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| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
| wide = yes
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* Total [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|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%.
* This growth was driven by [[Definition:Property & casualty|Property & Casualty]] premiums increased (+5%.), with growth in:
** Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}} grew (+4%) due tofrom higher volumes, (notably at [[Definition:AXA XL|AXA XL]] Insurance), and favorable price effects{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies.
** Personal lines grew (+7%), duedriven toby favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia & EME-LATAM, and at [[Definition:AXA XL|AXA XL]] Reinsurance.
** [[Definition:AXA XL|AXA XL]] Reinsurance grew (+8%), with growth supported by alternative capital.
* Growth was also driven by [[Definition:Life & health|Life & Health]] premiums increased (+8%.), with:
** Life premiums were up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland, and Japan.
*** Unit-Linked grew (+13%) from higher volumes across all geographies.▼
*** Protection grew +11% from strong sales in Hong Kong, Switzerland, and Japan.
*** G/A{{fn ref|13|2=General account.}} grew (+4%), from continued momentum in Italy and France.▼
▲*** Unit-Linked grew +13% from higher volumes across all geographies.
** Health premiums were up 5%, driven by price effects in all geographies.▼
▲*** G/A{{fn ref|13|2=General account.}} grew +4% from continued momentum in Italy and France.
▲** Health premiums were up 5%, driven by price effects in all geographies.
 
{{chunk|doc=chq99br5nr|c=10|p=2}}
'''[[Definition:Underlying earnings|Underlying earnings]] and EPS'''
 
* [[Definition:Underlying earnings|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 EUR 8.4 billion, or +9% excluding [[Definition:AXA Investment Managers|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.}}.
* This was driven by:
* [[Definition:Underlying earnings|Underlying earnings]] increased +9% excluding [[Definition:AXA Investment Managers|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.}}.
** [[Definition:Property & casualty|Property & Casualty]] [[Definition:Underlying earnings|underlying earnings]] increased (+9%), due tofrom higher volumes, underwriting margin expansion, and increasedan increase in financial resultsresult fromdue to higher investment income.
** [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased (+7%), duefrom toan improvedimprovement in short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from the businessstrategy rejuvenationto strategyrejuvenate the business.
** Holdings{{fn ref|14|2=Including banking activities.}} [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2 billion.
** Asset Management [[Definition:Underlying earnings|underlying earnings]] decreased by EUR 0.2 billion due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.
* [[Definition:Underlying earnings per share|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 EUR 3.86.
* This increase was mainly driven by:
** This increase was mainly driven by the +6%The increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** The impact of [[Definition:Share buyback|Shareshare buybacks]] contributed (+3%), including both the annual [[Definition:Share buyback|share buyback]] program and the anti-dilutive [[Definition:Share buyback|share buyback]] associated with the sale of [[Definition:AXA Investment Managers|AXA IM]].
** This was partially offset by the unfavorable impact of [[Definition:Foreign exchange|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro, which caused a (-2% reduction).
* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] by -1% due to the timing of the associated [[Definition:Share buyback|share buyback]] (-1%).
 
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* Net income increased by 26% to EUR 9.8 billion.
* This increasemainly primarily reflectsreflected the riseincrease in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, includingnotably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
 
=== Balance sheet ===
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'''Shareholders' equity and CSM'''
 
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versusvs. December 31, 2024.
** ThisThe decrease in shareholders' equity was due to: net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset theby [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid (EUR -4.6bn), [[Definition:Share buyback|share buybacks]] in 2025 (EUR -4.7bn,) including a EUR 3.5bn anti-dilutive [[Definition:Share buyback|buyback]] for [[Definition:AXA Investment Managers|AXA IM]] sale), and an unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) from USD depreciation.
* CSM{{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.}}{{fn ref|15|2=Including P&C. 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 versusvs. December 31, 2024.▼
** These negative impacts more than offset the positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).
** NewCSM normalized growth was +2%, with new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offsetoffsetting CSM release (EUR -3.0bn), leading to +2% normalized growth in CSM.▼
▲* CSM{{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.}}{{fn ref|15|2=Including P&C. 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.
** Market conditions had a favorable impact (of EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.▼
▲** New business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), leading to +2% normalized growth in CSM.
** This was more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impacts (EUR -1.5bn), mainly from JPY and HKD depreciation, and a negative operating variance (EUR -0.3bn) due to better margins and net flows being offset by areduced reductionduration inof Group Life business duration in Switzerland.▼
▲** Market conditions had a favorable impact (EUR +0.6bn) from tightening government spreads and positive equity market performance.
▲** This was more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impacts (EUR -1.5bn) mainly from JPY and HKD depreciation, and a negative operating variance (EUR -0.3bn) due to better margins and net flows being offset by a reduction in Group Life business duration in Switzerland.
 
{{chunk|doc=chq99br5nr|c=13|p=3}}
'''Solvency II ratio'''
 
* 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.}} was 224% as of December 31, 2025, up +9 points versusvs. December 31, 2024.
** ThisDrivers increaseof wasthe drivenSolvency byII ratio increase ainclude: strong operating return (+28 points) net of [[Definition:Dividend|dividend]] provision and annual [[Definition:Share buyback|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets (+4 points).
** These were partly offset by the net impact of acquisitions (Nobis and Prima acquisitions,) and the disposal of [[Definition:AXA Investment Managers|AXA IM]], including the associated EUR 3.8bn [[Definition:Share buyback|share buyback]] (-5 points).
* As of January 1, [[Definition:Year 2026|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 qualifiedqualifying as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.
* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio{{fn ref|10|2=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.
 
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'''Financial metrics'''
 
* Underlying return on equity{{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).}} was 16.0% as of December 31, 2025, up 0.8 pointspoint versusvs. December 31, 2024, due to higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.
* Debt gearing{{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).}} was 22.3% as of December 31, 2025, up 1.7 points versusvs. December 31, 2024.
** ThisDebt gearing was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.▼
** This was partly offset by the redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
* Cash at Holding{{fn ref|16|2=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 vs. December 31, 2024.
▲** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
* CashThis atreflects Holding{{fn ref|16|2=Includingorganic cash andremittance liquidfrom investedsubsidiaries assets at AXA SA Holding and other central holdings.}} amounted toof EUR 57.6bn as of December 31, 20255bn, up EUR 10.6bn4bn versusvs. December 31, 2024.
** This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
 
== Capital management and outlook ==
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'''Shareholder distributions'''
 
* A [[Definition:Dividend|dividend]] of EUR 2.32 per share (+8% vs. [[Definition:Full year 2024|FY24]]) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026|2026]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}.
* The [[Definition:Dividend|dividend]] is expected to be paid on May 13, [[Definition:Year 2026|2026]], with an ex-dividend date on May 11, [[Definition:Year 2026|2026]].
* [[Definition:AXA|AXA]]'s Board of Directors approved, on February 25, [[Definition:Year 2026|2026]], the launch of an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.
* The [[Definition:Share buyback|share buyback]] program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.
* [[Definition:AXA|AXA]] intends to cancel all shares repurchased under this program.
* The [[Definition:Share buyback|share buyback]] program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.
 
=== Outlook ===
 
{{chunk|doc=chq99br5nr|c=16|p=4}}
''''Unlock the Future' plan and financial targets'''
 
* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan, supported by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.
* Confidence is underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.
 
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'''[[Definition:Business mix|Business linesegment]] outlook'''
 
* [[Definition:Property & casualty|P&C]] Retail and SME & Mid-market: favorable pricing; remains favorable,Group withexpects expectedto benefitsbenefit from earnthrough of higher pricing and underwriting actions.
* [[Definition:AXA XL|AXA XL]]: pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
* Normalized natural catastrophe load: guidance remains at ca. 4.5 points of combined ratio for [[Definition:AXAYear XL2026|AXA XL2026]]: normalized natural catastrophe load{{fn ref|18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} guidance remains at ca. 4.5 points of combined ratio for [[Definition:Year 2026|2026]].
* [[Definition:Life & health|Life & Health]]: earnings growth is expected from short-term business due to disciplined pricing and claims management.
* [[Definition:LifeLong-term & health|Life & Health]]business: strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time.
 
{{chunk|doc=chq99br5nr|c=18|p=4}}
'''Holdings results and overall financial targets'''
 
* Holdings: results: expected to remain similar in [[Definition:Year 2026|2026]] areas expected to remain similar toin 2025 levels.
* Management believes [[Definition:AXA|AXA]] is on track to deliver the main financial targets of the 'Unlock the Future' plan financial targets, assuming current operating conditions persist and considering strong overall2025 operating performance in 2025.
* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth: expected at the upper end of the 6-8% CAGR [[Definition:Target range|target range]] for both the 2023-2026E plan period and for [[Definition:Year 2026|2026]] {{fn ref|9|2=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.}}.
* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.
* Cumulative organic cash upstream: expected in excess of EUR 21 billion21bn for 2024-2026E.
* The[[Definition:Capital Groupmanagement|Capital ismanagement]] policy: Group committed to itstargeting a total [[Definition:CapitalPayout managementratio|capitalpayout managementratio]] policyof 75% {{fn ref|19|2=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 [[Definition:Payout ratio|payout ratio]] of 75%{{fn ref|20|2=Payout ratio is calculated based on underlying earnings per share.}}.
* The total* [[Definition:Payout ratioDividend|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]]: and an additional 1560% from annual [[Definition:Share buyback|share buybacks]].
** Annual [[Definition:Share buyback|share buybacks]]: additional 15%.
* The proposedProposed [[Definition:Dividend|dividend]] per share in a given year is expected to be at least equal to the prior year's [[Definition:Dividend|dividend]] per share paid in the prior year.
 
== Property & Casualty ==
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<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ 4 <nowiki>|</nowiki> [[Definition:Property & casualty|Property &amp; Casualty]]: [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]] by [[Definition:Business mix|business line]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].
|-
! style="text-align:left" | In EUR billion
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<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ 5 <nowiki>|</nowiki> [[Definition:Property & casualty|Property &amp; Casualty]]: combinedCombined ratio and [[Definition:Underlying earnings|underlying earnings]], [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].
|-
! style="text-align:left" |
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* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] were up 5% to EUR 58.0bn.
* Commercial lines grew by 4% to EUR 35.8bn, driven by:
** [[Definition:AXA XL|AXA XL]] Insurance (+3%) from growth in lines with attractive margins, including [[Definition:Property, &and casualty|Property andin Casualty]] (from favorable price effects and higher volumes),; partly offset by lower pricing and volumes in Financial lines.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico.
** France (+6%) from favorable price effects in all [[Definition:Business mix|lines of business]] and higher volumes.
Line 350 ⟶ 348:
** Europe (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] (+14%) driven by Türkiye from higher average premiums and volumes.
** France (+9%) with strong volume growth in all [[Definition:Business mix|lines of business]], from both direct business and proprietary agent networks, combined with favorable price effects in Motor.
* [[Definition:AXA XL|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 a softening in other lines.
 
{{chunk|doc=chq99br5nr|c=21|p=5}}
'''Combined ratio'''
 
* The all-year combined ratio improved by 0.3 points3pts to 90.6%, mainly driven by:
** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 points3pts) from further margin expansion in (i) Commercial lines (-0.5 points5pts), driven by the SME & mid-market business (-0.9 points9pts) in a favorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance were stable at attractive levels (+0.11pts), pointsas well as in (ii) Personal lines (-0.4pts) in a conducive pricing environment.
** Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 points) from further margin expansion in Personal lines (-0.4 points) in a conducive pricing environment.
** Lower expensenatural ratiocatastrophe charges (-0.34pts pointsto 3.4%) primarilymore fromthan offset by lower non-commissionprior expenseyears' ratioreserve reflectingdevelopment efficiency(+0.7pts gainsat -1.1%).
** Lower natural catastrophe charges (-0.4 points to 3.4%) more than offset by lower prior years' reserve development (+0.7 points at -1.1%).
 
{{chunk|doc=chq99br5nr|c=22|p=6}}
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<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ 6 <nowiki>|</nowiki> Key figures: [[Definition:Life & health|Life &amp; Health]] [[Definition:Gross written premiums & other revenues|gross written premiums &amp; other revenues]], PVEP, NB CSM, NBV, NBV margin, and net flows, [[Definition:Full year 2024|FY24]] vs [[Definition:Full year 2025|FY25]].
|-
! style="text-align:left" | In EUR billion
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{{chunk|doc=chq99br5nr|c=31|p=8}}
'''IFRSGlossary 17of metricsfinancial terms'''
 
* 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%.
* Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: the portion of CSM stock net of reinsurance at periodthe end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, andas 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.
* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|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).
** [[Definition:Other revenue|Other Revenues]] represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).
* 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.
* New business value ("NBV"): the value of newly issued contracts during the current year, consisting of the sum of:.
** It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests.
** the NB CSM
** theNew presentbusiness value ofmargin future("NBV profitsMargin"): the ratio of Short-Term(i) BusinessNBV representing the value of newly issued contracts during the period, carried by Lifecurrent entities,year consideringto expected(ii) renewalsPVEP.
** the present value of future profits of pure investment contracts accounted for under IFRS 9
** net of the cost of reinsurance, taxes, and minority interests
* New business value margin ("NBV Margin"): the ratio of NBV (value of newly issued contracts during the current year) to PVEP.
{{chunk|doc=chq99br5nr|c=31|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM versusvs the expected at opening due to: (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.
** Operating variance is net of reinsurance.▼
** differences between realized and expected operational assumptions
* 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.▼
** changes in assumptions such as mortality, longevity, lapses, and expenses
** PVEP is discounted at the reference interest rate and PVEP is Group share.▼
** impact of model changes
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|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) the other long-term elements which are mainly composed of non-attributable expenses.
▲* Operating variance is net of reinsurance.
▲* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of total premiums expected to be received over the policy term.
▲* PVEP is discounted at the reference interest rate and is Group share.
* Technical experience: consists of impacts on [[Definition:Underlying earnings|underlying earnings]] from:
** the difference between expected and incurred cash-flows in the defined period
** the risk adjustment release
** changes in onerous contracts
** other long-term elements, mainly non-attributable expenses
* Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
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{{chunk|doc=chq99br5nr|c=39|p=11}}
'''Basis of preparationreporting and financial statement approvalstatements'''
 
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
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{{chunk|doc=chq99br5nr|c=40|p=12}}
'''Company informationoverview and cautionarylegal statementsinformation'''
 
* The [[Definition:AXA|AXA Group]] hasis a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* In 2025, IFRS17 revenues wereamounted Euroto EUR 115.55bn billionand IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bn.
* In 2025, IFRS17 [[Definition:Underlying earnings|underlying earnings]] were Euro 8.4 billion.
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
* The [[Definition:AXA|AXA]] ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
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* Individual Shareholder Relations contact: +33.1.40.75.48.43.
* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* The [[Definition:AXA|AXA Group]] is included in main international SRI indexes, likeincluding Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments.
* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.
* Forward-looking statements in the press release, including those regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] ([[Definition:Underlying earnings per share|UEPS]]) growth for [[Definition:Year 2026|2026]], are based on Management’s current views and intentions and are subject to change.▼
* This press release and regulated information are available on the [[Definition:AXA|AXA Group]] website (axa.com).
* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside [[Definition:AXA|AXA]]’s control.▼
* Certain statements in the press release are forward-looking, identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like “would” and “could”.
▲* Forward-looking statements in the press release, including thoseStatements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“[[Definition:Underlying earnings per share|UEPS]]”) growth for [[Definition:Year 2026|2026]], are basedforward-looking onand Management’sprovide currentone-off viewsguidance andfor intentionsthe andlast areyear subjectof the Group’s current tostrategic changeplan.
* Forward-looking statements are based on Management’s current views and intentions and are subject to change, risks, and uncertainties outside [[Definition:AXA|AXA]]’s control.
▲* Undue reliance should not be placed on forward-looking statements, duewhich tospeak knownonly andat unknownthe risksdate andof uncertaintiesthe outsidepress [[Definition:AXA|AXA]]’s controlrelease.
* Refer to Part 5 - “Risk Factors and Risk Management” of [[Definition:AXA|AXA]]’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of factors, risks, and uncertainties that may affect [[Definition:AXA|AXA]]’s business and/or results of operations.
* [[Definition:AXA|AXA]] disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* The press release refers to non-GAAP financial measures, or alternative performance measures (APMs“APMs”), used by Management, whichfor mayanalyzing notoperating be comparabletrends, tofinancial measures used byperformance, otherand companiesposition.
* NonThese non-GAAP financial measures shouldgenerally nothave beno consideredstandardized inmeaning isolationand from,may ornot asbe acomparable substituteto for,similarly thelabeled Group’s consolidated financial statements preparedmeasures inused accordanceby withother IFRScompanies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* "“[[Definition:Underlying earnings|Underlying earnings]]"”, [[Definition:Underlying earnings per share|UEPS]], "(“[[Definition:Underlying earnings per share|underlying earnings per share]]”), “underlying return on equity"equity”, "combined“combined ratio"ratio”, and "debt“debt gearing"gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* Reconciliations of APMs to IFRS financial statements and their calculation methodology are provided in [[Definition:AXA|AXA]]’s 2025 Activity Report.▼
* [[Definition:AXA|AXA]] provides a reconciliation of APMs to the most closely related line item, subtotal, or total in the financial statements in its Activity Report as of December 31, 2025 (“[[Definition:AXA|AXA]]’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
▲* ReconciliationsFurther ofinformation APMson to IFRSnon-GAAP financial statements andmeasures theiris calculationavailable methodologyin arethe providedGlossary in [[Definition:AXA|AXA]]’s 2025 Activity Report.
 
== Appendix 1: Gross written premiums et other revenues by geography and business line ==
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<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ 16 <nowiki>|</nowiki> New Business VolumeMetrics: (PVEP), New Business Value (NBV), and NBV margin by geography and [[Definition:Business mix|business segmentline]], [[Definition:Full year 2025|FY25]].
|-
! style="text-align:left" | Life New Business Metrics [[Definition:Full year 2025|FY25]] In EUR million
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'''Investor events [[Definition:Year 2026|2026]]'''
 
* The [[Definition:Year 2026|2026]] Shareholder's Annual General Meeting is scheduled for: April 30, [[Definition:Year 2026|2026]].
* First quarter [[Definition:Year 2026|2026]] Activity Indicators will be released on: May 5, [[Definition:Year 2026|2026]].
* The HY26 [[Definition:Earnings release|Earnings Release]] is scheduled for: July 31, [[Definition:Year 2026|2026]].
* [[Definition:AXA|AXA]] Investor Day will take place on: September 21, [[Definition:Year 2026|2026]].
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