AXA/2025/FY/Earnings presentation

Document info
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document type	Analyst presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	Original URL
Archive file	.md file

This article summarizes AXA's full-year 2025 earnings presentation, published on 26 February 2026.

Front matter

Full Year 2025 earnings presentation

• Full Year 2025 Earnings Presentation ^{p. 1}
• February 26, 2026 ^{p. 1}

Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures

• Forward-looking statements: This presentation contains statements that are predictions of or indicate future events, trends, plans, or objectives. They are identified by words like 'expects', 'anticipates', 'may', 'plan,' 'target', or conditional verbs like 'would' and 'could' ^{p. 2}.
  • A specific example is the statement regarding expected underlying earnings per share (UEPS) growth for 2026, which is provided as one-off guidance for the final year of the current strategic plan ^{p. 2}.
  • These statements are based on management's current views and are subject to change. They involve known and unknown risks and uncertainties, many outside of AXA's control, which could cause actual results to differ materially ^{p. 2}.
  • For a description of important risk factors, refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2024 ^{p. 2}.
  • AXA disclaims any obligation to publicly update or revise these statements, except as required by law ^{p. 2}.

• Non-GAAP financial measures: The presentation uses certain non-GAAP financial measures, or alternative performance measures (APMs), to analyze operating trends and financial performance ^{p. 2}.
  • These measures may not be comparable to those used by other companies and should not be considered a substitute for IFRS financial statements ^{p. 2}.
  • Examples of APMs include "Underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing", as defined by ESMA guidelines and the AMF's 2015 position statement ^{p. 2}.
  • Reconciliation of these APMs to IFRS measures can be found in AXA's 2025 Activity Report, with further details in the Glossary ^{p. 2}.

• Document availability: AXA's Activity Report as of December 31, 2025 is available on the AXA Group website (www.axa.com) ^{p. 2}.

• Financial statement status: The 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 the completion of an audit by statutory auditors ^{p. 2}.

• The presentation is titled "Full Year 2025 Earnings" ^{p. 2}.

Table of contents

• 1. FY25 Highlights: presented by Thomas Buberl, Group CEO, starting on p.04 ^{p. 3}.
• 2. FY25 Business Performance: presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology, starting on p.09 ^{p. 3}.
• 3. FY25 Financial Performance: presented by Alban de Mailly Nesle, Group CFO, starting on p.13 ^{p. 3}.

FY25 Highlights

• Presented by Thomas Buberl, Group CEO ^{p. 4}.

Full Year 2025 | Excellent performance

FY25 key financial highlights ^{p. 5}

EUR billion unless otherwise mentioned	Metric	Value / Change
—	Revenues	+6% vs. FY24
—	Underlying EPS	+8% vs. FY24
—	ROE (FY25)	16%
—	Solvency II ratio (FY25)	224%
—	Dividend per Share (DPS) growth	+8%
—	Annual share buyback	1.25

• Confident to deliver underlying EPS growth at the upper end of the 6%-8% target range for 2026 ^{p. 5}
• ¹Dividend is based on the proposal by AXA's Board of Directors on February 25, 2026, and is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 ^{p. 5}
• ²Share buyback follows AXA's Board of Directors' approval on February 25, 2026, and is expected to commence as soon as reasonably practicable, subject to market conditions ^{p. 5}

Executing the plan on growth, margin and efficiency

Underlying earnings, FY24 vs FY25 ^{p. 6}

EUR billion	FY24	FY25
Underlying earnings	8.1	8.4

• Underlying earnings +6% ^{p. 6}
• High organic growth: +6% top line growth, well balanced across lines (P&C: +5%, Life: +9%, Health: +5%) ^{p. 6}
• Record profitability: Further margin expansion in P&C and L&H; improvement in efficiency ^{p. 6}
• Scaling the business: Continued investments in growth and technology ^{p. 6}
• Consistent earnings growth while enhancing reserve prudence ^{p. 6}
• Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX ^{p. 6}

Diversified franchise, well positioned in an attractive industry

FY25 gross written premium split ^{p. 7}

Segment	Share
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

• Secular trends fueling demand across businesses ^{p. 7}
  • Protection gaps and emerging corporate risks (relevant for SME & Mid-market and Large & Specialty segments) ^{p. 7}
  • Demographics driving demand for private retirement and healthcare (relevant for Life and Health segments) ^{p. 7}
• Our right to win ^{p. 7}
  • Leading brand & high customer NPS ^{p. 7}
  • Strong and diversified distribution ^{p. 7}
  • Technical expertise to price & underwrite risks ^{p. 7}
  • Scale offering cost advantage ^{p. 7}

Laying the foundation for the next plan

• (icon) Clear tech and AI roadmap ^{p. 8}
• (icon) Driving efficiency ^{p. 8}
• (icon) Enhancing capital allocation discipline ^{p. 8}
• (icon) Building resilience ^{p. 8}
• Confidence in sustaining earnings growth ^{p. 8}

FY25 Business Performance

• Guillaume Borie ^{p. 9}
• Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}

Strong delivery across our businesses

Key metrics by geography ^{p. 10}

EUR billion unless otherwise mentioned	% of total GWP	Gross written premiums	GWP change	Underlying earnings	UE change
France	27%	31	+6%	2.2	+7%
Europe	38%	43	+6%	3.5	+9%
AXA XL	17%	19	+4%	1.9	+9%
Asia, Africa & EME-LATAM	18%	20	+13%	1.5	+6%

• A checkmark icon is displayed next to each business segment's results ^{p. 10}.
• Footnotes: Changes for Gross written premiums are at constant scope and FX; changes for underlying earnings are at constant FX. The total GWP base for FY25 excludes AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers ^{p. 10}.

P&C | Strong margins, confidence in sustaining growth

GWP split by segment ^{p. 11}

Segment	Share
Retail	34%
SME & Mid-market	33%
AXA XL (Large & Specialty)	33%

• Underlying earnings +9% to EUR 5.9bn (FY25 vs. FY24 at constant FX) ^{p. 11}.
• AXA XL (Large & Specialty) includes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.
• Strategic priorities for 2025 ^{p. 11}:
  • Retail and SME & Mid-market: Growing volumes while expanding margins ^{p. 11}.
  • AXA XL (Large & Specialty): Profitable growth with stable margins ^{p. 11}.
• Strategic priorities beyond 2025 ^{p. 11}:
  • Retail and SME & Mid-market: Investing to improve customer retention and expanding distribution footprint ^{p. 11}.
  • AXA XL (Large & Specialty): Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}.
• Additional drivers supporting growth include ^{p. 11}:
  • Continued progress on efficiency ^{p. 11}.
  • Higher investment income ^{p. 11}.
  • Data & AI to further enhance customer experience and technical excellence ^{p. 11}.
• (donut chart) GWP of EUR 58bn, with the following segment mix ^{p. 11}:

L&H | Good momentum, well positioned to capture growth opportunities

GWP split by business type ^{p. 12}

Business type	Share
Long-term	70%
Short-term	30%

• Underlying earnings +7% to EUR 3.5bn (change FY25 vs. FY24 at constant FX) ^{p. 12}.
• Strategic priorities for 2025:
  • Long-term business: Accelerating net flows in Savings at attractive margins ^{p. 12}.
  • Short-term business: Growing technical results while absorbing the Mexico VAT impact ^{p. 12}.
• Strategic priorities beyond 2025:
  • Long-term business: Capturing savings & retirement opportunities and sourcing the best asset management products for customers ^{p. 12}.
  • Short-term business: Capitalizing on demand for health & protection while further improving margins ^{p. 12}.
• Additional strategic initiatives:
  • Focus on cost reduction ^{p. 12}.
  • Increasing penetration of Protection riders in Savings offerings ^{p. 12}.
  • Leveraging AI to reduce claims leakage and improve customer outcomes in Health ^{p. 12}.
• (donut) GWP of EUR 57bn, split between Long-term (70%) and Short-term (30%) business ^{p. 12}.

FY25 Financial Performance

• FY25 Financial Performance ^{p. 13}
• Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C | Continued disciplined growth

GWP & other revenues breakdown, FY25 vs FY24 ^{p. 14}

EUR billion unless otherwise mentioned	FY24	FY25	Change	Pricing effect	Volume effect
Commercial lines	—	35.8	+4%	+2%	+2%
AXA XL Reinsurance	—	2.6	+8%	+0.3%	+7%
Retail lines	—	19.7	+7%	+5%	+2%
Total	56.5	58.0	+5%	—	—

• Commercial lines: Continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}.
• Commercial lines: Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}.
• AXA XL Reinsurance: Growth supported by alternative capital ^{p. 14}.
• Retail lines: Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) ^{p. 14}.
• All changes are at constant scope and FX. "Pricing" refers to price effect. "Volume" includes exposure adjustments and mix & other effects ^{p. 14}.

P&C | Delivering further margin expansion while enhancing reserve prudence

Combined ratio components, FY24 vs FY25 ^{p. 15}

Ratio (%)	FY24	FY25
Undiscounted CY loss ratio (ex Nat Cat)	67.4%	67.0%
Expense ratio	25.0%	24.8%
Nat Cat	3.8%	3.4%
Prior year reserve development	-1.6%	-1.1%
Discount	-3.6%	-3.5%
Combined ratio	91.0%	90.6%

• A better undiscounted current year loss ratio (excluding Nat Cat) was driven by: ^{p. 15}
  • Margin expansion in Commercial lines SME & mid-market business and Personal lines, reflecting a favorable pricing environment ^{p. 15}.
  • Stable AXA XL Insurance margins at attractive levels, reflecting disciplined cycle management ^{p. 15}.
• The expense ratio improved, reflecting the impact of efficiency measures, while the company continued to invest in growth initiatives and technology ^{p. 15}.
• Nat Cat charges were below the normalized load ^{p. 15}.
• There was a lower reliance on prior year reserve development ^{p. 15}.
• The company is taking advantage of a good year to enhance reserve prudence ^{p. 15}.

P&C | Earnings growth from higher underwriting and financial result

Underlying earnings bridge, FY24 to FY25 ^{p. 16}

EUR million	Underlying earnings
FY24	5,510
Volume growth	+292
Margin improvement	+189
Investment income	+435
Insurance finance expenses	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872

• The above two components form the "Underwriting result," which includes expenses ^{p. 16}.
• The above two components form the "Financial result" ^{p. 16}.
• Better underwriting result from strong volume growth and an improved all-year combined ratio, while enhancing reserve prudence ^{p. 16}.
• Increase in investment income reflects higher volumes and better reinvestment yields on fixed income assets ^{p. 16}.
• Higher unwind of discount of claims reserves was in line with guidance ^{p. 16}.
• An unfavorable forex impact was recorded, notably due to USD depreciation vs. EUR ^{p. 16}.
• (waterfall) Underlying earnings bridge FY24 to FY25 (in EUR million, at constant FX): EUR 5,510m → EUR 5,872m (+9%) ^{p. 16}

Life & Health | Strong growth in premiums, positive net flows

• All figures are in EUR billion. All changes are at constant scope and FX ^{p. 17}.

Life GWP & other revenues, FY24 vs FY25 ^{p. 17}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Protection	—	17.3	+11%
Unit-linked	—	9.3	+13%
Capital light G/A	—	9.0	+7%
Traditional G/A	—	1.9	-7%
Total	34.5	37.5	+9%

Health GWP & other revenues, FY24 vs FY25 ^{p. 17}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Individual	—	10.5	+6%
Group	—	8.5	+4%
Total	17.5	19.0	+5%

Net flows by segment, FY24 vs FY25 ^{p. 17}

EUR billion	FY24	FY25
Protection	—	+4.9
Health	—	+2.7
Unit-Linked	—	+1.5
Capital light G/A	—	+1.2
Traditional G/A	—	-5.0
Total	+1.5	+5.4

• FY25 Employee Benefits GWP and other revenues were EUR 12.9bn (+4% vs. FY24), including both short-term and long-term benefits ^{p. 17}.

Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

• All figures are in EUR billion and changes are at constant scope and FX. ^{p. 18}
• PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes. ^{p. 18}
• NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits. ^{p. 18}
• NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France. ^{p. 18}

Key value metrics, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25	Change
PVEP	50.9	49.4	-2%
Protection & Health	—	31.4	-4%
Unit-Linked	—	8.5	+18%
Capital-light G/A	—	7.8	-10%
Traditional G/A	—	1.7	-10%
NB CSM (pre-tax)	2.2	2.2	+3%
NBV (post-tax)	2.3	2.2	stable
NBV margin	4.4%	4.5%	—

Life & Health | Growth in new business driving Normalized CSM growth

Contractual Service Margin (CSM) rollforward, FY24 to FY25 ^{p. 19}

EUR billion	CSM	Life CSM	Health CSM
FY24	33.6	25.8	7.7
New business CSM	+2.2	—	—
Underlying return on in-force	+1.3	—	—
CSM release	-3.0	—	—
Economic variance	+0.6	—	—
Operating variance	-0.3	—	—
Affiliates, FX & other	-1.4	—	—
FY25	33.0	25.4	7.6

• Normalized CSM increased by +2% at constant scope and FX; CSM release growth reflects better margins, while new business CSM growth was impacted by higher rates ^{p. 19}.
• Economic variance reflects tightening government spreads and positive equity market returns ^{p. 19}.
• Operating variance was driven by better margins and net flows, which were more than offset by a reduction in the duration of Group Life business in Switzerland ^{p. 19}.
• FX impact was mainly from JPY and HKD depreciation ^{p. 19}.

Life & Health | Strong momentum in both short-term and long-term business

Underlying earnings walk by component, FY24 to FY25 ^{p. 20}

EUR million unless otherwise mentioned	FY24	FY25
Short-term technical margin	415	479
Long-term result incl. CSM release	2,680	2,804
Financial result	975	946
Tax & others	-748	-728
Total Underlying earnings	3,323	3,501

Underlying earnings walk, FY24 to FY25 ^{p. 20}

EUR million	Underlying earnings
FY24	3,323
Short-term technical margin	+60
Long-term result incl. CSM release	+156
Financial result	-11
Tax, FX and others	-27
FY25	3,501

Underlying earnings by segment, FY24 vs FY25 ^{p. 20}

EUR billion	FY24	FY25	Change vs. FY24
Life	2.6	2.7	+4%
Health	0.7	0.8	+17%

• Strong short-term technical margin reflects underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn) ^{p. 20}.
• Higher long-term results from an increase in CSM release (+8%), reflecting growth in the reserve base, including from favorable equity market performance and better margins ^{p. 20}.
• (waterfall) Underlying earnings +7% at constant FX, from EUR 3,323m in FY24 to EUR 3,501m in FY25 ^{p. 20}.

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

Group earnings summary, FY24 vs FY25 ^{p. 21}

EUR billion unless otherwise mentioned	FY24	FY25	Change
Underlying earnings	—	—	—
Property & Casualty	5.5	5.9	+9%
Life & Health	3.3	3.5	+7%
Asset Management	0.4	0.2	-57%
Holdings & other	-1.2	-1.2	—
Total underlying earnings	8.1	8.4	+6%
Net income reconciliation	—	—	—
Non-financial flows	-0.5	+2.1	—
Financial flows (incl. RCG)	+0.3	-0.7	—
Total net income	7.9	9.8	+26%

• Of which capital gains from AXA IM disposal: FY25 EUR +2.2bn ^{p. 21}
• Commentary on underlying earnings:
  • Driven by strong performance from insurance businesses ^{p. 21}.
  • Stable holding cost is expected to remain at the current level in 2026 ^{p. 21}.
• Commentary on net income:
  • Higher net income mainly reflects higher underlying earnings and the gain from the sale of AXA IM ^{p. 21}.
  • Lower financial flows reflect unfavorable forex impact ^{p. 21}.

Underlying earnings per share, FY24 vs FY25 ^{p. 21}

Euro	FY24	FY25	Change
Underlying earnings per share	3.59	3.86	+8%

• Drivers of change:
  • +6% from earnings growth ^{p. 21}
  • +3% from capital management ^{p. 21}
  • -2% from forex, which includes -1% from temporary earnings dilution from the AXA IM sale due to the timing of the anti-dilutive share buyback ^{p. 21}
• Change for underlying earnings and net income is at constant FX; change for underlying earnings per share is on a reported basis ^{p. 21}.

Shareholders' Equity

Shareholders' equity and key ratios ^{p. 22}

EUR billion unless otherwise mentioned	FY24	HY25	FY25
Shareholders' equity (Group share)	49.9	45.5	47.2
SHE (excl. OCI)	58.0	52.7	54.0
Net OCI	-8.1	-7.2	-6.8
SHE (excl. OCI & undated subordinated debt)	53.2	47.0	49.4
Debt gearing	20.6%	23.4%	22.3%
Underlying ROE	15.2%	17.5%	16.0%

Shareholders' equity reconciliation ^{p. 22}

EUR billion	FY24 to FY25	HY25 to FY25
Opening Shareholders' equity	49.9	45.5
Change in Net OCI	+1.3	+0.4
Net income for the period	+9.8	+5.9
Dividend	-4.6	—
Annual share buyback	-1.2	—
Anti-dilutive share buyback	-3.5	-3.5
Undated subordinated debt	-0.3	-1.2
Forex	-3.5	-0.1
Other	-0.6	+0.3
Closing Shareholders' equity	47.2	47.2

• Footnote: Shareholders' equity is Group share ^{p. 22}.
• All figures are in EUR billion ^{p. 22}.

Higher organic cash remittance and robust cash position at Holding

Net cash remittance and holding cash position walk, FY24-FY25 ^{p. 23}

EUR billion unless otherwise mentioned	FY24	FY25
Ordinary remittance	7.1	7.5
Proceeds from in-force treaties	0.6	—
Total net cash remittance	7.7	7.5
Remittance ratio (%)	82%	82%

EUR billion	Holding cash position walk
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 Cash position	5.6

• The EUR 0.6bn proceeds are related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.
• Remittance ratio is based on ordinary cash remittance of EUR 7.1bn in FY24 and EUR 7.5bn in FY25.
• All figures in EUR billion ^{p. 23}.

Solvency II at 224%

Solvency II walk from FY24 to FY25 ^{p. 24}

EUR billion unless otherwise mentioned	Solvency II ratio (pts)	Eligible Own Funds (EOF)	Solvency Capital Requirement (SCR)
FY24	216	55.9	25.9
Regulatory & model changes	+0	+0.2	0.0
Normalized capital generation	+28	+8.8	+0.6
Operating variance	-1	-0.4	0.0
Economic variance & FX	+4	-2.1	-1.2
Dividend & annual share buyback	-24	-6.0	0.0
Management actions, debt & other	+2	-0.1	-0.2
FY25	224	56.4	25.2

Key sensitivities on Solvency II ratio (224% at Dec 31, 2025) ^{p. 24}

Sensitivity	Impact (pts)
Interest rate +50bps	+2
Interest rate -50bps	-1
Corporate spreads +50bps	-1
Euro Sovereign spreads +50bps (1)	-7
Credit migration (2)	-4
Listed Equity (excl. PE & Infra) +25%	-1
Listed Equity (excl. PE & Infra) -25%	+2
PE & Infra +25%	+14
PE & Infra -25%	-19
Inflation swap curve +50bps	-5

• Dividend & annual share buyback for EOF comprises foreseeable dividends of EUR -4.8bn and a provision for the 2026 annual share buyback of EUR -1.25bn.
• Footnote 1: Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve, applied on sovereign and quasi-sovereign exposures.
• Footnote 2: Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches).

Solvency II -impact of the end of grandfathering period and Solvency II revision

Solvency II ratio evolution to 1Q27 ^{p. 25}

—	Solvency II ratio
As of 31/12/2025	224%
Impact of grandfathering period end (Jan 1, 2026)	-10 pts
As of 01/01/2026	215%
Impact of Solvency II revision (effective 1Q27)	+17 pts

• The end of the grandfathering period is driven by EUR 2.4bn in grandfathered debt no longer being eligible as capital from that date.
• No change is expected in organic capital generation from the Solvency II revision.
• The revision provides additional capital flexibility.
• The impact is estimated based on the Solvency Capital Requirement (SCR) and amount of capital (EOF) under Solvency II as of January 1, 2026, as if the revision had come into force on that date.

Thomas Buberl, Group CEO conclusion

• Conclusion ^{p. 26}
• Thomas Buberl, Group CEO ^{p. 26}

Conclusion

• Record results, at the top end of the target range while enhancing reserve prudence ^{p. 27}
• All businesses in excellent shape, delivering strong growth and profitability ^{p. 27}
• Diversified franchise, well-positioned to capture future growth opportunities ^{p. 27}
• Laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}

February 26, 2026 Q&A Full Year 2025 earnings

• Q&A ^{p. 28}
• Full Year 2025 Earnings ^{p. 28}
• February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

Upcoming events and contact information ^{p. 29}

Date	Event	Location
March	Roadshows	Europe and US
May 5	1Q25 Activity Indicators	Paris
June 2	BNP Paribas Exane CEO Conference	Paris
June 2-4	Goldman Sachs European Financials Conference	Zurich
July 31	HY26 Earnings Release	Paris
September 21	AXA Investor Day	London

• Contact us ^{p. 29}
  • Investor Relations phone: +33 1 40 75 48 42 ^{p. 29}
  • Investor Relations email: investor.relations@axa.com ^{p. 29}
• Follow us ^{p. 29}
  • Website: www.axa.com ^{p. 29}
  • Social media channels include YouTube, Facebook, Instagram, Twitter, and LinkedIn ^{p. 29}
• Meet our management (upcoming events) ^{p. 29}
• March: Roadshows in Europe and US ^{p. 29}

Appendices

• Appendices ^{p. 30}

• Debt and Invested Assets ^{p. 31}
• Additional P&C disclosures ^{p. 36}
• Additional IFRS17 disclosures ^{p. 41}
• Sustainability ^{p. 44}

Gross financial debt and maturity breakdown as of December 31st, 2025

All figures in EUR billion. ^{p. 32}

Gross financial debt

Gross financial debt composition ^{p. 32}

EUR billion	FY24	FY25	Jan 1, 2026
Senior debt	4.8	4.6	3.2
Tier 2	10.8	12.2	11.3
Tier 1	3.5	3.5	5.8
Total	19.2	20.3	20.3

• Debt gearing: 20.6% for FY24, 22.3% for FY25 ^{p. 32}
• An annotation notes "o/w €0.4bn redeemed in Jan 2026" ^{p. 32}

Contractual maturity breakdown

Maturity profile of gross financial debt ^{p. 32}

EUR billion	Total	o/w Grandfathered
Tier 1	—	—
2025	0.5	—
2028	0.5	—
2031-2039	—	0.7
≥2040	—	0.2
Undated	—	1.4
Tier 2	—	—
2026	0.9	—
2030	0.9	0.7
2031-2039	1.5	—
≥2040	10.8	0.2
Undated	0.7	—
Senior debt	—	—
Undated	4.6	—

Economic maturity breakdown

Maturity profile by instrument type ^{p. 32}

EUR billion	Tier 1	Tier 2	Senior debt	Total
2025	0.1	—	—	0.1
2026	—	0.1	—	0.1
2027	—	2.4	—	2.4
2028	0.1	~0.4	—	~0.5
2029	—	2.0	—	2.0
2030	~0.2	0.7	—	~0.9
2031-2039	1.5	6.4	-0.4	7.5
≥2040	—	0.5	—	0.5
Undated	—	0.7	4.0	—

o/w Grandfathered debt by economic maturity ^{p. 32}

EUR billion	2026	2028	2030	2031-2039	Undated
Tier 1	0.1	0.1	—	0.4	0.8
Tier 2	—	—	0.7	0.2	—

Footnotes

• 1. Nominal debt ^{p. 32}
• 2. In January 2026, AXA has called (i) the remaining T2 GF £139m due 2054 callable 2034 5.625% issued January 2014 and (ii) the T1 GF €250m perpetual callable 2010 floating issued January 2005 ^{p. 32}
• 3. Economic maturity takes into account the first date of step-up calls on institutionally placed subordinated debt. For Solvency 2 RT1 debt, which has no step-up, the undated nature of the instrument is retained for this diagram. This should not be construed as an indication that the instrument will not be called for redemption when callable, as such decisions depend on capital, liquidity, and refinancing economics at the time ^{p. 32}

General Account invested assets

General Account invested assets breakdown, FY25 ^{p. 33}

EUR billion unless otherwise mentioned	Value	Share of total
Fixed income	345	77%
Government bonds	167	37%
Corporate bonds and loans	121	27%
Other fixed income	56	13%
Real estate	41	9%
Private equity and hedge funds	23	5%
Cash	19	4%
Infrastructure equity	10	2%
Listed equities	10	2%
Policy loans	2	0%
Total Insurance Invested Assets	450	100%

• FY25 Total General Account invested assets: EUR 450bn, with a duration gap of -0.4 year.
• Other fixed income (EUR 56bn) includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn), and Agency Pools (EUR 8bn).
• Listed equities figure (EUR 10bn) includes hedges; excluding hedges, the value is EUR 14bn.
• Private equity and hedge funds (EUR 23bn) includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn), and Non-listed Equities (EUR 1bn).
• A note indicates to refer to the financial supplement for more details.

Structured and Private Credit assets

Structured and private credit assets in the General Account (G/A) portfolio ^{p. 34}

EUR billion unless otherwise mentioned	Value	% of G/A portfolio	Notes
CLO & ABS	25	6%	91% senior CLOs (~40% subordination); 100% AAA-A rated (92% AAA-AA).
Residential Mortgages	16	4%	Incl. EUR 6bn NHG-guaranteed (Dutch) and EUR 10bn self-originated in CH (56% LTV) & DE (45% LTV).
Mid-Market lending	10	2%	EUR 8m average ticket size; via SMAs with strict underwriting.
Infrastructure debt	8	2%	Skewed towards Telecom, Utilities, and Transport.
CRE debt	8	2%	Mainly logistics, residential, retail; mostly Europe; ~60% LTV.
Other	2	0%	—
Total Structured and Private Credit Assets	69	15%	54% is participating.

• Footnote: G/A stands for General Account.
• Skewed towards resilient industries such as Telecom, Utilities, and Transport ^{p. 34}.
• Features strong sector diversification, mainly in logistics, residential, and retail ^{p. 34}.
• Investments are made through Separately Managed Accounts (SMAs) with strict underwriting guidelines, including senior secured status, covenants, and restrictions on asset sales and sector allocation ^{p. 34}.

Investment portfolio | Fixed Income reinvestment

Reinvestment breakdown by asset class, FY25 ^{p. 35}

Asset class	Share
Investment grade credit	40%
Government bonds & related	32%
ABS/CLO/IG fund financing	21%
Below investment grade credit	7%

FY25 fixed income reinvestment yield ^{p. 35}

Fixed income type	Yield
Public fixed income	3.5%
Private & Structured fixed income	4.7%
Total fixed income	3.9%

• Total FY25 fixed income reinvestment of EUR 57 billion, invested at an average yield of 3.9% with an average duration of 9 years ^{p. 35}.
• The reinvestment includes EUR 19.7 billion of Private & Structured Credit invested at 4.7%, which comprises CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY ^{p. 35}.
• A gradual shift is occurring from alternative total return assets to Private & Structured credit ^{p. 35}.
• ¹ Footnote: Government and Corporate bonds and related ^{p. 35}.
• ² Footnote: Private & Structured credit includes CLOs, ABS, Infra & CRE debt, Fund financing, and Private hybrid ^{p. 35}.

Appendix table of contents ^{p. 36}

Section	Title	Page
1	Debt and Invested Assets	31
2	Additional P&C disclosures	36
3	Additional IFRS17 disclosures	41
4	Sustainability	44

• This slide presents the table of contents for the appendix or additional disclosures section. ^{p. 36}
• The slide is marked as "GIE_AXA_Confidential". ^{p. 36}

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP by line of business, USD 19bn total ^{p. 37}

Line of business	Share
Casualty	35%
Property	29%
Specialty	19%
Professional lines	17%

FY25 GWP by geography, USD 19bn total ^{p. 37}

Geography	Share
Americas	46%
Europe & APAC	35%
UK & Lloyds	19%

• Well diversified across lines of business and geographies ^{p. 37}
• Leading market positions across lines ^{p. 37}
  • Top 3 globally in:
    • Multinational Programs² ^{p. 37}
    • Marine³ ^{p. 37}
    • Fine Art & Specie⁴ ^{p. 37}
• Managing the cycle to deliver consistent profitability ^{p. 37}
  • (scatter plot) Relative positioning of business lines by Profitability (Y-axis) and Ex-price growth % (X-axis) ^{p. 37}:
    • Property: Highest profitability and highest ex-price growth ^{p. 37}
    • Specialty: High profitability and high ex-price growth ^{p. 37}
    • Casualty: Medium profitability and medium ex-price growth ^{p. 37}
    • Professional lines: Lowest profitability and lowest ex-price growth ^{p. 37}
• Footnotes: 1. Including Cyber; 2. Source: McKinsey; 3. Source: Aon, Guy Carpenter, and Global Market Insights; 4. Source: Industry Research Biz (January 2026) ^{p. 37}

P&C | Focus on Reserves

• (bar chart) Claims reserves ratio (Net undiscounted claims reserves / Net earned premiums) ^{p. 38}
  • IFRS4 basis: FY18 179%, FY19 185%, FY20 193%, FY21 188%, FY22 189% ^{p. 38}
  • IFRS17 basis: FY22 198%, FY23 195%, FY24 180%, FY25 175% ^{p. 38}
• (bar chart) Technical reserves ratio (Net undiscounted technical reserves¹ / Net earned premiums) ^{p. 38}
  • IFRS4 basis: FY18 213%, FY19 227%, FY20 233%, FY21 226%, FY22 227% ^{p. 38}
  • IFRS17 basis: FY22 234%, FY23 232%, FY24 216%, FY25 210% ^{p. 38}
• ¹Includes net undiscounted claims reserves and unearned premium reserves ^{p. 38}.

P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1

Insurance segment capacity and retention by peril ^{p. 39}

EUR million	Capacity	Retention
EU Windstorm	4,000	600
Europe Flood	2,100	450
Europe Earthquake	2,100	400
NA Hurricane	1,200	600
NA Earthquake	1,200	600
Per other perils	—	400

• All figures are in Euro.
• Stable retention levels will be maintained in 2026 as in 2025.
• (diagram) Reinsurance segment (illustrative) is comprised of Alternative Capital & Cat Bonds.
• The program excludes local reinsurance covers.
• There is varying retention between Mexico (MX) and North America (NA): EUR 400m for MX and EUR 600m for NA.
• "Other perils" include Turkey earthquake, other Europe and NA perils, South America Earthquake, and a series of other secondary perils. Capacity varies by peril type.
• EU Windstorm: Capacity EUR 4.0bn, Retention EUR 600m ^{p. 39}.
• Europe Flood: Capacity EUR 2.1bn, Retention EUR 450m ^{p. 39}.
• Europe Earthquake: Capacity EUR 2.1bn, Retention EUR 400m ^{p. 39}.
• NA Hurricane: Capacity EUR 1.2bn, Retention EUR 600m ^{p. 39}.
• NA Earthquake: Capacity EUR 1.2bn, Retention EUR 600m ^{p. 39}.

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

Caption: Natural catastrophe charge scenarios and expectations ^{p. 40}

• Group underlying earnings deviation to average Nat Cat charges in 2026
• (net of reinsurance, post-tax)

EUR billion unless otherwise mentioned	Deviation
More severe years (negative deviation in ca. 40% of cases)	—
1/20y event (95th percentile)	-1.2
1/10y event (90th percentile)	-0.8
1/5y event (80th percentile)	-0.4
Median (50th percentile)	+0.1
Less severe years (positive deviation in ca. 60% of cases)	—
1/5y event (20th percentile)	+0.5
1/10y event (10th percentile)	+0.7
1/20y event (5th percentile)	+0.8

• Average Expected Nat Cat charges
• (net of reinsurance, pre-tax)

EUR billion unless otherwise mentioned	2025	2026
Average Expected Nat Cat charges	2.6	2.7
Estimated impact on GEP	ca. 4.5%	ca. 4.5%

• All figures in EUR billion, net of reinsurance.
• Natural catastrophe cost is defined as the Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance. The deviation is compared to a normalized level, which are costs associated with natural catastrophes expected in an average year (ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance).

• 1. Debt and Invested Assets, p.31 ^{p. 41}
• 2. Additional P&C disclosures, p.36 ^{p. 41}
• 3. Additional IFRS17 disclosures, p.41 ^{p. 41}
• 4. Sustainability, p.44 ^{p. 41}

P&C | Margin analysis

• (flow) The slide presents a flow diagram detailing the components of the P&C Technical and Financial results, which sum to Underlying Earnings before tax. All changes are versus FY24 at constant FX ^{p. 42}.

P&C Underlying Earnings buildup, FY25 vs FY24 ^{p. 42}

EUR million	FY25	Change vs FY24
Technical Result	—	—
Current Accident Year Undiscounted Technical Margin	2,778	+707
Current Accident Year Discounting	2,009	+115
Prior Years' Reserve Development (PYD)	622	-341
Financial Result	—	—
Investment Income	3,988	+435
Insurance Finance Expenses	-1,358	-235
Underlying Earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying Earnings	5,872	+501

• Supporting Metrics & Details:
  • Gross Earned Premiums: EUR 57,656m, +6%
  • Current Accident Year Undiscounted Combined Ratio: 95.2%, -1.0pt
    • of which Nat Cats: 3.4%, -0.4pt
  • Discounting Ratio (in Combined Ratio points): -3.5%, +0.0pt
  • Current Accident Year Net Claims reserves: EUR 19.0bn
  • Duration: 4.0 years
  • Current Accident Year Discount rate: 2.8%
  • PYD ratio: -1.1%, +0.7pt
  • FY25 Average Assets: EUR 115bn
  • Asset book yield: 3.5%
  • FY25 Reinvestment yield on fixed income assets: 4.3%
  • FY24 Reserves at locked-in rate: EUR 71bn
  • Liability book yield: 1.9%
  • Underlying Earnings Growth vs. FY24 (at constant FX): +9%
  • 2026e Insurance Finance Expenses (pre-tax): ~-EUR 1.4bn

FY25 sensitivity to Current Accident Year discount rate changes ^{p. 42}

Scenario	Impact
+25bps	+EUR 0.2bn
-25bps	-EUR 0.2bn

• Based on a parallel shift of the full-year average yield curve used for discounting FY25 current accident year net reserve.

Sensitivity of 2026e Insurance Finance Expenses ^{p. 42}

Scenario	Impact
+25bps	~-EUR 50m
-25bps	~+EUR 50m

• Sensitivity to changes in 2025 current AY Discount.

L&H | Margin analysis

• Includes scope impact ^{p. 43}
• Changes versus FY24 at constant FX ^{p. 43}
• Reinvestment yield on fixed income assets ^{p. 43}
• Incl. recapture of Laya ^{p. 43}

Life & Health Underlying Earnings buildup, FY25 vs FY24 ^{p. 43}

EUR million unless otherwise mentioned	FY25	Change vs FY24
Technical Result	—	—
Short-term Technical Margin	479	+60
Long-term Technical Margin	2,804	+156
Financial Result	—	—
Investment Income (non-VFA only)	2,484	-1
Insurance Finance Expenses (non-VFA only)	-1,538	-9
Underlying Earnings before tax	4,229	+205
Tax	-800	+65
Affiliates, Minority interests & Other	72	-51
Underlying Earnings	3,501	+219

• Supporting Metrics & Details:
  • Gross Earned Premiums: EUR 17,416m, +10%
  • All Year Combined Ratio: 97.2%, -0.1pts
  • CSM release: EUR 2,954m, +EUR 215m
  • Technical experience: -EUR 150m, -EUR 58m
  • FY25 Average Assets: EUR 98bn
  • Asset book yield: 2.5%
  • FY25 Reinvestment yield¹: 3.8%
  • FY24 Reserves at locked-in rate: EUR 62bn
  • Liability book yield: 2.5%
  • Underlying Earnings Growth vs. FY24 (at constant FX): +7%

Life & Health FY25 CSM Key Sensitivities ^{p. 43}

EUR billion	Impact on CSM
Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.8
Equities +25%	1.8
Equities -25%	-2.2

Structured and Private Credit Assets (100%) ^{p. 43}

EUR billion unless otherwise mentioned	Value	% of total G/A portfolio	Details
Residential Mortgages	16	4%	EUR 6bn Dutch mortgages, NHG guaranteed; EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
CLO & ABS	25	6%	91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
Infrastructure debt	8	2%	Skewed towards resilient industries (Telecom, Utilities, Transport)
CRE debt	8	2%	Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
Mid-Market lending	10	2%	Strong diversification with EUR 8m average ticket; Investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation
Other	2	0%	—
Total	69	15%	o/w 54% participating

• (flow) Technical Result (In Euro million, pre-tax) ^{p. 43}
• (flow) Financial Result (In Euro million, pre-tax) ^{p. 43}
• (flow) Underlying Earnings before tax ^{p. 43}

• 1. Debt and Invested Assets, p.31 ^{p. 44}
• 2. Additional P&C disclosures, p.36 ^{p. 44}
• 3. Additional IFRS17 disclosures, p.41 ^{p. 44}
• 4. Sustainability, p.44 ^{p. 44}

Expanding AXA's role in society: AXA for Progress Index 1

Sustainability targets and 2025 performance ^{p. 45}

Metric	Target	2025 Result
As a Global Investor	—	—
Climate transition financing (per year)	€5bn	€6.4bn
Community resilience financing (per year)	>€500m	€1.4bn
As a Global Insurer	—	—
P&C GWP for transition underwriting (cumulative 2024-2026)	€6bn	€4.6bn
Climate adaptation solutions & services (cumulative 2024-2026)	>20,000	19,698
Inclusive insurance customers	>20m by 2026	20.6m
As a Company	—	—
Employees trained on climate adaptation (cumulative 2024-2026)	>80,000 by 2026	46,420
Net-Zero contribution (vs 2019)	-50% by 2030	-64%
Employee volunteering	50% by 2026	56%

• Climate transition financing: The scope covers corporate and sovereign debt, real estate, and private assets, with a timeframe per annum through 2030 ^{p. 45}.
• Community resilience financing: The scope covers corporate and sovereign debt, real estate, and private assets, with a timeframe per annum through 2030 ^{p. 45}.
• P&C GWP for transition underwriting: The scope includes AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL ^{p. 45}.
• Climate adaptation solutions & services: The target was revised in 2025 from >9,000 to >20,000 due to strong support for these services in 2024 and 2025 ^{p. 45}.
  • The scope includes the commercial lines portfolio of AXA France, Germany, Switzerland, UK, Belgium, Hong Kong, Mexico, and AXA XL ^{p. 45}.
  • Services include training/education, risk assessment/awareness, gap analysis, prevention/adaptation solutions, and/or crisis management/remediation response ^{p. 45}.
• Inclusive insurance customers: This covers low-income to mass market segments in emerging markets and modest income segments in mature markets ^{p. 45}.
• Employees trained on climate adaptation: Training is completed under the AXA Sustainability Academy, with a cumulative timeframe of 2024-2026 ^{p. 45}.
• Net-Zero contribution:
  • The emissions scope covers energy (Scopes 1 and 2), car fleet, and business travel, with a timeframe of 2019-2030 ^{p. 45}.
  • Offsetting residual emissions will use carbon credits from projects that capture and store atmospheric carbon, such as restorative agriculture, forest restoration, or carbon capture and storage ^{p. 45}.
• AXA's Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group's auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026 ^{p. 45}.

Sustainability Performance & Ratings

ESG ratings, 2025 ^{p. 46}

Rating Agency	2025 Score/Rating
S&P Global (Dow Jones Best-in-Class Europe & World indices)	97th percentile
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0, Low risk
FTSE Russell (FTSE4Good Index Series)	4.3/5

• The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results are as of February 6th, 2026 ^{p. 46}.

Scope

• France: includes insurance activities, banking activities and holding ^{p. 47}.
• 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 holdings), Italy (insurance activities), Prima (insurance activities) and AXA Life Europe (insurance activities) ^{p. 47}.
• AXA XL: includes insurance and reinsurance activities and holding ^{p. 47}.
• Asia, Africa & EME-LATAM: ^{p. 47}
  • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings which are fully consolidated ^{p. 47}.
  • China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income ^{p. 47}.
  • Africa: Morocco (insurance activities and holding) and Nigeria (insurance activities and holding), Egypt (insurance activities and holding) which are fully consolidated ^{p. 47}.
  • 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 consolidated under the equity method and contributes only to the net income ^{p. 47}.
  • AXA Mediterranean Holdings ^{p. 47}.
• Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA and other Central Holdings ^{p. 47}.
• AXA Investment Managers (until July 1, 2025): 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 ^{p. 47}.
• Unless otherwise specified herein, all comparative figures for going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023 ^{p. 47}.
• Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the applicable accounting standard that preceded the implementation of IFRS17/9 ^{p. 47}.

Glossary

• 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% ^{p. 48}.
• 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 ^{p. 48}.
• 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 ^{p. 48}.
• 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 ^{p. 48}.
• 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 ^{p. 48}.
• Gross Written Premiums and Other Revenues (GWP & 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) ^{p. 48}.
• Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}.
• New Business Value (NBV): the value of newly issued contracts during the current year ^{p. 48}. 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 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 48}.
• 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 ^{p. 48}.
• New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 48}.
• 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 ^{p. 48}. Operating variance is net of reinsurance ^{p. 48}.
• 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 ^{p. 48}. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}.
• Technical experience: consists the impacts on the 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 ^{p. 48}.
• 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 ^{p. 48}.

February 26, 2026 Thank you Full Year 2025 earnings

• Thank you ^{p. 49}.
• Full Year 2025 Earnings ^{p. 49}.
• February 26, 2026 ^{p. 49}.

Abbreviations

• AA: Senior Secured
• AAA: Prime
• ABS: Asset-Backed Securities
• AEP: Aggregate Exceedance Probability
• AI: Artificial Intelligence
• AMF: Autorité des Marchés Financiers
• APAC: Asia-Pacific
• AXA IM: AXA Investment Managers
• AXA UK: AXA United Kingdom
• AY: Accident Year
• BBA: Balance-Sheet Based Accounting
• CDP: Carbon Disclosure Project
• CH: Switzerland
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Current Year
• DE: Germany
• DPS: Dividend Per Share
• EME: Emerging Markets
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• ESMA: European Securities and Markets Authority
• EU: European Union
• FTSE: Financial Times Stock Exchange
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GEP: Gross Earned Premiums
• GF: Grandfathered
• GWP: Gross Written Premiums
• HKD: Hong Kong Dollar
• HY: High Yield
• IFE: Insurance Finance Expenses
• IFRS: International Financial Reporting Standards
• IG: Investment Grade
• JPY: Japanese Yen
• LATAM: Latin America
• LTV: Loan-To-Value
• MSCI: Morgan Stanley Capital International
• MX: Mexico
• NA: North America
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• NHG: Nationale Hypotheek Garantie
• NPS: Net Promoter Score
• OCI: Other Comprehensive Income
• PAA: Premium Allocation Approach
• PE: Private Equity
• PVEP: Present Value of Expected Profits
• PYD: Prior Years' Reserve Development
• RCG: Reclassification of Capital Gains
• ROE: Return On Equity
• SCR: Solvency Capital Requirement
• SHE: Shareholders' Equity
• SME: Small and Medium-sized Enterprises
• TVOG: Time Value of Options & Guarantees
• UE: Underlying Earnings
• UEPS: Underlying Earnings Per Share
• UK: United Kingdom
• US: United States
• VAT: Value Added Tax
• VFA: Variable Fee Approach