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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%) fromdue to 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%), drivendue byto 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.
*** Protection grew +11% from strong sales in Hong Kong, Switzerland, and Japan.
*** Unit-Linked (grew +13%) from higher volumes across 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.}}.
* [[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.}}.
* This was driven by:
** [[Definition:Property & casualty|Property & Casualty]] ([[Definition:Underlying earnings|underlying earnings]] increased +9%), fromdue to higher volumes, underwriting margin expansion, and an increase inincreased financial resultresults due tofrom higher investment income.
** [[Definition:Life & health|Life & Health]] ([[Definition:Underlying earnings|underlying earnings]] increased +7%), fromdue anto improvement inimproved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from the strategybusiness torejuvenation rejuvenate the businessstrategy.
** 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.
** TheThis increase was mainly driven by the +6% increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.▼
* This increase was mainly driven by:
** 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]].▼
▲** The increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** 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 impact of [[Definition:Share buyback|share buybacks]] (+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]].
* 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%).▼
▲* 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 (-2%).
▲* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] due to the timing of the associated [[Definition:Share buyback|share buyback]] (-1%).
 
{{chunk|doc=chq99br5nr|c=11|p=2}}
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* Net income increased by 26% to EUR 9.8 billion.
* This mainlyincrease reflectedprimarily reflects the increaserise in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notablyincluding the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].
 
=== Balance sheet ===
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* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024.
* The decrease in shareholders' equity was due to: net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset by [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid (EUR -4.6bn), [[Definition:Share buyback|share buybacks]] (EUR -4.7bn) including a EUR 3.5bn anti-dilutive [[Definition:Share buyback|buyback]] for [[Definition:AXA Investment Managers|AXA IM]] sale, and unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) mainly 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 vs. December 31, 2024.
* CSM normalized growth was +2%, with newNew business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) offsettingmore than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM.
* Market conditions had a favorable impact of EUR +0.6bn, mainly from tightening government spreads and positive equity market performance.
* This was 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 reduceda durationreduction ofin Group Life business duration in Switzerland.
 
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* 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 vs. December 31, 2024.
* DriversThe ofincrease thewas Solvency II ratio increasedriven includeby: 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 marketsmarket impacts (+4 points).
* These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima) and 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 qualifyingqualified 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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* 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 point vs. 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 vs. December 31, 2024.
* DebtThe increase in debt 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.
* 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.
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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.
 
{{chunk|doc=chq99br5nr|c=17|p=4}}
'''[[Definition:Business mix|Business segmentline]] outlook'''
 
* [[Definition:Property & casualty|P&C]] Retail and SME & Mid-market: favorable pricing; Groupremains favorable, expectswith toexpected benefitbenefits 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:YearAXA 2026XL|2026AXA XL]]: 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.
* Long-term[[Definition:Life business& health|Life & Health]]: 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]] asare inexpected to remain similar to 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 2025overall 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 21bn21 billion for 2024-2026E.
* [[Definition:CapitalThe management|CapitalGroup management]] policy: Groupis committed to targeting a totalits [[Definition:PayoutCapital ratiomanagement|payoutcapital ratiomanagement]] of 75% policy{{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:DividendPayout ratio|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]]: 60and an additional 15% from annual [[Definition:Share buyback|share buybacks]].
* ProposedThe proposed [[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.▼
** Annual [[Definition:Share buyback|share buybacks]]: additional 15%.
▲* Proposed [[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.
 
== 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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* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:
** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts) from further margin expansion in (i) Commercial lines (-0.5pts), driven by the SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance were stable at attractive levels (+0.1pts), as well as in (ii) Personal lines (-0.4pts) in a conducive pricing environment.
*** Commercial lines (-0.5pts), driven by the SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at [[Definition:AXA XL|AXA XL]] Insurance were stable at attractive levels (+0.1pts).
*** 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 natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).
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* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]] were up 9% to EUR 5.9bn driven by:
** Increase in technical result (EUR +0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.
** Higher financial result (EUR +0.2bn) thanksdue to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.
** Partly offset by higher income taxes (EUR -0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].
 
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{{chunk|doc=chq99br5nr|c=32|p=10}}
'''Scope of Franceoperations segmentby geography'''
 
* France segment: includes insurance activities, banking activities, and holding activities.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities){{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}, and [[Definition:AXA|AXA]] Life Europe (insurance activities).
 
* [[Definition:AXA XL|AXA XL]]: includes insurance and reinsurance activities and holding.▼
{{chunk|doc=chq99br5nr|c=33|p=10}}
* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] segment includes:▼
'''Scope of Europe segment'''
*** Fully consolidatedAsia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty|P&C]], Indonesia L&S (excluding the bancassurance entity), China [[Definition:Property & casualty|P&C]], South Korea, and Asia Holdings are fully consolidated.▼
 
** China L&S, Thailand L&S, the Philippines L&S and [[Definition:Property & casualty|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses are consolidated under the equity method, contributing to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
* Europe segment includes:
*** Fully consolidatedAfrica: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.▼
** Switzerland (insurance activities).
** GermanyEME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** BelgiumRussia and Luxembourg(Reso) (insurance activities) andis holding)consolidated under the equity method, contributing to net income.
** Includes [[Definition:AXA|AXA]] Mediterranean Holdings.▼
** United Kingdom and Ireland (insurance activities and holding).
* [[Definition:AXA Transversal & Other|Transversal & Other]] segment: includes [[Definition:AXA|AXA]] Assistance, [[Definition:AXA|AXA]] Liabilities Managers, [[Definition:AXA|AXA]] SA (including Group's internal reinsurance activity), and other Central Holdings.▼
** Spain (insurance activities and holding).
* [[Definition:AXA Investment Managers|AXA Investment Managers]]{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}} segment: includes [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated.▼
** Italy (insurance activities).
** Asian joint ventures are consolidated under the equity method.
** Prima (insurance activities){{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}.
** [[Definition:AXA|AXA]] Life Europe (insurance activities).
▲* [[Definition:AXA XL|AXA XL]] includes insurance and reinsurance activities and holding.
 
{{chunk|doc=chq99br5nr|c=34|p=10}}
'''Scope of [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] segment'''
 
▲* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]] segment includes:
** Asia:
▲*** Fully consolidated: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty|P&C]], Indonesia L&S (excluding bancassurance entity), China [[Definition:Property & casualty|P&C]], South Korea, and Asia Holdings.
*** Consolidated under equity method (contributing to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income): China L&S, Thailand L&S, Philippines L&S and [[Definition:Property & casualty|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) businesses.
** Africa:
▲*** Fully consolidated: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding).
** EME-LATAM:
*** Fully consolidated: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding).
*** Consolidated under equity method (contributing to net income only): Russia (Reso) (insurance activities).
▲** [[Definition:AXA|AXA]] Mediterranean Holdings.
 
{{chunk|doc=chq99br5nr|c=35|p=10}}
'''Scope of [[Definition:AXA Transversal & Other|Transversal & Other]] segment'''
 
▲* [[Definition:AXA Transversal & Other|Transversal & Other]] segment includes [[Definition:AXA|AXA]] Assistance, [[Definition:AXA|AXA]] Liabilities Managers, [[Definition:AXA|AXA]] SA (including Group's internal reinsurance activity), and other Central Holdings.
 
{{chunk|doc=chq99br5nr|c=36|p=10}}
'''Scope of [[Definition:AXA Investment Managers|AXA Investment Managers]] segment'''
 
▲* [[Definition:AXA Investment Managers|AXA Investment Managers]]{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}} segment includes:
** Fully consolidated: [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza.
** Consolidated under equity method: Asian joint ventures.
 
=== Exchange rates ===
 
{{chunk|doc=chq99br5nr|c=3733|p=10}}
 
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== Notes ==
 
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'''Notes'''
 
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{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
 
{{chunk|doc=chq99br5nr|c=3935|p=11}}
'''Basis of reportingpreparation and financial statementsstatement approval'''
 
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
Line 701 ⟶ 675:
* The financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.
 
{{chunk|doc=chq99br5nr|c=4036|p=12}}
'''Company overviewinformation and legalcautionary informationstatements'''
 
* The [[Definition:AXA|AXA Group]] is a worldwide leader in insurance withhas 156,000 employees serving over 92 million clients in 52 countries.
* In 2025, IFRS17 revenues amountedwere to EUREuro 115.5bn5 and IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bnbillion.
* 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).
Line 711 ⟶ 686:
* 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, includinglike 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.
* StatementsForward-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 forward-lookingbased andon provideManagement’s one-offcurrent guidanceviews forand theintentions lastand yearare of the Group’s currentsubject strategicto planchange.▼
* SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes.
* Undue reliance should not be placed on forward-looking statements, whichdue speakto onlyknown atand theunknown daterisks ofand theuncertainties pressoutside release[[Definition:AXA|AXA]]’s control.▼
* This press release and regulated information are available on the [[Definition:AXA|AXA Group]] website (axa.com).
* Certain statements in the press release are forward-looking, identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like “would” and “could”.
▲* Statements regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“[[Definition:Underlying earnings per share|UEPS]]”) growth for [[Definition:Year 2026|2026]] are forward-looking and provide one-off guidance for the last year of the Group’s current strategic plan.
* 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, which speak only at the date of the press release.
* 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, forwhich analyzingmay operatingnot trends,be comparable financialto performance,measures used by andother positioncompanies.
* These nonNon-GAAP financial measures generallyshould havenot nobe standardizedconsidered meaningin andisolation mayfrom, notor beas comparablea tosubstitute similarlyfor, labeledthe measuresGroup’s consolidated financial statements prepared usedin byaccordance otherwith companiesIFRS.
* “"[[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.▼
* 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.
* FurtherReconciliations informationof onAPMs non-GAAPto IFRS financial measuresstatements and istheir availablecalculation inmethodology theare Glossaryprovided in [[Definition:AXA|AXA]]’s 2025 Activity Report.▼
▲* “[[Definition:Underlying earnings|Underlying earnings]]”, [[Definition:Underlying earnings per share|UEPS]] (“[[Definition:Underlying earnings per share|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.
* [[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”.
▲* Further information on non-GAAP financial measures is available in the Glossary 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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== Appendix 2: Underlying earnings by geography and by business line ==
 
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== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
 
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=== P&C: Price effects i by country and business line ===
 
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== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
 
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== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
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== Appendix 7: Life & Health – net flows ==
 
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{| id="t18" class="wikitable fintable"
|+ 18 <nowiki>|</nowiki> [[Definition:Life & health|Life &amp; Health]]: net flows 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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== Appendix 8: Main transactions and next main investor events ==
 
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'''Main transactions in 2025'''
 
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement forrelated to [[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn2 billion (February 28, 2025)
* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)
* Announced the placement of EUR 1bn1 billion Restricted Tier 1 Notes and EUR 1bn1 billion Tier 2 Notes (May 28, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement forrelated to [[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025)
* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement of up to EUR 3.8bn8 billion following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025)
* Announced the acquisition of Prima, athe leading direct insurance player in Italy (August 1, 2025)
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
* Announced the placement of EUR 750m750 million Restricted Tier 1 Notes and EUR 750m750 million Tier 2 Notes (October 14, 2025)
* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)
 
=== Next main investor events ===
 
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'''Investor events [[Definition:Year 2026|2026]]'''
 
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