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| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
| wide = yes
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''This article summarizes [[Definition:AXA|AXA]]'s [[Definition:Earnings release|Earnings release]] published on 2026-02-26 (20 pages).''
 
== Press release ==
 
{{chunk|doc=chq99br5nr|c=1|p=1}}
'''Announcement details'''
 
* The announcement was made in Paris, on February 26th, [[Definition:Year 2026|2026]], at (6:45am45 am CET).
 
== Full Year 2025 Earnings ==
Line 33 ⟶ 31:
* [[Definition:AXA|AXA]] reports record results with [[Definition:Underlying earnings per share|underlying EPS]] growth at the top end of the [[Definition:Target range|target range]].
 
=== Key FY25 highlights ===
 
{{chunk|doc=chq99br5nr|c=3|p=1}}
Line 51 ⟶ 49:
* Solvency II ratio: 215% on January 1, [[Definition:Year 2026|2026]], reflecting the end of the grandfathering period
 
=== Capital Management ===
 
{{chunk|doc=chq99br5nr|c=5|p=1}}
Line 60 ⟶ 58:
* Completion of EUR 3.8bn additional [[Definition:Share buyback|share buyback]] related to [[Definition:AXA Investment Managers|AXA IM]] disposal, executed between July 2, 2025, and January 20, [[Definition:Year 2026|2026]].
 
=== Outlook ===
 
{{chunk|doc=chq99br5nr|c=6|p=1}}
'''Outlook[[Definition:Year 2026|2026]] outlook and strategic plan'''
 
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:Year 2026|2026]] is expected to be at the upper end of the 6-8% plan [[Definition:Target range|target range]].
* Expected impact of Solvency II revision atis +17 points.
* [[Definition:AXA|AXA]] towill present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026]].
 
{{chunk|doc=chq99br5nr|c=7|p=1}}
'''2025 performance and segment results'''
 
* In 2025, [[Definition:AXA|AXA]] delivered strong performance with +9% earnings growth in core businesses, (excluding [[Definition:AXA Investment Managers|AXA IM]]) in 2025.
* Reserve prudence was enhanced following strong 2025excellent results.
* [[Definition:Property & casualty|P&C]] franchise posted stellar results, combiningbalancing price and volume with best-in-class margins, a lower expense ratio, and higher investment income.
* [[Definition:AXA XL|AXA XL]] Insurance increased earnings with stable underlying margins.
* [[Definition:Life & health|Life & Health]] earnings rose +by 7%.
** Life earnings reflect early benefits of business rejuvenationthe strategy to rejuvenate the business.
** Health earnings grew +by 17%, even after absorbing the adverse change on VAT treatment in Mexico.
* Investments in automation and Artificial Intelligence are driving efficiency gains.
* Solvency II ratio is at a very strong level.
* ResultsThese results demonstrate the earnings power of [[Definition:AXA|AXA]]'s well-diversified franchise and reinforce confidence in generating sustainable, long-term value.
* Thomas Buberl, CEO of [[Definition:AXA|AXA]], thanked colleagues, agents, partners, and customers for their commitment and trust.
 
{{chunk|doc=chq99br5nr|c=208|p=52}}▼
'''Key highlights'''
 
* The document contains key highlights in a press release.
 
== FY25 key highlights ==
 
{{chunk|doc=chq99br5nr|c=89|p=2}}
 
<div style="overflow-x:auto">
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=== Activity indicators ===
 
{{chunk|doc=chq99br5nr|c=910|p=2}}
'''[[Definition:Gross written premiums|grossGross written premiums]] and [[Definition:Other revenue|other revenues]] by [[Definition:Business mix|business line]]'''
 
* Total [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]] were up +6%.
* Growth was driven by:
** [[Definition:Property & casualty|Property & Casualty]] ([[Definition:Property & casualty|P&C]]) premiums +5%.
** Commercial lines +4%, driven by higher volumes (notably at [[Definition:AXA XL|AXA XL]] Insurance) and favorable price effects across all geographies.
*** PersonalCommercial lines: +74%, drivenfrom byhigher favorable price effects and strong growth in net new contractsvolumes (notably inat [[Definition:AXA FranceXL|France]], [[Definition:AXA Europe|EuropeXL]], AsiaInsurance) &and EME-LATAM)favorable price effects across all geographies.
*** Personal lines: +7%, driven by favorable price effects and strong growth in net new contracts (notably in [[Definition:AXA France|France]], [[Definition:AXA Europe|Europe]], Asia & EME-LATAM).
** [[Definition:AXA XL|AXA XL]] Reinsurance +8%, supported by alternative capital.
*** [[Definition:LifeAXA & healthXL|LifeAXA & HealthXL]] premiumsReinsurance: +8%, supported by alternative capital.
** [[Definition:Life premiums& health|Life & Health]]: +98%.
*** Life premiums: +9%.
*** Protection +11%, from strong sales in Hong Kong, Switzerland, and Japan.
**** Unit-LinkedProtection: +1311%, from higherstrong volumessales acrossin allHong geographiesKong, Switzerland, and Japan.
**** Unit-Linked: +13%, from higher volumes across all geographies.
**** G/A: +4%, from continued momentum in Italy and [[Definition:AXA France|France]].
*** Health premiums: +5%, driven by price effects in all geographies.
 
=== Earnings ===
 
{{chunk|doc=chq99br5nr|c=1011|p=2}}
'''[[Definition:Underlying earnings|Underlying earnings]] and EPS'''
 
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* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] due to the timing of the associated [[Definition:Share buyback|share buyback]] (-1%).
 
{{chunk|doc=chq99br5nr|c=1112|p=2}}
'''Net income'''
 
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* This increase mainly reflects the rise in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
 
=== Balance sheet ===
 
{{chunk|doc=chq99br5nr|c=1213|p=3}}
'''Shareholders' equity'''
 
Line 213 ⟶ 217:
* These negative impacts more than offset positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).
 
{{chunk|doc=chq99br5nr|c=1314|p=3}}
'''CSM and Solvency II ratio'''
 
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* The [[Definition:AXA|Group]] estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points.
 
{{chunk|doc=chq99br5nr|c=1415|p=3}}
'''Financial metrics'''
 
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== Capital management and outlook ==
 
=== Capital management ===
 
{{chunk|doc=chq99br5nr|c=1516|p=4}}
'''Shareholder returns'''
 
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* The [[Definition:Share buyback|share buyback]] program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.
 
=== Outlook ===
 
{{chunk|doc=chq99br5nr|c=1617|p=4}}
''''Unlock the Future' Plan Outlook'''
 
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* [[Definition:Life & health|Life & Health]]: strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time.
 
{{chunk|doc=chq99br5nr|c=1718|p=4}}
'''Holdings and Financial Targets'''
 
Line 275 ⟶ 279:
* Proposed [[Definition:Dividend|dividend]] per share: expected to be at least equal to the prior year's [[Definition:Dividend|dividend]] per share.
 
=== Property & Casualty ===
 
{{chunk|doc=chq99br5nr|c=1819|p=5}}
 
<div style="overflow-x:auto">
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|}
</div>
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ Earnings (in Euro million, unless otherwise noted)
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
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|}
</div>
[[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] were up 5% to Euro 58.0 billion.
* Commercial lines +grew by 4% to EUREuro 35.8bn.8 billion, driven by:▼
** [[Definition:AXA XL|AXA XL]] Insurance (+3%) from growth in lines with attractive marginmargins, linesincluding in (Property), and in Casualty (from both favorable price effects, and higher volumes);, partly offset by lower pricing and volumes in Financial lines.;▼
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] (+13%) mainly driven by Türkiye (from higher average premiums), andalong Mexicowith (favorable volume and price effects). in Mexico; and▼
** [[Definition:AXA France|France]] (+6%) from favorable price effects acrossin all [[Definition:Business mix|lines of business]] and higher volumes.▼
* Personal lines +grew by 7% to EUREuro 19.7bn.7 billion, driven by:▼
** [[Definition:AXA Europe|Europe]] (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened afterfollowing strong repricing in 2024.;▼
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] (+14%) driven by Türkiye (from higher average premiums and volumes).; and▼
** [[Definition:AXA France|France]] (+9%) with strong volume growth in all [[Definition:Business mix|lines (of business]], both from direct business and proprietary agent networks), andcombined with favorable price effects in Motor.▼
* [[Definition:AXA XL|AXA XL]] Reinsurance +grew by 8% to EUREuro 2.6bn6 billion, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by a softening in other lines.▼
*The Allall-year combined ratio improved by 0.3pts3 point to 90.6%., mainly driven by:▼
* Driven by lowerLower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts3 point) from further margin expansion in (i) Commercial lines (-0.5pts5 point), specificallydriven by the SME & mid-market business (-0.9pts9 point) in a favorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance margins were stable at attractive levels (+0.1pts1 point), as well as in (ii) Personal lines (-0.4 point) in a conducive pricing environment;▼
* Lower expense ratio (-0.3pts3 point) primarily from lower non-commission expense ratio reflecting efficiency gains.; and▼
* Lower natural catastrophe charges (-0.4pts4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7pts7 point at -1.1%).▼
 
{{chunk|doc=chq99br5nr|c=1920|p=56}}
'''[[Definition:GrossProperty written premiums& casualty|P&C]] other[[Definition:Underlying revenuesearnings|Gross written premiums & otherunderlying revenuesearnings]]'''
 
* [[Definition:GrossProperty written premiums& casualty|P&C]] other[[Definition:Underlying revenuesearnings|Grossunderlying written premiums & other revenuesearnings]]: +59% to EUR 58.0bn5.9bn
* Driven by:
▲* Commercial lines +4% to EUR 35.8bn.
** Driven by an increaseIncrease in technical result: (+EUR 0.5bn), reflecting strong volume growth and improved technical margin.▼
▲** [[Definition:AXA XL|AXA XL]] Insurance +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.
** Driven by a higherHigher financial result: (+EUR 0.2bn), due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in theincreased unwind of the discount of claims reserves.▼
▲** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] +13% mainly driven by Türkiye (higher average premiums) and Mexico (favorable volume and price effects).
* Partly offset by:
▲** [[Definition:AXA France|France]] +6% from favorable price effects across all lines and higher volumes.
** Partly offset by higherHigher income taxes: (-EUR 0.2bn), mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].▼
▲* Personal lines +7% to EUR 19.7bn.
▲** [[Definition:AXA Europe|Europe]] +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened after strong repricing in 2024.
▲** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] +14% driven by Türkiye (higher average premiums and volumes).
▲** [[Definition:AXA France|France]] +9% with strong volume growth in all lines (direct business and proprietary agent networks) and favorable price effects in Motor.
▲* [[Definition:AXA XL|AXA XL]] Reinsurance +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines.
 
=== Life & Health ===▼
▲{{chunk|doc=chq99br5nr|c=20|p=5}}
'''All-year combined ratio'''
 
▲* All-year combined ratio improved by 0.3pts to 90.6%.
▲* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from margin expansion in Commercial lines (-0.5pts), specifically SME & mid-market business (-0.9pts) in a favorable pricing environment, while [[Definition:AXA XL|AXA XL]] Insurance margins were stable (+0.1pts).
* Also driven by lower undiscounted current year loss ratio in Personal lines (-0.4pts) in a conducive pricing environment.
▲* Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
▲* Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).
 
{{chunk|doc=chq99br5nr|c=21|p=6}}
'''[[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]'''
 
* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]] +9% to EUR 5.9bn.
▲* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.
▲* Driven by a higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves.
▲* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].
 
▲=== Life & Health ===
 
{{chunk|doc=chq99br5nr|c=22|p=6}}▼
 
<div style="overflow-x:auto">
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</div>
 
==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====
 
{{chunk|doc=chq99br5nr|c=2322|p=6}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Gross written premiums|GWPgross written premiums]]'''
 
* Life [[Definition:Gross written premiums|GWP]] grew by +9% to EUR 37.5bn., mainly from:
** Unit-Linked [[Definition:Gross written premiums|GWP]] +13% driven by successful sales initiatives across all geographies.
** G/A [[Definition:Gross written premiums|GWP]] +4%, notably in [[Definition:AXA France|France]] (+4%), and from elevated sales of a capital-light product in Italy.
** G/A [[Definition:Gross written premiums|GWP]]was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.
** Protection [[Definition:Gross written premiums|GWP]] +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland.
* Health [[Definition:Gross written premiums|GWP]] grew by +5% to EUR 19.0bn, driven by favorable price effects in both [[Definition:AXA|Group]] and Individual businesses across most geographies, partly offset by lower volumes.
* Health [[Definition:Gross written premiums|GWP]] was partly offset by lower volumes
 
{{chunk|doc=chq99br5nr|c=2423|p=76}}
'''Present value of expected premiums (PVEP)'''
 
* Present value of expected premiums (PVEP) decreased by -2% to EUR 49.4bn., driven by:
{{chunk|doc=chq99br5nr|c=23|p=7|cont=1}}
** Life PVEP +1%, from higher volumes in Hong Kong, [[Definition:AXA France|France]], and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums.▼
** Health PVEPLife: -12+1%, mainly from the impact of higher interestvolumes ratesin onHong discounting of future premiumsKong, and lower volumes in [[Definition:AXA France|France]] following underwriting, and pruning actions.Switzerland
▲** Life PVEP +1%, from higher volumes in Hong Kong, [[Definition:AXA France|France]], and Switzerland,was partly offset by the impact of higher interest rates on discounting of future premiums.
** Health: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in [[Definition:AXA France|France]] following underwriting and pruning actions
 
{{chunk|doc=chq99br5nr|c=2524|p=7}}
'''NB CSM and NBV'''
 
* NB CSM increased by +3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
* NB CSM was partly offset by the impact of higher interest rates on discounting of future profits
* NBV (post-tax) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in [[Definition:AXA France|France]].▼
* NBV margin (post -tax) increasedwas bystable 0.1at pointEUR to 4.5%2.2bn
▲* NBV (post-tax) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in [[Definition:AXA France|France]].
* NBV margin (post tax) increased +0.1pt to 4.5%
 
{{chunk|doc=chq99br5nr|c=2625|p=7}}
'''Net flows'''
 
* Net flows were EUR +5.4bn compared to(prior: EUR +1.5bn in 2024.), driven by:
** Unit-LinkedProtection: (EUR +14.5bn)9bn, primarilymainly in Hong Kong, Japan, and [[Definition:AXA France|France]].▼
* Net flows in 2025 were driven by:
** ProtectionHealth: (EUR +42.9bn)7bn, mainly in Hong KongGermany, Japan, and [[Definition:AXA France|France]].
** HealthUnit-Linked: (EUR +21.7bn)5bn, mainlyprimarily in Germany, Japan, and [[Definition:AXA France|France]].
** Partly offset by G/A Savings: EUR -3.7bn
▲** Unit-Linked (EUR +1.5bn), primarily in [[Definition:AXA France|France]].
** PartlyInflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -35.7bn0bn).
*** Inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).
 
{{chunk|doc=chq99br5nr|c=2726|p=7}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]]'''
 
* [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased by +7% to EUR 3.5bn, driven by:
** Long-term technical result: (EUR +0.2bn), driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.
** Short-term technical result: (EUR +0.1bn), driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies.
** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
** Lower income taxes: (EUR +0.1bn), reflecting favorable tax effects mainly in Germany, [[Definition:AXA France|France]] and Mexico.
** Lower contribution from affiliates, notably ICBC-AXA, and improved results at [[Definition:AXA|AXA]] MPS that resulted in an increase in earnings of minority shareholders.
 
== Holdings ==
 
{{chunk|doc=chq99br5nr|c=2827|p=7}}
'''Holdings [[Definition:Underlying earnings|underlying earnings]]'''
 
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=== Ratings ===
 
{{chunk|doc=chq99br5nr|c=2928|p=8}}
 
<div style="overflow-x:auto">
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=== Glossary ===
 
{{chunk|doc=chq99br5nr|c=3029|p=8}}
'''Glossary of financial terms'''
 
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* New business value ("NBV"): the value of newly issued contracts during the current year, consisting of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
* New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.
{{chunk|doc=chq99br5nr|c=3029|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes, net of reinsurance.
* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing the [[Definition:AXA|Group]] share.
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=== Scope ===
 
{{chunk|doc=chq99br5nr|c=3130|p=10}}
'''Scope of operations by geography and entity'''
 
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=== Exchange rates ===
 
{{chunk|doc=chq99br5nr|c=3231|p=10}}
 
<div style="overflow-x:auto">
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== Notes ==
 
{{chunk|doc=chq99br5nr|c=3332|p=11}}
'''Notes'''
 
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{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
{{chunk|doc=chq99br5nr|c=3433|p=11}}
'''Reporting Basis and Assumptions'''
 
Line 678 ⟶ 679:
* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
 
{{chunk|doc=chq99br5nr|c=3534|p=11}}
'''Financial Statement Approval'''
 
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== About the AXA group ==
 
{{chunk|doc=chq99br5nr|c=3635|p=12}}
'''[[Definition:AXA|AXA Group]] overview and financials'''
 
* [[Definition:AXA|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
Line 695 ⟶ 696:
* [[Definition:AXA|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* [[Definition:AXA|AXA Group]] is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
* This pressPress release and regulated information are available on the [[Definition:AXA|AXA Group]] website (axa.com).▼
* [[Definition:AXA|AXA]] is a signatory of the UN Principles for Responsible Investment.
▲* This press release and regulated information are available on the [[Definition:AXA|AXA Group]] website (axa.com).
 
{{chunk|doc=chq99br5nr|c=3736|p=12}}
'''Contact information'''
 
* Investor Relations contact: +33.1.40.75.48.42;, investor.relations@axa.com.
* Individual Shareholder Relations contact: +33.1.40.75.48.43.
* Media Relations contact: +33.1.40.75.46.74;, ziad.gebran@axa.com;, ahlem.girard@axa.com;, sylwia.tulak@axa.com.
* Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.
* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.
 
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures ==
 
{{chunk|doc=chq99br5nr|c=3837|p=12}}
'''Forward-looking statements and non-GAAP financial measures'''
 
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== Appendix 1: Gross written premiums et other revenues by geography and business line ==
 
{{chunk|doc=chq99br5nr|c=3938|p=13}}
 
<div style="overflow-x:auto">
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== Appendix 2: Underlying earnings by geography and by business line ==
 
{{chunk|doc=chq99br5nr|c=4039|p=14}}
 
<div style="overflow-x:auto">
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== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
 
{{chunk|doc=chq99br5nr|c=4140|p=15}}
 
<div style="overflow-x:auto">
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== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==
 
=== P&C: Price effects i by country and business line ===
▲{{chunk|doc=chq99br5nr|c=42|p=16}}
 
▲{{chunk|doc=chq99br5nr|c=2241|p=616}}
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ [[Definition:Property & casualty|P&amp;C]]: Price effects by country and [[Definition:Business mix|business line]]
|-
! style="text-align:left" | [[Definition:Full year 2025|FY25]] (in %)
! class="col-s" style="text-align:right" | Commercial lines
! class="col-s" style="text-align:right" | Personal lines
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]] Reinsurance
! style="text-align:left" | [[Definition:Year 2026|2026]] Market pricing trends
|-
| style="text-align:left" | <strong>[[Definition:AXA France|France]]</strong>
| style="text-align:right" | <strong>+4.0%</strong>
| style="text-align:right" | <strong>+3.3%</strong>
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>[[Definition:AXA Europe|Europe]]</strong>
| style="text-align:right" | <strong>+3.1%</strong>
| style="text-align:right" | <strong>+5.4%</strong>
| style="text-align:right" |
| style="text-align:left" |
|-
| style="text-align:left" | <emi>Switzerland</emi>
| style="text-align:right" | +3.0%
| style="text-align:right" | +5.0%
Line 1,132 ⟶ 1,134:
| style="text-align:left" | Continued price increases both in Personal and Commercial lines
|-
| style="text-align:left" | <emi>Germany</emi>
| style="text-align:right" | +3.1%
| style="text-align:right" | +10.3%
Line 1,138 ⟶ 1,140:
| style="text-align:left" | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
|-
| style="text-align:left" | <emi>Belgium &amp; Luxembourg</emi>
| style="text-align:right" | +2.5%
| style="text-align:right" | +4.4%
Line 1,144 ⟶ 1,146:
| style="text-align:left" | Price increase broadly in line with 2025
|-
| style="text-align:left" | <emi>UK &amp; Ireland</emi>
| style="text-align:right" | +1.4%
| style="text-align:right" | -2.6%
Line 1,150 ⟶ 1,152:
| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
|-
| style="text-align:left" | <emi>Spain</emi>
| style="text-align:right" | +8.8%
| style="text-align:right" | +8.6%
Line 1,156 ⟶ 1,158:
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <emi>Italy</emi>
| style="text-align:right" | +5.2%
| style="text-align:right" | +5.3%
Line 1,162 ⟶ 1,164:
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>[[Definition:AXA XL|AXA XL]]{{fn ref|ii}}</strong>
| style="text-align:right" | <strong>+0.2%</strong>
| style="text-align:right" |
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" | Softening prices with conditions varying by lines
|-
| style="text-align:left" | <strong>[[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa &amp; EME-LATAM]]</strong>
| style="text-align:right" | <strong>+3.8%</strong>
| style="text-align:right" | <strong>+7.1%</strong>
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | <strong>Total</strong>
| style="text-align:right" | <strong>+1.9%</strong>
| style="text-align:right" | <strong>+5.2%</strong>
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" |
|}
Line 1,187 ⟶ 1,189:
== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
 
{{chunk|doc=chq99br5nr|c=4342|p=17}}
 
<div style="overflow-x:auto">
Line 1,303 ⟶ 1,305:
== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
{{chunk|doc=chq99br5nr|c=4443|p=18}}
 
<div style="overflow-x:auto">
Line 1,452 ⟶ 1,454:
== Appendix 7: Life & Health – net flows ==
 
{{chunk|doc=chq99br5nr|c=4544|p=19}}
 
<div style="overflow-x:auto">
Line 1,459 ⟶ 1,461:
|-
! style="text-align:left" | in Euro billion
! class="col-ms" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-ms" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Health{{fn ref|i}}
Line 1,474 ⟶ 1,476:
| style="text-align:right" | -3.7
|-
| style="text-align:left" | <i>o/w capital light{{fn ref|ii}}</i>
| style="text-align:right" | <i>+2.2</i>
| style="text-align:right" | <i>+1.2</i>
|-
| style="text-align:left" | <i>o/w traditional G/A</i>
| style="text-align:right" | <i>-5.8</i>
| style="text-align:right" | <i>-5.0</i>
|-
| style="text-align:left" | Unit-Linked{{fn ref|iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}
Line 1,490 ⟶ 1,492:
| style="text-align:right" | 0.0
|-
!| style="text-align:left" | Total [[Definition:Life & health|Life &amp; Health]]{{fn ref|i}} net flows
! class="col-m"| style="text-align:right" | +1.5
! class="col-m"| style="text-align:right" | +5.4
|}
</div>
Line 1,502 ⟶ 1,504:
== Appendix 8: Main transactions and next main investor events ==
 
{{chunk|doc=chq99br5nr|c=4645|p=20}}
'''Main transactions in 2025'''
 
* Announced[[Definition:AXA|AXA]] announced the execution of a [[Definition:Share buyback|share repurchase]] agreement relatedfor to [[Definition:AXA|AXA]]'sits [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn (February 28, 2025).
* Announced[[Definition:AXA|AXA]] announced the completion of the acquisition of Nobis [[Definition:AXA|Group]] in Italy (April 1, 2025).
* Announced[[Definition:AXA|AXA]] announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025).
* Announced[[Definition:AXA|AXA]] announced the execution of a [[Definition:Share buyback|share repurchase]] agreement relatedfor to [[Definition:AXA|AXA]]'sits Shareplan and certain stock-based compensation (June 2, 2025).
* Announced[[Definition:AXA|AXA]] announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025).
* Announced[[Definition:AXA|AXA]] announced the execution of a [[Definition:Share buyback|share repurchase]] agreement of up to EUR 3.8bn following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025).
* Announced[[Definition:AXA|AXA]] announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025).
* Announced[[Definition:AXA|AXA]] announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025).
* Announced[[Definition:AXA|AXA]] announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025).
* Announced[[Definition:AXA|AXA]] announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025).
 
=== Next main investor events ===
 
{{chunk|doc=chq99br5nr|c=4746|p=20}}
'''Investor event calendarevents'''
 
* [[Definition:Year 2026|2026]] Shareholder’sShareholder's Annual General Meeting: April 30, [[Definition:Year 2026|2026]]
* First quarter [[Definition:Year 2026|2026]] Activity Indicators: May 5, [[Definition:Year 2026|2026]]
* HY26 [[Definition:Earnings release|Earnings Release]]: July 31, [[Definition:Year 2026|2026]]
Retrieved from "https://www.insurerbrain.com/wiki/AXA/2025/FY/Earnings_release"