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

"content": "* In 2025, AXA delivered strong performance with +9% earnings growth in its core businesses excluding AXA IM (AXA Investment Managers).\n* AXAThe company used these results to enhance reserve prudence.\n* The P\u0026C (Property \u0026 casualty) franchise posted stellarstrong results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio, and higher investment income.\n* AXA XL Insurance increased earnings with stable underlying margins.\n* Life \u0026 Health earnings rose by 7%.\n** Life business reflected early benefits of the strategy to rejuvenate the business.\n** Health grew by 17%, even after absorbing the adverse change on VAT treatment in Mexico.\n* Investments in automation and Artificial Intelligence are driving efficiency gains.\n* The Solvency II ratio is at a very strong level.\n* These results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in generatingits ability to generate sustainable, long-term value.\n* Thomas Buberl, Chief Executive Officer of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust.\n\n== FY25 key highlights =="

"content": "**Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by business line (Business mix), FY24 (Full year 2024) vs FY25 (Full year 2025).**\n\n| In EUR million | FY24 | FY25 | Change on a reported basis | Change at comparable basis |\n| --- | --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (1) | 110,316 | 115,524 | +5% | +6% |\n| o/w Property \u0026 Casualty (Property \u0026 casualty) | 56,514 | 58,038 | +3% | +5% |\n| o/w Life \u0026 Health (Life \u0026 health) | 51,983 | 56,512 | +9% | +8% |\n| o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. |\n\n**Key figures: underlyingUnderlying earnings and net income, FY24 vs FY25.**\n\n| | FY24 | FY25 | Change on a reported basis | Change at constant Forex |\n| --- | --- | --- | --- | --- |\n| Underlying earnings (2) | 8,078 | 8,368 | +4% | +6% |\n| Net income | 7,886 | 9,797 | +24% | +26% |\n\n**Solvency II ratio (%). FY24 vs FY25.**\n\n| | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%) (5) | 216% | 224% | +9 pts | — |\n\n=== Activity indicators ==="

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

"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 increased by +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** PropertyThe \u0026increase Casualtyin underlying earnings increasedwas driven by:\n** Property \u0026 Casualty: +9%, due tofrom higher volumes, underwriting margin expansion, and increased financial resultsresult fromdue to higher investment income.\n** Life \u0026 Health underlying earnings increased: +7%, due tofrom improved 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 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."

"content": "* Net income increased by 26% to EUR 9.8 billion.\n* This increase primarilymainly reflects 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": "**'Unlock the Future' plan targets and strategyfinancial targets**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* This confidence is based on (i) profitable organic growth, (ii) scaling technical capabilities across businesses, 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: pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* The Group guidance for normalized natural catastrophe(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at ca. 4.5 points of combined ratio for 2026 (Year 2026).\n* Life \u0026 Health: earnings growth is expected from the short-term business due to disciplined pricing and claims management initiatives.\n* The strategy to rejuvenate sales in the long-term business, coupled andwith improved persistency, should continue to generate positive net flows, driving CSM growth over time.\n* Holdings: results in 2026 are expected to remain similar to 2025 levels."

"heading": "FinancialHoldings targetsresults and capitaloverall managementfinancial targets",

"content": "* Results in Holdings in 2026 (Year 2026) are expected to remain similar to 2025 levels.\n* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong overall 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 (Year 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 Euro 21 billion for 2024-2026E.\n* The Group is committed to its capital management 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* TheThis total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.\n* The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

"content": "* AXA Group (AXA) has 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues were Euro 115.5 billion.\n* In 2025, IFRS17 underlying earnings were Euro 8.4 billion.\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 international SRI indexes like Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\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* Forward-looking statements in the press release, including those regarding expected underlying earnings per share (UEPS (Underlying earnings per share)) growth for 2026 (Year 2026), are based on Management’s current views and intentions and are subject to change.\n* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA’s control.\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 (APMs) used by Management, which generally have no standardized meaning and may not be comparable to 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 prepared in accordance with IFRS.\n* \"Underlying earnings\", UEPS, \"underlying return on equity\", \"combined ratio\", and \"debt gearing\" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.\n* Reconciliations of APMs to IFRS financial statements and their calculation methodology are provided in AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="