Web:AXA/FY25/Earnings press release/summary

AXA — FY25 Full-Year Results Summary

Enriched Key Financial Metrics

📊 AXA — Key Financial Metrics (EUR mm), FY24–FY25 — Enriched

Metric	FY24	FY25	Reported Δ	Comparable Δ	Comments
GWP & other revenues	110,316	115,524	+5%	+6%	↑ Broad-based growth across P&C (+5%) and L&H (+8%). See sub-lines below.
o/w Property & Casualty	56,514	58,038	+3%	+5%	↑ Commercial lines (+4%): higher volumes at AXA XL Insurance + favorable pricing across all geographies. Personal lines (+7%): price effects + strong net new contracts in France, Europe, Asia & EME-LATAM. AXA XL Reinsurance (+8%): growth supported by alternative capital.
o/w Life & Health	51,983	56,512	+9%	+8%	↑ Life premiums +9%: Protection +11% (strong sales in HK, CH, JP), Unit-Linked +13% (all geographies), G/A +4% (Italy, France momentum). Health premiums +5%: price effects in all geographies.
o/w Asset Management	1,701	875	n.m.	n.m.	↓ AXA IM disposed on July 1, 2025; only H1 contribution included. One-off impact.
Underlying earnings	8,078	8,368	+4%	+6%	↑ +9% excl. AXA IM. P&C earnings +9% (volume growth, margin expansion, higher investment income). L&H +7% (improved short-term technical results in Health & Protection; early benefits of Life rejuvenation strategy). Holdings stable at ca. Euro −1.2 bn. Asset Mgmt. earnings ↓ Euro 0.2 bn due to AXA IM disposal (one-off).
Net income	7,886	9,797	+24%	+26%	↑ Higher underlying earnings + significantly positive exceptional items, notably the one-off gain from sale of AXA IM.
Solvency II ratio (%)	216%	224%	+9 pts	—	↑ Operating return +28 pts, net sub-debt issuance +6 pts, financial markets +4 pts. Partly offset by dividend & annual buyback provision −24 pts, Nobis/Prima acquisitions & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Post-grandfathering: 215% on Jan 1, 2026 (−10 pts).
[From narrative — additional metrics not in original table]
Underlying EPS (Euro)	3.57*	3.86	+8%	—	↑ Underlying earnings growth (+6%) + lower interest expense on sub-debt + share buyback accretion (+3%). Offset by FX headwind (−2%, mainly USD depreciation) and temporary AXA IM timing dilution (−1%).
Underlying RoE (%)	15.2%*	16.0%	+0.8 pt	—	↑ Higher underlying earnings + lower shareholders' equity base. Within 14–16% plan target range.
Shareholders' equity	50,000*	47,200	−Euro 2.8 bn	—	↓ Net income +9.8 bn and OCI +1.3 bn more than offset by FY24 dividend −4.6 bn, share buybacks −4.7 bn (incl. Euro 3.5 bn AXA IM anti-dilutive buyback), FX impact −3.5 bn (USD depreciation).
CSM	33,900*	33,300	−Euro 0.6 bn	—	Normalized growth +2%. New business +2.2 bn + return on in-force +1.3 bn offset CSM release −3.0 bn. Favorable markets +0.6 bn (spread tightening, equities). Offset by FX −1.5 bn (JPY, HKD depreciation) and operating variance −0.3 bn (shorter Group Life duration in CH).
Debt gearing (%)	20.6%*	22.3%	+1.7 pts	—	↑ Lower equity and CSM base + RT1/T2 sub-debt issuance Euro 3.5 bn, partly offset by grandfathered T1 redemption Euro −1.9 bn. In line with 19–23% plan guidance.
Cash at Holding	4,000*	5,600	+Euro 1.6 bn	—	↑ Organic cash remittance from subsidiaries Euro 7.5 bn (+0.4 bn vs. FY24).

* FY24 figures for narrative-sourced rows are implied from reported deltas; exact prior-year values not disclosed for all metrics.

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Structured Bullet Points — Remaining Information

Capital & Solvency

• Solvency II ratio bridge (FY24 → FY25): Operating return +28 pts; dividend & annual buyback provision −24 pts; net sub-debt issuance +6 pts; financial market impacts +4 pts; acquisitions (Nobis, Prima) & AXA IM disposal incl. Euro 3.8 bn buyback −5 pts. Net movement: +9 pts to 224%.
• Grandfathering impact: As of Jan 1, 2026, grandfathered capital instruments/sub-debt no longer qualify as eligible own funds → −10 pts, bringing ratio to 215%.
• Solvency II revision (Q1 2027): Group estimates +17 pts uplift to the current ratio once the revised framework takes effect.

Shareholder Returns

• Dividend: Euro 2.32/share proposed (+8% vs. FY24). AGM vote on April 30, 2026; ex-date May 11, 2026; payment May 13, 2026.
• Annual share buyback: Up to Euro 1.25 bn approved by the Board on Feb 25, 2026. All repurchased shares to be cancelled. Expected to commence as soon as practicable and complete by year-end 2026.
• AXA IM-related buyback: Euro 3.8 bn anti-dilutive buyback completed (Jul 2, 2025 – Jan 20, 2026).
• Capital management policy: Total payout ratio target of 75% (60% dividend payout + 15% annual buybacks). DPS floor: at least equal to prior year.

Forward-looking Items

• 2026 EPS guidance: Underlying EPS growth expected at the upper end of the 6–8% CAGR target range for both the plan period (2023–2026E) and for 2026 specifically.
• Plan targets ("Unlock the Future" 2024–2026): (i) EPS CAGR 6–8% (upper end expected), (ii) underlying RoE 14–16%, (iii) cumulative organic cash upstream >Euro 21 bn.
• P&C outlook: Favorable pricing in Retail and SME/Mid-market with continued earn-through benefits. AXA XL: pricing varies by line; disciplined cycle management and capital allocation. Nat-cat load guidance: ca. 4.5 pts of combined ratio for 2026.
• L&H outlook: Short-term earnings growth from disciplined pricing and claims management. Long-term business rejuvenation and improved persistency expected to drive positive net flows and CSM growth.
• Holdings: 2026 results expected at a similar level to 2025.
• New strategic plan: AXA to present its 2027–2029 plan on September 21, 2026.

Notable Events

• Disposal of AXA IM: Completed July 1, 2025. Generated a significant one-off gain recognized in net income. Led to temporary EPS dilution of −1% due to timing lag between disposal and completion of anti-dilutive buyback.
• Acquisitions: Nobis and Prima acquired during the period; net impact on Solvency II ratio was −5 pts (combined with AXA IM disposal effects).
• AI & automation: Management highlighted that investments in automation and AI are delivering efficiency gains, contributing to lower expense ratios.