": "snjra2xp9r-c86c32",

"chunk": 8632,

"heading": "InvestedStructured assetsand (100%)Private InCredit Euro billionassets",

"content": "\u003C!-- furniture --\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t33t32\" class=\"wikitable fintable\"\n|+ Structured and Private Credit assets\n|-\n! style=\"text-align:left\" | Invested assets (100%) In Euro billion\n! class=\"col-s\" style=\"text-align:right\" | FY25\n! class=\"col-s\" style=\"text-align:right\" | % of total G/A{{fn ref|1|2=G/A: General Account}} portfolio\n! class=\"col-s\" style=\"text-align:right\" | Comments\n|-\n| style=\"text-align:left\" | Residential Mortgages\n| style=\"text-align:right\" | 16\n| style=\"text-align:right\" | 4%\n| style=\"text-align:right\" |\n|}\n\u003C/div\u003E\n* €6bn Dutch mortgages, NHG guaranteed\n* €10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)\n\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ECLO \u0026u0026amp; ABS\u003C/td\u003E\n\u003Ctd\u003E25\u003C/td\u003E\n\u003Ctd\u003E6%\u003C/td\u003E\n\u003Ctd\u003E- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EInfrastructure debt\u003C/td\u003E\n\u003Ctd\u003E8\u003C/td\u003E\n\u003Ctd\u003E2%\u003C/td\u003E\n\u003Ctd\u003E- Skewed towards resilient industries (Telecom, Utilities, Transport)\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ECRE debt\u003C/td\u003E\n\u003Ctd\u003E8\u003C/td\u003E\n\u003Ctd\u003E2%\u003C/td\u003E\n\u003Ctd\u003E- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EMid-Market lending\u003C/td\u003E\n\u003Ctd\u003E10\u003C/td\u003E\n\u003Ctd\u003E2%\u003C/td\u003E\n\u003Ctd\u003E\n* Strong diversification with €8m average ticket\n* Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation\n\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003EOther\u003C/td\u003E\n\u003Ctd\u003E2\u003C/td\u003E\n\u003Ctd\u003E0%\u003C/td\u003E\n\u003Ctd\u003Eu003E—\u003C/td\u003E\n\u003C/tr\u003E\n\u003Ctr\u003E\n\u003Ctd\u003ETotal Structured and Private Credit Assets\u003C/td\u003E\n\u003Ctd\u003E69\u003C/td\u003E\n\u003Ctd\u003E15%\u003C/td\u003E\n\u003Ctd\u003Eo/w 54% participating\u003C/td\u003E\n\u003C/tr\u003E\n\u003C/table\u003E\n\n{{fn note|1=1|2=G/A: General Account}}\n\n===\u003C!-- Investmentfurniture portfolio – Fixed Income reinvestment ===--\n\n==== FY25 Fixed Income Reinvestment ====u003E"

"id": "snjra2xp9r-c88c33",

"chunk": 8833,

"heading": "FY25Investment portfolio – Fixed Income Reinvestment (Total: Euro 57 billion)reinvestment",

"content": "\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t34t33\" class=\"wikitable fintable\"\n|+ FY25 Fixed Income Reinvestment\n|-\n! style=\"text-align:left\" | Asset Class\n! class=\"col-m\" style=\"text-align:right\" | Share (%)\n|-\n| style=\"text-align:left\" | Government bonds \u0026amp; related (32%) – Average rating: AA\n| style=\"text-align:right\" | 32%\n|-\n| style=\"text-align:left\" | Investment grade credit (40%)-– Average rating: A\n| style=\"text-align:right\" | 40%\n|-\n| style=\"text-align:left\" | ABS/CLO/IG fund financing\n| style=\"text-align:right\" | (21%)\n|-\n| style=\"text-align:left\" | Below investment grade credit\n| style=\"text-align:right\" | (7%)\n|-\n| style=\"text-align:left\" | **Total**\n| style=\"text-align:right\" | **Euro 57 billion**\n|}\n\u003C/div\u003E\n\n\u003Cdiv style=\"overflow-x:auto\"\u003E\n{| id=\"t34\" class==\"wikitable fintable\"\n|+ FY25 Fixed Income Reinvestment Yield\n|-\n! style=\"text-align:left\" | Category\n! class=\"col-s\" style=\"text-align:right\" | Yield\n|-\n| style=\"text-align:left\" | Public fixed income{{fn ref|1|2=Government and Corporate bonds and related.}}\n| style=\"text-align:right\" | 3.5%\n|-\n| style=\"text-align:left\" | Private \u0026amp; Structured fixed income{{fn ref|2|2=Private \u0026amp; Structured credit (CLOs, ABS, Infra \u0026amp; CRE debt, Fund financing and Private hybrid).}}\n| style=\"text-align:right\" | 4.7%\n|-\n| style=\"text-align:left\" | Total fixed income\n| style=\"text-align:right\" | 3.9%\n|}\n\u003C/div\u003E\n\n* Euro 57 billion fixed income invested at 3.9%\n* Average duration of 9 years\n* Includes Euro 19.7 billion of Private \u0026 Structured Credit invested at 4.7% (CLOs, ABS, Infra \u0026 CRE debt, Fund financing and Private HY)\n* Gradual shift from alternative total return assets to Private \u0026 Structured credit\n\n{{fn note|1=1|2=Government and Corporate bonds and related.}}\n{{fn note|1=2|2=Private \u0026 Structured credit (CLOs, ABS, Infra \u0026 CRE debt, Fund financing and Private hybrid).}}"

"id": "snjra2xp9r-c89c34",

"chunk": 8934,

"heading": "additional disclosuresContents",

"content": "* 1. Debt and Invested Assets are detailed on p.31.\n* 2. Additional P\u0026C disclosures are on p.36.\n* 3. Additional IFRS17 disclosures are on p.41.\n\n=== AXA XL Insurance – Large Commercial \u0026 Specialty business ==="

"id": "snjra2xp9r-c93c35",

"chunk": 9335,

"id": "snjra2xp9r-c98c36",

"chunk": 9836,

"heading": "ClaimsP\u0026C reserves– ratioFocus definitionon Reserves",

"id": "snjra2xp9r-c99c37",

"chunk": 9937,

"heading": "CurrencyP\u0026C basis– 2026 Simplified Group Nat Cat Reinsurance Program",

"id": "snjra2xp9r-c105c38",

"chunk": 10538,

"heading": "P\u0026C – AXA Group earnings deviation with different levels of Nat Cat cost scenariosin 2026",

"id": "snjra2xp9r-c107c39",

"chunk": 10739,

"heading": "Additional disclosuresContents",

"content": "* 1. Debt and Invested Assets are detailed on p.31.\n* 2. Additional P\u0026C disclosures are on p.36.\n* 3. Additional IFRS17 disclosures are on p.41.\n\n=== P\u0026C – Margin Analysis ===\n\n==== Technical Result ===="

"id": "snjra2xp9r-c112c40",

"chunk": 11240,

"heading": "InP\u0026C Euro– millionMargin (pre-tax)Analysis",

"Foreign exchange",

"id": "snjra2xp9r-c116c41",

"chunk": 11641,

"heading": "ScopeL\u0026H impact– Margin Analysis",

"id": "snjra2xp9r-c117c42",

"chunk": 11742,

"heading": "Additional disclosuresContents",

"content": "* Additional disclosures include:1. Debt and Invested Assets; p.31\n* 2. Additional P\u0026C disclosures; Additional IFRS17 disclosuresp.36\n\n===* Expanding3. AXA’sAdditional roleIFRS17 indisclosures society: AXA for Progress Index ===\n\n==== As a GLOBAL INVESTOR ====p.41"

"id": "snjra2xp9r-c123c43",

"chunk": 12343,

"heading": "AsExpanding aAXA’s GLOBALrole INVESTORin society: AXA for Progress Index",

"id": "snjra2xp9r-c124c44",

"chunk": 12444,

"content": "* S\u0026P Global: 2025 percentile: 97th {{fn noteref|1=1|2=The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}} in Dow Jones Best-in-Class Europe \u0026 World indices\n* MSCI: 2025 score: AAA\n===* ScopeCDP: 2025 score: B\n* MORNINGSTAR SUSTAINALYTICS: 2025 ESG Risk Rating: 17.0– Low risk\n* FTSE RUSSELL An LSEG Business: 2025 score: 4.3/5 in FTSE4Good Index Series\n\n{{fn note|1=1|2==The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026.}}"

"id": "snjra2xp9r-c128c45",

"chunk": 12845,

"heading": "Scope definitions",

"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** (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C, China P\u0026C, South Korea, and Asia Holdings (which are fully consolidated).\n**, Asia (equity method):and 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, contributingwhich are consolidated under the equity method and contribute only to NBV, PVEP, the [[Definition:Underlying earnings|underlying earnings]], and net income.\n**, (ii) Africa : Morocco (insurance activities and holding), and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) (which are fully consolidated, (iii).\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (which are fully consolidated).\n** EME-LATAMas (equitywell method):as Russia (Reso) (insurance activities), contributingwhich consolidated under the equity method and contributes only to the net income.\n**, (iv) 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 referred to as Architas), and Capza (which are fully consolidated), and Asian joint ventures (which are consolidated under the equity method).\n* AllUnless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards, that became effective on 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===, Glossarythe ===applicable accounting standard that preceded the implementation of IFRS17/9"

"id": "snjra2xp9r-c129c46",

"chunk": 12946,

"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-c130c47",

"chunk": 13047,

"heading": "FullThank Year 2025 Earningsyou",