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

"heading": "1 \u003Cnowiki\u003E|\u003C/nowiki\u003E Key figures: –gross FY25written keypremiums highlights\u0026amp; other revenues by business line, FY24 vs FY25.",

"content": "**Key figures: –gross FY25written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by business line (Business mix), FY24 (Full year 20252024) keyvs highlightsFY25 (Full year 2025).**\n\n| In EUR 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**FY25Key keyfigures: highlightsunderlying earnings and net income, FY24 vs FY25.**\n\n| | 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**FY25Solvency keyII highlightsratio, FY24 vs FY25.**\n\n| | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%) (5) | 216% | 224% | +9 pts | — |\n\n=== Activity indicators ==="

"heading": "4 \u003Cnowiki\u003E|\u003C/nowiki\u003E Key figures – Property \u0026amp; Casualty: gross written premiums and other revenues by business line, FY24 vs FY25.",

"content": "**Key figures – Property \u0026 Casualty (Property \u0026 casualty)**\n\n|: Ingross EURwritten billionpremiums |and other revenues by business line (Business mix), FY24 (Full year 2024) |vs FY25 (Full year 2025).**\n\n| In EUR billion | FY24 | FY25 | 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**EarningsProperty \u0026 Casualty: combined ratio and underlying earnings, FY24 vs FY25.**\n\n| In EUR 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% |"

"heading": "6 \u003Cnowiki\u003E|\u003C/nowiki\u003E Key figures – Life \u0026amp; Health new business metrics: PVEP, NB CSM, NBV, NBV margin, and net flows, FY24 vs FY25.",

"Underlying earnings",

"content": "**Key figures – Life \u0026 Health (Life \u0026 health)**\n\n| Innew EURbusiness billionmetrics: |PVEP, NB CSM, NBV, NBV margin, and net flows, FY24 (Full year 2024) |vs FY25 (Full year 2025).**\n\n| In EUR billion | FY24 | FY25 | 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**EarningsLife \u0026 Health underlying earnings by business line (Business mix), FY24 vs FY25.**\n\n| In EUR 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. ==="

"heading": "8 \u003Cnowiki\u003E|\u003C/nowiki\u003E Insurer financial strength ratings and AXA's credit ratings by Agencyagency, as of October 2025.",

"content": "**Insurer financial strength ratings and AXA's credit ratings by Agencyagency, as of October 2025.**\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 ==="

"heading": "9 \u003Cnowiki\u003E|\u003C/nowiki\u003E Exchange rates.",

"content": "**Exchange rates.**\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 =="

"heading": "10 \u003Cnowiki\u003E|\u003C/nowiki\u003E Gross Written Premiums and Other Revenues by geography and business line, FY24 vs FY25.",

"content": "**Gross Written Premiums and Other Revenues by geography and business line (Business mix), FY24 (Full year 2024) vs FY25 (Full year 2025).**\n\n| In EUR 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 Change on a comparable basis | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health Change on a comparable basis | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management Change on a comparable basis |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| 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 =="

"heading": "11 \u003Cnowiki\u003E|\u003C/nowiki\u003E Underlying earnings by geography and by business line, FY24 vs FY25.",

"content": "**Underlying earnings by geography and by business line (Business mix), FY24 (Full year 2024) vs FY25 (Full year 2025).**\n\n| In EUR 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 Change at constant Forex | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health Change at constant Forex | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management 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": "12 \u003Cnowiki\u003E|\u003C/nowiki\u003E TotalProperty P\u0026amp;C byCasualty geographygross andwritten premiums \u0026amp; other revenues by business line and geography, FY25.",

"content": "**TotalProperty P\u0026Cu0026 Casualty (Property \u0026 casualty) bygross geographywritten andpremiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by business line (Business mix) and geography, FY25 (Full year 2025).**\n\n| In EUR 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**Interest Rates (5Y) For the Discounting of P\u0026C Claims Reserves.**\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 ==="

"heading": "14 \u003Cnowiki\u003E|\u003C/nowiki\u003E P\u0026amp;C: Price effects by country and business line, FY25 with 2026 Market pricing trends.",

"content": "**P\u0026C (Property \u0026 casualty): Price effects by country and business line (Business mix)**\n\n|, FY25 (Full year 2025) with 2026 (Year 2026) Market pricing trends.**\n\n| FY25 (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 =="

"heading": "15 \u003Cnowiki\u003E|\u003C/nowiki\u003E GrossLife \u0026amp; Health gross written premiums \u0026amp; other revenues andby Changegeography byand business line, and geographyFY25.",

"Gross written premiums \u0026 other revenues",

"content": "**GrossLife \u0026 Health (Life \u0026 health) gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) andby Changegeography byand business line (Business mix), andFY25 geography(Full year 2025).**\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 =="

"heading": "16 \u003Cnowiki\u003E|\u003C/nowiki\u003E New Business Metrics: PVEP, NBV, and NBV margin by geography and business line, FY25.",

"AXA Asia, Africa \u0026 EME-LATAM",

"FullBusiness year 2025mix",

"LifeFull \u0026year health2025"

"content": "**New Business Metrics: PVEP, NBV, and NBV margin by geography and business line (Business mix), FY25 (Full year 2025).**\n\n| Life New Business Metrics FY25 (Full year 2025) In EUR million | Life New Business Metrics FY25 PVEP | Life New Business Metrics FY25 Change(ii) | Life New Business Metrics FY25 NBV | Life New Business Metrics FY25 Change(ii) | Life New Business Metrics FY25 NBV margin | Life New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 PVEP | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV margin | Health(i) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 PVEP | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV margin | Total(ii) New Business Metrics FY25 Change(ii) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 14,971 | -4% | 519 | 0% | 3.5% | +0.1 pt | 7,887 | -20% | 177 | +13% | 2.2% | +0.7pt | 22,858 | -10% | 695 | +3% | 3.0% | +0.4pts |\n| Europe (AXA Europe) | 10,102 | +3% | 474 | -11% | 4.7% | -0.7pt | 2,549 | +16% | 104 | +36% | 4.1% | +0.6pt | 12,651 | +5% | 578 | -5% | 4.6% | -0.5pts |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 12,029 | +7% | 754 | +5% | 6.3% | -0.1pt | 1,817 | -6% | 205 | -12% | 11.3% | -0.8pt | 13,847 | +5% | 959 | +1% | 6.9% | -0.3pts |\n| Total | 37,103 | +1% | 1,747 | -1% | 4.7% | -0.1pt | 12,254 | -12% | 486 | +4% | 4.0% | +0.6pt | 49,357 | -2% | 2,233 | 0% | 4.5% | +0.1pt |\n\n**NB CSM (pre-tax), Otherto NBV (pre-tax),by Taxbusiness \u0026 Otherline, and NBV by Life and Health (Life \u0026 health)FY25. (NB CSM to NBV)**\n\n| In EUR million | Life | Health(i) | Total(i) |\n| --- | --- | --- | --- |\n| NB CSM (pre-tax) | 1,822 | 377 | 2,199 |\n| Other NBV (pre-tax) | 491 | 266 | 757 |\n| Tax \u0026 Other | -567 | -157 | -724 |\n| NBV | 1,747 | 486 | 2,233 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Changes are at comparable basis (constant forex, scope and methodology)\n\n== Appendix 7: Life \u0026 Health – net flows =="

"heading": "18 \u003Cnowiki\u003E|\u003C/nowiki\u003E NetLife \u0026amp; Health net flows by business line, FY24 vs FY25.",

"Full year 2025",

"content": "**NetLife \u0026 Health (Life \u0026 health) net flows by business line (Business mix)**\n\n| In EUR billion |, FY24 (Full year 2024) |vs FY25 (Full year 2025).**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Health(i) | +2.7 | +2.7 |\n| Protection | +3.2 | +4.9 |\n| G/A Savings | -3.6 | -3.7 |\n| o/w capital light(ii) | +2.2 | +1.2 |\n| o/w traditional G/A | -5.8 | -5.0 |\n| Unit-Linked(iii) | -0.8 | +1.5 |\n| Mutual Funds \u0026 Other | 0.0 | 0.0 |\n| Total Life \u0026 Health (Life \u0026 health)(i) net flows | +1.5 | +5.4 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%\n(iii) Including Investment contracts with no discretionary participation features (\u0026quot;DPF\u0026quot;)\n\n== Appendix 8: Main transactions and next main investor events =="