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

"content": "* Announcement made in Paris on February 26, 2026 (Year 2026), at 6:45am CET.\n\n== Full Year 2025 Earnings =="

"heading": "Underlying EPS growth",

"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": "* Gross written premiums \u0026 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.): EUR 116bn, +6% vs. FY24 (Full year 2024)\n* 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).): EUR 8.4bn, +6% vs. FY24\n* 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).): +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* 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).): EUR 3.86, +8% vs. FY24\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).) includes -2% headwind from foreign exchange movements (Foreign exchange)\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).) includes -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback(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.)"

"content": "* Solvency II ratio(5)(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.): 224% at December 31, 2025, +9pts vs. FY24 (Full year 2024)\n* Solvency II ratio(5)(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.): 215% on January 1, 2026 (Year 2026), reflecting the end of the grandfathering period(6)(footnote: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.)\n\n== Capital Management =="

"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 Outlook and Solvency II",

"heading": "2025 Performance and Strategic Commentary",

"content": "* In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM (AXA Investment Managers).\n* Reserve prudence was enhanced using excellent results.\n* P\u0026C (Property \u0026 casualty) franchise posted strong results with a healthy balance between price and volume, best-in-class margins, 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 business reflects early benefits of rejuvenation strategy.\n* Health grew by 17%, even after absorbing adverse 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 Highlights",

"content": "* This is a press release.\n\n== FY25 key highlights =="

"content": "**Key figures – FY25 (Full year 2025) key highlights**\n\n| in Euro million | FY24 (Full year 2024) | FY25 | Change on a reported basis | Change at comparable basis |\n| --- | --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues)(1) | 110,316 | 115,524 | +5% | +6% |\n| o/w Property \u0026 Casualty (Property \u0026 casualty) | 56,514 | 58,038 | +3% | +5% |\n| o/w Life \u0026 Health (Life \u0026 health) | 51,983 | 56,512 | +9% | +8% |\n| o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | Change at constant Forex |\n| --- | --- | --- | --- | --- |\n| Underlying earnings(2) | 8,078 | 8,368 | +4% | +6% |\n| Net income | 7,886 | 9,797 | +24% | +26% |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%)(5) | 216% | 224% | +9 pts | |\n\n=== Activity indicators ==="

"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%, driven 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",

"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* This increase was driven by:\n** Property \u0026 Casualty: +9%, from higher volumes, underwriting margin expansion, and increased financial results 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 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** The increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** The 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 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."

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

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

"Foreign exchange",

"AXA"

"AXA",

"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 on shareholders' 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."

"content": "* Solvency II ratio(5)(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.) was 224% as of December 31, 2025, up 9 points versus December 31, 2024.\n* The 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 (+4 points).\n* These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima) and disposal of AXA IM (AXA Investment Managers), including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualify 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."

"id": "chq99br5nr-c15",

"chunk": 15,

"heading": "Financial metrics",

"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* The 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* This was partly offset by the redemption of outstanding grandfathered Tier 1 debt (-EUR 1.9bn).\n* The Group (AXA)'s debt gearing was within 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 increase 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 ==="

"id": "chq99br5nr-c16",

"chunk": 16,

"heading": "Dividend proposal",

"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)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.).\n* The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026."

"id": "chq99br5nr-c17",

"chunk": 17,

"heading": "Share buyback program",

"AXA",

"Year 2026",

"Share buyback"

"AXA",

"Capital management",

"Share buyback",

"Year 2026"

"content": "* AXA's Board of Directors approved on February 25, 2026 (Year 2026), the launch of an annual share buyback program for up to EUR 1.25bn.\n* The program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to cancel all shares repurchased under this program.\n* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end.\n\n=== Outlook ==="

"id": "chq99br5nr-c18",

"chunk": 18,

"heading": "Unlock the Future plan targets",

"AXA",

"content": "* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* Confidence is underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.\n* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: pricing remains favorable, with expected benefits from earn-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: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load guidance remains at 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* Strategy to rejuvenate sales in long-term business, coupled with improved persistency, should generate positive net flows and drive CSM growth over time."

"id": "chq99br5nr-c19",

"chunk": 19,

"heading": "Holdings results and financial targets",

"content": "* Results in Holdings 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 operating performance in 2025.\n* Underlying earnings per share growth: 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: between 14% and 16% between 2024 and 2026E.\n* Cumulative organic cash upstream: in excess of EUR 21bn for 2024-2026E.\n* The 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.), targeting a total payout ratio of 75%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.\n* The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

"id": "chq99br5nr-c20",

"chunk": 20,

"Underlying earnings"

],

"data_items": [],

"effective_tags": [

"AXA",

"AXA XL",

"Full year 2024",

"Full year 2025",

"Gross written premiums",

"Other revenue",

"Property \u0026 casualty",

"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\n| in Euro million | 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% |"

},

{

"id": "chq99br5nr-c21",

"chunk": 21,

"pages": [

5

],

"heading": "Gross written premiums and other revenues",

"tags": [],

"links": [

"AXA XL",

"Gross written premiums \u0026 other revenues"

"content": "* Gross written premiums \u0026 other revenues were up 5% to EUR 58.0bn.\n* Commercial lines: grew by 4% to EUR 35.8bn, driven by:\n** AXA XL Insurance: +3% from growth in lines with attractive margins (Property, Casualty from 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, and favorable volume and price effects in Mexico.\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 EUR 19.7bn, 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.\n** France: +9% with strong volume growth in all lines of business (direct business and proprietary agent networks), combined with favorable price effects in Motor.\n* AXA XL Reinsurance: grew by 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."

"pages": [

5

],

"heading": "Combined ratio",

"tags": [],

"links": [

"AXA XL"

],

"data_items": [],

"effective_tags": [

"AXA",

"AXA XL"

],

"content": "* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:\n** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from further margin expansion in Commercial lines (-0.5pts), driven by SME \u0026 mid-market business (-0.9pts) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1pts), as well as in Personal lines (-0.4pts) in a conducive pricing environment.\n** Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.\n** Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%)."

},

{

"id": "chq99br5nr-c23",

"chunk": 23,

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

"id": "chq99br5nr-c24",

"chunk": 24,

"content": "**Key figures – Life \u0026 Health (Life \u0026 health)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis |\n| --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) | 52.0 | 56.5 | +8% |\n| o/w Life | 34.5 | 37.5 | +9% |\n| o/w Health | 17.5 | 19.0 | +5% |\n| PVEP(1,21) | 50.9 | 49.4 | -2% |\n| NB CSM(1,21) | 2.2 | 2.2 | +3% |\n| NBV (post-tax)(1,21) | 2.3 | 2.2 | 0% |\n| NBV margin(1,21) | 4.4% | 4.5% | +0.1 pt |\n| Net flows(21) | +1.5 | +5.4 | |\n\n| in Euro million | FY24 | FY25 | Change at constant forex |\n| --- | --- | --- | --- |\n| Underlying earnings | 3,323 | 3,501 | +7% |\n| o/w Life | 2,636 | 2,715 | +4% |\n| o/w Health | 687 | 787 | +17% |\n\n=== Gross written premiums \u0026 other revenues were up 8% to Euro 56.5 billion. ==="

"id": "chq99br5nr-c25",

"chunk": 25,

"heading": "Life \u0026 Health gross written premiums",

"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 growth driven by successful sales initiatives across all geographies.\n* G/A growth notably in France (AXA France) (+4%) and from elevated sales of a capital-light product in Italy.\n* G/A growth 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 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 Group (AXA) and Individual businesses across most geographies, partly offset by lower volumes."

"id": "chq99br5nr-c26",

"chunk": 26,

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

"id": "chq99br5nr-c27",

"chunk": 27,

"content": "* NB 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.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased +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.\n* NBV (post-tax)(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.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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 France (AXA France).\n* NBV margin (post tax)(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.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased +0.1pt to 4.5%."

"id": "chq99br5nr-c28",

"chunk": 28,

"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 compared to +EUR 1.5bn in 2024.\n* Net flows in 2025 driven by 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* Net 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-c29",

"chunk": 29,

"content": "* Life \u0026 Health underlying earnings increased +7% to EUR 3.5bn.\n* Underlying earnings driven by Long-term technical result (+EUR 0.2bn) due to increased CSM release, following growth in reserves and better margins in long-term business.\n* Underlying earnings driven by Short-term technical result (+EUR 0.1bn) due to expansion of technical margin reflecting pricing, underwriting and claims management actions.\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* Underlying earnings driven by lower income taxes (+EUR 0.1bn) reflecting favorable tax effects mainly in Germany, France (AXA France) and Mexico.\n* Underlying 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-c30",

"chunk": 30,

"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-c31",

"chunk": 31,

"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-c32",

"chunk": 32,

"heading": "Glossary of financial terms",

"content": "* Capital-light G/A products: products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0%.\n* Contractual service margin (\"CSM\"): a component of the carrying amount of an asset or liability for a group (AXA) of insurance contracts, representing 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 a 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 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\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 versus the expected at opening due to (i) 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 expected and incurred cash-flows in the defined period, (ii) the risk adjustment release, (iii) 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-c33",

"chunk": 33,

"heading": "scope of operations by geography and segment",

"Underlying earnings",

"AXA Transversal \u0026 Other",

"AXA Investment Managers"

"AXA Investment Managers",

"AXA Transversal \u0026 Other",

"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 Luxemburg (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, Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed March 11, 2024, and holding) 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) 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 (fully consolidated), and Asian joint ventures (consolidated under equity method)."

"heading": "Scope",

"content": "**Scope**\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-c35",

"chunk": 35,

"id": "chq99br5nr-c36",

"chunk": 36,

"heading": "Reporting basis and financial 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), and are subject to audit completion by AXA's statutory auditors."

"id": "chq99br5nr-c37",

"chunk": 37,

"heading": "Company information and legal disclosures",

"Underlying earnings",

"Year 2026"

"content": "* The AXA Group (AXA) is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn.\n* Investor Relations can be reached at +33.1.40.75.48.42 or investor.relations@axa.com.\n* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).\n* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.\n* Individual Shareholder Relations can be reached at +33.1.40.75.48.43.\n* Media Relations can be reached at +33.1.40.75.46.74 or via email at ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.\n* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* Information on Corporate Responsibility strategy is available at axa.com/en/about-us/strategy-commitments.\n* 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.\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* Certain statements in the press release are forward-looking, including those regarding expected underlying earnings per share (“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026), which provide one-off guidance for the last year of the current strategic plan.\n* Forward-looking statements are based on Management’s current views and intentions and are subject to change, risks, and uncertainties, many outside 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 for analyzing operating trends, financial performance, and position.\n* APMs generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.\n* APMs 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* Reconciliations of APMs to IFRS financial statements and their calculation methodology are provided in AXA’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 in AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"id": "chq99br5nr-c38",

"chunk": 38,

"id": "chq99br5nr-c39",

"chunk": 39,

"id": "chq99br5nr-c40",

"chunk": 40,

"id": "chq99br5nr-c41",

"chunk": 41,

"content": "**P\u0026C (Property \u0026 casualty): Price effects by country and business line (Business mix)**\n\n| FY25 (Full year 2025) (in %) | Commercial lines | Personal lines | AXA XL Reinsurance | 2026 (Year 2026) Market pricing trends |\n| --- | --- | --- | --- | --- |\n| France (AXA France) | +4.0% | +3.3% | | Moderation of price increase |\n| Europe (AXA Europe) | +3.1% | +5.4% | | |\n| Switzerland | +3.0% | +5.0% | | Continued price increases both in Personal and Commercial lines |\n| Germany | +3.1% | +10.3% | | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation |\n| Belgium \u0026 Luxembourg | +2.5% | +4.4% | | Price increase broadly in line with 2025 |\n| UK \u0026 Ireland | +1.4% | -2.6% | | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines |\n| Spain | +8.8% | +8.6% | | Moderation of price increase |\n| Italy | +5.2% | +5.3% | | Moderation of price increase |\n| AXA XL(ii) | +0.2% | | +0.3% | Softening prices with conditions varying by lines |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | +3.8% | +7.1% | | Moderation of price increase |\n| Total | +1.9% | +5.2% | +0.3% | |\n\n(i) i. Price effect calculated as a percentage of total gross written premiums in the prior year.\n(ii) ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.\n\n== Appendix 5: Life \u0026 Health – gross written premiums \u0026 other revenues and growth by business line =="

"id": "chq99br5nr-c42",

"chunk": 42,

"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 In EUR 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 =="

"id": "chq99br5nr-c43",

"chunk": 43,

"id": "chq99br5nr-c44",

"chunk": 44,

"id": "chq99br5nr-c45",

"chunk": 45,

"id": "chq99br5nr-c46",

"chunk": 46,