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

"heading": "Shareholder returnsReturns",

"content": "* Dividend of EUR 2.32 per share, up +8% vs. FY24 (Full year 2024)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.)\n* Launch of an annual share buyback program(8)(footnote: 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 1.25bn25 billion\n* Completion of EUR 3.8bn8 billion additional share buyback related to AXA IM (AXA Investment Managers) disposal(4)(footnote: 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, 2026 (Year 2026)\n\n== Outlook =="

"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**Underlying 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.) P\u0026C premiums increased by: +4%, driven by 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 P\u0026C premiums increased by: +7%, driven by favorable price effects and strong growth in net new contracts in France, Europe, Asia \u0026 EME-LATAM.\n** AXA XL Reinsurance premiums increased by: +8%, supported by alternative capital.\n* Life \u0026 Health premiums increased by: +8%.\n** Life premiums: were up +9%.\n*** Protection premiums increased by: +11% due tofrom strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked premiums increased by: +13% due tofrom higher volumes across all geographies.\n*** G/A(13)(footnote: General account.) premiums increased by: +4% due tofrom 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 8.44bn, billion.\n* Underlying earnings increased byor +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* The increase in underlying earnings was driven by:\n** Property \u0026 Casualty: +9%, fromdriven by higher volumes, underwriting margin expansion, and increased financial result due tofrom higher investment income.\n** Life \u0026 Health: +7%, from improved 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 billion2bn.\n** Asset Management underlying earnings decreased by EUR 0.2 billion2bn 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** Thethe increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** TheAlso driven by the impact of 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 partiallyPartially 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 by -1% due to the timing of the associated share buyback (-1%)."

"content": "* Net income increased by 26% to EUR 9.8 billion8bn.\n* This increase mainly reflects 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": "* 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 be completed by year-end.\n\n=== Outlook ==="

"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": "* 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 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 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 pointpoints to 90.6%, mainly driven by:\n** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 pointpoints) from further margin expansion in Commercial lines (-0.5 pointpoints), driven by the SME \u0026 mid-market business (-0.9 pointpoints) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1 pointpoints).\n** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 pointpoints) from further margin expansion in Personal lines (-0.4 pointpoints) in a conducive pricing environment.\n** Lower expense ratio (-0.3 pointpoints) primarily from lower non-commission expense ratio reflecting efficiency gains.\n** Lower natural catastrophe charges (-0.4 pointpoints to 3.4%) more than offset by lower prior years' reserve development (+0.7 pointpoints at -1.1%)."

"content": "* Holdings underlying earnings(14)(footnote: Including banking activities.) remained broadly stable at EUR -1.2 bn2bn.\n\n== Ratings and glossary ==\n\n=== Ratings ==="

"content": "**New Business Metrics: PVEP, NBV, and NBV margin by geography and business line (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, FYFY25. (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."