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

"content": "* The announcement wasAnnouncement made in Paris on February 26th26, 2026 (Year 2026), at 6:45 am45am CET.\n\n== Full Year 2025 Earnings =="

"content": "* AXA reports record results with underlying EPS (Underlying earnings per share) growth at the top end of the target range.\n\n=== Key FY25 highlights ==="

"content": "* Dividend of EUR 2.32 per share, up +8% vs. FY24 (Full year 2024)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.)\n* Launch of an annual share buyback program of up to EUR 1.25bn(8)(footnote: As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.)\n* Completion of EUR 3.8bn additional share buyback related to AXA IM (AXA Investment Managers) disposal, executed between July 2, 2025, and January 20, 2026 (Year 2026)(4)(footnote: On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.)\n\n=== Outlook ==="

"heading": "2026 outlookOutlook and strategicSolvency planII",

"content": "* Underlying earnings per share growth for 2026 (Year 2026) is expected to be at the upper end of the 6-8% plan target range(9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.)\n* Expected impact of Solvency II revision isat +17 points(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.)\n* AXA willto present its new strategic plan for 2027-2029 on September 21, 2026."

"heading": "2025 performancePerformance and segmentStrategic resultsCommentary",

"content": "* In 2025, AXA delivered strong performance with +9% earnings growth in core businesses, excluding AXA IM (AXA Investment Managers).\n* Reserve prudence was enhanced followingusing excellent results.\n* P\u0026C (Property \u0026 casualty) franchise posted stellarstrong results, balancingwith a healthy balance between price and volume with, best-in-class margins, a lower expense ratio, and higher investment income.\n* AXA XL Insurance increased earnings with stable underlying margins.\n* Life \u0026 Health earnings rose by 7%.\n** Life earningsbusiness reflectreflects early benefits of therejuvenation strategy to rejuvenate the business.\n** Health grew by 17%, even after absorbing the adverse change on VAT treatment change in Mexico.\n* Investments in automation and Artificial Intelligence are driving efficiency gains.\n* Solvency II ratio is at a very strong level.\n* These results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in generating sustainable, long-term value.\n* Thomas Buberl, CEO of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust."

"heading": "Key highlightsHighlights",

"content": "* TheThis document contains key highlights inis a press release.\n\n== FY25 key highlights =="

"content": "* Total gross written premiums and other revenues(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.) were up +6%.\n* Growth was driven by:\n** Property \u0026 Casualty: +5%.\n*** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.): +4%, fromdriven by higher volumes (notably at AXA XL Insurance) and favorable price effects(12)(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies.\n*** Personal lines: +7%, driven by favorable price effects and strong growth in net new contracts (notably in France (AXA France), Europe (AXA Europe), Asia \u0026 EME-LATAM).\n*** AXA XL Reinsurance: +8%, supported by alternative capital.\n** Life \u0026 Health: +8%.\n*** Life premiums: +9%.\n**** Protection: +11%, from strong sales in Hong Kong, Switzerland, and Japan.\n**** Unit-Linked: +13%, from higher volumes across all geographies.\n**** G/A(13)(footnote: General account.): +4%, from continued momentum in Italy and France.\n*** Health premiums: +5%, driven by price effects in all geographies.\n\n=== Earnings ==="

"heading": "Underlying earnings and EPS",

"content": "* Underlying earnings(2)(footnote: 'Underlying earnings', '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. 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'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 6% to EUR 8.4bn, or +9% excluding AXA IM (AXA Investment Managers)(3)(footnote: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.).\n* UnderlyingThis earnings growthincrease was driven by:\n** Property \u0026 Casualty: +9%, from higher volumes, underwriting margin expansion, and increased financial resultresults due to higher investment income.\n** Life \u0026 Health: +7%, from improved short-term technical results in Health \u0026 Protection, and higher earnings in long-term business, including early benefits from the business rejuvenation strategy.\n* Holdings(14)(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2bn.\n* Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025.\n* Underlying earnings per share(2)(footnote: 'Underlying earnings', '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. 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'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 8% to EUR 3.86,.\n* This increase was mainly driven by:\n** IncreaseThe increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** ImpactThe impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.\n* This increase was partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback (-1%)."

"content": "* Net income increased by 26% to EUR 9.8bn.\n* This increase mainlyprimarily reflects the riseincrease in underlying earnings and significantly positive exceptional items, notablyparticularly the gain from the sale of AXA IM (AXA Investment Managers).\n\n=== Balance sheet ==="

"heading": "Shareholders' equity and CSM",

"Foreign exchange",

"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.\n* The decrease in shareholders' equity was due to: FY24 (Full year 2024) dividend paid to shareholders (-EUR -4.6bn), impact of share buybacks in 2025 (-EUR -4.7bn) including a EUR 3.5bn anti-dilutive buyback (Share buyback) related to the AXA IM (AXA Investment Managers) sale, and unfavorable foreign exchange impact (-EUR -3.5bn) mainly from USD depreciation.\n* These negative impacts moreon thanshareholders' equity were partly offset by positive contributions from net income (+EUR +9.8bn) and net OCI (+EUR 1.3bn).\n* CSM(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)(15)(footnote: Including P\u0026C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.) was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.\n* CSM saw +2% normalized growth from new business contribution (+EUR 2.2bn) and underlying return on in-force (+EUR 1.3bn), which more than offset CSM release (-EUR 3.0bn).\n* Market conditions had a favorable impact on CSM (+EUR 0.6bn), driven by tightening government spreads and positive equity market performance.\n* This was more than offset by unfavorable foreign exchange impacts (-EUR 1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (-EUR 0.3bn) due to a reduction in Group (AXA) Life business duration in Switzerland despite better margins and net flows."

"heading": "CSM and Solvency II ratio",

"Year 2026",

"content": "* CSMSolvency wasII EURratio(5)(footnote: 33.3bnThe atSolvency DecemberII 31,ratio 2025,is downestimated EURprimarily 0.6bnusing versusAXA's Decemberinternal 31,model 2024.\n*calibrated Newbased businesson contributionan (EURadverse 1/200 years +2shock.2bn) andFor underlyingfurther returninformation on in-forceAXA's (EURinternal +1.3bn)model moreand thanSolvency offsetII CSMdisclosures, releaseplease (EUR -3.0bn), leadingrefer to +2%AXA normalizedGroup's growthSolvency inand CSM.\n*Financial FavorableCondition market conditionsReport (EUR +0.6bnSFCR) fromas tighteningof governmentDecember spreads31, and2024, positiveavailable equityon marketAXA's performancewebsite were(www.axa.com). moreThe thanSolvency offsetII byratio unfavorableas foreignof exchange impactsDecember (EUR -1.5bn)31, mainly2025 fromis JPYadjusted andto HKDgive depreciation,effect andto negativethe operatingfull variance (EUR -0.3bn) dueup to aEuro reduction1.25 inbillion Groupannual (AXA)share Lifebuyback businessprogram durationand inproposed SwitzerlandEuro despite2.32 betterper marginsshare anddividend netannounced flowstoday.\n* Solvency II ratio) was 224% as of December 31, 2025, up +9 points versus December 31, 2024.\n* ThisThe increase in Solvency II ratio was driven by: a strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).\n* These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima acquisitions) and thedisposal of AXA IM (AXA Investment Managers) disposal, including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualifyingqualify as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group (AXA) estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.) by +17 points."

"content": "* Underlying return on equity(2)(footnote: 'Underlying earnings', '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. 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'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, due to higher underlying earnings and lower shareholders' equity.\n* Debt gearing(2)(footnote: 'Underlying earnings', '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. 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'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.\n* ThisThe increase in debt gearing was driven by lower shareholders' equity and CSM, and the issuance of EUR 3.5bn in Restricted Tier 1 and Tier 2 subordinated debt.\n* (EURThis 3.5bn),was partly offset by the redemption of outstanding grandfathered Tier 1 debt (-EUR -1.9bn).\n* The Group (AXA)'s debt gearing was in line withwithin its 19-23% plan guidance for 2024-2026.\n* Cash at Holding(16)(footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.\n* This reflectedincrease reflects organic cash remittance from subsidiaries of EUR 7.5bn, which was up EUR 0.4bn versus December 31, 2024.\n\n== Capital management and outlook ==\n\n=== Capital management ==="

"heading": "ShareholderDividend returnsproposal",

"Year 2026",

"content": "* A dividend of EUR 2.32 per share (+8% versus FY24 (Full year 2024)) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 (Year 2026).\n*(7)(footnote: The dividend is expectedSubject to beapproval paid on May 13, 2026, with an ex-dividend date on May 11, 2026.\n* AXA's Board of Directors approved on February 25, 2026,by the launch of an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to cancelbe allheld shareson repurchasedApril pursuant30, to this share buyback program2026.).\n* The share buyback programdividend is expected to commencebe aspaid soonon asMay reasonably13, practicable2026, subjectwith toan marketex-dividend conditions,date andon toMay be11, completed by year-end2026.\n\n=== Outlook ==="

"heading": "Share buyback program",

"content": "**'Unlock the Future' Plan Outlook**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.\n* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: pricing remains favorable, with expected continued benefitbenefits from earnthroughearn-through of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; the Group (AXA) will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* Normalized natural catastrophe(18)(footnote: load:Natural Groupcatastrophe charges include natural catastrophe losses regardless of event size.) load guidance remains at ca.approximately 4.5 points of combined ratio for 2026 (Year 2026).\n* Life \u0026 Health: earnings growth expected from short-term business due to disciplined pricing and claims management.\n* Life \u0026 Health: strategyStrategy to rejuvenate sales in long-term business, andcoupled with improved persistency, should generate positive net flows, drivingand drive CSM growth over time."

"id": "chq99br5nr-c18c19",

"chunk": 1819,

"heading": "Holdings results and Financialfinancial Targetstargets",

"content": "* HoldingsResults results:in expected to remain similarHoldings in 2026 (Year 2026) are expected to remain at a similar level as in 2025.\n* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong 2025 operating performance in 2025.\n* Underlying earnings per share growth: expected at the upper end of the 6-8% CAGR target range for both 2023-2026E and 2026(9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.).\n* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.\n* Cumulative organic cash upstream: expected in excess of EUR 21bn for 2024-2026E.\n* CapitalThe Group (AXA) is committed to its capital management policy(19)(footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.), targetstargeting a total payout ratio of 75%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* DividendThe total payout ratio: comprises a 60%.\n* Annualdividend sharepayout buybacks:ratio and an additional 15% from annual share buybacks.\n* ProposedThe proposed dividend per share: in a given year is expected to be at least equal to the prior year's dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

"id": "chq99br5nr-c19c20",

"chunk": 1920,

"Underlying earnings",

"content": "**Key figures – Property \u0026 Casualty (Property \u0026 casualty)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis | FY25 Price effect(12) (in %) |\n| --- | --- | --- | --- | --- |\n| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |\n| o/w Commercial lines(11) | 34.9 | 35.8 | +4% | +1.9% |\n| o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% |\n| o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |\n**Earnings (in Euro million, unless otherwise noted)**\n\n| | FY24 | FY25 | Change at constant Forex |\n| --- | --- | --- | --- |\n| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt |\n| Underlying earnings | 5,510 | 5,872 | +9% |\nGross written premiums \u0026 other revenues were up 5% to EuroEUR 58.0 billion0bn.\n* Commercial lines: grew by 4% to EuroEUR 35.8 billion8bn, driven by:\n** AXA XL Insurance: (+3%) from growth in lines with attractive margins, including in (Property, and in Casualty from both favorable price effects and higher volumes,); partly offset by lower pricing and volumes in Financial lines;.\n** Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM): (+13%) mainly driven by Türkiye from higher average premiums, along withand favorable volume and price effects in Mexico; and.\n** France (AXA France): (+6%) from favorable price effects in all lines of business (Business mix) and higher volumes.\n* Personal lines: grew by 7% to EuroEUR 19.7 billion7bn, driven by:\n** Europe (AXA Europe): (+5%) from favorable price effects across geographies, except in UK \u0026 Ireland Motor, where pricing softened following strong repricing in 2024;.\n** Asia, Africa \u0026 EME-LATAM: (+14%) driven by Türkiye from higher average premiums and volumes; and.\n** France: (+9%) with strong volume growth in all lines of business, both from (direct business and proprietary agent networks), combined with favorable price effects in Motor.\n* AXA XL Reinsurance: grew by 8% to EuroEUR 2.6 billion6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by a softening in other lines.\nThe all-year combined ratio improved by 0.3 point to 90.6%, mainly driven by:\n* Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from further margin expansion in (i) Commercial lines (-0.5 point), driven by the SME \u0026 mid-market business (-0.9 point) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 point), as well as in (ii) Personal lines (-0.4 point) in a conducive pricing environment;\n* Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains; and\n* Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%)."

"id": "chq99br5nr-c20c22",

"chunk": 2022,

"content": "* P\u0026C (Property \u0026 casualty) underlying earnings: +were up 9% to EUR 5.9bn\n* Drivendriven by:\n** Increase in technical result: (+EUR 0.5bn,) reflecting strong volume growth andin improvedvolumes, combined with an improvement in technical margin.\n** Higher financial result: (+EUR 0.2bn,) duethanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting increasedthe increase in the unwind of the discount of claims reserves.\n** Partly offset by:\n** Higherhigher income taxes: (-EUR 0.2bn,) mainly due to higher pre-tax underlying earnings.\n\n== Life \u0026 Health =="

"id": "chq99br5nr-c21c24",

"chunk": 2124,

"id": "chq99br5nr-c22c25",

"chunk": 2225,

"content": "* Life GWP (Gross written premiums) grew +9% to EUR 37.5bn, mainly from Unit-Linked (+13%), G/A(13)(footnote: General account.) (+4%), and Protection (+11%).\n** Unit-Linked: +13%growth driven by successful sales initiatives across all geographies.\n** G/A: +4%,growth notably in France (AXA France) (+4%), and from elevated sales of a capital-light product in Italy.\n** G/A wasgrowth partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong.\n** Protection: +11%,growth 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.\n* Health GWP grew +5% to EUR 19.0bn, driven by favorable price effects in both Group (AXA) and Individual businesses across most geographies\n* Health GWP was, partly offset by lower volumes."

"id": "chq99br5nr-c23c26",

"chunk": 2326,

"content": "* Present value of expected premiums (PVEP)(1,21) decreased -2% to EUR 49.4bn, driven by:.\n** Life: PVEP +1%, from higher volumes in Hong Kong, France (AXA France), and Switzerland\n** Life was, partly offset by the impact of higher interest rates on discounting of future premiums.\n** Health: PVEP -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions."

"id": "chq99br5nr-c24c27",

"chunk": 2427,

"id": "chq99br5nr-c25c28",

"chunk": 2528,

"content": "* Net flows(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) were +EUR +5.4bn (prior:compared EURto +EUR 1.5bn in 2024),.\n* Net flows in 2025 driven by:\n** Protection: (+EUR +4.9bn), mainly in Hong Kong, Japan, and France (AXA France).\n** Net flows in 2025 driven by Health: (+EUR +2.7bn), mainly in Germany, Japan, and France.\n** Net flows in 2025 driven by Unit-Linked: (+EUR +1.5bn), primarily in France.\n** PartlyNet flows partly offset by G/A Savings: (-EUR -3.7bn).\n** Inflows in G/A capital-light (+EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (-EUR -5.0bn)."

"id": "chq99br5nr-c26c29",

"chunk": 2629,

"content": "* Life \u0026 Health underlying earnings increased +7% to EUR 3.5bn,.\n* Underlying earnings driven by:\n** Long-term technical result: (+EUR +0.2bn,) drivendue byto an increase inincreased CSM release, following both growth in reserves and better margins in the long-term business.\n** Underlying earnings driven by Short-term technical result: (+EUR +0.1bn,) drivendue by theto expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies.\n** 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).\n** LowerUnderlying earnings driven by lower income taxes: (+EUR +0.1bn,) reflecting favorable tax effects mainly in Germany, France (AXA France) and Mexico.\n** LowerUnderlying earnings driven by lower contribution from affiliates, notably ICBC-AXA, and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.\n\n== Holdings =="

"id": "chq99br5nr-c27c30",

"chunk": 2730,

"content": "* Holdings underlying earnings(14)(footnote: Including banking activities.) remained broadly stable at EUR -1.2bn.\n\n== Ratings and glossary ==\n\n=== Ratings ==="

"id": "chq99br5nr-c28c31",

"chunk": 2831,

"content": "**Insurer financial strength ratings and AXA's credit ratings by Agency**\n\n| Agency | Date of last review | Insurer financial strength ratings AXA SA | Insurer financial strength ratings AXA's principal insurance subsidiaries | Insurer financial strength ratings Outlook | AXA's credit ratings (22) Senior debt of the Company | AXA's credit ratings (22) Short-term debt of the Company |\n| --- | --- | --- | --- | --- | --- | --- |\n| S\u0026P Global Ratings | October 3, 2025 | A+ | AA- | Positive | A+ | A-1+ |\n| Moody's Investor Service | October 8, 2025 | Aa2 | Aa2 | Stable | Aa3 | P-1 |\n| AM Best | October 9, 2025 | A+ Superior | — | Stable | aa Superior | — |\n\n(22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.\n\n=== Glossary ==="

"id": "chq99br5nr-c29c32",

"chunk": 2932,

"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 thean asset or liability for a group (AXA) of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders.\n* CSM release: the portion of CSM stock net of reinsurance at the end of thea 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: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.\n* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (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* Gross written premiums and other revenues: 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 (AXA Investment Managers) activities).\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 (\"NBV\"): the value of newly issued contracts during the current year, consisting of the sum of:\n** (i) the NB CSM,\n** (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, (considering expected renewals), and\n** (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9,\n** net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.\n* 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.\n* Operating variance: the variation of the year-end CSM vsversus 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) the impact of model changes, 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, discounted at the reference interest rate and representing the Group share.\n* Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses.\n* Underlying return on in-force: the release of the time value of options \u0026 guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n== Scope and exchange rates ==\n\n=== Scope ==="

"id": "chq99br5nr-c30c33",

"chunk": 3033,

"heading": "Scopescope of operations by geography and entitysegment",

"content": "* France (AXA France): includes insurance activities, banking activities, and holding.\n* Europe (AXA Europe): includes Switzerland (insurance activities);, Germany (insurance activities and holding);, Belgium and LuxembourgLuxemburg (insurance activities and holding);, United Kingdom and Ireland (insurance activities and holding);, Spain (insurance activities and holding);, Italy (insurance activities);, Prima (insurance activities);(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM):\n** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding bancassurance entity), China P\u0026C, South Korea, and Asia Holdings are 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) are consolidated under the equity method and contribute to NBV, PVEP, underlying earnings, and net income.\n** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n** EME-LATAM (equity method): Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.\n** Other: AXA Mediterranean Holdings.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group (AXA)'s internal reinsurance activity), and other Central Holdings.\n* AXA Investment Managers(24)(footnote: Disposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are (fully consolidated), and Asian joint ventures, which are (consolidated under the equity method).\n\n=== Exchange rates ==="

"id": "chq99br5nr-c31c34",

"chunk": 3134,

"heading": "Exchange ratesScope",

"content": "**Exchange ratesScope**\n\n| For 1 Euro | End of Period Exchange rate FY24 (Full year 2024) | End of Period Exchange rate FY25 (Full year 2025) | Average Exchange rate FY24 | Average Exchange rate FY25 |\n| --- | --- | --- | --- | --- |\n| USD | 1.04 | 1.17 | 1.08 | 1.13 |\n| CHF | 0.94 | 0.93 | 0.95 | 0.94 |\n| GBP | 0.83 | 0.87 | 0.85 | 0.86 |\n| JPY | 163 | 184 | 164 | 169 |\n| HKD | 8.04 | 9.14 | 8.44 | 8.82 |\n\n== Notes =="

"id": "chq99br5nr-c32c35",

"chunk": 3235,

"id": "chq99br5nr-c33c36",

"chunk": 3336,

"heading": "Reporting Basisbasis and Assumptionsfinancial statements",

"content": "* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).\n* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.\n* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026 (Year 2026).\n*, The financial statementsand are subject to completion of an audit procedurecompletion by AXA's statutory auditors.\n\n== About the AXA group =="

"heading": "Forward-lookingCompany statementsinformation and non-GAAPlegal financial measuresdisclosures",

"Underlying earnings",

"content": "* CertainThe statementsAXA inGroup the(AXA) documentis area forward-looking,worldwide includingleader predictionsin ofinsurance futurewith events156,000 trends,employees plans,serving expectations,over or92 objectives,million andclients non-historicalin information52 countries.\n* Forward-lookingIn statements2025, areIFRS17 identifiedrevenues byamounted wordsto likeEUR 'expects',115.5bn 'anticipates',and 'may',IFRS17 'plan',underlying orearnings conditionalto verbsEUR such as “would” and “could”8.4bn.\n* StatementsInvestor regardingRelations expectedcan underlyingbe earningsreached perat share+33.1.40.75.48.42 (“UEPSor (Underlyinginvestor.relations@axa.com.\n* earningsThe perAXA ordinary share)”) growthis forlisted 2026on (Yearcompartment 2026)A areof forward-lookingEuronext andParis provideunder one-offticker guidancesymbol forCS the(ISN lastFR year0000120628 of– theBloomberg: GroupCS (AXA)’sFP current– strategicReuters: planAXAF.PA).\n* TheseAXA’s statementsAmerican areDepository basedShare onis Management’squoted currenton viewsthe andOTC intentionsQX andplatform areunder subjectticker tosymbol changeAXAHY.\n* UndueIndividual relianceShareholder shouldRelations notcan be placedreached onat forward-looking+33.1.40.75.48.43.\n* statementsMedia dueRelations tocan knownbe andreached unknownat risks+33.1.40.75.46.74 andor uncertaintiesvia email at ziad.gebran@axa.com, manyahlem.girard@axa.com, outsidesylwia.tulak@axa.com.\n* AXA’sThe controlAXA Group is included in main international SRI indexes, whichsuch couldas causeDow actualJones resultsSustainability toIndex differ(DJSI) and materiallyFTSE4GOOD.\n* EachInformation forwardon Corporate Responsibility strategy is available at axa.com/en/about-lookingus/strategy-commitments.\n* statementAXA is valida onlyfounding atmember of the dateUN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.\n* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.\n* This press release and regulated information are available on the AXA Group website (axa.com).\n* ForCertain importantstatements factors,in risks,the andpress uncertaintiesrelease are forward-looking, referincluding tothose Partregarding 5expected –underlying “Riskearnings Factorsper andshare Risk(“UEPS Management”(Underlying ofearnings AXA’sper Universalshare)”) Registrationgrowth Documentfor 2026 (Year 2026), which provide one-off guidance for the last year endedof Decemberthe 31current strategic plan.\n* Forward-looking statements are based on Management’s current views and intentions and are subject to change, 2024risks, (theand “2024uncertainties, Universalmany Registrationoutside Document”)AXA’s control.\n* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”), which are used by Management tofor analyzeanalyzing operating trends, financial performance, and position.\n* These non-GAAP financial measuresAPMs generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.\n* Non-GAAP financial measuresAPMs should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.\n* “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 reconciliationReconciliations of APMs to theIFRS mostfinancial closelystatements relatedand linetheir item,calculation subtotal,methodology orare totalprovided in the financial statements in itsAXA’s Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.\n* Further information on non-GAAP financial measures is available in the Glossary ofin AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"heading": "Gross Writtenwritten Premiumspremiums and Otherother Revenuesrevenues by geography and business line",

"content": "**Gross Writtenwritten Premiumspremiums and Otherother Revenuesrevenues by geography and business line (Business mix)**\n\n| inIn EuroEUR million | Gross Written Premiums and Other Revenues FY24 (Full year 2024) | Gross Written Premiums and Other Revenues FY25 (Full year 2025) | Gross Written Premiums and Other Revenues Change on a reported basis | Gross Written Premiums and Other Revenues Change on a comparable basis | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change on a comparable basis | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change on a comparable basis | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change on a comparable basis |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France)(i) | 28,996 | 30,598 | +6% | +6% | 9,648 | +7% | 20,852 | +5% | — | — |\n| Europe (AXA Europe) | 39,298 | 43,005 | +9% | +6% | 21,257 | +4% | 21,748 | +8% | — | — |\n| AXA XL | 19,383 | 19,277 | -1% | +4% | 19,159 | +4% | 118 | -8% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 19,083 | 19,925 | +4% | +13% | 6,257 | +13% | 13,668 | +13% | — | — |\n| Transversal | 1,856 | 1,844 | -1% | -1% | 1,718 | -1% | 126 | -8% | — | — |\n| AXA Investment Managers | 1,701 | 875 | -49% | +4% | — | — | — | — | 875 | +4% |\n| Total(i) | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% |\n\n(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.\n\n== Appendix 2: Underlying earnings by geography and by business line =="

"content": "**Underlying earnings by geography and by business line (Business mix)**\n\n| inIn EuroEUR million | Underlying earnings FY24 (Full year 2024) | Underlying earnings FY25 (Full year 2025) | Underlying earnings Change at constant Forex | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change at constant Forex | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change at constant Forex | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change at constant Forex |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 2,071 | 2,224 | +7% | 1,237 | +7% | 1,039 | +8% | — | — |\n| Europe (AXA Europe) | 3,187 | 3,486 | +9% | 2,216 | +9% | 1,264 | +14% | — | — |\n| AXA XL | 1,820 | 1,893 | +9% | 1,913 | +9% | 12 | -49% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 1,504 | 1,493 | +6% | 355 | +24% | 1,165 | 0% | — | — |\n| Transversal | -907 | -903 | 0% | 151 | -4% | 22 | +16% | — | — |\n| AXA Investment Managers | 402 | 175 | -57% | — | — | — | — | 175 | -57% |\n| Total(i) | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% |\n\n(i) Including underlying earnings of Holdings and Banking.\n\n== Appendix 3: Property \u0026 Casualty – gross written premiums \u0026 other revenues by business line and discount rates =="

"heading": "Total P\u0026amp;C by Commercial lines, Personal lines,geography and AXA XLbusiness Reinsuranceline",

"content": "**Total P\u0026C (Property \u0026 casualty) by Commercialgeography lines,and Personal lines, andbusiness AXAline XL(Business Reinsurancemix)**\n\n| inIn EuroEUR million | Commercial lines Total Commercial | Commercial lines Change(i) | Personal lines Personal Motor | Personal lines Change(i) | Personal lines Personal Non-Motor | Personal lines Change(i) | AXA XL Reinsurance Total Personal | AXA XL Reinsurance Change(i) | AXA XL Reinsurance Total Reinsurance | AXA XL Reinsurance Change(i) | Total P\u0026C FY25 (Full year 2025) | Total P\u0026C Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 5,077 | +6% | 2,693 | +9% | 1,877 | +10% | 4,570 | +9% | - | - | 9,648 | +7% |\n| Europe (AXA Europe) | 9,179 | +1% | 7,434 | +6% | 4,644 | +5% | 12,078 | +5% | - | - | 21,257 | +4% |\n| AXA XL | 16,604 | +3% | - | - | - | - | - | - | 2,555 | +8% | 19,159 | +4% |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 3,193 | +13% | 2,315 | +14% | 749 | +12% | 3,064 | +14% | - | - | 6,257 | +13% |\n| Transversal | 1,718 | -1% | - | - | - | - | - | - | - | - | 1,718 | -1% |\n| Total | 35,771 | +4% | 12,443 | +8% | 7,269 | +7% | 19,712 | +7% | 2,555 | +8% | 58,038 | +5% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n\n| | FY24 (Full year 2024)(i) | FY25(ii) |\n| --- | --- | --- |\n| EUR | 2.8% | 2.6% |\n| USD | 4.4% | 4.2% |\n| JPY | 0.4% | 1.0% |\n| GBP | 4.3% | 4.3% |\n| CHF | 0.8% | 0.2% |\n| HKD | 3.7% | 3.2% |\n\n(i) Calculated as monthly average from January 2024 to December 2024\n(ii) Average of monthly opening discount rates of 2025\n\n== Appendix 4: Property \u0026 Casualty – price effect \u0026 2026 market pricing trends ==\n\n=== P\u0026C: Price effects i by country and business line ==="

"content": "**Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by geography and business line (Business mix)**\n\n| Gross written premiums \u0026 other revenues inIn EuroEUR million | Total FY25 (Full year 2025) | Total Change(i) | o/w Protection FY25 | o/w Protection Change(i) | o/w G/A Savings FY25 | o/w G/A Savings Change(i) | o/w Unit-Linked FY25 | o/w Unit-Linked Change(i) | o/w Health FY25 | o/w Health Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 20,852 | +5% | 4,650 | +6% | 5,483 | +4% | 5,109 | +10% | 5,611 | +2% |\n| Europe (AXA Europe) | 21,748 | +8% | 5,090 | +4% | 4,444 | +18% | 3,419 | +10% | 8,795 | +4% |\n| AXA XL | 118 | -8% | 59 | -6% | 59 | -10% | - | - | - | - |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 13,668 | +13% | 7,454 | +19% | 971 | -31% | 761 | +63% | 4,483 | +11% |\n| Transversal | 126 | -8% | - | - | - | - | - | - | 126 | -8% |\n| Total | 56,512 | +8% | 17,253 | +11% | 10,957 | +4% | 9,289 | +13% | 19,014 | +5% |\n| o/w short-term(ii) | 17,651 | +6% | 4,337 | +6% | | | | | 13,314 | +6% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n(ii) Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period\n\n== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin =="

"heading": "Main transactions in 2025",

"content": "* AXA announcedAnnounced the execution of a share repurchase (Share buyback) agreement for itsAXA's share buyback program of up to EUR 1.2bn (February 28, 2025).\n* AXA announcedAnnounced the completion of the acquisition of Nobis Group (AXA) in Italy (April 1, 2025).\n* AXA announcedAnnounced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025).\n* AXA announcedAnnounced the execution of a share repurchase agreement for itsAXA's Shareplan and certain stock-based compensation (June 2, 2025).\n* AXA announcedAnnounced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025).\n* AXA announcedAnnounced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (AXA Investment Managers) (July 1, 2025).\n* AXA announcedAnnounced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025).\n* AXA announcedAnnounced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025).\n* AXA announcedAnnounced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025).\n* AXA announcedAnnounced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025).\n\n=== Next main investor events ==="

"heading": "Investor eventsevent calendar",