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Line 10: \| 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~~-> \| stored_file = File:AXA-2025-FY-Earnings release.pdf \| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages). \| wide = yes Line 52 ⟶ 53: {{chunk\|doc=chq99br5nr\|c=5\|p=1}} '''Shareholder ~~Returns~~returns''' * [[Definition:Dividend\|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024\|FY24]]{{fn ref\|7\|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}} * Launch of an annual [[Definition:Share buyback\|share buyback]] program{{fn ref\|8\|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.~~25 billion~~25bn * Completion of EUR 3.~~8 billion~~8bn additional [[Definition:Share buyback\|share buyback]] related to [[Definition:AXA Investment Managers\|AXA IM]] disposal{{fn ref\|4\|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}, executed between July 2, 2025, and January 20, [[Definition:Year 2026\|2026]] == Outlook == Line 148 ⟶ 149: <div style="overflow-x:auto"> {\| id="t3" class="wikitable fintable" \|+ 3 <nowiki>\|</nowiki> Solvency II ratio ~~(%).~~, [[Definition:Full year 2024\|FY24]] vs [[Definition:Full year 2025\|FY25]]. \|- ! style="text-align:left" \| Line 242 ⟶ 243: '''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 be completed by year-end. Line 252 ⟶ 253: {{chunk\|doc=chq99br5nr\|c=16\|p=4}} ''''Unlock the Future' plan targets and ~~financial targets~~strategy''' * [[Definition:AXA\|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan. * This confidence is based on ~~(i)~~ profitable organic growth, ~~(ii)~~ scaling technical capabilities across businesses, and ~~(iii)~~ driving operational efficiency through reinforced cost management. {{chunk\|doc=chq99br5nr\|c=17\|p=4}} '''[[Definition:Business mix\|Business ~~segment~~line]] outlook''' * [[Definition:Property & casualty\|P&C]] Retail and SME & Mid-market: pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions. * [[Definition:AXA XL\|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. * The Group guidance for normalized natural catastrophe{{fn ref\|18\|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca. 4.5 points of combined ratio for [[Definition:Year 2026\|2026]]. * [[Definition:Life & health\|Life & Health]]: earnings growth is expected from the short-term business due to disciplined pricing and claims management ~~initiatives~~. * The strategy to rejuvenate sales in the long-term business, ~~coupled with~~and improved persistency, should ~~continue to~~ generate positive net flows, driving CSM growth over time. * ~~Results~~Holdings: ~~in Holdings~~results in [[Definition:Year 2026\|2026]] are expected to remain similar to 2025 ~~levels~~.▼ {{chunk\|doc=chq99br5nr\|c=18\|p=4}} '''Financial targets and [[Definition:Capital management\|capital management]]''' ~~'''Holdings results and overall financial targets'''~~ ▲* Results in Holdings in [[Definition:Year 2026\|2026]] are expected 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, assuming current operating conditions persist and following strong overall 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 Euro 21 billion for 2024-2026E. * The Group is committed to its [[Definition:Capital management\|capital management]] 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.}}. * This total [[Definition:Payout ratio\|payout ratio]] comprises a 60% [[Definition:Dividend\|dividend]] [[Definition:Payout ratio\|payout ratio]] and an additional 15% from annual [[Definition:Share buyback\|share buybacks]]. Line 284 ⟶ 285: <div style="overflow-x:auto"> {\| id="t4" class="wikitable fintable" \|+ 4 <nowiki>\|</nowiki> [[Definition:Property & casualty\|Property & 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 Line 351 ⟶ 352: [[Definition:AXA Asia, Africa & EME-LATAM\|Asia, Africa & EME-LATAM]] (+14%) driven by Türkiye from higher average premiums and volumes. France (+9%) with strong volume growth in all [[Definition:Business mix\|lines of business]], from direct business and proprietary agent networks, combined with favorable price effects in Motor. * [[Definition:AXA XL\|AXA XL]] Reinsurance grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by a softening in other lines. {{chunk\|doc=chq99br5nr\|c=21\|p=5}} '''Combined ratio''' * The all-year combined ratio improved by 0.3 ~~points~~point to 90.6%, mainly driven by: Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 ~~points~~point) from further margin expansion in Commercial lines (-0.5 ~~points~~point), driven by the SME & mid-market business (-0.9 ~~points~~point) in a favorable pricing environment, while margins at [[Definition:AXA XL\|AXA XL]] Insurance were stable at attractive levels (+0.1 ~~points~~point). Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 ~~points~~point) from further margin expansion in Personal lines (-0.4 ~~points~~point) in a conducive pricing environment. Lower expense ratio (-0.3 ~~points~~point) primarily from lower non-commission expense ratio reflecting efficiency gains. Lower natural catastrophe charges (-0.4 ~~points~~point to 3.4%) more than offset by lower prior years' reserve development (+0.7 ~~points~~point at -1.1%). {{chunk\|doc=chq99br5nr\|c=22\|p=6}} Line 499 ⟶ 500: '''Holdings [[Definition:Underlying earnings\|underlying earnings]]''' * Holdings [[Definition:Underlying earnings\|underlying earnings]]{{fn ref\|14\|2=Including banking activities.}} remained broadly stable at EUR -1.~~2bn~~2 bn. == Ratings and glossary == Line 1,398 ⟶ 1,399: <div style="overflow-x:auto"> {\| id="t17" class="wikitable fintable" \|+ 17 <nowiki>\|</nowiki> NB CSM to NBV by [[Definition:Business mix\|business line]], ~~[[Definition:Full year 2025\|FY25]]~~FY. \|- ! colspan="4" style="text-align:left" \| NB CSM to NBV Line 1,501 ⟶ 1,502: {{chunk\|doc=chq99br5nr\|c=49\|p=20}} '''Investor events ~~[[Definition:Year 2026\|2026]]~~''' * The [[Definition:Year 2026\|2026]] Shareholder's Annual General Meeting: is scheduled for April 30, [[Definition:Year 2026\|2026]]. * First quarter [[Definition:Year 2026\|2026]] Activity Indicators: will be released on May 5, [[Definition:Year 2026\|2026]]. * The HY26 [[Definition:Earnings release\|Earnings Release]]: is scheduled for July 31, [[Definition:Year 2026\|2026]]. * [[Definition:AXA\|AXA]] Investor Day: will take place on September 21, [[Definition:Year 2026\|2026]].

AXA/2025/FY/Earnings release: Difference between revisions