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 (+5%), with growth in:\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.) (+4%) from 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 (+7%), driven by 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 (+8%), with growth supported by alternative capital.\n* Growth was also driven by Life \u0026 Health (+8%), with:\n** Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland, and Japan.\n** Unit-Linked (+13%) from higher volumes across all geographies.\n** G/A(13)(footnote: General account.) (+4%), from continued momentum in Italy and France.\n** Health premiums 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, or +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 (+9%), from higher volumes, underwriting margin expansion, and an increase in financial result due to higher investment income.\n** Life \u0026 Health (+7%), from an improvement in short-term technical results in Health \u0026 Protection, and higher earnings in long-term business, including early benefits from the strategy to rejuvenate 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 increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** The impact of share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.\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 (-2%).\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%)."

"content": "* Net income increased by 26% to EUR 9.8 billion.\n* This mainly reflected the increase in underlying earnings and significantly positive exceptional items, notably 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 vs. December 31, 2024.\n* The decrease in shareholders' equity was due to: net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset by FY24 (Full year 2024) dividend paid (EUR -4.6bn), share buybacks (EUR -4.7bn) including EUR 3.5bn anti-dilutive buyback (Share buyback) for AXA IM (AXA Investment Managers) sale, and unfavorable foreign exchange impact (EUR -3.5bn) from USD depreciation.\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 vs. December 31, 2024.\n* CSM normalized growth was +2%, with new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) offsetting CSM release (EUR -3.0bn).\n* Market conditions had a favorable impact of EUR +0.6bn, mainly from tightening government spreads and positive equity market performance.\n* This was 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 offset by reduced duration of Group Life business 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 vs. December 31, 2024.\n* Drivers of the Solvency II ratio increase include: 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) and 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 no longer qualifying as eligible own funds.\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 point vs. 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 vs. December 31, 2024.\n* 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).\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 vs. December 31, 2024.\n* This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. 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 targets**\n\n* 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."

"heading": "Business segment outlook",

"content": "* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: favorable pricing; Group expects to benefit from earnthrough of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed cost of capital.\n* Normalized natural catastrophe load: 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 expected from short-term business due to disciplined pricing and claims management.\n* Long-term business: strategy to rejuvenate sales and improved persistency should generate positive net flows, driving CSM growth over time."

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

"content": "* Holdings results: expected to remain similar in 2026 (Year 2026) as in 2025.\n* Management believes AXA is on track to deliver 'Unlock the Future' plan financial targets, assuming current operating conditions persist and considering strong 2025 operating performance.\n* Underlying earnings per share growth: upper end of 6-8% CAGR target range for 2023-2026E 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: between 14% and 16% between 2024 and 2026E.\n* Cumulative organic cash upstream: in excess of EUR 21bn for 2024-2026E.\n* Capital management policy: Group committed to targeting a total payout ratio of 75% (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.) (20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n** Dividend payout ratio: 60%.\n** Annual share buybacks: additional 15%.\n* Proposed dividend per share in a given year is expected to be at least equal to the prior year's dividend per share.\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: Combined 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% |"

"content": "* The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by:\n** 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 \u0026 mid-market business (-0.9pts) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1pts), as well as in (ii) Personal lines (-0.4pts) in a conducive pricing environment.\n** Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.\n** Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%)."

"content": "* P\u0026C (Property \u0026 casualty) underlying earnings were up 9% to EUR 5.9bn driven by:\n** Increase in technical result (EUR +0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.\n** Higher financial result (EUR +0.2bn) thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.\n** Partly offset by higher income taxes (EUR -0.2bn) mainly due to higher pre-tax underlying earnings.\n\n== Life \u0026 Health =="

"heading": "Scope of France segment",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

"content": "* France segment includes insurance activities, banking activities, and holding activities."

},

{

"id": "chq99br5nr-c33",

"chunk": 33,

"pages": [

10

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"heading": "Scope of Europe segment",

"AXA XL"

],

"data_items": [],

"effective_tags": [

"AXA",

"AXA XL"

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"content": "* Europe segment includes:\n** Switzerland (insurance activities).\n** Germany (insurance activities and holding).\n** Belgium and Luxembourg (insurance activities and holding).\n** United Kingdom and Ireland (insurance activities and holding).\n** Spain (insurance activities and holding).\n** Italy (insurance activities).\n** Prima (insurance activities)(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.).\n** AXA Life Europe (insurance activities).\n* AXA XL includes insurance and reinsurance activities and holding."

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{

"id": "chq99br5nr-c34",

"chunk": 34,

"pages": [

10

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"heading": "Scope of Asia, Africa \u0026 EME-LATAM segment",

"tags": [],

"links": [

"AXA"

"content": "* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) segment includes:\n** Asia:\n*** Fully consolidated: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding bancassurance entity), China P\u0026C, South Korea, and Asia Holdings.\n*** Consolidated under equity method (contributing to NBV, PVEP, underlying earnings, and net income): China L\u0026S, Thailand L\u0026S, Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed on March 11, 2024, and holding) businesses.\n** Africa:\n*** Fully consolidated: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding).\n** EME-LATAM:\n*** Fully consolidated: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding).\n*** Consolidated under equity method (contributing to net income only): Russia (Reso) (insurance activities).\n** AXA Mediterranean Holdings."

"id": "chq99br5nr-c35",

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"pages": [

10

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"heading": "Scope of Transversal \u0026 Other segment",

"tags": [],

"links": [

"AXA Transversal \u0026 Other",

"AXA"

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"data_items": [],

"effective_tags": [

"AXA",

"AXA Transversal \u0026 Other"

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"content": "* Transversal \u0026 Other (AXA Transversal \u0026 Other) segment includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings."

},

{

"id": "chq99br5nr-c36",

"chunk": 36,

"pages": [

10

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"heading": "Scope of AXA Investment Managers segment",

"tags": [],

"links": [

"AXA Investment Managers"

],

"data_items": [],

"effective_tags": [

"AXA Investment Managers"

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"content": "* AXA Investment Managers(24)(footnote: Disposal to BNP Paribas completed on July 1, 2025.) segment includes:\n** Fully consolidated: AXA Investment Managers, Select (previously Architas), and Capza.\n** Consolidated under equity method: Asian joint ventures.\n\n=== Exchange rates ==="

},

{

"id": "chq99br5nr-c37",

"chunk": 37,

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"id": "chq99br5nr-c39",

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"heading": "Basis of reporting and financial statements",

"id": "chq99br5nr-c40",

"chunk": 40,

"heading": "Company overview and legal information",

"content": "* The AXA Group (AXA) is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn.\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, including 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* SRI ratings information is available at axa.com/en/investor/sri-ratings-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, identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like “would” and “could”.\n* Statements regarding expected underlying earnings per share (“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* Refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for a description of factors, risks, and uncertainties that may affect AXA’s business 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”), used by Management for analyzing operating trends, financial 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 earnings”, UEPS (“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.\n* 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 (“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 Glossary in AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

"id": "chq99br5nr-c41",

"chunk": 41,

"id": "chq99br5nr-c42",

"chunk": 42,

"id": "chq99br5nr-c43",

"chunk": 43,

"id": "chq99br5nr-c44",

"chunk": 44,

"id": "chq99br5nr-c45",

"chunk": 45,

"id": "chq99br5nr-c46",

"chunk": 46,

"id": "chq99br5nr-c47",

"chunk": 47,

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

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

"id": "chq99br5nr-c48",

"chunk": 48,

"content": "* Announced the execution of a share repurchase (Share buyback) agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)\n* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025)\n* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)\n* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)\n* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)\n* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)\n* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)\n\n=== Next main investor events ==="

"id": "chq99br5nr-c49",

"chunk": 49,