Document:AXA/2025/FY/Earnings release: Difference between revisions

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parsed_at: '2026-07-26T0326T05:1558:21Z34Z'

=== Key FY25 highlights ===

=== Capital Management ===

=== Outlook ===

| style="text-align:left" | Gross written premiums &amp; other revenues {{fn ref|1|2=Change in gross written premiums &amp; 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.}}

| style="text-align:left" | Underlying earnings {{fn ref|2|2='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).}}

| style="text-align:left" | Solvency II ratio (%) {{fn ref|5|2=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.}}

Total gross written premiums and other revenues {{fn ref|1|2=Change in gross written premiums & 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%, driven by:

Underlying earnings {{fn ref|2|2='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 Euro 8.4 billion, or +9% excluding AXA IM {{fn ref|3|2=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.}}, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings {{fn ref|14|2=Including banking activities.}} underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion.

Underlying earnings per share {{fn ref|2|2='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 Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).

== RatingsRATINGS AND GLOSSARY ==

=== Glossary ===

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Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as ‘expects’, ‘anticipates’, ‘may’, ‘plan’ or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this press release regarding expected underlying earnings per share (“UEPS”) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements and the others contained in the “Outlook” section of this press release are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this press release. Please refer to Part 5 –- “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

{| id="t14" class="wikitable fintable"

! class="col-s" style="text-align:right" | Commercial lines

! class="col-s" style="text-align:right" | Personal lines

! class="col-s" style="text-align:right" | AXA XL Reinsurance

| style="text-align:left" | <strong>France</strong>

| style="text-align:right" | <strong>+4.0%</strong>

| style="text-align:right" | <strong>+3.3%</strong>

| style="text-align:left" | <strong>Europe</strong>

| style="text-align:right" | <strong>+3.1%</strong>

| style="text-align:right" | <strong>+5.4%</strong>

| style="text-align:left" | <emi>Switzerland</emi>

| style="text-align:left" | <emi>Germany</emi>

| style="text-align:left" | <emi>Belgium &amp; Luxembourg</emi>

| style="text-align:left" | <emi>UK &amp; Ireland</emi>

| style="text-align:left" | <emi>Spain</emi>

| style="text-align:left" | <emi>Italy</emi>

| style="text-align:left" | <strong>AXA XL{{fn ref|ii|2=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.}}</strong>

| style="text-align:right" | <strong>+0.2%</strong>

| style="text-align:right" | <strong>+0.3%</strong>

| style="text-align:left" | <strong>Asia, Africa &amp; EME-LATAM</strong>

| style="text-align:right" | <strong>+3.8%</strong>

| style="text-align:right" | <strong>+7.1%</strong>

| style="text-align:left" | <strong>Total</strong>

| style="text-align:right" | <strong>+1.9%</strong>

| style="text-align:right" | <strong>+5.2%</strong>

| style="text-align:right" | <strong>+0.3%</strong>