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Section records derived from the published summary page (36 sections)
Section records derived from the published summary page (36 sections)
Line 63: Line 63:
"AXA France"
"AXA France"
],
],
"content": "* {{t|1|p1abw4-x71s}} Introduction\n* Thomas Buberl, Group CEO\n* {{t|2|p1abw4-9tbw}} Business Performance\n* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology\n* 3 Financial Performance\n* Alban de Mailly Nesle, Group CFO\n* {{t|4|p1abw4-vacu}} France\n* Mathieu Godart, {{t|AXA France|p1abw4-kebo|AXA France}} CEO\n* {{t|5|p1abw4-ysod}} Conclusion\n* Thomas Buberl, Group CEO"
"content": "* {{t|1|p1abw4-x71s}} Introduction\n* Thomas Buberl, Group CEO\n* {{t|2|p1abw4-9tbw}} Business Performance\n* Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology\n* {{t|3|}} Financial Performance\n* Alban de Mailly Nesle, Group CFO\n* {{t|4|p1abw4-vacu}} France\n* Mathieu Godart, {{t|AXA France|p1abw4-kebo|AXA France}} CEO\n* {{t|5|p1abw4-ysod}} Conclusion\n* Thomas Buberl, Group CEO"
},
},
{
{
Line 104: Line 104:
"Underlying earnings per share"
"Underlying earnings per share"
],
],
"content": "* REVENUES\n* {{t|€116|p1abw4-yxjw}}bn\n* +6% vs {{t|FY24||Full year 2024}}\n* {{t|UNDERLYING EARNINGS||Underlying earnings}}\n* {{t|€8.4|p1abw4-oasi}}bn\n* +6% vs {{t|FY24||Full year 2024}}\n* +9% Excl. {{t|AXA IM|p1abw4-9cne|AXA Investment Managers}}\n* {{t|UEPS|p1abw4-5ldr|Underlying earnings per share}}\n* {{t|€3.86|p1abw4-l996}}\n* +8% vs {{t|FY24||Full year 2024}}\n* {{t|DIVIDEND|p1abw4-d0x9|Dividend}}(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.)\n* {{t|€2.32|p1abw4-1cs9}}\n* +8% vs {{t|FY24||Full year 2024}}\n* SOLVENCY II RATIO\n* {{t|224%|p1abw4-ts7x}}\n* +9pts {{t|FY25|p1abw4-f4de|Full year 2025}}\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
"content": "* REVENUES\n* {{t|€116|p1abw4-yxjw}}bn\n* {{t|+6%|p1abw4-yutx}} vs {{t|FY24|p1abw4-ndok|Full year 2024}}\n* {{t|UNDERLYING EARNINGS||Underlying earnings}}\n* {{t|€8.4|p1abw4-oasi}}bn\n* {{t|+6%|p1abw4-xtf8}} vs {{t|FY24|p1abw4-3bra|Full year 2024}}\n* {{t|+9%|}} Excl. {{t|AXA IM|p1abw4-9cne|AXA Investment Managers}}\n* {{t|UEPS|p1abw4-5ldr|Underlying earnings per share}}\n* {{t|€3.86|p1abw4-l996}}\n* {{t|+8%|p1abw4-dpes}} vs {{t|FY24|p1abw4-ul38|Full year 2024}}\n* {{t|DIVIDEND|p1abw4-d0x9|Dividend}}(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.)\n* {{t|€2.32|p1abw4-1cs9}}\n* {{t|+8%|p1abw4-idom}} vs {{t|FY24|p1abw4-eqyj|Full year 2024}}\n* SOLVENCY II RATIO\n* {{t|224%|p1abw4-ts7x}}\n* {{t|+9pts|}} {{t|FY25|p1abw4-f4de|Full year 2025}}\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
},
{
{
Line 118: Line 118:
"Gross written premiums \u0026 other revenues",
"Gross written premiums \u0026 other revenues",
"Underlying earnings",
"Underlying earnings",
"Property \u0026 casualty",
"Full year 2024"
"Full year 2024"
],
],
Line 126: Line 125:
"Full year 2024",
"Full year 2024",
"Gross written premiums \u0026 other revenues",
"Gross written premiums \u0026 other revenues",
"Property \u0026 casualty",
"Underlying earnings"
"Underlying earnings"
],
],
"content": "**GROSS WRITTEN PREMIUMS \u0026 OTHER REVENUES, UNDERLYING EARNINGS, and COMBINED RATIO by business line.**\n\n| {{t\\|Business Line\\|\\|Business mix}} | {{t\\|GROSS WRITTEN PREMIUMS \u0026 OTHER REVENUES\\|\\|Gross written premiums \u0026 other revenues}} | {{t\\|UNDERLYING EARNINGS\\|\\|Underlying earnings}} | COMBINED RATIO |\n| --- | --- | --- | --- |\n| {{t\\|P\u0026C\\|p1abw4-b57v\\|Property \u0026 casualty}} | €58.0bn +5% vs {{t\\|FY24\\|\\|Full year 2024}} | €5.9bn +9% vs {{t\\|FY24\\|\\|Full year 2024}} | 90.6% vs 91.0% {{t\\|FY24\\|\\|Full year 2024}} |\n| LIFE | €37.5bn +9% vs {{t\\|FY24\\|\\|Full year 2024}} | €2.7bn +4% vs {{t\\|FY24\\|\\|Full year 2024}} | — |\n| HEALTH | €19.0bn +5% vs {{t\\|FY24\\|\\|Full year 2024}} | €0.8bn +17% vs {{t\\|FY24\\|\\|Full year 2024}} | 97.9% vs 98.1% {{t\\|FY24\\|\\|Full year 2024}} |\n\n* See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
"content": "**GROSS WRITTEN PREMIUMS \u0026 OTHER REVENUES, UNDERLYING EARNINGS, and COMBINED RATIO by business line.**\n\n| {{t\\|Business Line\\|\\|Business mix}} | {{t\\|GROSS WRITTEN PREMIUMS \u0026 OTHER REVENUES\\|\\|Gross written premiums \u0026 other revenues}} | {{t\\|UNDERLYING EARNINGS\\|\\|Underlying earnings}} | COMBINED RATIO |\n| --- | --- | --- | --- |\n| {{t\\|P\u0026;;C\\|p1abw4-b57v}} | {{t\\|€58.0bn\\|p1abw4-jqov}} {{t\\|+5%\\|p1abw4-pawh}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|€5.9bn\\|p1abw4-1m4z}} {{t\\|+9%\\|p1abw4-0iy6}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|90.6%\\|p1abw4-v9el}} vs 91.0% {{t\\|FY24\\|\\|Full year 2024}} |\n| LIFE | {{t\\|€37.5bn\\|p1abw4-qrrm}} {{t\\|+9%\\|p1abw4-0iy6}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|€2.7bn\\|p1abw4-j8uf}} {{t\\|+4%\\|p1abw4-z85f}} vs {{t\\|FY24\\|\\|Full year 2024}} | — |\n| HEALTH | {{t\\|€19.0bn\\|p1abw4-okof}} {{t\\|+5%\\|p1abw4-bxk2}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|€0.8bn\\|p1abw4-xr40}} {{t\\|+17%\\|p1abw4-4l05}} vs {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|97.9%\\|p1abw4-w1gu}} vs 98.1% {{t\\|FY24\\|\\|Full year 2024}} |\n\n* See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
},
{
{
Line 159: Line 157:
"AXA"
"AXA"
],
],
"content": "**ACQUISITION OF prima**\n* Enhances distribution capacity of {{t|AXA|p1abw4-pxa4|AXA}} in Europe thanks to a modern tech platform\n* Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio\n* {{t|1,100+|p1abw4-jjpn}} employees including {{t|400|p1abw4-muyy}} developers, engineers and data scientists\n\n**ARTIFICIAL INTELLIGENCE**\n* AI is a strategic technology, bringing major benefits to businesses\n* Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; {{t|AXA||AXA}} wants to be firmly positioned in this evolution\n* AI is already concretely improving pricing accuracy, underwriting quality, and claims management"
"content": "**ACQUISITION OF prima**\n* Enhances distribution capacity of {{t|AXA|p1abw4-pxa4|AXA}} in Europe thanks to a modern tech platform\n* Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio\n* {{t|1,100+|p1abw4-jjpn}} employees including {{t|400|p1abw4-muyy}} developers, engineers and data scientists\n\n**ARTIFICIAL INTELLIGENCE**\n* AI is a strategic technology, bringing major benefits to businesses\n* Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; {{t|AXA|p1abw4-scha|AXA}} wants to be firmly positioned in this evolution\n* AI is already concretely improving pricing accuracy, underwriting quality, and claims management"
},
},
{
{
Line 228: Line 226:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "**Excellent performance in all our geographies.**\n\n| Geography | {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}} | {{t\\|UNDERLYING EARNINGS\\|\\|Underlying earnings}} |\n| --- | --- | --- |\n| France (27% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | €31bn +6% | €2.2bn +7% |\n| Europe (38% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | €43bn +6% | €3.5bn +9% |\n| {{t\\|AXA XL\\|p1abw4-z73y\\|AXA XL}} (17% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | €19bn +4% | €1.9bn +9% |\n| {{t\\|Asia, Africa \u0026 EME-LATAM\\|\\|AXA Asia, Africa \u0026 EME-LATAM}} (18% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | €20bn +13% | €1.5bn +6% |\n\n* See glossary for terminologies and footnotes on page 36 \u0026amp; 37 of this document."
"content": "**Excellent performance in all our geographies.**\n\n| Geography | {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}} | {{t\\|UNDERLYING EARNINGS\\|\\|Underlying earnings}} |\n| --- | --- | --- |\n| France (27% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€31bn\\|p1abw4-y899}} {{t\\|+6%\\|p1abw4-luln}} | {{t\\|€2.2bn\\|p1abw4-xvcn}} {{t\\|+7%\\|p1abw4-g633}} |\n| Europe (38% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€43bn\\|p1abw4-79dl}} {{t\\|+6%\\|p1abw4-luln}} | {{t\\|€3.5bn\\|p1abw4-efpj}} {{t\\|+9%\\|p1abw4-bwba}} |\n| {{t\\|AXA XL\\|p1abw4-z73y\\|AXA XL}} (17% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€19bn\\|p1abw4-kuuu}} {{t\\|+4%\\|p1abw4-7lte}} | {{t\\|€1.9bn\\|p1abw4-qdgj}} {{t\\|+9%\\|p1abw4-jxem}} |\n| {{t\\|Asia, Africa \u0026 EME-LATAM\\|\\|AXA Asia, Africa \u0026 EME-LATAM}} (18% of total {{t\\|GWP\\|p1abw4-o4wo\\|Gross written premiums}}(1)) | {{t\\|€20bn\\|p1abw4-2prq}} {{t\\|+13%\\|p1abw4-xzp6}} | {{t\\|€1.5bn\\|p1abw4-2vf0}} {{t\\|+6%\\|p1abw4-luln}} |\n\n* See glossary for terminologies and footnotes on page 36 \u0026amp; 37 of this document."
},
},
{
{
Line 250: Line 248:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "* {{t|€58|p1abw4-2b31}}bn {{t|GWP|p1abw4-07ne|Gross written premiums}}\n* Retail\n* SME \u0026 Mid-market\n* {{t|AXA XL|p1abw4-6wor|AXA XL}}(2)(footnote: AXA XL includes AXA XL Insurance and AXA XL Reinsurance) (Large \u0026 Specialty)\n* {{t|UNDERLYING EARNINGS|p1abw4-un4a|Underlying earnings}} {{t|+9%|p1abw4-exy4}}(1)(footnote: Underlying earnings growth) to {{t|€5.9|p1abw4-j3vo}}bn\n\n**Strategic Outlook.**\n\n| | 2025 | BEYOND 2025 |\n| --- | --- | --- |\n| Retail and SME \u0026 Mid-market | Growing volumes while expanding margins | Investing to improve customer retention \u0026 expanding distribution footprint |\n| {{t\\|AXA XL\\|\\|AXA XL}} (Large \u0026 Specialty) | Profitable growth with stable margins | Capitalizing on attractive growth opportunities and continued cycle management |\n\n(1) Underlying earnings growth\n(2) AXA XL includes AXA XL Insurance and AXA XL Reinsurance"
"content": "* {{t|€58|p1abw4-2b31}}bn {{t|GWP|p1abw4-07ne|Gross written premiums}}\n* Retail\n* SME \u0026 Mid-market\n* {{t|AXA XL|p1abw4-6wor|AXA XL}}(2)(footnote: AXA XL includes AXA XL Insurance and AXA XL Reinsurance) (Large \u0026 Specialty)\n* {{t|UNDERLYING EARNINGS|p1abw4-un4a|Underlying earnings}} {{t|+9%|p1abw4-exy4}}(1)(footnote: Underlying earnings growth) to {{t|€5.9|p1abw4-j3vo}}bn\n\n**Strategic Outlook.**\n\n| | 2025 | BEYOND 2025 |\n| --- | --- | --- |\n| Retail and SME \u0026 Mid-market | Growing volumes while expanding margins | Investing to improve customer retention \u0026 expanding distribution footprint |\n| {{t\\|AXA XL\\|p1abw4-18nd\\|AXA XL}} (Large \u0026 Specialty) | Profitable growth with stable margins | Capitalizing on attractive growth opportunities and continued cycle management |\n\n(1) Underlying earnings growth\n(2) AXA XL includes AXA XL Insurance and AXA XL Reinsurance"
},
},
{
{
Line 269: Line 267:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "* {{t|€57|p1abw4-3iqs}}bn {{t|GWP|p1abw4-971o|Gross written premiums}}\n* {{t|GWP|p1abw4-971o|Gross written premiums}} mix: Health, Protection, G/A Savings — shares not printed\n* {{t|UNDERLYING EARNINGS||Underlying earnings}} {{t|+7%|p1abw4-ld81}}(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) to {{t|€3.5|p1abw4-x68g}}bn\n\n**Health**\n* 2025: Competitive advantages with innovative products integrating more prevention\n* BEYOND 2025: Capitalizing on demand for health \u0026 protection while further improving our margins\n\n**Protection**\n* 2025: Continued strong commercial momentum, especially in Japan and Switzerland\n* BEYOND 2025: Capitalizing on demand for health \u0026 protection while further improving our margins\n\n**G/A Savings**\n* 2025: Accelerating net flows in Savings at attractive margins\n* BEYOND 2025: Capturing savings \u0026 retirement opportunity, sourcing best asset management products for our customers\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
"content": "* {{t|€57|p1abw4-3iqs}}bn {{t|GWP|p1abw4-971o|Gross written premiums}}\n* {{t|GWP|p1abw4-971o|Gross written premiums}} mix: Health, Protection, G/A Savings — shares not printed\n* {{t|UNDERLYING EARNINGS||Underlying earnings}} {{t|+7%|p1abw4-ld81}}(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) to {{t|€3.5|p1abw4-x68g}}bn\n\n**Health**\n* {{t|2025|}}: Competitive advantages with innovative products integrating more prevention\n* BEYOND {{t|2025|}}: Capitalizing on demand for health \u0026 protection while further improving our margins\n\n**Protection**\n* {{t|2025|}}: Continued strong commercial momentum, especially in Japan and Switzerland\n* BEYOND {{t|2025|}}: Capitalizing on demand for health \u0026 protection while further improving our margins\n\n**G/A Savings**\n* {{t|2025|}}: Accelerating net flows in Savings at attractive margins\n* BEYOND {{t|2025|}}: Capturing savings \u0026 retirement opportunity, sourcing best asset management products for our customers\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
},
{
{
Line 365: Line 363:
"Full year 2025"
"Full year 2025"
],
],
"content": "In Euro billion\n\n**LIFE GWP \u0026 OTHER REVENUES.**\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-votc\\|Full year 2024}} | {{t\\|FY25\\|\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| Protection | — | {{t\\|17.3\\|p1abw4-r3n1}} | {{t\\|+11%\\|p1abw4-zyxo}} |\n| Unit-Linked | — | {{t\\|9.3\\|p1abw4-cnnv}} | {{t\\|+13%\\|p1abw4-dh8o}} |\n| Capital light G/A | — | {{t\\|9.0\\|p1abw4-axty}} | {{t\\|+7%\\|p1abw4-z9y8}} |\n| Traditional G/A | — | {{t\\|1.9\\|p1abw4-5pg8}} | {{t\\|-7%\\|p1abw4-u9eg}} |\n| Total | 34.5 | 37.5 | +9% |\n\n* o/w {{t|FY25|p1abw4-yiub|Full year 2025}} Employee Benefits(1)\n* Euro {{t|12.9|p1abw4-oja2}} billion ({{t|+4%|p1abw4-epst}} vs {{t|FY24|p1abw4-cbg3|Full year 2024}})\n\n**HEALTH GWP \u0026 OTHER REVENUES.**\n\n| In Euro billion | {{t\\|FY24\\|\\|Full year 2024}} | {{t\\|FY25\\|\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| Individual | — | {{t\\|10.5\\|p1abw4-f3iv}} | {{t\\|+6%\\|p1abw4-l7fk}} |\n| {{t\\|Group\\|\\|AXA}} | — | {{t\\|8.5\\|p1abw4-d7m6}} | {{t\\|+4%\\|p1abw4-rfjw}} |\n| Total | 17.5 | 19.0 | +5% |\n\n**NET FLOWS.**\n\n| In Euro billion | {{t\\|FY25\\|\\|Full year 2025}} |\n| --- | --- |\n| Protection | {{t\\|+4.9\\|p1abw4-q99a}} |\n| Health | {{t\\|+2.7\\|p1abw4-4tdi}} |\n| Unit-Linked | {{t\\|+1.5\\|p1abw4-r5wk}} |\n| Capital light G/A | {{t\\|+1.2\\|p1abw4-x6yc}} |\n| Traditional G/A | {{t\\|-5.0\\|p1abw4-cbwv}} |\n| Total | €+5.4bn |\n\n* Net Flows vs {{t|FY24||Full year 2024}}\n* {{t|€+5.4|p1abw4-cocg}}bn vs {{t|€+1.5|p1abw4-sgh7}}bn in {{t|FY24|p1abw4-votc|Full year 2024}}"
"content": "In Euro billion\n\n**LIFE GWP \u0026 OTHER REVENUES.**\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-votc\\|Full year 2024}} | {{t\\|FY25\\|}} | Change |\n| --- | --- | --- | --- |\n| Protection | — | {{t\\|17.3\\|p1abw4-r3n1}} | {{t\\|+11%\\|p1abw4-zyxo}} |\n| Unit-Linked | — | {{t\\|9.3\\|p1abw4-cnnv}} | {{t\\|+13%\\|p1abw4-dh8o}} |\n| Capital light G/A | — | {{t\\|9.0\\|p1abw4-axty}} | {{t\\|+7%\\|p1abw4-z9y8}} |\n| Traditional G/A | — | {{t\\|1.9\\|p1abw4-5pg8}} | {{t\\|-7%\\|p1abw4-u9eg}} |\n| Total | 34.5 | 37.5 | +9% |\n\n* o/w {{t|FY25|p1abw4-yiub|Full year 2025}} Employee Benefits(1)\n* Euro {{t|12.9|p1abw4-oja2}} billion ({{t|+4%|p1abw4-epst}} vs {{t|FY24|p1abw4-cbg3|Full year 2024}})\n\n**HEALTH GWP \u0026 OTHER REVENUES.**\n\n| In Euro billion | {{t\\|FY24\\|}} | {{t\\|FY25\\|}} | Change |\n| --- | --- | --- | --- |\n| Individual | — | {{t\\|10.5\\|p1abw4-f3iv}} | {{t\\|+6%\\|p1abw4-l7fk}} |\n| {{t\\|Group\\|\\|AXA}} | — | {{t\\|8.5\\|p1abw4-d7m6}} | {{t\\|+4%\\|p1abw4-rfjw}} |\n| Total | 17.5 | 19.0 | +5% |\n\n**NET FLOWS.**\n\n| In Euro billion | {{t\\|FY25\\|}} |\n| --- | --- |\n| Protection | {{t\\|+4.9\\|p1abw4-q99a}} |\n| Health | {{t\\|+2.7\\|p1abw4-4tdi}} |\n| Unit-Linked | {{t\\|+1.5\\|p1abw4-r5wk}} |\n| Capital light G/A | {{t\\|+1.2\\|p1abw4-x6yc}} |\n| Traditional G/A | {{t\\|-5.0\\|p1abw4-cbwv}} |\n| Total | €+5.4bn |\n\n* Net Flows vs {{t|FY24|}}\n* {{t|€+5.4|p1abw4-cocg}}bn vs {{t|€+1.5|p1abw4-sgh7}}bn in {{t|FY24|p1abw4-votc|Full year 2024}}"
},
},
{
{
Line 399: Line 397:
"Full year 2024",
"Full year 2024",
"Full year 2025",
"Full year 2025",
"Property \u0026 casualty",
"Life \u0026 health",
"AXA Investment Managers",
"AXA Investment Managers",
"Underlying earnings",
"Underlying earnings",
Line 413: Line 409:
"Full year 2024",
"Full year 2024",
"Full year 2025",
"Full year 2025",
"Life \u0026 health",
"Property \u0026 casualty",
"Underlying earnings",
"Underlying earnings",
"Underlying earnings per share",
"Underlying earnings per share",
"Year 2026"
"Year 2026"
],
],
"content": "**In Euro billion.**\n\n| | {{t\\|FY24\\|p1abw4-n008\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-j5c3\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| {{t\\|Property \u0026 Casualty\\|p1abw4-6pya\\|Property \u0026 casualty}} | {{t\\|5.5\\|p1abw4-2ag0}} | {{t\\|5.9\\|p1abw4-jzfe}} | {{t\\|+9%\\|p1abw4-5gmn}} |\n| {{t\\|Life \u0026 Health\\|p1abw4-6pmh\\|Life \u0026 health}} | {{t\\|3.3\\|p1abw4-ij5y}} | {{t\\|3.5\\|p1abw4-q3s6}} | {{t\\|+7%\\|p1abw4-409c}} |\n| {{t\\|Asset Management\\|\\|AXA Investment Managers}} | {{t\\|0.4\\|p1abw4-akrj}} | {{t\\|0.2\\|p1abw4-9kg7}} | {{t\\|-57%\\|p1abw4-1s7c}} |\n| Holdings \u0026 other | {{t\\|-1.2\\|p1abw4-p5a2}} | {{t\\|-1.2\\|p1abw4-6m1o}} | — |\n| {{t\\|Underlying earnings\\|p1abw4-shx2\\|Underlying earnings}}(1) | 8.1 | 8.4 | +6% |\n| Non-financial flows | {{t\\|-0.5\\|p1abw4-fion}} | {{t\\|+2.1\\|p1abw4-35sw}} | — |\n| o/w capital gains from {{t\\|AXA IM\\|p1abw4-ri2t\\|AXA Investment Managers}} disposal | — | {{t\\|+2.2\\|p1abw4-9d0t}} | — |\n| Financial flows (incl. RCG) | {{t\\|+0.3\\|p1abw4-082x}} | {{t\\|-0.7\\|p1abw4-spzt}} | — |\n| Net income(1) | 7.9 | 9.8 | +26% |\n\n**{{t|UNDERLYING EARNINGS||Underlying earnings}}**\n* Strong performance from insurance businesses\n* Stable holding cost, expected to remain at current level in {{t|2026|p1abw4-ehjs|Year 2026}}\n\n**NET INCOME**\n* Higher net income mainly reflecting higher {{t|underlying earnings|p1abw4-ezd4|Underlying earnings}} and the gain from the sale of {{t|AXA IM|p1abw4-pln4|AXA Investment Managers}}\n* Lower financial flows reflecting unfavorable forex impact\n\n**UNDERLYING EARNINGS PER SHARE(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) (In Euro).**\n\n| | {{t\\|FY24\\|p1abw4-vpwn\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-nlyl\\|Full year 2025}} |\n| --- | --- | --- |\n| {{t\\|Underlying earnings per share\\|\\|Underlying earnings per share}} | {{t\\|3.59\\|p1abw4-w9ye}} | {{t\\|3.86\\|p1abw4-r3yy}} |\n| Total Change | — | {{t\\|+8%\\|p1abw4-7jdw}} |\n| from earnings growth | — | {{t\\|+6%\\|p1abw4-zzfe}} |\n| from {{t\\|capital management\\|p1abw4-injl\\|Capital management}} | — | {{t\\|+3%\\|p1abw4-k7ds}} |\n| from Forex | — | {{t\\|-2%\\|p1abw4-9o90}} |\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
"content": "**In Euro billion.**\n\n| | {{t\\|FY24\\|p1abw4-n008\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-j5c3\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| {{t\\|Property \u0026;; Casualty\\|p1abw4-6pya}} | {{t\\|5.5\\|p1abw4-2ag0}} | {{t\\|5.9\\|p1abw4-jzfe}} | {{t\\|+9%\\|p1abw4-5gmn}} |\n| {{t\\|Life \u0026;; Health\\|p1abw4-6pmh}} | {{t\\|3.3\\|p1abw4-ij5y}} | {{t\\|3.5\\|p1abw4-q3s6}} | {{t\\|+7%\\|p1abw4-409c}} |\n| {{t\\|Asset Management\\|\\|AXA Investment Managers}} | {{t\\|0.4\\|p1abw4-akrj}} | {{t\\|0.2\\|p1abw4-9kg7}} | {{t\\|-57%\\|p1abw4-1s7c}} |\n| Holdings \u0026 other | {{t\\|-1.2\\|p1abw4-p5a2}} | {{t\\|-1.2\\|p1abw4-6m1o}} | — |\n| {{t\\|Underlying earnings\\|p1abw4-shx2\\|Underlying earnings}}(1) | 8.1 | 8.4 | +6% |\n| Non-financial flows | {{t\\|-0.5\\|p1abw4-fion}} | {{t\\|+2.1\\|p1abw4-35sw}} | — |\n| o/w capital gains from {{t\\|AXA IM\\|p1abw4-ri2t\\|AXA Investment Managers}} disposal | — | {{t\\|+2.2\\|p1abw4-9d0t}} | — |\n| Financial flows (incl. RCG) | {{t\\|+0.3\\|p1abw4-082x}} | {{t\\|-0.7\\|p1abw4-spzt}} | — |\n| Net income(1) | 7.9 | 9.8 | +26% |\n\n**{{t|UNDERLYING EARNINGS||Underlying earnings}}**\n* Strong performance from insurance businesses\n* Stable holding cost, expected to remain at current level in {{t|2026|p1abw4-ehjs|Year 2026}}\n\n**NET INCOME**\n* Higher net income mainly reflecting higher {{t|underlying earnings|p1abw4-ezd4|Underlying earnings}} and the gain from the sale of {{t|AXA IM|p1abw4-pln4|AXA Investment Managers}}\n* Lower financial flows reflecting unfavorable forex impact\n\n**UNDERLYING EARNINGS PER SHARE(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) (In Euro).**\n\n| | {{t\\|FY24\\|p1abw4-vpwn\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-nlyl\\|Full year 2025}} |\n| --- | --- | --- |\n| {{t\\|Underlying earnings per share\\|\\|Underlying earnings per share}} | {{t\\|3.59\\|p1abw4-w9ye}} | {{t\\|3.86\\|p1abw4-r3yy}} |\n| Total Change | — | {{t\\|+8%\\|p1abw4-7jdw}} |\n| from earnings growth | — | {{t\\|+6%\\|p1abw4-zzfe}} |\n| from {{t\\|capital management\\|p1abw4-injl\\|Capital management}} | — | {{t\\|+3%\\|p1abw4-k7ds}} |\n| from Forex | — | {{t\\|-2%\\|p1abw4-9o90}} |\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
},
{
{
Line 473: Line 467:
"Year 2026"
"Year 2026"
],
],
"content": "**SOLVENCY II RATIO.**\n\n| Ratio | {{t\\|FY24\\|p1abw4-9rgg\\|Full year 2024}} | Regulatory \u0026 model changes | Normalized capital generation | Operating variance | Economic variance \u0026 {{t\\|FX\\|p1abw4-5zic\\|Foreign exchange}} | {{t\\|Dividend\\|p1abw4-9wyw\\|Dividend}} \u0026 annual {{t\\|share buyback\\|p1abw4-h3nt\\|Share buyback}} | Other | {{t\\|FY25\\|p1abw4-z72f\\|Full year 2025}} |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Value | 216% | {{t\\|+0\\|p1abw4-r1v9}}pt | {{t\\|+28\\|p1abw4-23w9}}pts | {{t\\|-1\\|p1abw4-2e0f}}pt | {{t\\|+4\\|p1abw4-gaiy}}pts | {{t\\|-24\\|p1abw4-zbtt}}pts | {{t\\|+2\\|p1abw4-gjhn}}pts | 224% |\n\n**IMPACTS OF THE END OF GRANDFATHERING PERIOD AND SOLVENCY II REVISION.**\n\n| Impact description | Ratio / Impact | Details |\n| --- | --- | --- |\n| Ratio as of 31/12/2025 | 224% | — |\n| Impact of the the end of grandfathering period on January 1, {{t\\|2026\\|p1abw4-qfy6\\|Year 2026}} | -10pts to {{t\\|215%\\|p1abw4-ihxj}} | - Euro 2.4 billion grandfathered debt no longer eligible as capital from January 1, {{t\\|2026\\|\\|Year 2026}} |\n| Impact of Solvency II revision to come into effect in 1Q27 | +17pts(1) | |\n* No change expected in organic capital generation\n* Additional capital flexibility\n\u003C/td\u003E\n\u003C/tr\u003E\n\u003C/table\u003E\n\n(1) Impact of Solvency II revision to come into effect in 1Q27"
"content": "**SOLVENCY II RATIO.**\n\n| Ratio | {{t\\|FY24\\|p1abw4-9rgg\\|Full year 2024}} | Regulatory \u0026 model changes | Normalized capital generation | Operating variance | Economic variance \u0026 {{t\\|FX\\|p1abw4-5zic\\|Foreign exchange}} | {{t\\|Dividend\\|p1abw4-9wyw\\|Dividend}} \u0026 annual {{t\\|share buyback\\|p1abw4-h3nt\\|Share buyback}} | Other | {{t\\|FY25\\|p1abw4-z72f\\|Full year 2025}} |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Value | 216% | {{t\\|+0\\|p1abw4-r1v9}}pt | {{t\\|+28\\|p1abw4-23w9}}pts | {{t\\|-1\\|p1abw4-2e0f}}pt | {{t\\|+4\\|p1abw4-gaiy}}pts | {{t\\|-24\\|p1abw4-zbtt}}pts | {{t\\|+2\\|p1abw4-gjhn}}pts | 224% |\n\n**IMPACTS OF THE END OF GRANDFATHERING PERIOD AND SOLVENCY II REVISION.**\n\n| Impact description | Ratio / Impact | Details |\n| --- | --- | --- |\n| Ratio as of 31/12/2025 | 224% | — |\n| Impact of the the end of grandfathering period on January 1, {{t\\|2026\\|p1abw4-qfy6\\|Year 2026}} | -10pts to {{t\\|215%\\|p1abw4-ihxj}} | - Euro {{t\\|2.4\\|p1abw4-aw5q}} billion grandfathered debt no longer eligible as capital from January {{t\\|1\\|p1abw4-1vtn}}, {{t\\|2026\\|p1abw4-zc9z\\|Year 2026}} |\n| Impact of Solvency II revision to come into effect in 1Q27 | +17pts(1) | |\n* No change expected in organic capital generation\n* Additional capital flexibility\n\u003C/td\u003E\n\u003C/tr\u003E\n\u003C/table\u003E\n\n(1) Impact of Solvency II revision to come into effect in 1Q27"
},
},
{
{
Line 510: Line 504:
"Property \u0026 casualty"
"Property \u0026 casualty"
],
],
"content": "**SOLID AND DIVERSIFIED FRANCHISE(1)**\n* {{t|#1|p1abw4-g31e}} Health \u0026 Protection\n* {{t|#2|p1abw4-t1su}} {{t|Property \u0026 Casualty|p1abw4-8wpp|Property \u0026 casualty}}\n* {{t|#7|p1abw4-z6om}} Savings \u0026 Pensions\n\n**SOLID AND DIVERSIFIED FRANCHISE(1) (FY25 Revenues including international activities).**\n\n| Segment | Share |\n| --- | --- |\n| Savings \u0026 Pensions | {{t\\|35%\\|p1abw4-895s}} |\n| {{t\\|Property \u0026 Casualty\\|\\|Property \u0026 casualty}} | 31% |\n| Health \u0026 Protection | {{t\\|34%\\|p1abw4-72lt}} |\n| **Total** | €31bn |\n\n**KEY FIGURES(2)**\n* \u003E8m Retail clients(3)(footnote: target of €5bn annually)\n* {{t|1|p1abw4-x9vp}} out of {{t|5|p1abw4-r2tj}} households insured by {{t|AXA|p1abw4-o92o|AXA}} in France\n* {{t|2.5|p1abw4-dbhe}} contracts per client on average\n* 1 out of {{t|3|p1abw4-qwel}} SMEs insured by {{t|AXA|p1abw4-alpi|AXA}} in France\n* \u003E6m Employee Benefits beneficiaries\n* 1 / minute commercial claims covered\n* {{t|33,000|p1abw4-d1yd}} people working for {{t|AXA|p1abw4-xjjx|AXA}} in France\n* \u003E€10bn invested in the economy\n* {{t|€37|p1abw4-xvfc}}m claims paid per day on average"
"content": "**SOLID AND DIVERSIFIED FRANCHISE(1)**\n* {{t|\u0026#35;1|p1abw4-g31e}} Health \u0026 Protection\n* {{t|\u0026#35;2|p1abw4-t1su}} {{t|Property \u0026 Casualty|p1abw4-8wpp|Property \u0026 casualty}}\n* {{t|\u0026#35;7|p1abw4-z6om}} Savings \u0026 Pensions\n\n**SOLID AND DIVERSIFIED FRANCHISE(1) (FY25 Revenues including international activities).**\n\n| Segment | Share |\n| --- | --- |\n| Savings \u0026 Pensions | {{t\\|35%\\|p1abw4-895s}} |\n| {{t\\|Property \u0026 Casualty\\|\\|Property \u0026 casualty}} | 31% |\n| Health \u0026 Protection | {{t\\|34%\\|p1abw4-72lt}} |\n| **Total** | €31bn |\n\n**KEY FIGURES(2)**\n* {{t|\u003E8m|p1abw4-vyyf}} Retail clients(3)(footnote: target of €5bn annually)\n* {{t|1|p1abw4-x9vp}} out of {{t|5|p1abw4-r2tj}} households insured by {{t|AXA|p1abw4-o92o|AXA}} in France\n* {{t|2.5|p1abw4-dbhe}} contracts per client on average\n* {{t|1|p1abw4-twwv}} out of {{t|3|p1abw4-qwel}} SMEs insured by {{t|AXA|p1abw4-alpi|AXA}} in France\n* {{t|\u003E6m|p1abw4-yfw3}} Employee Benefits beneficiaries\n* {{t|1|p1abw4-dsag}} / minute commercial claims covered\n* {{t|33,000|p1abw4-d1yd}} people working for {{t|AXA|p1abw4-xjjx|AXA}} in France\n* {{t|\u003E€10bn|p1abw4-q4y4}} invested in the economy\n* {{t|€37|p1abw4-xvfc}}m claims paid per day on average"
},
},
{
{
Line 533: Line 527:
"Underlying earnings"
"Underlying earnings"
],
],
"content": "**REVENUES**\n* {{t|€31|p1abw4-ryoe}}bn {{t|+6%|p1abw4-7pby}} vs. {{t|FY24|p1abw4-vwzt|Full year 2024}}\n* {{t|P\u0026C|p1abw4-76we|Property \u0026 casualty}} +7%\n* Health \u0026 Protection {{t|+4%|p1abw4-2ino}}\n* Savings \u0026 Pensions +7%\n\n**KEY TAKEAWAYS**\n* Additional new distributors {{t|+430|p1abw4-8g1q}} nouveaux distributeurs\n* Additional contracts(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) {{t|+550|p1abw4-xv9t}}k net\n* Additional clients(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) {{t|+250|p1abw4-oq7f}}k net\n* Growth of individuals savings assets {{t|€+3.3|p1abw4-c8vs}}bn\n\n**UNDERLYING EARNINGS.**\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-6elb\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-ewvy\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| {{t\\|Underlying earnings\\|\\|Underlying earnings}} | {{t\\|2.1\\|p1abw4-mxrv}} | {{t\\|2.2\\|p1abw4-8rfo}} | +7% |\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
"content": "**REVENUES**\n* {{t|€31|p1abw4-ryoe}}bn {{t|+6%|p1abw4-7pby}} vs. {{t|FY24|p1abw4-vwzt|Full year 2024}}\n* {{t|P\u0026C|p1abw4-76we|Property \u0026 casualty}} {{t|+7%|}}\n* Health \u0026 Protection {{t|+4%|p1abw4-2ino}}\n* Savings \u0026 Pensions {{t|+7%|}}\n\n**KEY TAKEAWAYS**\n* Additional new distributors {{t|+430|p1abw4-8g1q}} nouveaux distributeurs\n* Additional contracts(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) {{t|+550|p1abw4-xv9t}}k net\n* Additional clients(1)(footnote: See glossary for terminologies and footnotes on page 36 \u0026 37 of this document.) {{t|+250|p1abw4-oq7f}}k net\n* Growth of individuals savings assets {{t|€+3.3|p1abw4-c8vs}}bn\n\n**UNDERLYING EARNINGS.**\n\n| In Euro billion | {{t\\|FY24\\|p1abw4-6elb\\|Full year 2024}} | {{t\\|FY25\\|p1abw4-ewvy\\|Full year 2025}} | Change |\n| --- | --- | --- | --- |\n| {{t\\|Underlying earnings\\|\\|Underlying earnings}} | {{t\\|2.1\\|p1abw4-mxrv}} | {{t\\|2.2\\|p1abw4-8rfo}} | +7% |\n\n(1) See glossary for terminologies and footnotes on page 36 \u0026 37 of this document."
},
},
{
{
Line 576: Line 570:
"Underlying earnings per share",
"Underlying earnings per share",
"Full year 2024",
"Full year 2024",
"Year 2026",
"Target range"
"Target range"
],
],
Line 583: Line 576:
"Full year 2024",
"Full year 2024",
"Target range",
"Target range",
"Underlying earnings per share",
"Underlying earnings per share"
"Year 2026"
],
],
"content": "**MAIN FINANCIAL TARGETS.**\n\n| {{t\\|UNDERLYING EARNINGS PER SHARE\\|\\|Underlying earnings per share}} | TARGET 2024-2026E 6% - 8% CAGR 2023-2026E | ACHIEVEMENTS IN 2025 +8% vs {{t\\|FY24\\|p1abw4-vsyu\\|Full year 2024}} |\n| --- | --- | --- |\n| UNDERLYING RETURN ON EQUITY | 14% - 16% | 16% |\n| CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND {{t\\|2026\\|\\|Year 2026}}(1) | \u003E€21bn | €14.6bn |\n\n* Record results, at the top end of the {{t|target range|p1abw4-yg5j|Target range}} while enhancing reserve prudence\n* Confident to deliver {{t|underlying EPS|p1abw4-de0k|Underlying earnings per share}} growth at the upper end of {{t|6%-8%|p1abw4-vkh3}} {{t|target range|p1abw4-twkx|Target range}} for {{t|2026||Year 2026}}\n* Laying foundations for the next plan and confident in delivering sustainable earnings growth\n\n(1) Cumulative cash remittance between 2024 and 2026"
"content": "**MAIN FINANCIAL TARGETS.**\n\n| {{t\\|UNDERLYING EARNINGS PER SHARE\\|\\|Underlying earnings per share}} | TARGET 2024-2026E 6% - 8% CAGR 2023-2026E | ACHIEVEMENTS IN 2025 +8% vs {{t\\|FY24\\|p1abw4-vsyu\\|Full year 2024}} |\n| --- | --- | --- |\n| UNDERLYING RETURN ON EQUITY | 14% - 16% | 16% |\n| CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND {{t\\|2026\\|}}(1) | \u003E€21bn | €14.6bn |\n\n* Record results, at the top end of the {{t|target range|p1abw4-yg5j|Target range}} while enhancing reserve prudence\n* Confident to deliver {{t|underlying EPS|p1abw4-de0k|Underlying earnings per share}} growth at the upper end of {{t|6%-8%|p1abw4-vkh3}} {{t|target range|p1abw4-twkx|Target range}} for {{t|2026|}}\n* Laying foundations for the next plan and confident in delivering sustainable earnings growth\n\n(1) Cumulative cash remittance between 2024 and 2026"
},
},
{
{
Line 612: Line 604:
"data_items": [],
"data_items": [],
"effective_tags": [],
"effective_tags": [],
"content": "**S\u0026P Global**\n* {{t|2025|p1abw4-bzki}} percentile: {{t|97|p1abw4-pynb}}th(1) in Dow Jones Best-in-Class Europe \u0026 World indices\n\n**MSCI**\n* 2025 score: AAA\n\n**CDP**\n* 2025 score: B\n\n**MORNINGSTAR SUSTAINALYTICS**\n* 2025 ESG Risk Rating: {{t|17.0|p1abw4-lgy1}} – Low risk\n\n**FTSE RUSSELL An LSEG Business**\n* 2025 score: {{t|4.3/5|p1abw4-z8e0}} in {{t|FTSE4Good|p1abw4-yy7v}} Index Series"
"content": "**S\u0026P Global**\n* {{t|2025|p1abw4-bzki}} percentile: {{t|97|p1abw4-pynb}}th(1) in Dow Jones Best-in-Class Europe \u0026 World indices\n\n**MSCI**\n* {{t|2025|}} score: AAA\n\n**CDP**\n* {{t|2025|}} score: B\n\n**MORNINGSTAR SUSTAINALYTICS**\n* {{t|2025|}} ESG Risk Rating: {{t|17.0|p1abw4-lgy1}} – Low risk\n\n**FTSE RUSSELL An LSEG Business**\n* {{t|2025|}} score: {{t|4.3/5|p1abw4-z8e0}} in {{t|FTSE4Good|p1abw4-yy7v}} Index Series"
},
},
{
{
Line 697: Line 689:
"AXA France",
"AXA France",
"AXA XL",
"AXA XL",
"Full year 2024",
"Other revenue"
"Other revenue"
],
],
Line 708: Line 699:
"Capital management",
"Capital management",
"Dividend",
"Dividend",
"Full year 2024",
"Full year 2025",
"Full year 2025",
"Gross written premiums",
"Gross written premiums",
"Other revenue"
"Other revenue"
],
],
"content": "* {{t|1|p1abw4-1m82}}. Based on the {{t|dividend|p1abw4-tfix|Dividend}} proposed by {{t|AXA||AXA}}’s Board of Directors on {{t|February 25, 2026|p1abw4-prkx}} and subject to approval by the Shareholders’ Annual General Meeting to be held on {{t|April 30, 2026|p1abw4-dhxn}}.\n\n* {{t|1|p1abw4-lqst}}. Pie chart represents {{t|FY25|p1abw4-qgls|Full year 2025}} {{t|gross written premium|p1abw4-mzkt|Gross written premiums}} split excluding {{t|AXA IM|p1abw4-8dai|AXA Investment Managers}} and holdings.\n\n* {{t|1|p1abw4-0svf}}. Estimate of the final {{t|2025|p1abw4-wp2e}} figures made in {{t|February 2026|p1abw4-g37u}}.\n* {{t|2|p1abw4-l41l}}. Scope: {{t|AXA France|p1abw4-8vml|AXA France}}, {{t|AXA|p1abw4-de44|AXA}} Germany, {{t|AXA|p1abw4-m8gi|AXA}} Switzerland, {{t|AXA|p1abw4-ncse|AXA}} UK \u0026 Ireland, {{t|AXA|p1abw4-369g|AXA}} Belgium, {{t|AXA|p1abw4-zxe3|AXA}} Hong Kong, {{t|AXA|p1abw4-e3tb|AXA}} Mexico, and {{t|AXA XL|p1abw4-5ai6|AXA XL}}; Unit: {{t|Gross Written Premiums|p1abw4-l4m7|Gross written premiums}} ({{t|GWP|p1abw4-mj83|Gross written premiums}}); Timeframe: cumulative {{t|2024-2026|p1abw4-ibqg}}.\n* {{t|3|p1abw4-bbnh}}. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through {{t|2030|p1abw4-l684}}.\n\n* {{t|1|p1abw4-jul2}}. {{t|FY25|p1abw4-vnif|Full year 2025}} {{t|gross written premiums|p1abw4-nxao|Gross written premiums}} excluding {{t|AXA IM|p1abw4-pjde|AXA Investment Managers}}, Holdings, {{t|AXA|p1abw4-nha5|AXA}} Assistance, and {{t|AXA|p1abw4-pj1x|AXA}} Liabilities Managers.\n\n* 1. Change {{t|FY25||Full year 2025}} vs. {{t|FY24||Full year 2024}} at constant fx.\n* {{t|2|p1abw4-vjoz}}. Includes {{t|AXA XL|p1abw4-s4u5|AXA XL}} Re premiums of {{t|€2.6|p1abw4-g38y}}bn.\n\n* 1. Change {{t|FY25||Full year 2025}} vs {{t|FY24||Full year 2024}} at constant fx.\n\n* {{t|1|p1abw4-unf7}}. Including both short-term and long-term Employee Benefits {{t|GWP|p1abw4-pvfy|Gross written premiums}} and {{t|other revenues|p1abw4-ldgp|Other revenue}}.\n\n\u003C!-- furniture --\u003E"
"content": "* {{t|1|p1abw4-1m82}}. Based on the {{t|dividend|p1abw4-tfix|Dividend}} proposed by {{t|AXA||AXA}}’s Board of Directors on {{t|February 25, 2026|p1abw4-prkx}} and subject to approval by the Shareholders’ Annual General Meeting to be held on {{t|April 30, 2026|p1abw4-dhxn}}.\n\n* {{t|1|p1abw4-lqst}}. Pie chart represents {{t|FY25|p1abw4-qgls|Full year 2025}} {{t|gross written premium|p1abw4-mzkt|Gross written premiums}} split excluding {{t|AXA IM|p1abw4-8dai|AXA Investment Managers}} and holdings.\n\n* {{t|1|p1abw4-0svf}}. Estimate of the final {{t|2025|p1abw4-wp2e}} figures made in {{t|February 2026|p1abw4-g37u}}.\n* {{t|2|p1abw4-l41l}}. Scope: {{t|AXA France|p1abw4-8vml|AXA France}}, {{t|AXA|p1abw4-de44|AXA}} Germany, {{t|AXA|p1abw4-m8gi|AXA}} Switzerland, {{t|AXA|p1abw4-ncse|AXA}} UK \u0026 Ireland, {{t|AXA|p1abw4-369g|AXA}} Belgium, {{t|AXA|p1abw4-zxe3|AXA}} Hong Kong, {{t|AXA|p1abw4-e3tb|AXA}} Mexico, and {{t|AXA XL|p1abw4-5ai6|AXA XL}}; Unit: {{t|Gross Written Premiums|p1abw4-l4m7|Gross written premiums}} ({{t|GWP|p1abw4-mj83|Gross written premiums}}); Timeframe: cumulative {{t|2024-2026|p1abw4-ibqg}}.\n* {{t|3|p1abw4-bbnh}}. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through {{t|2030|p1abw4-l684}}.\n\n* {{t|1|p1abw4-jul2}}. {{t|FY25|p1abw4-vnif|Full year 2025}} {{t|gross written premiums|p1abw4-nxao|Gross written premiums}} excluding {{t|AXA IM|p1abw4-pjde|AXA Investment Managers}}, Holdings, {{t|AXA|p1abw4-nha5|AXA}} Assistance, and {{t|AXA|p1abw4-pj1x|AXA}} Liabilities Managers.\n\n* {{t|1|}}. Change {{t|FY25|}} vs. {{t|FY24|}} at constant fx.\n* {{t|2|p1abw4-vjoz}}. Includes {{t|AXA XL|p1abw4-s4u5|AXA XL}} Re premiums of {{t|€2.6|p1abw4-g38y}}bn.\n\n* {{t|1|}}. Change {{t|FY25|}} vs {{t|FY24|}} at constant fx.\n\n* {{t|1|p1abw4-unf7}}. Including both short-term and long-term Employee Benefits {{t|GWP|p1abw4-pvfy|Gross written premiums}} and {{t|other revenues|p1abw4-ldgp|Other revenue}}.\n\n\u003C!-- furniture --\u003E"
},
},
{
{
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"Underlying earnings per share"
"Underlying earnings per share"
],
],
"content": "Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified.\n\n* {{t|1|p1abw4-dlfi}}. Change at constant {{t|FX|p1abw4-2t2e|Foreign exchange}} for {{t|underlying earnings|p1abw4-ueq6|Underlying earnings}} and net income. Change on reported basis for {{t|underlying earnings per share|p1abw4-x2db|Underlying earnings per share}}.\n\n* {{t|1|p1abw4-wodi}}. Shareholders’ equity Group share.\n\n* 1. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of {{t|January 1, 2026|p1abw4-fqc0}}, as if the Solvency II revision had come into force on the same date.\n\n* {{t|1|p1abw4-0te4}}. Sources: France Assureurs \u0026 Argus de l’assurance, {{t|2024|p1abw4-ljg4}} data.\n* {{t|2|p1abw4-m28i}}. All the data concern {{t|AXA France|p1abw4-e52r|AXA France}}.\n* {{t|3|p1abw4-21si}}. Including professionals and Direct Assurance.\n\n* {{t|1|p1abw4-df6u}}. Including Direct Assurance.\n\n* {{t|1|p1abw4-9zqh}}. Scope: {{t|AXA France|p1abw4-j2ra|AXA France}} Retail clients.\n\n* {{t|1|p1abw4-ktni}}. Organic cash remittance only.\n\n* {{t|1|p1abw4-xdun}}. The CSA ranking is a key performance indicator for {{t|AXA Group|p1abw4-yvf2|AXA}}, used to calculate the grant of Long-Term Incentives (more precisely {{t|AXA|p1abw4-beyy|AXA}} Restricted Shares). Results as of {{t|February 6th, 2026|p1abw4-p255}}."
"content": "Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified.\n\n* {{t|1|p1abw4-dlfi}}. Change at constant {{t|FX|p1abw4-2t2e|Foreign exchange}} for {{t|underlying earnings|p1abw4-ueq6|Underlying earnings}} and net income. Change on reported basis for {{t|underlying earnings per share|p1abw4-x2db|Underlying earnings per share}}.\n\n* {{t|1|p1abw4-wodi}}. Shareholders’ equity Group share.\n\n* {{t|1|}}. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of {{t|January 1, 2026|p1abw4-fqc0}}, as if the Solvency II revision had come into force on the same date.\n\n* {{t|1|p1abw4-0te4}}. Sources: France Assureurs \u0026 Argus de l’assurance, {{t|2024|p1abw4-ljg4}} data.\n* {{t|2|p1abw4-m28i}}. All the data concern {{t|AXA France|p1abw4-e52r|AXA France}}.\n* {{t|3|p1abw4-21si}}. Including professionals and Direct Assurance.\n\n* {{t|1|p1abw4-df6u}}. Including Direct Assurance.\n\n* {{t|1|p1abw4-9zqh}}. Scope: {{t|AXA France|p1abw4-j2ra|AXA France}} Retail clients.\n\n* {{t|1|p1abw4-ktni}}. Organic cash remittance only.\n\n* {{t|1|p1abw4-xdun}}. The CSA ranking is a key performance indicator for {{t|AXA Group|p1abw4-yvf2|AXA}}, used to calculate the grant of Long-Term Incentives (more precisely {{t|AXA|p1abw4-beyy|AXA}} Restricted Shares). Results as of {{t|February 6th, 2026|p1abw4-p255}}."
}
}
],
],

Revision as of 00:14, 3 August 2026

doc_id"p1abw4"
document
organization"AXA"
year"2025"
period"FY"
document_category"Earnings presentation"
document_name"AXA Full Year 2025 Press Conference Presentation"
publication_date"2026-02-26"
language"English"
sections
id"p1abw4-c1"
chunk1
pages
1
heading"Full Year 2025 Earnings"
tags
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content"* Press conference * {{t|February 26, 2026|p1abw4-fpnz}}"
id"p1abw4-c2"
chunk2
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2
heading"Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures"
tags
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links
"Underlying earnings per share"
"Year 2026"
"AXA"
"Underlying earnings"
data_items
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"AXA"
"Underlying earnings"
"Underlying earnings per share"
"Year 2026"
content"* Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan,” “target” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this presentation regarding expected {{t|underlying earnings per share|p1abw4-6mzi|Underlying earnings per share}} (“{{t|UEPS||Underlying earnings per share}}”) growth for {{t|2026|p1abw4-lf0o|Year 2026}}, are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. These statements and the other targets and expectations given in this presentation are based on Management’s current views and intentions and are subject to change. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside {{t|AXA||AXA}}’s control, and can be affected by other factors that could cause {{t|AXA||AXA}}’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Please refer to Part {{t|5|p1abw4-qd6n}} - “Risk Factors and Risk Management” of {{t|AXA||AXA}}’s Universal Registration Document for the year ended {{t|December 31, 2024|p1abw4-nko9}} (the {{t|“2024|p1abw4-tftc}} Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect {{t|AXA|p1abw4-gfym|AXA}}’s business and/or results of operations. {{t|AXA|p1abw4-gfym|AXA}} specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. * In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing {{t|AXA|p1abw4-gfym|AXA}}’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding {{t|AXA|p1abw4-gfym|AXA}}’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. “{{t|Underlying earnings||Underlying earnings}}”, {{t|UEPS|p1abw4-dxpa|Underlying earnings per share}} (“{{t|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 {{t|2015|p1abw4-s2eq}}. {{t|AXA|p1abw4-lrq5|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 {{t|December 31, 2025|p1abw4-b2ms}} (“{{t|AXA|p1abw4-lrq5|AXA}}’s {{t|2025|p1abw4-0jvr}} 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 release, see the Glossary in {{t|AXA||AXA}}’s {{t|2025|p1abw4-0jvr}} Activity Report. {{t|AXA||AXA}}’s {{t|2025|p1abw4-0jvr}} Activity Report is available on the {{t|AXA Group|p1abw4-x7ry|AXA}} website (www.axa.com). * {{t|AXA||AXA}}’s consolidated financial statements for the year ended {{t|December 31, 2025|p1abw4-vth7}} were examined by the Board of Directors on {{t|February 25, 2026|p1abw4-ljgy}}, and are subject to completion of an audit procedure by {{t|AXA||AXA}}’s statutory auditors."
id"p1abw4-c3"
chunk3
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heading"Agenda"
tags
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"AXA France"
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"AXA France"
content"* {{t|1|p1abw4-x71s}} Introduction * Thomas Buberl, Group CEO * {{t|2|p1abw4-9tbw}} Business Performance * Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk and Technology * {{t|3|}} Financial Performance * Alban de Mailly Nesle, Group CFO * {{t|4|p1abw4-vacu}} France * Mathieu Godart, {{t|AXA France|p1abw4-kebo|AXA France}} CEO * {{t|5|p1abw4-ysod}} Conclusion * Thomas Buberl, Group CEO"
id"p1abw4-c4"
chunk4
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heading"Introduction"
tags
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content"=== Section === * Thomas Buberl * Group CEO"
id"p1abw4-c5"
chunk5
pages
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heading"Full Year 2025 – Excellent performance"
tags
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"Full year 2024"
"Underlying earnings"
"AXA Investment Managers"
"Underlying earnings per share"
"Dividend"
"Full year 2025"
data_items
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"AXA Investment Managers"
"Capital management"
"Dividend"
"Full year 2024"
"Full year 2025"
"Underlying earnings"
"Underlying earnings per share"
content"* REVENUES * {{t|€116|p1abw4-yxjw}}bn * {{t|+6%|p1abw4-yutx}} vs {{t|FY24|p1abw4-ndok|Full year 2024}} * {{t|UNDERLYING EARNINGS||Underlying earnings}} * {{t|€8.4|p1abw4-oasi}}bn * {{t|+6%|p1abw4-xtf8}} vs {{t|FY24|p1abw4-3bra|Full year 2024}} * {{t|+9%|}} Excl. {{t|AXA IM|p1abw4-9cne|AXA Investment Managers}} * {{t|UEPS|p1abw4-5ldr|Underlying earnings per share}} * {{t|€3.86|p1abw4-l996}} * {{t|+8%|p1abw4-dpes}} vs {{t|FY24|p1abw4-ul38|Full year 2024}} * {{t|DIVIDEND|p1abw4-d0x9|Dividend}}(1)(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) * {{t|€2.32|p1abw4-1cs9}} * {{t|+8%|p1abw4-idom}} vs {{t|FY24|p1abw4-eqyj|Full year 2024}} * SOLVENCY II RATIO * {{t|224%|p1abw4-ts7x}} * {{t|+9pts|}} {{t|FY25|p1abw4-f4de|Full year 2025}} (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c6"
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heading"Strong growth, driven by all our business lines"
tags
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"Business mix"
"Gross written premiums & other revenues"
"Underlying earnings"
"Full year 2024"
data_items
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"Business mix"
"Full year 2024"
"Gross written premiums & other revenues"
"Underlying earnings"
content"**GROSS WRITTEN PREMIUMS & OTHER REVENUES, UNDERLYING EARNINGS, and COMBINED RATIO by business line.** | {{t\|Business Line\|\|Business mix}} | {{t\|GROSS WRITTEN PREMIUMS & OTHER REVENUES\|\|Gross written premiums & other revenues}} | {{t\|UNDERLYING EARNINGS\|\|Underlying earnings}} | COMBINED RATIO | | --- | --- | --- | --- | | {{t\|P&;;C\|p1abw4-b57v}} | {{t\|€58.0bn\|p1abw4-jqov}} {{t\|+5%\|p1abw4-pawh}} vs {{t\|FY24\|\|Full year 2024}} | {{t\|€5.9bn\|p1abw4-1m4z}} {{t\|+9%\|p1abw4-0iy6}} vs {{t\|FY24\|\|Full year 2024}} | {{t\|90.6%\|p1abw4-v9el}} vs 91.0% {{t\|FY24\|\|Full year 2024}} | | LIFE | {{t\|€37.5bn\|p1abw4-qrrm}} {{t\|+9%\|p1abw4-0iy6}} vs {{t\|FY24\|\|Full year 2024}} | {{t\|€2.7bn\|p1abw4-j8uf}} {{t\|+4%\|p1abw4-z85f}} vs {{t\|FY24\|\|Full year 2024}} | — | | HEALTH | {{t\|€19.0bn\|p1abw4-okof}} {{t\|+5%\|p1abw4-bxk2}} vs {{t\|FY24\|\|Full year 2024}} | {{t\|€0.8bn\|p1abw4-xr40}} {{t\|+17%\|p1abw4-4l05}} vs {{t\|FY24\|\|Full year 2024}} | {{t\|97.9%\|p1abw4-w1gu}} vs 98.1% {{t\|FY24\|\|Full year 2024}} | * See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c7"
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heading"Diversified franchise, well positioned in an attractive industry"
tags
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content"**SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES(1)** * Protection gaps and emerging corporate risks * Demographics driving demand for private retirement and healthcare **SECULAR TRENDS FUELING DEMAND ACROSS BUSINESSES(1).** | Segment | Share | | --- | --- | | Life | {{t\|33%\|p1abw4-bclr}} | | Health | {{t\|17%\|p1abw4-wkai}} | | Large & Specialty | {{t\|17%\|p1abw4-wkai}} | | SME & Mid-market | {{t\|16%\|p1abw4-yp7a}} | | Retail | {{t\|17%\|p1abw4-wkai}} | **OUR RIGHT TO WIN** * Leading brand & high customer NPS * Strong and diversified distribution * Technical expertise to price & underwrite risks * Scale offering cost advantage"
id"p1abw4-c8"
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heading"Value creation through innovation"
tags
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content"**ACQUISITION OF prima** * Enhances distribution capacity of {{t|AXA|p1abw4-pxa4|AXA}} in Europe thanks to a modern tech platform * Answers the growing demand for online offers to complete our strong distribution network with direct insurance and enlarge our customer portfolio * {{t|1,100+|p1abw4-jjpn}} employees including {{t|400|p1abw4-muyy}} developers, engineers and data scientists **ARTIFICIAL INTELLIGENCE** * AI is a strategic technology, bringing major benefits to businesses * Beyond increased efficiency, AI will transform access to insurance, product personalization, and the customer experience; {{t|AXA|p1abw4-scha|AXA}} wants to be firmly positioned in this evolution * AI is already concretely improving pricing accuracy, underwriting quality, and claims management"
id"p1abw4-c9"
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heading"AXA, a company committed to society in 2025"
tags
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"AXA"
"Year 2026"
data_items
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"Year 2026"
content"**Customers** * More than {{t|€49|p1abw4-sp63}}bn in claims paid * {{t|€438|p1abw4-a069}}m climate related claims in France **Economy** * More than {{t|€40|p1abw4-astb}}bn invested in the economy * {{t|€12.8|p1abw4-mdil}}bn(1)(footnote: €12.8bn of tax and social contributions paid) of tax and social contributions paid, of which {{t|36.7%|p1abw4-zfkw}} in France * Launch of {{t|AXA|p1abw4-x72v|AXA}} Foundation for Human Progress with {{t|€60m/year|p1abw4-6jwz}} endowed by {{t|AXA|p1abw4-dirj|AXA}} Mutuelles d’Assurances and {{t|AXA Group|p1abw4-klo5|AXA}} **Employees** * {{t|€7|p1abw4-n0oi}}bn total compensation paid to our employees * {{t|15,115|p1abw4-7vdu}} recruitments worldwide (*excl. short-term contracts and trainees*) including {{t|2,138|p1abw4-f1b9}} in France * More than {{t|36%|p1abw4-wgww}} of employees are {{t|AXA|p1abw4-pt7c|AXA}} shareholders and hold {{t|4.82%|p1abw4-gq00}} of the capital and {{t|6.61%|p1abw4-q60s}} of its voting rights **Climate transition** * {{t|€4.6|p1abw4-7z3z}}bn in premiums related to transition with a target of {{t|€6|p1abw4-uur8}}bn cumulated between {{t|2024|p1abw4-5fmw}} and {{t|2026|p1abw4-723n|Year 2026}}(2)(footnote: target of €6bn cumulated between 2024 and 2026) * {{t|€6.4|p1abw4-2akx}}bn in investments to accelerate climate transition with a target of {{t|€5|p1abw4-pu7f}}bn annually(3)(footnote: target of €5bn annually) (1) €12.8bn of tax and social contributions paid (2) target of €6bn cumulated between 2024 and 2026 (3) target of €5bn annually"
id"p1abw4-c10"
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heading"2026: laying the foundation for the next plan"
tags
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content"* CLEAR TECH AND AI ROADMAP * DRIVING EFFICIENCY * ENHANCING CAPITAL ALLOCATION DISCIPLINE * BUILDING RESILIENCE **Confidence in sustaining earnings growth** (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c11"
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heading"Business Performance"
tags
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content"=== Section === **Guillaume Borie** * Global Head of Finance, Strategy, Underwriting, Risk and Technology"
id"p1abw4-c12"
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heading"Excellent performance in all our geographies"
tags
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"Gross written premiums"
"Underlying earnings"
"AXA XL"
"AXA Asia, Africa & EME-LATAM"
data_items
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"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA XL"
"Gross written premiums"
"Underlying earnings"
content"**Excellent performance in all our geographies.** | Geography | {{t\|GWP\|p1abw4-o4wo\|Gross written premiums}} | {{t\|UNDERLYING EARNINGS\|\|Underlying earnings}} | | --- | --- | --- | | France (27% of total {{t\|GWP\|p1abw4-o4wo\|Gross written premiums}}(1)) | {{t\|€31bn\|p1abw4-y899}} {{t\|+6%\|p1abw4-luln}} | {{t\|€2.2bn\|p1abw4-xvcn}} {{t\|+7%\|p1abw4-g633}} | | Europe (38% of total {{t\|GWP\|p1abw4-o4wo\|Gross written premiums}}(1)) | {{t\|€43bn\|p1abw4-79dl}} {{t\|+6%\|p1abw4-luln}} | {{t\|€3.5bn\|p1abw4-efpj}} {{t\|+9%\|p1abw4-bwba}} | | {{t\|AXA XL\|p1abw4-z73y\|AXA XL}} (17% of total {{t\|GWP\|p1abw4-o4wo\|Gross written premiums}}(1)) | {{t\|€19bn\|p1abw4-kuuu}} {{t\|+4%\|p1abw4-7lte}} | {{t\|€1.9bn\|p1abw4-qdgj}} {{t\|+9%\|p1abw4-jxem}} | | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} (18% of total {{t\|GWP\|p1abw4-o4wo\|Gross written premiums}}(1)) | {{t\|€20bn\|p1abw4-2prq}} {{t\|+13%\|p1abw4-xzp6}} | {{t\|€1.5bn\|p1abw4-2vf0}} {{t\|+6%\|p1abw4-luln}} | * See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c13"
chunk13
pages
13
heading"P&C – Strong margins, confidence in sustaining growth"
tags
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links
"Gross written premiums"
"AXA XL"
"Underlying earnings"
data_items
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"AXA"
"AXA XL"
"Gross written premiums"
"Underlying earnings"
content"* {{t|€58|p1abw4-2b31}}bn {{t|GWP|p1abw4-07ne|Gross written premiums}} * Retail * SME & Mid-market * {{t|AXA XL|p1abw4-6wor|AXA XL}}(2)(footnote: AXA XL includes AXA XL Insurance and AXA XL Reinsurance) (Large & Specialty) * {{t|UNDERLYING EARNINGS|p1abw4-un4a|Underlying earnings}} {{t|+9%|p1abw4-exy4}}(1)(footnote: Underlying earnings growth) to {{t|€5.9|p1abw4-j3vo}}bn **Strategic Outlook.** | | 2025 | BEYOND 2025 | | --- | --- | --- | | Retail and SME & Mid-market | Growing volumes while expanding margins | Investing to improve customer retention & expanding distribution footprint | | {{t\|AXA XL\|p1abw4-18nd\|AXA XL}} (Large & Specialty) | Profitable growth with stable margins | Capitalizing on attractive growth opportunities and continued cycle management | (1) Underlying earnings growth (2) AXA XL includes AXA XL Insurance and AXA XL Reinsurance"
id"p1abw4-c14"
chunk14
pages
14
heading"Life & Health – Good momentum, well positioned to capture growth opportunities"
tags
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links
"Gross written premiums"
"Underlying earnings"
data_items
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effective_tags
"Gross written premiums"
"Underlying earnings"
content"* {{t|€57|p1abw4-3iqs}}bn {{t|GWP|p1abw4-971o|Gross written premiums}} * {{t|GWP|p1abw4-971o|Gross written premiums}} mix: Health, Protection, G/A Savings — shares not printed * {{t|UNDERLYING EARNINGS||Underlying earnings}} {{t|+7%|p1abw4-ld81}}(1)(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) to {{t|€3.5|p1abw4-x68g}}bn **Health** * {{t|2025|}}: Competitive advantages with innovative products integrating more prevention * BEYOND {{t|2025|}}: Capitalizing on demand for health & protection while further improving our margins **Protection** * {{t|2025|}}: Continued strong commercial momentum, especially in Japan and Switzerland * BEYOND {{t|2025|}}: Capitalizing on demand for health & protection while further improving our margins **G/A Savings** * {{t|2025|}}: Accelerating net flows in Savings at attractive margins * BEYOND {{t|2025|}}: Capturing savings & retirement opportunity, sourcing best asset management products for our customers (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c15"
chunk15
pages
15
heading"Pioneer in our industry in artificial intelligence"
tags
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"AXA"
data_items
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"AXA"
content"**Artificial intelligence** * A better customer experience with an holistic approach for simple inquiries * EXAMPLE: {{t|AXA|p1abw4-rvvn|AXA}} Agents Assist supports {{t|1|p1abw4-d5ty}} million calls per year in Swiss call center. * SmartInAXA, conversational AI agent used daily by more than {{t|2,000|p1abw4-lmcj}} agencies in France * Acceleration of scaling thanks to agentic AI * EXAMPLE: Augmented Sales force, Empower Underwriters Decisions, Document Processing and Extraction, Claims Handler Support, Prevention and Advisory… * An attractive brand retaining talents and upskilling teams * EXAMPLE: {{t|AXA|p1abw4-463s|AXA}} mobilizes over {{t|2,000|p1abw4-u038}} experts (product, engineering, UX, research…) and hired more than {{t|900|p1abw4-gm3q}} data scientists and data engineers"
id"p1abw4-c16"
chunk16
pages
16
heading"Financial Performance"
tags
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content"=== Section === * Alban de Mailly Nesle * Group CFO"
id"p1abw4-c17"
chunk17
pages
17
heading"P&C – Continued disciplined growth"
tags
Empty array
links
"Full year 2024"
"Full year 2025"
"AXA XL"
"Business mix"
data_items
Empty array
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"AXA"
"AXA XL"
"Business mix"
"Full year 2024"
"Full year 2025"
content"**GWP & OTHER REVENUES.** | In Euro billion | {{t\|FY24\|p1abw4-bvnq\|Full year 2024}} | {{t\|FY25\|p1abw4-0en6\|Full year 2025}} | Change | | --- | --- | --- | --- | | Commercial lines | — | {{t\|35.8\|p1abw4-m6k3}} | {{t\|+4%\|p1abw4-psux}} | | {{t\|AXA XL\|p1abw4-kgzz\|AXA XL}} Reinsurance | — | {{t\|2.6\|p1abw4-3uym}} | {{t\|+8%\|p1abw4-uk22}} | | Retail lines | — | {{t\|19.7\|p1abw4-fn5i}} | {{t\|+7%\|p1abw4-qkfu}} | | Total | 56.5 | 58.0 | +5% | **Commercial lines** * Mid-market and SME: continued pricing momentum and volume growth * {{t|AXA XL||AXA XL}} Insurance: growing in {{t|lines of business|p1abw4-9y4n|Business mix}} with attractive margins while remaining focused on retention **{{t|AXA XL||AXA XL}} Reinsurance** * Growth supported by alternative capital **Retail lines** * Favorable pricing trends and strong growth in net new contracts ({{t|+1.7|p1abw4-vvry}}m in {{t|FY25|p1abw4-h7vb|Full year 2025}})"
id"p1abw4-c18"
chunk18
pages
18
heading"P&C – Strong earnings growth"
tags
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links
"Full year 2024"
"Full year 2025"
"Underlying earnings"
data_items
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"Full year 2024"
"Full year 2025"
"Underlying earnings"
content"**Delivering further margin expansion while enhancing reserve prudence** **UNDERLYING EARNINGS.** | In Euro million | {{t\|FY24\|p1abw4-6r8k\|Full year 2024}} | {{t\|FY25\|p1abw4-1o4g\|Full year 2025}} | | --- | --- | --- | | {{t\|Underlying earnings\|\|Underlying earnings}} | {{t\|5,510\|p1abw4-cg6b}} | {{t\|5,872\|p1abw4-5bqp}} | | Change (%) | {{t\|+9%\|p1abw4-z4yj}} | {{t\|+9%\|p1abw4-z4yj}} | * Better underwriting result from: * volume growth * better margins * Increase in investment income reflecting: * higher volumes * better reinvestment yields on fixed income assets **COMBINED RATIO** * {{t|90.6%|p1abw4-akxo}} vs {{t|91.0%|p1abw4-0bzw}} {{t|FY24|p1abw4-0njl|Full year 2024}} * Better undiscounted current year loss ratio excluding Nat Cat * Nat Cat charges below normalized load * Taking advantage of a good year to enhance reserve prudence"
id"p1abw4-c19"
chunk19
pages
19
heading"Life & Health – Strong growth in premiums, positive net flows"
tags
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"Full year 2024"
"Full year 2025"
"AXA"
data_items
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"AXA"
"Full year 2024"
"Full year 2025"
content"In Euro billion **LIFE GWP & OTHER REVENUES.** | In Euro billion | {{t\|FY24\|p1abw4-votc\|Full year 2024}} | {{t\|FY25\|}} | Change | | --- | --- | --- | --- | | Protection | — | {{t\|17.3\|p1abw4-r3n1}} | {{t\|+11%\|p1abw4-zyxo}} | | Unit-Linked | — | {{t\|9.3\|p1abw4-cnnv}} | {{t\|+13%\|p1abw4-dh8o}} | | Capital light G/A | — | {{t\|9.0\|p1abw4-axty}} | {{t\|+7%\|p1abw4-z9y8}} | | Traditional G/A | — | {{t\|1.9\|p1abw4-5pg8}} | {{t\|-7%\|p1abw4-u9eg}} | | Total | 34.5 | 37.5 | +9% | * o/w {{t|FY25|p1abw4-yiub|Full year 2025}} Employee Benefits(1) * Euro {{t|12.9|p1abw4-oja2}} billion ({{t|+4%|p1abw4-epst}} vs {{t|FY24|p1abw4-cbg3|Full year 2024}}) **HEALTH GWP & OTHER REVENUES.** | In Euro billion | {{t\|FY24\|}} | {{t\|FY25\|}} | Change | | --- | --- | --- | --- | | Individual | — | {{t\|10.5\|p1abw4-f3iv}} | {{t\|+6%\|p1abw4-l7fk}} | | {{t\|Group\|\|AXA}} | — | {{t\|8.5\|p1abw4-d7m6}} | {{t\|+4%\|p1abw4-rfjw}} | | Total | 17.5 | 19.0 | +5% | **NET FLOWS.** | In Euro billion | {{t\|FY25\|}} | | --- | --- | | Protection | {{t\|+4.9\|p1abw4-q99a}} | | Health | {{t\|+2.7\|p1abw4-4tdi}} | | Unit-Linked | {{t\|+1.5\|p1abw4-r5wk}} | | Capital light G/A | {{t\|+1.2\|p1abw4-x6yc}} | | Traditional G/A | {{t\|-5.0\|p1abw4-cbwv}} | | Total | €+5.4bn | * Net Flows vs {{t|FY24|}} * {{t|€+5.4|p1abw4-cocg}}bn vs {{t|€+1.5|p1abw4-sgh7}}bn in {{t|FY24|p1abw4-votc|Full year 2024}}"
id"p1abw4-c20"
chunk20
pages
20
heading"Life & Health – Strong momentum"
tags
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links
"Full year 2024"
"Full year 2025"
"Underlying earnings"
data_items
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"Full year 2024"
"Full year 2025"
"Underlying earnings"
content"**UNDERLYING EARNINGS.** | In Euro million unless otherwise mentioned | {{t\|FY24\|p1abw4-hua4\|Full year 2024}} | {{t\|FY25\|p1abw4-i2j0\|Full year 2025}} | Change | | --- | --- | --- | --- | | Short-term technical margin | {{t\|415\|p1abw4-omxq}} | {{t\|479\|p1abw4-xxb8}} | — | | Long-term result incl. CSM release | {{t\|2,680\|p1abw4-qcok}} | {{t\|2,804\|p1abw4-ag8n}} | — | | Financial result | {{t\|975\|p1abw4-jk4d}} | {{t\|946\|p1abw4-3jfr}} | — | | Tax & others | {{t\|-748\|p1abw4-rtjy}} | {{t\|-728\|p1abw4-st26}} | — | | Total {{t\|Underlying Earnings\|\|Underlying earnings}} | 3,323 | 3,501 | {{t\|+7%\|p1abw4-904b}} | | o/w Life (In Euro billion) | 2.6 | 2.7 | {{t\|+4%\|p1abw4-bego}} vs {{t\|FY24\|\|Full year 2024}} | | o/w Health (In Euro billion) | 0.7 | 0.8 | {{t\|+17%\|p1abw4-iu0y}} vs {{t\|FY24\|\|Full year 2024}} | * Strong short-term technical margin reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (€-0.1bn) * Higher long-term results from increase in CSM release {{t|(+8%)|p1abw4-uenh}} (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c21"
chunk21
pages
21
heading"Growth in net income reflecting higher earnings & the gain from the sale of AXA IM"
tags
Empty array
links
"Full year 2024"
"Full year 2025"
"AXA Investment Managers"
"Underlying earnings"
"Year 2026"
"Underlying earnings per share"
"Capital management"
data_items
Empty array
effective_tags
"AXA Investment Managers"
"Capital management"
"Full year 2024"
"Full year 2025"
"Underlying earnings"
"Underlying earnings per share"
"Year 2026"
content"**In Euro billion.** | | {{t\|FY24\|p1abw4-n008\|Full year 2024}} | {{t\|FY25\|p1abw4-j5c3\|Full year 2025}} | Change | | --- | --- | --- | --- | | {{t\|Property &;; Casualty\|p1abw4-6pya}} | {{t\|5.5\|p1abw4-2ag0}} | {{t\|5.9\|p1abw4-jzfe}} | {{t\|+9%\|p1abw4-5gmn}} | | {{t\|Life &;; Health\|p1abw4-6pmh}} | {{t\|3.3\|p1abw4-ij5y}} | {{t\|3.5\|p1abw4-q3s6}} | {{t\|+7%\|p1abw4-409c}} | | {{t\|Asset Management\|\|AXA Investment Managers}} | {{t\|0.4\|p1abw4-akrj}} | {{t\|0.2\|p1abw4-9kg7}} | {{t\|-57%\|p1abw4-1s7c}} | | Holdings & other | {{t\|-1.2\|p1abw4-p5a2}} | {{t\|-1.2\|p1abw4-6m1o}} | — | | {{t\|Underlying earnings\|p1abw4-shx2\|Underlying earnings}}(1) | 8.1 | 8.4 | +6% | | Non-financial flows | {{t\|-0.5\|p1abw4-fion}} | {{t\|+2.1\|p1abw4-35sw}} | — | | o/w capital gains from {{t\|AXA IM\|p1abw4-ri2t\|AXA Investment Managers}} disposal | — | {{t\|+2.2\|p1abw4-9d0t}} | — | | Financial flows (incl. RCG) | {{t\|+0.3\|p1abw4-082x}} | {{t\|-0.7\|p1abw4-spzt}} | — | | Net income(1) | 7.9 | 9.8 | +26% | **{{t|UNDERLYING EARNINGS||Underlying earnings}}** * Strong performance from insurance businesses * Stable holding cost, expected to remain at current level in {{t|2026|p1abw4-ehjs|Year 2026}} **NET INCOME** * Higher net income mainly reflecting higher {{t|underlying earnings|p1abw4-ezd4|Underlying earnings}} and the gain from the sale of {{t|AXA IM|p1abw4-pln4|AXA Investment Managers}} * Lower financial flows reflecting unfavorable forex impact **UNDERLYING EARNINGS PER SHARE(1)(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) (In Euro).** | | {{t\|FY24\|p1abw4-vpwn\|Full year 2024}} | {{t\|FY25\|p1abw4-nlyl\|Full year 2025}} | | --- | --- | --- | | {{t\|Underlying earnings per share\|\|Underlying earnings per share}} | {{t\|3.59\|p1abw4-w9ye}} | {{t\|3.86\|p1abw4-r3yy}} | | Total Change | — | {{t\|+8%\|p1abw4-7jdw}} | | from earnings growth | — | {{t\|+6%\|p1abw4-zzfe}} | | from {{t\|capital management\|p1abw4-injl\|Capital management}} | — | {{t\|+3%\|p1abw4-k7ds}} | | from Forex | — | {{t\|-2%\|p1abw4-9o90}} | (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c22"
chunk22
pages
22
heading"Shareholders’ Equity"
tags
Empty array
links
"Full year 2024"
"Full year 2025"
"Dividend"
"Share buyback"
"AXA Investment Managers"
data_items
Empty array
effective_tags
"AXA Investment Managers"
"Capital management"
"Dividend"
"Full year 2024"
"Full year 2025"
"Share buyback"
content"**In Euro billion.** | | {{t\|FY24\|p1abw4-3yau\|Full year 2024}} | HY25 | {{t\|FY25\|p1abw4-m4hl\|Full year 2025}} | | --- | --- | --- | --- | | SHE (excl. OCI) | {{t\|58.0\|p1abw4-9ivb}} | {{t\|52.7\|p1abw4-yn00}} | {{t\|54.0\|p1abw4-cw7f}} | | Net OCI | {{t\|-8.1\|p1abw4-6ah3}} | {{t\|-7.2\|p1abw4-xnp9}} | {{t\|-6.8\|p1abw4-dvri}} | | Total SHE | 49.9 | 45.5 | 47.2 | | SHE (excl. OCI & undated subordinated debt) | {{t\|53.2\|p1abw4-4y5y}} | {{t\|47.0\|p1abw4-0m55}} | {{t\|49.4\|p1abw4-h5up}} | | Debt gearing | {{t\|20.6%\|p1abw4-mtba}} | {{t\|23.4%\|p1abw4-eqsh}} | {{t\|22.3%\|p1abw4-au0n}} | | Underlying ROE | {{t\|15.2%\|p1abw4-1fch}} | {{t\|17.5%\|p1abw4-n7j8}} | {{t\|16.0%\|p1abw4-1tnb}} | | In Euro billion | {{t\|FY24\|p1abw4-ptmz\|Full year 2024}} to {{t\|FY25\|p1abw4-nlcq\|Full year 2025}} | HY25 to {{t\|FY25\|p1abw4-7ktd\|Full year 2025}} | | --- | --- | --- | | **Opening Shareholders’ equity** | 49.9 | 45.5 | | Change in net OCI | {{t\|1.3\|p1abw4-t56v}} | {{t\|0.4\|p1abw4-6ib0}} | | Net income for the period | {{t\|9.8\|p1abw4-oxgn}} | {{t\|5.9\|p1abw4-n7qx}} | | {{t\|Dividend\|p1abw4-vxa5\|Dividend}} | {{t\|-4.6\|p1abw4-2d4n}} | — | | Annual {{t\|share buyback\|p1abw4-ca0x\|Share buyback}} | {{t\|-1.2\|p1abw4-2ger}} | — | | Anti-dilutive {{t\|share buyback\|p1abw4-vnam\|Share buyback}} following the sale of {{t\|AXA IM\|p1abw4-3d63\|AXA Investment Managers}} | {{t\|-3.5\|p1abw4-nhv1}} | {{t\|-3.5\|p1abw4-xpr5}} | | Undated subordinated debt (including interest charges) | {{t\|-0.3\|p1abw4-1afu}} | {{t\|-1.2\|p1abw4-0zyk}} | | Forex | {{t\|-3.5\|p1abw4-0h59}} | {{t\|-0.1\|p1abw4-7tmc}} | | Other | {{t\|-0.6\|p1abw4-afr9}} | {{t\|0.3\|p1abw4-29n8}} | | **Closing Shareholders’ equity** | 47.2 | 47.2 | (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c23"
chunk23
pages
23
heading"Solvency II ratio at 224%"
tags
Empty array
links
"Full year 2024"
"Foreign exchange"
"Dividend"
"Share buyback"
"Full year 2025"
"Year 2026"
data_items
Empty array
effective_tags
"Capital management"
"Dividend"
"Foreign exchange"
"Full year 2024"
"Full year 2025"
"Share buyback"
"Year 2026"
content"**SOLVENCY II RATIO.** | Ratio | {{t\|FY24\|p1abw4-9rgg\|Full year 2024}} | Regulatory & model changes | Normalized capital generation | Operating variance | Economic variance & {{t\|FX\|p1abw4-5zic\|Foreign exchange}} | {{t\|Dividend\|p1abw4-9wyw\|Dividend}} & annual {{t\|share buyback\|p1abw4-h3nt\|Share buyback}} | Other | {{t\|FY25\|p1abw4-z72f\|Full year 2025}} | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Value | 216% | {{t\|+0\|p1abw4-r1v9}}pt | {{t\|+28\|p1abw4-23w9}}pts | {{t\|-1\|p1abw4-2e0f}}pt | {{t\|+4\|p1abw4-gaiy}}pts | {{t\|-24\|p1abw4-zbtt}}pts | {{t\|+2\|p1abw4-gjhn}}pts | 224% | **IMPACTS OF THE END OF GRANDFATHERING PERIOD AND SOLVENCY II REVISION.** | Impact description | Ratio / Impact | Details | | --- | --- | --- | | Ratio as of 31/12/2025 | 224% | — | | Impact of the the end of grandfathering period on January 1, {{t\|2026\|p1abw4-qfy6\|Year 2026}} | -10pts to {{t\|215%\|p1abw4-ihxj}} | - Euro {{t\|2.4\|p1abw4-aw5q}} billion grandfathered debt no longer eligible as capital from January {{t\|1\|p1abw4-1vtn}}, {{t\|2026\|p1abw4-zc9z\|Year 2026}} | | Impact of Solvency II revision to come into effect in 1Q27 | +17pts(1) | | * No change expected in organic capital generation * Additional capital flexibility </td> </tr> </table> (1) Impact of Solvency II revision to come into effect in 1Q27"
id"p1abw4-c24"
chunk24
pages
24
heading"France"
tags
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links
"AXA France"
data_items
Empty array
effective_tags
"AXA"
"AXA France"
content"=== Section === **Mathieu Godart** * {{t|AXA France|p1abw4-3fau|AXA France}} CEO"
id"p1abw4-c25"
chunk25
pages
25
heading"AXA France – A leader with distinctive strengths"
tags
Empty array
links
"Property & casualty"
"AXA"
data_items
Empty array
effective_tags
"AXA"
"Property & casualty"
content"**SOLID AND DIVERSIFIED FRANCHISE(1)** * {{t|&#35;1|p1abw4-g31e}} Health & Protection * {{t|&#35;2|p1abw4-t1su}} {{t|Property & Casualty|p1abw4-8wpp|Property & casualty}} * {{t|&#35;7|p1abw4-z6om}} Savings & Pensions **SOLID AND DIVERSIFIED FRANCHISE(1) (FY25 Revenues including international activities).** | Segment | Share | | --- | --- | | Savings & Pensions | {{t\|35%\|p1abw4-895s}} | | {{t\|Property & Casualty\|\|Property & casualty}} | 31% | | Health & Protection | {{t\|34%\|p1abw4-72lt}} | | **Total** | €31bn | **KEY FIGURES(2)** * {{t|>8m|p1abw4-vyyf}} Retail clients(3)(footnote: target of €5bn annually) * {{t|1|p1abw4-x9vp}} out of {{t|5|p1abw4-r2tj}} households insured by {{t|AXA|p1abw4-o92o|AXA}} in France * {{t|2.5|p1abw4-dbhe}} contracts per client on average * {{t|1|p1abw4-twwv}} out of {{t|3|p1abw4-qwel}} SMEs insured by {{t|AXA|p1abw4-alpi|AXA}} in France * {{t|>6m|p1abw4-yfw3}} Employee Benefits beneficiaries * {{t|1|p1abw4-dsag}} / minute commercial claims covered * {{t|33,000|p1abw4-d1yd}} people working for {{t|AXA|p1abw4-xjjx|AXA}} in France * {{t|>€10bn|p1abw4-q4y4}} invested in the economy * {{t|€37|p1abw4-xvfc}}m claims paid per day on average"
id"p1abw4-c26"
chunk26
pages
26
heading"AXA France – Dynamic, organic and profitable growth..."
tags
Empty array
links
"Full year 2024"
"Property & casualty"
"Full year 2025"
"Underlying earnings"
data_items
Empty array
effective_tags
"Full year 2024"
"Full year 2025"
"Property & casualty"
"Underlying earnings"
content"**REVENUES** * {{t|€31|p1abw4-ryoe}}bn {{t|+6%|p1abw4-7pby}} vs. {{t|FY24|p1abw4-vwzt|Full year 2024}} * {{t|P&C|p1abw4-76we|Property & casualty}} {{t|+7%|}} * Health & Protection {{t|+4%|p1abw4-2ino}} * Savings & Pensions {{t|+7%|}} **KEY TAKEAWAYS** * Additional new distributors {{t|+430|p1abw4-8g1q}} nouveaux distributeurs * Additional contracts(1)(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) {{t|+550|p1abw4-xv9t}}k net * Additional clients(1)(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) {{t|+250|p1abw4-oq7f}}k net * Growth of individuals savings assets {{t|€+3.3|p1abw4-c8vs}}bn **UNDERLYING EARNINGS.** | In Euro billion | {{t\|FY24\|p1abw4-6elb\|Full year 2024}} | {{t\|FY25\|p1abw4-ewvy\|Full year 2025}} | Change | | --- | --- | --- | --- | | {{t\|Underlying earnings\|\|Underlying earnings}} | {{t\|2.1\|p1abw4-mxrv}} | {{t\|2.2\|p1abw4-8rfo}} | +7% | (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c27"
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heading"AXA France – ... and an acceleration of our commitments"
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"AXA"
content"**CUSTOMER** * New insurance product to address domestic violence * {{t|90%|p1abw4-ljb4}} customer satisfaction rate(1)(footnote: See glossary for terminologies and footnotes on page 36 & 37 of this document.) * More than {{t|90%|p1abw4-8ein}} of retail client journeys in the app. * {{t|1.8|p1abw4-8gxf}} million modest income clients, more than {{t|20%|p1abw4-xc9c}} of whom are covered by dedicated offers **CLIMATE AND PREVENTION** * {{t|22%|p1abw4-gd15}} of auto repairs using reused parts * {{t|300|p1abw4-923q}} Municipal Safeguard Plans initiated with {{t|AXA|p1abw4-89s4|AXA}} Prevention * More than {{t|1,500|p1abw4-1p95}} risks visits per year, by experts to support our Commercial clients * Partial reimbursement of genomic tests for breast cancer (1) See glossary for terminologies and footnotes on page 36 & 37 of this document."
id"p1abw4-c28"
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heading"Conclusion"
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content"=== Section === * Thomas Buberl * Group CEO"
id"p1abw4-c29"
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heading"Full Year 2025 earnings – Well on track to deliver our plan"
tags
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"Underlying earnings per share"
"Full year 2024"
"Target range"
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"Full year 2024"
"Target range"
"Underlying earnings per share"
content"**MAIN FINANCIAL TARGETS.** | {{t\|UNDERLYING EARNINGS PER SHARE\|\|Underlying earnings per share}} | TARGET 2024-2026E 6% - 8% CAGR 2023-2026E | ACHIEVEMENTS IN 2025 +8% vs {{t\|FY24\|p1abw4-vsyu\|Full year 2024}} | | --- | --- | --- | | UNDERLYING RETURN ON EQUITY | 14% - 16% | 16% | | CUMULATIVE CASH REMITTANCE BETWEEN 2024 AND {{t\|2026\|}}(1) | >€21bn | €14.6bn | * Record results, at the top end of the {{t|target range|p1abw4-yg5j|Target range}} while enhancing reserve prudence * Confident to deliver {{t|underlying EPS|p1abw4-de0k|Underlying earnings per share}} growth at the upper end of {{t|6%-8%|p1abw4-vkh3}} {{t|target range|p1abw4-twkx|Target range}} for {{t|2026|}} * Laying foundations for the next plan and confident in delivering sustainable earnings growth (1) Cumulative cash remittance between 2024 and 2026"
id"p1abw4-c30"
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heading"Q&A session"
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content"=== Thank you === <!-- furniture -->"
id"p1abw4-c31"
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heading"AXA is a recognized sustainability leader"
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content"**S&P Global** * {{t|2025|p1abw4-bzki}} percentile: {{t|97|p1abw4-pynb}}th(1) in Dow Jones Best-in-Class Europe & World indices **MSCI** * {{t|2025|}} score: AAA **CDP** * {{t|2025|}} score: B **MORNINGSTAR SUSTAINALYTICS** * {{t|2025|}} ESG Risk Rating: {{t|17.0|p1abw4-lgy1}} – Low risk **FTSE RUSSELL An LSEG Business** * {{t|2025|}} score: {{t|4.3/5|p1abw4-z8e0}} in {{t|FTSE4Good|p1abw4-yy7v}} Index Series"
id"p1abw4-c32"
chunk32
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heading"Scope"
tags
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"AXA"
"AXA XL"
"AXA Asia, Africa & EME-LATAM"
"Property & casualty"
"Underlying earnings"
"AXA Transversal & Other"
"AXA Investment Managers"
data_items
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"AXA"
"AXA Asia, Africa & EME-LATAM"
"AXA Investment Managers"
"AXA Transversal & Other"
"AXA XL"
"Property & casualty"
"Underlying earnings"
content"* France: includes insurance activities, banking activities and holding. * 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)(23) and {{t|AXA|p1abw4-hqk7|AXA}} Life Europe (insurance activities). {{t|AXA XL|p1abw4-3n5j|AXA XL}}: includes insurance and reinsurance activities and holding. * {{t|Asia, Africa & EME-LATAM|p1abw4-zd39|AXA Asia, Africa & EME-LATAM}}: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand {{t|P&C|p1abw4-o3v8|Property & casualty}}, Indonesia L&S (excl. the bancassurance entity), China {{t|P&C|p1abw4-dmuz|Property & casualty}}, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and {{t|P&C|p1abw4-np7c|Property & casualty}}, Indonesia L&S and India (Life activities disposed on {{t|March 11, 2024|p1abw4-mywn}} and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the {{t|underlying earnings|p1abw4-254s|Underlying earnings}} and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) {{t|AXA|p1abw4-14h2|AXA}} Mediterranean Holdings. * {{t|Transversal & Other|p1abw4-7eky|AXA Transversal & Other}}: includes {{t|AXA|p1abw4-wwtf|AXA}} Assistance, {{t|AXA|p1abw4-axq6|AXA}} Liabilities Managers, {{t|AXA|p1abw4-gaew|AXA}} SA (incl. Group’s internal reinsurance activity) and other Central Holdings. * {{t|AXA Investment Managers|p1abw4-lhk3|AXA Investment Managers}}: includes {{t|AXA Investment Managers|p1abw4-2r7r|AXA Investment Managers}}, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method."
id"p1abw4-c33"
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heading"Glossary (1/2)"
tags
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"Gross written premiums"
"Other revenue"
"Gross written premiums & other revenues"
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"Gross written premiums"
"Gross written premiums & other revenues"
"Other revenue"
content"* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than {{t|0%|p1abw4-xe0r}}. * Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders. * CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period. * Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. * Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow. * {{t|Gross Written Premiums|p1abw4-1tgy|Gross written premiums}} and {{t|Other Revenues|p1abw4-hcxi|Other revenue}} ({{t|GWP & Other Revenues|p1abw4-t3di|Gross written premiums & other revenues}}): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). {{t|Other Revenues|p1abw4-hcxi|Other revenue}} represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities). * New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided. * New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS {{t|9|p1abw4-7flj}}, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests. * New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP. * Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance. * Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share."
id"p1abw4-c34"
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heading"Glossary (2/2)"
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content"* Technical experience: consists the impacts on the {{t|underlying earnings|p1abw4-22pd|Underlying earnings}} if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses. * Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance. <!-- furniture -->"
id"p1abw4-c35"
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heading"Notes (1/2)"
tags
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"Dividend"
"AXA"
"Full year 2025"
"Gross written premiums"
"AXA Investment Managers"
"AXA France"
"AXA XL"
"Other revenue"
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"AXA"
"AXA France"
"AXA Investment Managers"
"AXA XL"
"Capital management"
"Dividend"
"Full year 2025"
"Gross written premiums"
"Other revenue"
content"* {{t|1|p1abw4-1m82}}. Based on the {{t|dividend|p1abw4-tfix|Dividend}} proposed by {{t|AXA||AXA}}’s Board of Directors on {{t|February 25, 2026|p1abw4-prkx}} and subject to approval by the Shareholders’ Annual General Meeting to be held on {{t|April 30, 2026|p1abw4-dhxn}}. * {{t|1|p1abw4-lqst}}. Pie chart represents {{t|FY25|p1abw4-qgls|Full year 2025}} {{t|gross written premium|p1abw4-mzkt|Gross written premiums}} split excluding {{t|AXA IM|p1abw4-8dai|AXA Investment Managers}} and holdings. * {{t|1|p1abw4-0svf}}. Estimate of the final {{t|2025|p1abw4-wp2e}} figures made in {{t|February 2026|p1abw4-g37u}}. * {{t|2|p1abw4-l41l}}. Scope: {{t|AXA France|p1abw4-8vml|AXA France}}, {{t|AXA|p1abw4-de44|AXA}} Germany, {{t|AXA|p1abw4-m8gi|AXA}} Switzerland, {{t|AXA|p1abw4-ncse|AXA}} UK & Ireland, {{t|AXA|p1abw4-369g|AXA}} Belgium, {{t|AXA|p1abw4-zxe3|AXA}} Hong Kong, {{t|AXA|p1abw4-e3tb|AXA}} Mexico, and {{t|AXA XL|p1abw4-5ai6|AXA XL}}; Unit: {{t|Gross Written Premiums|p1abw4-l4m7|Gross written premiums}} ({{t|GWP|p1abw4-mj83|Gross written premiums}}); Timeframe: cumulative {{t|2024-2026|p1abw4-ibqg}}. * {{t|3|p1abw4-bbnh}}. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through {{t|2030|p1abw4-l684}}. * {{t|1|p1abw4-jul2}}. {{t|FY25|p1abw4-vnif|Full year 2025}} {{t|gross written premiums|p1abw4-nxao|Gross written premiums}} excluding {{t|AXA IM|p1abw4-pjde|AXA Investment Managers}}, Holdings, {{t|AXA|p1abw4-nha5|AXA}} Assistance, and {{t|AXA|p1abw4-pj1x|AXA}} Liabilities Managers. * {{t|1|}}. Change {{t|FY25|}} vs. {{t|FY24|}} at constant fx. * {{t|2|p1abw4-vjoz}}. Includes {{t|AXA XL|p1abw4-s4u5|AXA XL}} Re premiums of {{t|€2.6|p1abw4-g38y}}bn. * {{t|1|}}. Change {{t|FY25|}} vs {{t|FY24|}} at constant fx. * {{t|1|p1abw4-unf7}}. Including both short-term and long-term Employee Benefits {{t|GWP|p1abw4-pvfy|Gross written premiums}} and {{t|other revenues|p1abw4-ldgp|Other revenue}}. <!-- furniture -->"
id"p1abw4-c36"
chunk36
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heading"Notes (2/2)"
tags
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"Foreign exchange"
"Underlying earnings"
"Underlying earnings per share"
"AXA France"
"AXA"
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"AXA"
"AXA France"
"Foreign exchange"
"Underlying earnings"
"Underlying earnings per share"
content"Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. * {{t|1|p1abw4-dlfi}}. Change at constant {{t|FX|p1abw4-2t2e|Foreign exchange}} for {{t|underlying earnings|p1abw4-ueq6|Underlying earnings}} and net income. Change on reported basis for {{t|underlying earnings per share|p1abw4-x2db|Underlying earnings per share}}. * {{t|1|p1abw4-wodi}}. Shareholders’ equity Group share. * {{t|1|}}. Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of {{t|January 1, 2026|p1abw4-fqc0}}, as if the Solvency II revision had come into force on the same date. * {{t|1|p1abw4-0te4}}. Sources: France Assureurs & Argus de l’assurance, {{t|2024|p1abw4-ljg4}} data. * {{t|2|p1abw4-m28i}}. All the data concern {{t|AXA France|p1abw4-e52r|AXA France}}. * {{t|3|p1abw4-21si}}. Including professionals and Direct Assurance. * {{t|1|p1abw4-df6u}}. Including Direct Assurance. * {{t|1|p1abw4-9zqh}}. Scope: {{t|AXA France|p1abw4-j2ra|AXA France}} Retail clients. * {{t|1|p1abw4-ktni}}. Organic cash remittance only. * {{t|1|p1abw4-xdun}}. The CSA ranking is a key performance indicator for {{t|AXA Group|p1abw4-yvf2|AXA}}, used to calculate the grant of Long-Term Incentives (more precisely {{t|AXA|p1abw4-beyy|AXA}} Restricted Shares). Results as of {{t|February 6th, 2026|p1abw4-p255}}."
title"AXA/2025/FY/Earnings presentation (press)"
source_url"https://www-axa-com.cdn.prismic.io/www-axa-com/aaAYJ8FoBIGEg2j6_AXA_Full_Year_Results_2025_Press.pdf"
Retrieved from "https://www.insurerbrain.com/w/index.php?title=Data:AXA/2025/FY/Earnings_presentation_(press).json&oldid=25906"