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

"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* This growth was driven by Property \u0026 Casualty premiums increased (+5%.), with growth in:\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.) grew (+4%) due tofrom 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 grew (+7%), duedriven toby favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia \u0026 EME-LATAM, and at AXA XL Reinsurance.\n** AXA XL Reinsurance grew (+8%), with growth supported by alternative capital.\n* Growth was also driven by Life \u0026 Health premiums increased (+8%.), with:\n** Life premiums were up 9%.\n***, driven by Protection grew (+11%) from strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked grew (+13%) from higher volumes across all geographies.\n*** G/A(13)(footnote: General account.) grew (+4%), from continued momentum in Italy and France.\n** Health premiums were up 5%, driven by price effects in all geographies."

"heading": "Underlying earnings and EPS",

"content": "* Underlying earnings(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 6% to EUR 8.4 billion.\n*, Underlying earnings increasedor +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 was driven by:\n** Property \u0026 Casualty underlying earnings increased (+9%), due tofrom higher volumes, underwriting margin expansion, and increasedan increase in financial resultsresult fromdue to higher investment income.\n** Life \u0026 Health underlying earnings increased (+7%), duefrom toan improvedimprovement in short-term technical results in Health \u0026 Protection, and higher earnings in long-term business, including early benefits from the businessstrategy rejuvenationto strategyrejuvenate the business.\n** Holdings(14)(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2 billion.\n** Asset Management underlying earnings decreased by EUR 0.2 billion 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 +6%The increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** ShareThe buybacksimpact contributedof share buybacks (+3%), including both 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, which caused a (-2% reduction).\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share by -1% due to the timing of the associated share buyback (-1%)."

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

"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versusvs. December 31, 2024.\n** ThisThe decrease in shareholders' equity was due to: thenet income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset by FY24 (Full year 2024) dividend paid (EUR -4.6bn), share buybacks in 2025 (EUR -4.7bn,) including a EUR 3.5bn anti-dilutive buyback (Share buyback) for AXA IM (AXA Investment Managers) sale), and an unfavorable foreign exchange impact (EUR -3.5bn) from USD depreciation.\n** These negative impacts more than offset the 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 versusvs. December 31, 2024.\n** 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.\n** Market conditions had a favorable impact (of EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.\n** This was more than offset by unfavorable 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."

"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 versusvs. December 31, 2024.\n** ThisDrivers increaseof wasthe drivenSolvency byII ratio increase ainclude: 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 were partly offset by the net impact of acquisitions (Nobis and Prima acquisitions,) and the 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), 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%.\n* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.) by +17 points."

"content": "* Underlying return on equity(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 16.0% as of December 31, 2025, up 0.8 pointspoint versusvs. 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 versusvs. December 31, 2024.\n** 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).\n** This was, partly offset by the redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).\n** The Group's debt gearing was in line with 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 versusvs. December 31, 2024.\n** This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versusvs. December 31, 2024.\n\n== Capital management and outlook ==\n\n=== Capital management ==="

"content": "* A dividend of EUR 2.32 per share (+8% vs. 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.\n* AXA's Board of Directors approved, on February 25, 2026, the launch of an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to 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 to be completed by year-end.\n\n=== Outlook ==="

"content": "**'Unlock the Future' plan and financial targets**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n*, Confidencesupported isby: underpinned by(i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management."

"heading": "Business linesegment outlook",

"content": "* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: favorable pricing; remainsGroup favorable,expects with expectedto benefitsbenefit from earnthrough of higher pricing and underwriting actions.\n* 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.\n* AXA XL: normalizedNormalized natural catastrophe load(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) guidance remains at ca. 4.5 points of combined ratio for 2026 (Year 2026) (18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.).\n* Life \u0026 Health: earnings growth is expected from short-term business due to disciplined pricing and claims management.\n* LifeLong-term \u0026 Healthbusiness: strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time."

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

"content": "* Holdings: results: expected to remain similar in 2026 (Year 2026) areas expected to remain similar toin 2025 levels.\n* Management believes 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.\n* Underlying earnings per share growth: expected at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026 (9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.).\n* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.\n* Cumulative organic cash upstream: expected in excess of EUR 21 billion21bn for 2024-2026E.\n* TheCapital Groupmanagement ispolicy: Group committed to itstargeting capitala managementtotal payout ratio of 75% 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 totalDividend payout ratio comprises a: 60%.\n** dividendAnnual payoutshare ratio and anbuybacks: additional 15% from annual share buybacks.\n* The proposedProposed dividend per share in a given year is expected to be at least equal to the prior year's dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

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

"content": "**Property \u0026 Casualty (Property \u0026 casualty): gross written premiums 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**Property \u0026 Casualty: combinedCombined ratio and underlying earnings, FY24 vs FY25.**\n\n| | FY24 | FY25 | Change at constant Forex |\n| --- | --- | --- | --- |\n| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt |\n| Underlying earnings | 5,510 | 5,872 | +9% |"

"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, including Property, and in Casualty (Property \u0026 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, along with favorable volume and price effects in Mexico.\n** 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 (+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, from both 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 a softening in other lines."

"content": "* The all-year combined ratio improved by 0.3 points3pts to 90.6%, mainly driven by:\n** 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 \u0026 mid-market business (-0.9 points9pts) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 points1pts).\n**, Loweras undiscountedwell currentas year loss ratio excluding natural catastrophein (-0.3 pointsii) from further margin expansion in Personal lines (-0.4 points4pts) in a conducive pricing environment.\n** Lower expense ratio (-0.3 points3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.\n** Lower natural catastrophe charges (-0.4 points4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7 points7pts at -1.1%)."

"heading": "6 \u003Cnowiki\u003E|\u003C/nowiki\u003E Key figures: Life \u0026amp; Health gross written premiums \u0026amp; other revenues, PVEP, NB CSM, NBV, NBV margin, and net flows, FY24 vs FY25.",

"content": "**Key figures: Life \u0026 Health (Life \u0026 health).** gross written premiums \nu0026 other revenues (Gross written premiums \n|u0026 Inother EURrevenues), billionPVEP, |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**Life \u0026 Health underlying earnings by business line (Business mix), FY24 vs FY25.**\n\n| | 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": "IFRSGlossary 17of metricsfinancial terms",

"content": "* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.\n* Contractual service margin (\"CSM\"): a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders.\n* CSM release: the portion of CSM stock net of reinsurance at 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.\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, 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.\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 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,.\n** consistingIt consists 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**, and (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 versusvs the expected at opening due to:\n** (i) the differences between realized and expected operational assumptions\n**, (ii) changes in assumptions such as mortality, longevity, lapses, and expenses\n**, and (iii) impact of model changes.\n** Operating variance is 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.\n** PVEP is discounted at the reference interest rate and PVEP is Group share.\n* Technical experience: consists of the impacts on the underlying earnings from:\n**of (i) the difference between the expected and incurred cash-flows incurred in the defined period\n**, (ii) the risk adjustment release\n**, (iii) the changes in onerous contracts\n** and (iv) the other long-term elements, which are 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 ==="

"heading": "Basis of preparationreporting and financial statement approvalstatements",

"heading": "Company informationoverview and cautionarylegal statementsinformation",

"content": "* The AXA Group (AXA) hasis a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues wereamounted Euroto EUR 115.55bn billion.\n* In 2025,and IFRS17 underlying earnings wereto EuroEUR 8.4 billion4bn.\n* Investor Relations contact: +33.1.40.75.48.42, 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 contact: +33.1.40.75.48.43.\n* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.\n* The AXA Group is included in main international SRI indexes, likeincluding Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* Corporate Responsibility strategy information 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* ForwardSRI ratings information is available at axa.com/en/investor/sri-lookingratings-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, includingidentified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like “would” and “could”.\n* thoseStatements regarding expected underlying earnings per share (UEPS“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026), are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.\n* Forward-looking statements are based on Management’s current views and intentions and are subject to change, risks, and uncertainties outside AXA’s control.\n* Undue reliance should not be placed on forward-looking statements, which speak only at the date of the press release.\n* dueRefer to knownPart 5 - “Risk Factors and unknownRisk Management” of 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 outsidethat may affect AXA’s controlbusiness and/or results of operations.\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“APMs”), used by Management for analyzing operating trends, whichfinancial performance, and position.\n* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies.\n* 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.\n* \"Underlying“Underlying earnings\"earnings”, UEPS (“underlying earnings per share”), \"underlying“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.\n* ReconciliationsAXA provides a reconciliation of APMs to IFRSthe most closely related line item, subtotal, or total in the financial statements andin theirits calculationActivity methodologyReport areas 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 providedGlossary in AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"heading": "16 \u003Cnowiki\u003E|\u003C/nowiki\u003E New Business VolumeMetrics: (PVEP), New Business Value (NBV), and NBV margin by geography and business segmentline, FY25.",

"content": "**New Business VolumeMetrics: (PVEP), New Business Value (NBV), and NBV margin by geography and business segmentline (Business mix), FY25 (Full year 2025).**\n\n| Life New Business Metrics FY25 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 to NBV by business line, 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": "Investor events 2026",

"content": "* The 2026 (Year 2026) Shareholder's Annual General Meeting is scheduled for: April 30, 2026.\n* First quarter 2026 Activity Indicators will be released on: May 5, 2026.\n* The HY26 Earnings Release is scheduled for: July 31, 2026.\n* AXA Investor Day will take place on: September 21, 2026."