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==
* '''Document type:''' Activity report
* '''Entity:''' AXA
* '''Period:''' FY2025
== December 31, 2025 ==
* No content was provided in this section.
=== Table of contents ===
* '''Operating highlights''' — p. 5
* '''Events subsequent to December 31, 2025''' — p. 11
* '''Market environment''' — p. 12
* '''Activity and earnings indicators''' — p. 18
* '''Alternative performance measures''' — p. 23
* '''Commentary on group earnings''' — p. 23
** Property & Casualty earnings — p. 24
** Life & Health earnings — p. 26
** Holdings earnings — p. 28
* '''Net income''' — p. 28
* '''Shareholders' equity group share''' — p. 29
* '''Solvency information''' — p. 29
* '''Shareholder value''' — p. 30
* '''Outlook''' — p. 31
* '''Glossary''' — p. 32
== Important legal information and cautionary statement regarding forward-looking statements ==
; Forward-looking statements
* Certain statements in this report may constitute [[Definition:Forward-looking statement | forward-looking statements]], identified by terms such as "expects", "anticipates", "may", "plan", conditional verbs ("would", "could"), or similar expressions.
* Statements in the "Outlook" section regarding expected [[Definition:Underlying earnings per share | Underlying Earnings per Share]] (UEPS) growth for the 2023–2026E plan period and for 2026 specifically are forward-looking, provided as one-off guidance in the context of the final year of AXA's current strategic plan.
* Forward-looking statements reflect Management's current views and intentions and are subject to change.
* Undue reliance should not be placed on such statements; they are subject to known and unknown risks and uncertainties, many outside AXA's control, that could cause actual results to differ materially.
* Each forward-looking statement speaks only as of the date of this report.
* Reference is made to Part 5 "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 (the "2024 Universal Registration Document") for a description of important factors, risks and uncertainties.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.<sup>1</sup>
==== Use of non-GAAP and alternative performance measures ====
* This report refers to certain [[Definition:Non-GAAP financial measure | non-GAAP financial measures]], also referred to as [[Definition:Alternative performance measure | alternative performance measures]] (APMs), used by Management to analyze operating trends, financial performance and financial position.
* These measures generally have no standardized meaning and may not be comparable to similarly labelled measures used by other companies.
* None of these measures should be considered in isolation from, or as a substitute for, the Group's [[Definition:Consolidated financial statements | Consolidated Financial Statements]] prepared in accordance with [[Definition:IFRS | IFRS]].
* The following are APMs as defined under ESMA guidelines and the AMF's related 2015 position statement:
** [[Definition:Underlying earnings | Underlying Earnings]]
** [[Definition:Underlying earnings per share | Underlying Earnings per Share]]
** [[Definition:Underlying return on equity | Underlying Return on Equity]]
** [[Definition:Combined ratio | Combined Ratio]]
** [[Definition:Debt gearing | Debt Gearing]]
* Reconciliations:
** Underlying Earnings and Combined Ratio are reconciled to the most directly comparable IFRS line items on pages 21–22 of this report.
** Underlying Return on Equity and Underlying Earnings per Share are reconciled to the Consolidated Financial Statements in tables on page 30 of this report.
* Further definitions of all APMs are provided in Appendix IV "Glossary", pages 565–566 of the 2024 Universal Registration Document.
; Notes
* <sup>1</sup> The "Risk Factors & Risk Management" section of the 2024 Universal Registration Document will be replaced and superseded in its entirety by the same section in AXA's Universal Registration Document for the year ended December 31, 2025, to be published in March 2026.
==== Certain terms and other information ====
* "Company", "AXA" and "AXA SA" refer to AXA, a ''société anonyme'' organized under the laws of France, the publicly traded parent company of the AXA Group.
* "AXA Group", "Group" and "we" refer to AXA SA together with its direct and indirect consolidated subsidiaries.
* This report is a translation into English of the 2025 Activity Report originally issued in French, available at www.axa.com.
* 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 [[Definition:Audit | audit]] procedure by AXA's [[Definition:Statutory auditor | statutory auditors]].
* The final version of this report, together with AXA's audited consolidated financial statements, will be included in AXA's 2025 Universal Registration Document to be filed with the AMF in March 2026.
=== Operating highlights ===
Line 6 ⟶ 69:
==== Governance ====
* No content available for this section.
== AXA's Board of Directors announces its decision to propose the renewal of Thomas Buberl's mandate in 2026 ==
* '''Announcement date:''' April 23, 2025.
* '''Decision maker:''' AXA's Board of Directors.
* '''Subject:''' Proposal to renew Thomas Buberl's mandate as a director.
* '''Proposed term:''' Four-year term.
* '''Approval venue:''' Annual [[Definition:Shareholders' meeting | Shareholders' Meeting]] to be held in 2026.
* '''Intended role following renewal:''' Reappointment as Chief Executive Officer.
== Changes in the composition of the Board of Directors and Committees following the Shareholders' Meeting ==
=== Board and shareholder meeting outcomes ===
* At the Shareholders' Meeting of April 24, 2025, all submitted resolutions were approved, including:
** Renewal of Board mandates of Guillaume Faury and Ramon Fernandez for 4 years.
** Ratification of the [[Definition:Co-optation | co-optation]] of Ewout Steenbergen as a director.
* Ramon de Oliveira's directorship term ended following the meeting.
==== Changes within the leadership team ====
* Changes announced October 17, 2025; effective December 1, 2025.
* Guillaume Borie appointed Global Head of Finance, Strategy, Underwriting, Risk and Technology; continues to report to Thomas Buberl; assumed responsibilities previously held by Frédéric de Courtois.
* Mathieu Godart appointed CEO of AXA France and joined AXA's Management Committee, reporting to Thomas Buberl.
* Karima Silvent appointed Deputy General Secretary, in charge of Human Resources, Audit, Compliance, AXA EssentiALL and GIE AXA, reporting to George Stansfield.
* Matthieu Caillat appointed Group Chief Technology & AI Officer and CEO of AXA Group Operations (role previously held by Alexander Vollert); joined AXA's Management Committee, reporting to Guillaume Borie.
AXA's Management Committee composition as of December 1, 2025:
{| class="wikitable" style="width:100%;"
|+ 📈 AXA Management Committee composition as of December 1, 2025
|-
! style="width:12em;" | Member
! Role
|-
| Thomas Buberl || Group CEO
|-
| George Stansfield || Group Deputy CEO (Directeur Général Adjoint), General Secretary; oversight of AXA Japan and Greater China (China and Hong Kong)
|-
| Nancy Bewlay || Group Chief Underwriting Officer
|-
| Guillaume Borie || Global Head of Finance, Strategy, Underwriting, Risk and Technology
|-
| Helen Browne || Group General Counsel
|-
| Matthieu Caillat || Group Chief Technology & AI Officer, CEO of AXA Group Operations
|-
| Patrick Cohen || CEO of European Markets & Health
|-
| Ulrike Decoene || Group Chief Communications, Brand and Sustainability Officer
|-
| Hassan El-Shabrawishi || CEO of International Markets
|-
| Françoise Gilles || Group Chief Risk Officer
|-
| Mathieu Godart || CEO of AXA France
|-
| Scott Gunter || CEO of AXA XL
|-
| Alban de Mailly Nesle || Group Chief Financial Officer
|-
| Karima Silvent || Deputy General Secretary, in charge of Human Resources, Compliance, Audit, AXA EssentiALL and GIE AXA
|-
| Anu Venkataraman || Group Chief Strategy Officer and Head of Investor Relations
|}
==== Appointment of Ewout Steenbergen as Chair of its Audit Committee ====
* On December 11, 2025, the Board of Directors appointed Ewout Steenbergen as Chair of the Audit Committee.
* He succeeds Isabel Hudson, who stepped down from the AXA Board of Directors on December 31, 2025.
==== Significant transactions ====
===== AXA completed the acquisition of Nobis Group =====
* Completed April 1, 2025.
* Upfront consideration: Euro 423 million; potential [[Definition:Earn-out | earn-out]] of up to Euro 55 million (conditional on revenue targets over five years post-closing).
* [[Definition:Solvency II | Solvency II]] ratio impact: -1 point in Q2 2025, in line with expected impact announced at signing (August 1, 2024).
===== AXA completed the sale of AXA Investment Managers to BNP Paribas =====
* Completed July 1, 2025.
* Cash proceeds: Euro 5.1 billion for 100% of AXA IM [[Definition:Share capital | share capital]] (98% owned by AXA Group).
* Sale of Select to AXA IM closed for Euro 0.3 billion, bringing total transaction value to Euro 5.4 billion.
* Select (formerly Architas) completed in two tranches: Euro 0.1 billion (March 2024) and Euro 0.2 billion (March 2025).
* Post-transaction partnership: BNP Paribas provides [[Definition:Investment management | investment management]] services to AXA; AXA retains full authority over product design, [[Definition:Asset allocation | asset allocation]] and [[Definition:Asset-liability management | asset-liability management]].
* Combined AXA IM and BNP Paribas entity creates a leading European [[Definition:Asset manager | asset manager]] with Euro 1.5 trillion in [[Definition:Assets under management | assets under management]] (as of December 31, 2024).
Financial impacts:
* One-off [[Definition:Net income | net income]] gain of ca. Euro 2.2 billion.
* Expected reduction in Underlying Earnings of ca. Euro 0.4 billion on an annualized basis.
* Solvency II ratio impact: ca. +2 points in Q3 2025 (including associated [[Definition:Share buy-back | share buy-back]] program).
* No material impact expected on key financial targets under the 'Unlock the Future' plan (Underlying EPS [[Definition:Compound annual growth rate | CAGR]] 2023–2026E of 6%–8%; Underlying return on equity of 14%–16% over 2024–2026E; cumulative [[Definition:Organic cash upstream | organic cash upstream]] of over Euro 21 billion over 2024–2026E).
===== AXA completed the acquisition of a majority stake in Prima =====
* Completed November 28, 2025.
* Prima operates as a [[Definition:Managing General Agent | Managing General Agent]] (MGA); launched in 2015; leading direct insurance player in Italy.
* Prima key metrics (2024): Euro 1.2 billion in [[Definition:Premium | premiums]]; ca. 10% overall [[Definition:Market share | market share]] in Retail Motor (estimate based on policy count); combined ratio of 90% (estimated all-year discounted, combining Prima and third-party carriers' margins).
* AXA acquired 51% of Prima for Euro 0.5 billion; a further stake of up to 2% expected to be acquired after closing on the same terms.
* [[Definition:Call option | Call]]/[[Definition:Put option | put]] options entered into with [[Definition:Minority shareholder | minority stakeholders]] for AXA to acquire the remaining stake; expected to be exercised in 2029 or 2030 at a price tied to Prima's earnings.
* Strategic rationale: almost doubles AXA's Motor business in Italy; bolsters [[Definition:Direct distribution | direct distribution]] channel (which generated Euro 3.5 billion in premiums for the Group in 2024).
* Solvency II ratio impact: -3 points upon closing (cost of 51% acquisition plus [[Definition:Net present value | net present value]] of remaining stake acquisition via put/call options, per Solvency II requirements); additional -2 points expected over time tied to planned progressive re-capture of premiums currently underwritten by third-party insurance carriers.
* AXA expects to recapture 100% of premiums currently written in Italy and Spain by third-party insurers; recapture expected to start by end of 2026 (subject to regulatory approval).
* Transaction announced at signing on August 1, 2025.
== Execution of a share repurchase agreement in relation to AXA's share buy-back program of up to Euro 1.2 billion ==
=== Share buy-back program ===
* '''Agreement execution:''' On February 28, 2025, AXA executed a [[Definition:Share repurchase agreement | share repurchase agreement]] with an investment services provider to buy back its own shares for a maximum amount of Euro 1.2 billion, consistent with its [[Definition:Capital management policy | capital management policy]] and as announced on February 27, 2025.
* '''Execution period:''' Purchases commenced on March 3, 2025 and the program was completed on May 19, 2025.
* '''Total amount repurchased:''' Euro 1,199,999,980 (exact amount), carried out under the applicable Shareholders' Meeting authorization (granted April 23, 2024 and, as applicable, April 24, 2025).
* '''Pricing mechanism:''' The price per share paid by AXA on each day during the purchase period was determined based on the [[Definition:Volume-weighted average price | volume-weighted average share price]], not exceeding the maximum purchase price approved at the applicable Shareholders' Meeting.
* '''Share cancellation:''' AXA has cancelled all shares repurchased pursuant to this program.
* '''Context:''' This Euro 1.2 billion program was executed in addition to any other share buybacks consistent with AXA's capital management policy, including the previously announced Euro 3.8 billion buy-back to be launched following the closing of the sale of AXA Investment Managers to BNP Paribas.
=== Debt issuances — May 2025 ===
* On May 28, 2025, AXA announced the placement of two tranches of notes with [[Definition:Institutional investor | institutional investors]], totalling Euro 2 billion.
* Both issuances form part of AXA Group's [[Definition:Funding plan | funding plan]] for 2025; proceeds are for general corporate purposes, including [[Definition:Refinancing | refinancing]] of part of AXA Group's outstanding debt.
* Settlement of both tranches took place on June 2, 2025.
==== Restricted Tier 1 notes (Euro 1 billion) ====
* '''Instrument type:''' Reg S [[Definition:Perpetual subordinated notes | perpetual deeply subordinated notes]].
* '''Interest rate:''' Fixed at 5.750% per annum until December 2, 2030 (last day of the 6-month call window); thereafter resets every five years at the prevailing Euro 5-year [[Definition:Mid Swap rate | Mid Swap rate]] plus a margin of 359.9 [[Definition:Basis point | basis points]].
* '''Regulatory classification:''' Qualifies as [[Definition:Restricted Tier 1 capital | Restricted Tier 1]] capital under Solvency II; treated as capital from a regulatory and [[Definition:Rating agency | rating agency]] perspective within applicable limits.
* '''Loss absorption:''' Features a [[Definition:Write-down mechanism | write-down mechanism]] (with discretionary reinstatement subject to conditions) of the nominal amount if a solvency-related trigger is breached, either at AXA Group level or at AXA SA solo level, as defined in the Prospectus dated May 28, 2025.
* '''Interest discretion:''' Interest payments are at the full discretion of AXA unless mandatorily prohibited.
* '''Credit ratings:''' BBB+ (Standard & Poor's) / Baa1(hyb) (Moody's).
==== Tier 2 notes (Euro 1 billion) ====
* '''Instrument type:''' Reg S [[Definition:Subordinated notes | subordinated notes]] due 2055.
* '''Interest rate:''' Fixed at 4.375% per annum until July 24, 2035 (last day of the 6-month call window); thereafter a [[Definition:Floating rate | floating rate]] based on 3-month [[Definition:EURIBOR | EURIBOR]] plus a margin of 290 basis points.
* '''Regulatory classification:''' Qualifies as [[Definition:Tier 2 capital | Tier 2]] capital under Solvency II; treated as capital from a regulatory and rating agency perspective within applicable limits.
* '''Credit ratings:''' A- (Standard & Poor's) / A2(hyb) (Moody's).
== Execution of a share repurchase agreement in relation to AXA's Shareplan and certain stock-based compensation ==
=== Key facts ===
'''Share repurchase program — Shareplan 2025 and stock-based compensation'''
* On June 2, 2025, AXA executed a share repurchase agreement with an investment services provider for a maximum amount of Euro 724.6 million.
* Purposes of the buy-back:
** Eliminate the expected [[Definition:Dilution | dilutive]] impact of AXA Group's [[Definition:Employee share offering | employee share offering]] (Shareplan 2025).
** Cover the expected future delivery of shares under certain [[Definition:Stock-based compensation | stock-based compensation]] schemes ([[Definition:Performance share plan | performance shares plans]]).
* Program size was based on the expected number of shares to be issued under Shareplan 2025 and delivered under relevant stock-based compensation schemes.
* Executed under the Shareholders' Meeting authorization granted on April 24, 2025.
* Buy-back period: June 3, 2025 to June 30, 2025.
* Daily purchase price determined on the basis of the volume-weighted average share price; did not exceed the maximum purchase price approved at the applicable Shareholders' Meeting.
* Shares repurchased have either been cancelled or are to be delivered to beneficiaries of the relevant stock-based compensation schemes.
* This program was executed in addition to any other share buy-backs consistent with AXA's capital management policy, including the Euro 3.8 billion buy-back launched following the closing of the sale of AXA IM to BNP Paribas.
==== Execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM ====
* On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider for a maximum amount of Euro 3.8 billion.
*
* Executed under the terms of the applicable Shareholders' Meeting authorization.
* Buy-back period: July 2, 2025 to January 19, 2026; exact amount repurchased: Euro 3,799,999,987.
* Daily purchase price determined on the basis of the volume-weighted average share price; did not exceed the maximum purchase price approved at the applicable Shareholders' Meeting.
* AXA is progressively cancelling all shares repurchased under this program.
==== Shareplan 2025 ====
'''Employee share offering'''
* On September 10, 2025, AXA Group announced an employee share offering (Shareplan 2025) open to employees in France and internationally.
* [[Definition:Capital increase | Capital increase]] took place in December 2025.
* Participation: approximately 42,000 employees across 40 countries, representing more than 36% of eligible employees.
* Total capital increase: approximately Euro 411 million (excluding [[Definition:Matching contribution | matching contribution]]; see note below).
* Total new shares issued: approximately 13 million.
* [[Definition:Subscription price | Subscription prices]]: Euro 31.66 (Classic offer) and Euro 37.04 (Guarantee Plus offer).
* Total outstanding AXA shares following Shareplan 2025: 2,136,232,264 as of December 3, 2025.
* Post-Shareplan employee ownership: 4.82% of AXA [[Definition:Share capital | share capital]] and 6.61% of [[Definition:Voting rights | voting rights]].
* To eliminate dilutive effect, AXA bought back its own shares for cancellation under the June 2, 2025 share repurchase program.
* Additional matching contribution: 751,317 shares issued and given for free to employees to celebrate the 40th anniversary of the AXA brand; [[Definition:IFRS | IFRS]] charge of Euro 24 million (capital increase and reduction of [[Definition:Share premium | share premium]] by Euro 1.7 million in statutory accounts).
'''Debt issuance — October 2025'''
* On October 14, 2025, AXA announced the placement of two tranches of notes with institutional investors, totalling Euro 1.5 billion, as part of AXA Group's funding plan.
* Proceeds used for general corporate purposes, including refinancing of part of AXA Group's outstanding debt.
* Settlement date: October 16, 2025.
{| class="wikitable" style="width:100%; border-collapse:collapse;"
|+ 📈 Summary of October 2025 notes issuance
! style="width:12em;" | Metric
! style="width:6em;" | Unit
! | Restricted Tier 1 Notes
! | Tier 2 Notes
|-
| Issuance amount || Euro million || 750 || 750
|-
| Format || — || Reg S perpetual deeply subordinated notes || Reg S subordinated notes due 2056
|-
| Fixed interest rate || % p.a. || 5.125% until March 16, 2032 || 4.125% until July 24, 2036
|-
| Rate after call window || — || Reset every 5 years at Euro 5-year Mid Swap rate + 278.4 bps || Floating: 3-month EURIBOR + 258 bps
|-
| Call window end date || — || March 16, 2032 (last day of 6-month window) || July 24, 2036 (last day of 6-month window)
|-
| Regulatory classification || — || Restricted Tier 1 capital (Solvency II) || Tier 2 capital (Solvency II)
|-
| Loss absorption mechanism || — || Write-down of nominal amount if solvency trigger breached (at AXA Group or AXA SA solo level); discretionary reinstatement subject to conditions || None specified
|-
| Interest payment discretion || — || Full discretion of AXA unless mandatorily prohibited || Not specified
|-
| S&P rating || — || BBB+ || A-
|-
| Moody's rating || — || A3 (hyb) || A1 (hyb)
|-
| Treatment || — || Capital (regulatory and rating agency perspective, within applicable limits) || Capital (regulatory and rating agency perspective, within applicable limits)
|}
=== Events subsequent to December 31, 2025 ===
==== AXA's Board of Directors approved share buy-back program of up to Euro 1.25 billion ====
; Approval and authorization
* AXA's Board of Directors approved the launch of an annual share buy-back program on February 25, 2026.
* Maximum program size: Euro 1.25 billion.
* To be executed in accordance with the applicable Shareholders' Annual General Meeting (AGM) authorization.<sup>1</sup>
* AXA intends to cancel all shares repurchased under the program.
; Timing and execution
* Program expected to commence as soon as reasonably practicable, subject to market conditions.
* Expected to be completed by year-end 2026.
* Further details on execution to be communicated in due course.
; Notes
* <sup>1</sup> To be executed in accordance with the terms of the AGM authorization granted on April 24, 2025, or the authorization expected to be granted by the AGM on April 30, 2026, as applicable.
=== Market environment ===
* '''Macroeconomic context'''
** No macroeconomic context data was provided in this section.
* '''Note'''
** The section content was empty; no market environment information was included in the source document for this reporting period.
=== Financial market conditions ===
==== Stock markets ====
📈 Main equity index levels and YoY change, FY2024–FY2025
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|-
! style="background:#eaecf0; text-align:left; width:12em" | Index
! style="background:#eaecf0; width:6em" | Dec 31, 2025 (pts)
! style="background:#eaecf0; width:6em" | YoY
! style="background:#eaecf0; width:6em" | Dec 31, 2024 (pts)
! style="background:#eaecf0; width:6em" | YoY
! style="background:#eaecf0;" | Comments
|-
| style="text-align:left" | CAC 40
Line 53 ⟶ 334:
| 7,381
| -2%
| style="text-align:left" |
* ↑ Solid performance but trailing global peers
* ↓ Lingering fiscal uncertainties in France
|-
| style="text-align:left" | Eurostoxx 50
Line 59 ⟶ 343:
| 4,896
| +8%
| style="text-align:left" |
* ↑ Improved European growth outlook
* ↑ Policy developments, notably in Germany
|-
| style="text-align:left" | FTSE 100
Line 65 ⟶ 352:
| 8,173
| +6%
| style="text-align:left" |
* ↑ Attractive valuations
* ↑ Supportive monetary environment in the UK
|-
| style="text-align:left" | Nikkei
Line 71 ⟶ 361:
| 39,895
| +19%
| style="text-align:left" |
* ↑ Global AI boom
* ↑ Weaker yen enhancing export competitiveness
* ↑ U.S.-Japan trade deal and fiscal stimulus expectations
|-
| style="text-align:left" | S&P 500
Line 77 ⟶ 371:
| 5,882
| +23%
| style="text-align:left" |
* ↑ Resilient growth and strong corporate earnings
* ↑ Easing monetary policy expectations
* ↓ Trade tariff reintroduction sparked volatility peaking in April; sentiment recovered after tariff suspension
|-
| style="text-align:left" | MSCI World
Line 83 ⟶ 381:
| 3,708
| +17%
| style="text-align:left" |
* ↑ Easing financial conditions
* ↑ Sustained investment in technology and AI sectors
* ↓ Intermittent volatility from U.S. trade tensions and geopolitical uncertainties
|-
| style="text-align:left" | MSCI Emerging
Line 89 ⟶ 391:
| 1,075
| +5%
| style="text-align:left" |
* ↑ Strong rebound following muted FY24 performance
|}
</div>
Source: Bloomberg.
Residual context:
* Overall backdrop: despite ongoing geopolitical and macroeconomic uncertainties, global [[Definition:Equity market | equity markets]] delivered another year of solid performance in 2025.
* Key macro tailwinds: [[Definition:Disinflation | disinflation]] trends, clearer monetary policy signals, and resilient corporate earnings supported equities across regions.
==== Bond markets ====
📈 10-year government bond yields and changes, FY2023–FY2025
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|-
! style="background:#eaecf0; text-align:left; width:12em" |
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:6em" | Dec 31, 2025
! style="background:#eaecf0; width:6em" | YoY
! style="background:#eaecf0; width:6em" | Dec 31, 2024
! style="background:#eaecf0; width:6em" | YoY
! style="background:#eaecf0;" | Comments
|-
| style="text-align:left" | 10Y French bond
| style="text-align:left" | % / bps
| 3.56%
| +37 bps
| 3.20%
| +64 bps
| style="text-align:left" |
* ↑ Protracted fiscal discussions pushing yields higher
|-
| style="text-align:left" | 10Y German bond
| style="text-align:left" | % / bps
| 2.86%
| +49 bps
| 2.37%
| +34 bps
| style="text-align:left" |
* ↑ Expectations of higher public spending driving yields up despite ECB easing
|-
| style="text-align:left" | 10Y Swiss bond
| style="text-align:left" | % / bps
| 0.32%
| -1 bps
| 0.33%
| -38 bps
| style="text-align:left" |
* → Broadly stable; reflects Switzerland's safe-haven status and balanced macro conditions
|-
| style="text-align:left" | 10Y Italian bond
| style="text-align:left" | % / bps
| 3.55%
| +3 bps
| 3.52%
| -18 bps
| style="text-align:left" |
* → Broadly stable year-on-year
|-
| style="text-align:left" | 10Y UK bond
| style="text-align:left" | % / bps
| 4.48%
| -9 bps
| 4.57%
| +103 bps
| style="text-align:left" |
* ↓ Supported by fiscal reforms and easing inflation
|-
| style="text-align:left" | 10Y Japanese bond
| style="text-align:left" | % / bps
| 2.07%
| +97 bps
| 1.10%
| +49 bps
| style="text-align:left" |
* ↑ Economy durably exiting deflation
* ↑ Bank of Japan implemented two rate hikes and signaled gradual policy normalization
* ↑ Expectations of fiscal stimulus
|-
| style="text-align:left" | 10Y US bond
| style="text-align:left" | % / bps
| 4.17%
| -40 bps
| 4.57%
| +69 bps
| style="text-align:left" |
* ↓ Three Fed policy rate cuts in Q4 supported a bond rally
* ↓ Narrowing inflation and trade-related concerns late in year
* → Long-term yields remained relatively resilient reflecting ongoing fiscal and supply conditions
|}
</div>
Source: Bloomberg.
Residual context:
* Global [[Definition:Bond market | bond markets]] showed divergent [[Definition:Yield | yield]] trends in 2025, reflecting differences in monetary policy paths, fiscal dynamics, and growth expectations across regions.
* ECB: reduced policy rates four times, bringing the [[Definition:Deposit rate | deposit rate]] to 2% by year-end.
* [[Definition:Credit spread | Corporate spreads]]: tightened further through 2025; U.S. credit spreads narrowed to their tightest levels since 1998, reflecting strong fundamentals and optimism; European spreads also compressed sharply across both [[Definition:Investment grade | investment grade]] and [[Definition:High yield | high yield]].
==== Exchange rates ====
📈 End of period and average exchange rates vs EUR, FY2025 and YoY change
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|-
! style="background:#eaecf0; text-align:left; width:12em" | Currency (for €1)
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; width:6em" | Average
! style="background:#eaecf0; width:6em" | Average rate YoY
! style="background:#eaecf0;" | Comments
|-
| style="text-align:left" | US Dollar
| style="text-align:left" | USD
| 1.17
| +13%
| 1.13
| +5%
| style="text-align:left" |
* ↑ EUR appreciated sharply vs USD
* ↓ USD weakened on faster Fed easing, narrowing [[Definition:Interest rate differential | rate differentials]], and fiscal/monetary policy concerns
* ↓ Tariff reintroduction initially supported USD but sentiment shifted significantly thereafter
|-
| style="text-align:left" | British Pound Sterling
| style="text-align:left" | GBP
| 0.87
| +6%
| 0.86
| +1%
| style="text-align:left" |
* ↑ EUR strengthened vs GBP
* ↓ UK economic growth momentum softened
* ↓ Bank of England adopted a more accommodative policy stance
|-
| style="text-align:left" | Swiss Franc
| style="text-align:left" | CHF
| 0.93
| -1%
| 0.94
| -2%
| style="text-align:left" |
* → EUR broadly stable vs CHF, ending slightly lower
* Switzerland's safe-haven status and balanced macroeconomic conditions kept the franc supported
|-
| style="text-align:left" | Japanese Yen
| style="text-align:left" | JPY
| 184
| +13%
| 169
| +3%
| style="text-align:left" |
* ↑ EUR appreciated 13% vs JPY despite Bank of Japan policy normalization steps
* ↓ Interest rate differentials remained wide
* ↓ Global capital flows continued to favor higher-yielding currencies
|}
</div>
Source: WM/Refinitiv.
=== Insurance market conditions ===
==== Main developed markets ====
'''France — savings and life insurance'''
* Savings insurance market up 10% YoY; total premiums reached €192 billion.
** [[Definition:Unit-linked | Unit-linked]] products: ↑ +13%; [[Definition:General Account | General Account]]: ↑ +8%.
** Unit-linked share rose slightly to 39% (vs. 38% in 2024).
* Rising [[Definition:Saving ratio | saving ratio]] supported [[Definition:Net flows | net flows]]; 'Livret A' rate cut to 1.7% ↑ demand.
* [[Definition:Surrender | Surrenders]] ↓ in both General Account and Unit-linked funds.
* Total outstanding Life insurance assets: €2,107 billion (+6%), a new record.
* 'PER' [[Definition:Retirement plan | retirement plan]] premiums: €20 billion (+16%).
'''France — protection, health and natural catastrophes'''
* Medical inflation, ↑ absenteeism and regulatory changes (incl. IJSS reform) drove cost pressure in Protection and complementary Health.
* Average tariff increase of ~6% partly absorbed these pressures.
* [[Definition:Natural catastrophe | Natural disasters]] in 2025: storm Garance (~€0.2bn), storm Benjamin (~€0.3bn), plus droughts, floods and hailstorms.
* Total estimated cost to insurers from climate-related events: >€10 billion in 2025 (vs. €5 billion in 2024), reinforcing a long-term upward trend.
'''Europe — P&C, Life and Health'''
* [[Definition:Property and casualty insurance | P&C]]: benign natural catastrophe losses; profitability remained favorable following multi-year pricing measures; economic and geopolitical uncertainty persisted.
* Life: moderate growth despite ↑ US trade tariff pressure; favorable equity markets and persistently high long-term interest rates ↑ demand.
** Strong demand for Unit-Linked savings; traditional [[Definition:Guaranteed savings | guaranteed savings]] maintained momentum.
* Health: aging population, ↑ claims costs and pressure on national healthcare systems prompted price increases; insurers differentiating via services, [[Definition:Vertical integration | vertical integration]] and digital transformation.
'''Japan'''
* Life [[Definition:Gross written premium | GWP]] ↓ 2.4%, mainly due to ↓ sales of foreign-currency single-premium products; Unit-Linked segment continued to grow, attracting new entrants.
* P&C GWP ↑ 4%, driven by price increases in Motor and Fire insurance.
'''Hong Kong'''
* Life GWP ↑ 37%; new business ↑ 56% (General Account +55%, Unit-Linked +76%).
* P&C GWP ↑ 9.3%.
'''United States'''
* [[Definition:Commercial insurance | Commercial insurance]] transitioning toward a more competitive environment.
* Moderating pricing in [[Definition:Short-tail line | short-tail lines]]; persistent casualty pressure from [[Definition:Social inflation | social inflation]].
* Overall profitability remained robust, reflecting strong prior-year price increases.
'''Global outlook and reinsurance'''
* Insurers well positioned to address underinsured/uninsured segments and emerging risks.
* Investment in AI and data modernization to ↑ efficiency and [[Definition:Underwriting | underwriting]] accuracy.
* Climate change, casualty trends, AI adoption and demographic shifts generating new insurable assets and market opportunities.
* [[Definition:Reinsurance | Reinsurance]] sector: additional market softening projected for 2026; profitability expected to remain strong, with [[Definition:Return on equity | return on equity]] continuing to exceed [[Definition:Cost of capital | cost of capital]].
==== Main emerging markets ====
'''Asia emerging markets'''
* P&C: growth across most geographies — Motor ↑ in China and Philippines; Property ↑ in Thailand and Philippines.
* Life:
** Thailand: new business ↑ 5%, driven by migration toward [[Definition:Endowment | Endowment]] products amid low interest rates.
** Philippines: volumes ↑ 15%, supported by Endowment products and Corporate Solutions.
** Indonesia: low [[Definition:Persistency | persistency]] in Unit-Linked products, partially offset by new Endowment and Protection product launches.
'''Other emerging markets'''
* Mexico: market ↑ 12%; Non-Motor lines ↑ 17% (federal catastrophe risk transfer to private sector); Life ↑ 10% ([[Definition:Bancassurance | Bancassurance]]); Health ↑ 11% (Group business). Legislative change in October 2025 removed VAT recoverability on third-party claims (hospitals, Motor repairs), creating material profitability pressure and expected to drive price increases and product adjustments.
* Colombia: market ↑ 8%, driven by [[Definition:Workers' compensation | Workers' Compensation]], Group Life and Health; partly offset by softening in Motor and Liability.
* Türkiye: P&C market ↑ 43%, mainly driven by ~30% inflation; underlying volume growth in Motor and Health from ↑ customer demand for protection solutions.
==== Rankings and market shares ====
📈 AXA — Property & Casualty and Life insurance market ranking and market share by country, various periods
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|-
! style="background:#eaecf0; text-align:left; width:12em" | Country
Line 222 ⟶ 633:
! style="background:#eaecf0; width:6em" | P&C market share (%)
! style="background:#eaecf0; width:6em" | Life ranking
! style="background:#eaecf0; width:
! style="background:#eaecf0; text-align:left" |
|-
| style="text-align:left" | France
Line 230 ⟶ 641:
| 6
| 7.4
| style="text-align:left" | France Assureurs as of December 31, 2025.
|-
| style="text-align:left" | Switzerland
Line 238 ⟶ 648:
| 3
| 10.0
| style="text-align:left" | SIA (Swiss Insurance Association) figures as of February 5, 2026; market share based on statutory premiums and market estimations.
|-
| style="text-align:left" | Germany
Line 246 ⟶ 655:
| 7
| 3.4
| style="text-align:left" | GDV (German association of Insurance companies) as of December 31, 2024.
|-
| style="text-align:left" | Belgium
Line 254 ⟶ 662:
| 5
| 6.8
| style="text-align:left" | Assuralia based on GWP as of December 31, 2024, extrapolated to December 31, 2025 using actual Q3 growth.
|-
| style="text-align:left" | United Kingdom
Line 262 ⟶ 669:
| —
| —
| style="text-align:left" | Association of British Insurers (retail) and GlobalData report (Commercial).
|-
| style="text-align:left" | Ireland
Line 270 ⟶ 676:
| —
| —
| style="text-align:left" | Insuranceireland.eu FactFile 2024.
|-
| style="text-align:left" | Spain
Line 278 ⟶ 683:
| 8
| 3.0
| style="text-align:left" | ICEA (Spanish Association of Insurance Companies) as of December 31, 2025.
|-
| style="text-align:left" | Italy
Line 286 ⟶ 690:
| 10
| 3.1
| style="text-align:left" | ANIA (Associazione Nazionale Imprese Assicuratrici) as of December 31, 2024.
|-
| style="text-align:left" | Japan
Line 294 ⟶ 697:
| 10
| 4.1
| style="text-align:left" | Disclosed financial reports (excl. KampoLife) for the 12 months ended September 30, 2025.
|-
| style="text-align:left" | Hong Kong
Line 302 ⟶ 704:
| 9
| 5.0
| style="text-align:left" | Insurance Authority statistics; Life GWP as of September 30, 2025 and P&C GWP as of December 31, 2024.
|-
| style="text-align:left" | XL Insurance
| 16
| 1.5
| —
| —
| style="text-align:left" | AMBest 2024 as of December 31, 2024 — Bestlink US Commercial Group Ranking.
|-
| style="text-align:left" | Thailand
Line 318 ⟶ 718:
| 5
| 7.2
| style="text-align:left" | TGIA as of October 31, 2025 and TLAA as of October 31, 2025.
|-
| style="text-align:left" | Indonesia
Line 325 ⟶ 724:
| —
| 5
| 7
| style="text-align:left" | AAJI report for Weighted New Business Premiums as of September 30, 2025.
|-
| style="text-align:left" | Philippines
Line 333 ⟶ 731:
| 3.0
| 6
| 20
| style="text-align:left" | Life Insurance Commission; life total premium income and P&C GWP both as of September 30, 2025.
|-
| style="text-align:left" | China
Line 342 ⟶ 739:
| —
| —
| style="text-align:left" | NFRA (National Financial Regulatory Administration) as of December 31, 2025. (a)
|-
| style="text-align:left" | Mexico
Line 350 ⟶ 746:
| 11
| 1.6
| style="text-align:left" | AMIS (Asociación Mexicana de Instituciones de Seguros) as of September 30, 2025.
|-
| style="text-align:left" | Brazil
Line 358 ⟶ 753:
| —
| —
| style="text-align:left" | SUSEP (Superintendência de Seguros Privados) as of October 31, 2025.
|-
| style="text-align:left" | Colombia
Line 366 ⟶ 760:
| 12
| 1.0
| style="text-align:left" | Fasecolda as of November 30, 2025.
|-
| style="text-align:left" | Türkiye
| 4
|
| —
| —
| style="text-align:left" | Insurers association as of November 30, 2025.
|}
</div>
(a) For the P&C insurance market, NFRA did not disclose information on ranking. For the Life insurance market, NFRA did not disclose information on market shares and ranking.
=== Activity and earnings indicators ===
====
📈 GWP & other revenues, NBV, PVEP, NBV margin, NBCSM, net flows by line of business (EUR mm), FY24–FY25
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; text-align:left" | Comments
|-
| style="
| style="background:#f8f9fa" | '''
| style="background:#f8f9fa" | '''115,524'''
| style="background:#f8f9fa" | '''110,316'''
| style="background:#f8f9fa" | '''+6.5%'''
| style="background:#f8f9fa; text-align:left" | '''↑ +4.7% reported; comparable basis restatements of €+2.0bn (+1.8 pts) from scope (Nobis acquisition, Laya underwriting on AXA Ireland balance sheet, AXA IM disposal) and FX (EUR appreciation vs. USD, TRY, MXN, HKD; partly offset by depreciation vs. CHF)'''
|-
| style="text-align:left" | Property & Casualty
|
| 58,038
| 56,514
| +5.2%
| style="text-align:left" |
* ↑ Commercial lines +4% (€+1,364mm): AXA XL Insurance +3% (Property growth, Casualty price/volume; offset by Financial lines
* ↑ Personal lines +7% (€+1,390mm): Europe +5% (price
* ↑ AXA XL Reinsurance +8%
|-
| style="text-align:left" | o/w Life
|
| 37,499
| 34,497
| +9.5%
| style="text-align:left" |
* ↑ Unit-Linked +13%: successful sales initiatives across all geographies
* ↑ General Account +4%: France +4%, elevated capital-light product sales in Italy; offset by ↓ non-repeat of single-premium whole-life in Japan, lower Hong Kong sales
* ↑ Protection +11%: Hong Kong commercial campaign (Protection with G/A), Japan & Switzerland Protection with Unit-Linked
|-
| style="text-align:left" | o/w Health
|
| 19,014
| 17,486
| +5.2%
| style="text-align:left" |
* ↑ Favorable price effects in Group and Individual businesses across most geographies
* ↓ Partly offset by lower volumes
|-
| style="text-align:left" | Asset Management (c)
|
| 875
| 1,701
| n.
| style="text-align:left" |
*
|-
| style="text-align:left" | Banking
|
| 99
| 118
| -16.2%
| style="text-align:left" |
* ↓ Market slowdown
|-
| style="text-align:left" | [[Definition:
|
| 2,233
| 2,264
| -0.2%
| style="text-align:left" |
* → Stable on comparable basis; NB [[Definition:Contractual Service Margin | CSM]] growth offset by ↓ contribution of short-term multinational business in France
|-
| style="text-align:left" | [[Definition:Present value of expected premiums | Present value of expected premiums]] (PVEP) (2)
| EUR mm
| 49,357
| 50,896
| -2.4%
| style="text-align:left" |
* ↑ Life +1%: higher volumes in Hong Kong, France, Switzerland; offset by ↓ higher interest rates on discounting
* ↓ Health -12%: higher interest rates on discounting, lower volumes in France (underwriting & pruning actions)
|-
| style="text-align:left" | NBV margin (1)/(2)
| pts
| 4.5%
| 4.4%
| +0.1 pt
| style="text-align:left" |
* ↑ +0.1 pt on both reported and comparable basis
|-
| style="text-align:left" | NBCSM
| EUR mm
| 2,199
| 2,169
| +2.7%
| style="text-align:left" |
* ↑ +3% comparable basis; driven by strong Savings and Protection sales
* ↓ Partly offset by higher interest rates on discounting of future profits
|-
| style="text-align:left" | Net flows
| EUR bn
| 5,397
| 1,483
| n.
| style="text-align:left" |
* ↑ Protection €+4.9bn:
* ↑ Health €+2.7bn:
* ↑
* ↓
|}
</div>
(a) Changes are on comparable basis.
(b) Net of intercompany eliminations.
(c) AXA IM FY25 contribution corresponds to its effective consolidation period, i.e. until July 1, 2025.
----
📈 GWP & other revenues by geographic segment (EUR mm), FY24–FY25
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|-
! style="background:#eaecf0; text-align:left; width:12em" |
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; width:6em" |
! style="background:#eaecf0; text-align:left" | Comments
|-
| style="
| style="background:#f8f9fa" | '''
| style="background:#f8f9fa" | '''115,524'''
| style="background:#f8f9fa" | '''110,316'''
| style="background:#f8f9fa" | '''+6.5%'''
| style="background:#f8f9fa; text-align:left
|-
| style="text-align:left" | France
|
| 30,598
| 28,996
| +5.9%
| style="text-align:left" |
* ↑ P&C: price effects all lines, strong volume growth (direct & agent); Motor favorable pricing
* ↑ Life: General Account +4%, Unit-Linked growth
* ↑ Laya business underwritten on AXA Ireland balance sheet from Jan 2025 (scope effect)
|-
| style="text-align:left" | Europe
|
| 43,005
| 39,298
| +5.6%
| style="text-align:left" |
* ↑ P&C Personal lines: favorable price effects across geographies
* ↓ UK & Ireland Motor: pricing softened following strong 2024 repricing
* ↑ Health: favorable price effects in Group and Individual businesses
|-
| style="text-align:left" | AXA XL
|
| 19,277
| 19,383
| +3.8%
| style="text-align:left" |
* ↑ Insurance: Property growth, Casualty price/volume gains
* ↓ Financial lines: lower pricing and volumes
* ↑ Reinsurance: alternative capital and Casualty pricing; offset by softening in other lines
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
|
| 19,925
| 19,083
| +12.8%
| style="text-align:left" |
* ↑ Strongest growth segment; Türkiye higher average premiums and volumes; Mexico favorable price/volume
* ↑ Hong Kong: Protection commercial campaign, Life volumes
* ↑ Japan: Protection with Unit-Linked, elevated capital-light product sales
|-
| style="text-align:left" | AXA IM (c)
|
| 875
| 1,701
| n.m.
| style="text-align:left" |
*
|-
| style="text-align:left" | Transversal &
|
| 1,844
| 1,856
| -1.3%
| style="text-align:left" |
* ↓ Marginal decline; no specific driver disclosed
|}
</div>
(a) Changes are on comparable basis.
(b) Net of intercompany eliminations.
(c) AXA IM FY25 contribution corresponds to its effective consolidation period, i.e. until July 1, 2025.
```wikitable
=== Underlying earnings and net income group share ===
<div style="overflow-x: auto;">
{| class="wikitable" style="width:100%; text-align:right"
|+ 📈 AXA — Underlying earnings by
|-
! style="background:#eaecf0; text-align:left; width:12em" | Metric
! style="background:#eaecf0; width:6em" | Unit
! style="background:#eaecf0; width:
! style="background:#eaecf0; width:
! style="background:#eaecf0; width:
! style="background:#eaecf0; width:6em" | AXA XL
! style="background:#eaecf0; width:9em" | Asia, Africa & EME-LATAM
! style="background:#eaecf0; width:6em" | AXA IM
! style="background:#eaecf0; width:9em" | Transversal & Other
! style="background:#eaecf0" | Comments
|-
| style="text-align:left" colspan="10" | '''Short-term
|-
| style="text-align:left" | Revenues
| EUR mm
| 72,104
|
| 24,005
| 18,530
| 8,750
| n.a.
| 2,122
| style="text-align:left" |
* ↑ Europe largest contributor after France
* AXA XL third-largest at 18,530
* AXA IM not applicable to short-term revenues
|-
| style="text-align:left" |
|
| 5,421
|
| 1,957
| 1,820
|
| —
|
| style="text-align:left" |
* ↑ Europe leads at 1,957; AXA XL close behind at 1,820
* ↓ Asia, Africa & EME-LATAM marginal contribution of 81
|-
| style="text-align:left"
|-
| EUR mm
| 2,775
|
| 920
| 3
| 1,029
| —
| 0
| style="text-align:left" |
* ↑ Asia, Africa & EME-LATAM second-largest at 1,029, reflecting growing in-force book
* ↓ AXA XL minimal exposure to long-term business (3)
|-
| style="text-align:left" | Technical experience
|
| (95)
|
| (8)
| 2
| 7
| —
| 0
| style="text-align:left" |
* ↓ France drives nearly all adverse experience at (96)
* AXA XL and Asia slightly positive
|-
| style="text-align:left" colspan="10" | '''Financial
|-
| style="text-align:left" |
|
|
|
|
| 616
| 741
| 35
| 480
| style="text-align:left" |
* ↑ Europe largest contributor at 1,486
* ↑ Asia, Africa & EME-LATAM at 741; Transversal & Other at 480
* AXA IM minimal financial result (35)
|-
| style="text-align:left" |
|
|
|
|
| 0
| 0
| 2,004
| 974
| style="text-align:left" |
* ↑ AXA IM dominant driver at 2,004, reflecting asset management fee income
* ↑ Transversal & Other at 974
* ↓ Europe slightly negative at (32)
|-
| style="text-align:left
| EUR mm
| (3,479)
| (180)
| (25)
| 0
| (20)
| (1,493)
| (1,761)
| style="text-align:left" |
* ↓ Transversal & Other largest cost centre at (1,761), reflecting holding costs
* ↓ AXA IM at (1,493), offsetting its other revenues
|-
| EUR mm
| (948)
| 0
| (2)
| (33)
| (12)
| 0
|
| style="text-align:left" |
* ↓ Concentrated in Transversal & Other at (902), consistent with centralised debt issuance
* Segment-level charges minimal
|-
| style="background:#f8f9fa; border-top:1px solid #a2a9b1; text-align:left" |
| style="background:#f8f9fa" | '''EUR mm'''
| style="background:#f8f9fa" | —
| style="background:#f8f9fa" | —
| style="background:#f8f9fa" | —
| style="
| style="background:#f8f9fa" | —
| style="background:#f8f9fa" | —
| style="
| style="background:#f8f9fa; text-align:left" | '''Note: full row values not provided in source extract'''
|}
</div>
'''Residual information not captured in the table'''
* '''Scope of the section:''' The section covers the derivation of underlying earnings from segment-level operating lines through to net income group share, spanning both short-term (P&C) and long-term (Life & Health) business activities.
* '''Short-term business — combined ratio:''' A combined ratio line is present in the source structure but no values were disclosed in this extract; it is a key [[Definition:Performance indicator | performance indicator]] for the P&C segments (France, Europe, AXA XL).
* '''Long-term business — CSM mechanics:''' The CSM (Contractual Service Margin) release line reflects the systematic unwinding of deferred profit under IFRS 17; Asia, Africa & EME-LATAM's high contribution (1,029 out of 2,775 total) signals a large and growing long-term [[Definition:In-force | in-force]] portfolio in that region.
* '''AXA IM positioning:''' AXA IM revenues and expenses are almost entirely captured under "Other revenues" and "Other expenses," consistent with its asset-management [[Definition:Fee income | fee-based]] model rather than underwriting income.
* '''Debt financing charges concentration:''' Virtually all group debt charges (902 out of 948) sit in Transversal & Other, reflecting AXA's centralised [[Definition:Treasury | treasury]] and [[Definition:Holding company | holding-company]] funding structure.
* '''Below-the-line items (not shown in extract):''' The full section would typically continue with [[Definition:Income tax | income tax]], [[Definition:Minority interest | minority interests]],and adjustments (e.g., [[Definition:Net realised gains | net realised gains]]/losses, [[Definition:Restructuring charge | restructuring charges]], [[Definition:Goodwill | goodwill]] impacts) to reconcile underlying earnings before tax to [[Definition:Net income | net income]] group share.
| |||