Web:AXA/FY25/Earnings press release: Difference between revisions

 

 

Paris, February 26 th , 2026 (6:45am CET)

 

 

AXA reports record results with underlying EPS growth at the top end of the target range

 

 

Gross written premiums & other revenues 1 at Euro 116 billion, up +6% vs. FY24

Solvency II ratio 5 at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period 6

 

 

Dividend of Euro 2.32 per share, up +8% vs. FY24 7

Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal 4 , executed between July 2, 2025, and January 20, 2026

 

 

Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range 9

' These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA ' s ability to generate sustainable, long -term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust, ' said Thomas Buberl, Chief Executive Officer of AXA.

 

 

{{}}

 

 

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; text-align:left" | Metric

! style="background:#eaecf0; width:6em" | FY24

! style="background:#eaecf0; width:6em" | FY25

|-

| style="text-align:left" | GWP & other revenues

Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A 13 (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies.

 

 

Underlying earnings 2 increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM 3 , driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings 14 underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion.

Net income increased by 26% to Euro 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.

 

 

Shareholders' equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar.

Cash at Holding 16 amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024.

 

 

 

A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 7 . The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.

The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and it is expected to be completed by year-end. Further details will be communicated regarding the execution of the share buyback program.

 

 

Entering the final year of its 2024-2026 'Unlock the Future' plan, AXA is confident in its ability to achieve its main financial targets, underpinned by (i) profitable organic growth, (ii) scaling technical capabilities across its businesses, and (iii) driving operational efficiency across the organization through reinforced cost management.

Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's 'Unlock the Future' plan: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the plan period 2023-2026E and for 2026 9 , (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. The Group is committed to its capital management policy 19 , targeting a total payout ratio of 75% 20 , comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.

 

 

{{}}

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; text-align:left" | Metric

! style="background:#eaecf0; width:6em" | FY24

! style="background:#eaecf0; width:6em" | FY25

|-

|-

| style="text-align:left" | &nbsp;&nbsp;&nbsp;o/w Commercial lines

Lower natural catastrophe charges (-0.4 point to 3.4%) more than offset by lower p rior years' reserve development (+0.7 point at -1.1%).

 

Increase in technical result (Euro +0.5 billion) reflecting strong growth in volumes, combined with an improvement in technical margin; and

Higher financial result (Euro +0.2 billion) thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves;

Partly offset by higher income taxes (Euro -0.2 billion) mainly due to higher pre-tax underlying earnings.

 

 

{{}}

 

 

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; text-align:left" | Metric

Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.

 

 

Holdings underlying earnings 14 remained broadly stable at Euro -1.2 billion.

 

 

{{}}

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%"

|-

! style="background:#eaecf0" | Agency

| October 9, 2025

| A+ Superior

| Stable

| aa Superior

|}

</div>

 

 

Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%.

Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.

 

 

France: includes insurance activities, banking activities and holding.

AXA Investment Managers 24 : includes 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.

 

 

{{}}

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; text-align:left" | Currency

</div>

 

 

1 Change in gross written premiums & 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.

AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by AXA's statutory auditors.

 

 

The AXA Group is a worldwide leader in insurance, with 156,000 employees serving more than 92 million clients in 52 countries. In 2025, IFRS17 revenues amounted to Euro 115.5 billion and IFRS17 underlying earnings to Euro 8.4 billion.

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com

 

 

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' or any variations or similar terminology of these words and expressions, or c onditional verbs such as, without limitations, 'would' and 'could'. In particular, the statements in this press release regarding expected underlying earnings per share ('UEPS') growth for 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 others contained in the 'Outlook' section of this press release are based on Management's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA's control, and can be affected b y other factors that could cause AXA' s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this press release. Please refer to Part 5 'Risk Factors and Risk Management' of AXA's Univ ersal Registration Document for the year ended December 31, 2024 (the '2024 Universal Registration Document') for a description of certain impor tant factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA specifica lly 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 nonGAAP financial measures, or alternative performance measures ('APMs'), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with a dditional information that Management believes to be useful and relevant regarding 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 prepare d in accordance with IFRS. 'Underlying earnings', UEPS ('underlying earnings per share'), 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. 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 nonGAAP financial measures used in this press release, see the Glossary in AXA's 2025 Activity Report.

 

 

 

 

+33.1.40.75.48.42

Individual Shareholder Relations: +33.1.40.75.48.43

 

 

+33.1.40.75.46.74

ziad.gebran@axa.com ahlem.girard@axa.com sylwia.tulak@axa.com

 

 

axa.com/en/about-us/strategy-commitments

 

 

axa.com/en/investor/sri-ratings-ethical-indexes

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; text-align:left" | Segment

! style="background:#eaecf0; width:6em" | Change CC

! style="background:#eaecf0; width:6em" | P&C FY25

! style="background:#eaecf0; width:6em" | P&C Change CC

! style="background:#eaecf0; width:6em" | Asset Mgmt FY25

! style="background:#eaecf0; width:6em" | Asset Mgmt Change CC

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; width:6em" | FY24

! style="background:#eaecf0; width:6em" | FY25

! style="background:#eaecf0; width:6em" | P&C FY25

! style="background:#eaecf0; width:6em" | Asset Mgmt FY25

|-

| style="text-align:left" | France

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; width:6em" | Commercial Lines

! style="background:#eaecf0; width:6em" | Change

ii. Average of monthly opening discount rates of 2025

 

 

{{}}

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; text-align:left" | Country/Region

<div style="overflow-x: auto;">

{| class="wikitable" style="width:100%; text-align:right"

|-

! style="background:#eaecf0; width:6em" | Total FY25

! style="background:#eaecf0; width:6em" | Total Change

|-

| style="text-align:left" | France

| —

|-

| 13,668

| +13%

| style="background:#f8f9fa" | '''+5%'''

|-

| 17,651

| +6%

iii. Including Investment contracts with no discretionary participation features ('DPF')

 

 

Announced the execution of a share repurchase agreement in relation to AXA's share buyback program of up to Euro 1.2 billion (February 28, 2025)

Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)

 

 

2026 Shareholder's Annual General Meeting (April 30, 2026)