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

• Presentation date February 26, 2026 ^{p. 1}
• Company AXA ^{p. 1}

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

• Forward-looking statements include predictions of future events, trends, plans, expectations, or objectives ^{p. 2}.
• Underlying EPS (UEPS) growth guidance for 2026 is provided as one-off guidance in the context of the last year of the Group's current strategic plan ^{p. 2}.
• Risk factors are described in Part 5 of AXA's Universal Registration Document for the year ended December 31, 2024 ^{p. 2}.
• Alternative performance measures (APMs) used by management include underlying earnings, UEPS, underlying return on equity, combined ratio, and debt gearing ^{p. 2}.
• 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 audit procedures ^{p. 2}.

Table of contents

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

FY25 Highlights

• Session presenter Thomas Buberl, Group CEO ^{p. 4}

Full Year 2025 | Excellent performance

Key financial highlights, FY25 ^{p. 5}

Metric	Value
Revenues	+6% vs. FY24
Underlying EPS	+8% vs. FY24
Return on equity (ROE)	16%
Solvency II ratio	224%
Shareholder value	+8% DPS growth and EUR 1.25bn annual share buyback
Earnings guidance	Confident to deliver underlying EPS growth at the upper end of 6%-8% target range for 2026

• Dividend proposed by AXA's Board of Directors on February 25, 2026, subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.
• Share buyback approved by AXA's Board of Directors on February 25, 2026, expected to commence as soon as reasonably practicable.

Executing the plan on growth, margin and efficiency

Underlying earnings (constant FX), FY24 vs FY25 ^{p. 6}

EUR billion unless otherwise mentioned	FY24	FY25	Change (LFL)	Change (excluding AXA IM)
Underlying earnings	8.1	8.4	+6%	+9%

• Top line growth +6% LFL, well balanced across lines: P&C +5%, Life +9%, Health +5%.
• Record profitability driven by further margin expansion in P&C and L&H, alongside improvement in efficiency.
• Scaling the business through continued investments in growth and technology.
• Earnings growth delivered consistently while enhancing reserve prudence.

Diversified franchise, well positioned in an attractive industry

Business mix (FY25 gross written premium split excluding AXA IM and holdings) ^{p. 7}

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

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

Laying the foundation for the next plan

• Strategic pillars for the next plan:
  • Clear tech and AI roadmap ^{p. 8}
  • Driving efficiency ^{p. 8}
  • Enhancing capital allocation discipline ^{p. 8}
  • Building resilience ^{p. 8}
• Earnings growth sustainability supported by strong confidence ^{p. 8}

Section divider

• FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}

FY25 Business Performance

Strong delivery across our businesses

EUR billion unless otherwise mentioned	% of total GWP	GWP	GWP change LFL	Underlying earnings	Underlying earnings change LFL
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%

P&C | Strong margins, confidence in sustaining growth

GWP mix ^{p. 11}

EUR billion	GWP
Retail	—
SME & Mid-market	—
AXA XL (Large & Specialty)	—
Total	58

• AXA XL includes AXA XL Re premiums of EUR 2.6bn ^{p. 11}
• Underlying earnings +9% LFL to EUR 5.9bn (reported change FY25 vs. FY24 at constant FX) ^{p. 11}
• Retail and SME & Mid-market strategic outlook:
  • 2025: Growing volumes while expanding margins ^{p. 11}
  • Beyond 2025: Investing to improve customer retention & expanding distribution footprint ^{p. 11}
• AXA XL (Large & Specialty) strategic outlook:
  • 2025: Profitable growth with stable margins ^{p. 11}
  • Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}
• Strategic enablers:
  • Continued progress on efficiency ^{p. 11}
  • Higher investment income ^{p. 11}
  • Data & AI to further enhance customer experience & technical excellence ^{p. 11}

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

GWP mix by Long-term and Short-term ^{p. 12}

EUR billion	GWP
Total	57
Long-term	—
Short-term	—

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

FY25 Financial Performance

• Section divider slide presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C | Continued disciplined growth

GWP & Other Revenues by line, FY24 vs FY25 ^{p. 14}

EUR billion unless otherwise mentioned	FY24	FY25	LFL Change	o/w pricing	o/w volume
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%	—	—

• Continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}
• Growing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}
• Growth supported by alternative capital ^{p. 14}
• Favorable pricing trends and strong growth in net new contracts (+1.7m in FY25) ^{p. 14}

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

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

%	FY24	FY25
Combined ratio	91.0	90.6
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

• Better undiscounted current year loss ratio excluding Nat Cat from margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting favorable pricing environment ^{p. 15}
• Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}
• Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}
• Nat Cat charges below normalized load ^{p. 15}
• Lower reliance on prior year reserve development ^{p. 15}
• 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

• Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence ^{p. 16}.
• Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets ^{p. 16}.
• Unwind of discount of claims reserves was higher, in line with guidance ^{p. 16}.
• Forex impact was unfavorable notably due to USD depreciation vs. EUR ^{p. 16}.
• Underwriting result components include volume growth (+EUR 292m) and margin improvement (+EUR 189m) ^{p. 16}.
• Financial result components include investment income (+EUR 435m) and insurance finance expenses (-EUR 235m) ^{p. 16}.
• (waterfall) Underlying earnings bridge FY24→FY25: EUR 5,510m start → volume growth +EUR 292m → margin improvement +EUR 189m → investment income +EUR 435m → insurance finance expenses -EUR 235m → tax -EUR 169m → affiliates, FX & other -EUR 150m → EUR 5,872m end (+9% at constant FX) ^{p. 16}.

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

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

EUR billion unless otherwise mentioned	FY24	FY25	LFL Change
Protection	—	17.3	+11%
Unit-linked	—	9.3	+13%
Capital light G/A	—	9.0	+7%
Traditional G/A	—	1.9	-7%
Employee benefits	—	12.9	+4%
Total	34.5	37.5	+9%

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

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

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

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

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

PVEP by segment, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25	LFL Change
Protection & Health	—	31.4	-4%
Unit-linked	—	8.5	+18%
Capital-light G/A	—	7.8	-10%
Traditional G/A	—	1.7	-10%
Total	50.9	49.4	-2%

NB CSM (pre-tax), FY24 vs FY25 ^{p. 18}

EUR billion	FY24	FY25	LFL Change
NB CSM (pre-tax)	2.2	2.2	+3%

NBV (post-tax), FY24 vs FY25 ^{p. 18}

EUR billion	FY24	FY25	LFL Change
NBV (post-tax)	2.3	2.2	stable

• 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}.
• NBV margin improved to 4.5% (prior: 4.4%) ^{p. 18}.

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

CSM rollforward, FY24 to FY25 ^{p. 19}

EUR billion	CSM
FY24	33.6
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

• Normalized CSM up by +2%, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}.
• Economic variance reflected government spreads tightening and positive equity market returns ^{p. 19}.
• Operating variance was driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland ^{p. 19}.
• FX impact was mainly driven by JPY and HKD depreciation ^{p. 19}.
• FY24 o/w Life EUR 25.8bn, Health EUR 7.7bn ^{p. 19}.
• FY25 o/w Life EUR 25.4bn, Health EUR 7.6bn ^{p. 19}.
• Normalized CSM growth was +2% ^{p. 19}.

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

Underlying earnings bridge, 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

• Short-term technical margin was strong, reflecting 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}.
• Long-term results were higher from an increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}.
• FY25 (+7% LFL) ^{p. 20}.
• FY24 earnings mix: short-term technical margin EUR 415m, long-term result incl. CSM release EUR 2,680m, financial result EUR 975m, tax & others -EUR 748m ^{p. 20}.
• FY25 earnings mix: short-term technical margin EUR 479m, long-term result incl. CSM release EUR 2,804m, financial result EUR 946m, tax & others -EUR 728m ^{p. 20}.
• Life underlying earnings: FY24 EUR 2.6bn → FY25 EUR 2.7bn (+4% LFL) ^{p. 20}.
• Health underlying earnings: FY24 EUR 0.7bn → FY25 EUR 0.8bn (+17% LFL) ^{p. 20}.

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

Underlying earnings by segment, FY24 vs FY25 ^{p. 21}

EUR billion unless otherwise mentioned	FY24	FY25	Change (constant FX)
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%

Underlying EPS, FY24 vs FY25 ^{p. 21}

—	FY24	FY25	Change
Underlying EPS (reported basis)	3.59	3.86	+8%
from earnings growth	—	—	+6%
from capital management	—	—	+3%
from forex	—	—	-2%
from temporary earnings dilution from AXA IM sale	—	—	-1%

• Non-financial flows: EUR +2.1bn in FY25 vs EUR -0.5bn in FY24, including EUR +2.2bn capital gains from AXA IM disposal ^{p. 21}.
• Financial flows: EUR -0.7bn in FY25 (including realized capital gains) vs EUR +0.3bn in FY24 ^{p. 21}.
• Net income: EUR 9.8bn in FY25 vs EUR 7.9bn in FY24 (+26% at constant FX) ^{p. 21}.
• Insurance business performance: Strong performance from insurance businesses ^{p. 21}.
• Holding costs: Stable holding cost, expected to remain at current level in 2026 ^{p. 21}.
• Net income drivers: Higher net income mainly reflecting higher underlying earnings and the gain from the sale of AXA IM; lower financial flows reflecting unfavorable forex impact ^{p. 21}.
• Includes -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback ^{p. 21}.

FY25 Financial Performance

Shareholders' Equity

Shareholders' equity and related metrics ^{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 bridge, FY24 to FY25 ^{p. 22}

EUR billion	Value
Opening SHE	49.9
Change in Net OCI	+1.3
Net income	+9.8
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback	-3.5
Undated subordinated debt	-0.3
Forex	-3.5
Other	-0.6
Closing SHE	47.2

Shareholders' equity bridge, HY25 to FY25 ^{p. 22}

EUR billion	Value
Opening SHE	45.5
Change in Net OCI	+0.4
Net income	+5.9
Anti-dilutive share buyback	-3.5
Undated subordinated debt	-1.2
Forex	-0.1
Other	+0.3
Closing SHE	47.2

Higher organic cash remittance and robust cash position at Holding

Net cash remittance ^{p. 23}

EUR billion	FY24	FY25
Net cash remittance	7.7	7.5
Ordinary remittance	7.1	7.5
In-force treaties proceeds	0.6	—

• In-force treaties proceeds in FY24 related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe.
• Remittance ratio: 82% in FY25 (FY24: 82%)

Holding cash bridge, FY24 to FY25 ^{p. 23}

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

• Holding costs include interest expenses.
• Anti-dilutive share buyback following the sale of AXA IM.

Solvency II at 224%

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

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

• Dividend & buyback comprises foreseeable dividends of EUR -4.8bn and provision for annual share buyback for 2026 of EUR -1.25bn.
• Management actions include debt & other.

Solvency II sensitivities (impact on 224% base) ^{p. 24}

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

• Euro Sovereign spreads +50bps assumes 50bps spread widening vs Euro swap curve.
• Credit migration assumes 20% of corporate bonds 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 as of December 31, 2025: 224% ^{p. 25}
• Grandfathering period end: Impact of -10pts to 215% on January 1, 2026 ^{p. 25}
  • EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026 ^{p. 25}
• Solvency II revision: Estimated impact of +17pts (to come into effect in 1Q27) ^{p. 25}
  • No change expected in organic capital generation ^{p. 25}
  • Additional capital flexibility ^{p. 25}
  • Estimated based on SCR and EOF under Solvency II as of January 1, 2026, as if the revision had come into force on that date ^{p. 25}

Thomas Buberl, Group CEO conclusion

• Section divider featuring 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

• Section divider for Q&A session on February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

• Meet our management event calendar:
  • March: Roadshows in Europe and US ^{p. 29}
  • May 5: 1Q25 Activity Indicators in Paris ^{p. 29}
  • June 2: BNP Paribas Exane CEO Conference in Paris ^{p. 29}
  • June 2-4: Goldman Sachs European Financials Conference in Zurich ^{p. 29}
  • July 31: HY26 Earnings Release in Paris ^{p. 29}
  • September 21: AXA Investor Day in London ^{p. 29}
• Contact us details: Investor Relations phone +33 1 40 75 48 42; email investor.relations@axa.com ^{p. 29}
• Follow us website: www.axa.com ^{p. 29}

Appendices

• Section divider for appendices ^{p. 30}

Additional disclosures by topic and page ^{p. 31}

Topic	Page
Debt and Invested Assets	31
Additional P&C disclosures	36
Additional IFRS17 disclosures	41
Sustainability	44

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

• (stacked bar) Gross financial debt:
  • FY24: EUR 19.2bn total (Tier 1: EUR 4.8bn, Tier 2: EUR 10.8bn, Senior debt: EUR 3.5bn); debt gearing at 20.6% ^{p. 32}
  • FY25: EUR 20.3bn total (Tier 1: EUR 4.6bn, Tier 2: EUR 12.2bn, Senior debt: EUR 3.5bn); debt gearing at 22.3% ^{p. 32}
  • Jan 1st 2026 (End of the grandfathering period): EUR 20.3bn total (Tier 1: EUR 3.2bn, Tier 2: EUR 11.3bn, Senior debt: EUR 5.8bn, of which EUR 0.4bn redeemed in Jan 2026) ^{p. 32}
• (bar chart) Contractual maturity breakdown:
  • 2028: EUR 0.5bn (Senior debt) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn, Senior debt: EUR 0.2bn) ^{p. 32}
  • 2031-2039: EUR 1.5bn (Senior debt) ^{p. 32}
  • ≥2040: EUR 11.3bn total (Tier 2: EUR 10.8bn, Senior debt: EUR 0.5bn) ^{p. 32}
  • Undated: EUR 5.3bn total (Tier 1: EUR 4.6bn, Tier 2: EUR 0.7bn) ^{p. 32}
  • Of which Grandfathered debt (Contractual): Tier 1 Undated: EUR 1.4bn; Tier 2 2030: EUR 0.7bn, ≥2040: EUR 0.2bn ^{p. 32}
• (bar chart) Economic maturity breakdown:
  • 2026: EUR 0.1bn (Tier 1) ^{p. 32}
  • 2027: EUR 2.4bn (Tier 2) ^{p. 32}
  • 2028: EUR 0.6bn total (Tier 1: EUR 0.1bn, Senior debt: EUR 0.5bn) ^{p. 32}
  • 2029: EUR 2.0bn (Tier 2) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn, Senior debt: EUR 0.2bn) ^{p. 32}
  • 2031-2039: EUR 1.5bn total (Tier 1: EUR 0.4bn, Tier 2: EUR 1.1bn) ^{p. 32}
  • ≥2040: EUR 0.5bn (Senior debt) ^{p. 32}
  • Undated: EUR 4.7bn total (Tier 1: EUR 4.0bn, Tier 2: EUR 0.7bn) ^{p. 32}
  • Of which Grandfathered debt (Economic): Tier 1: 2026: EUR 0.1bn, 2028: EUR 0.1bn, 2031-2039: EUR 0.4bn, Undated: EUR 0.8bn; Tier 2: 2030: EUR 0.7bn, ≥2040: EUR 0.2bn ^{p. 32}
• Redemption actions: In January 2026, AXA called the remaining T2 GF GBP 139m due 2054 callable 2034 5.625% issued January 2014, and the T1 GF EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32}.
• Economic maturity definition: Takes into account the first date of step-up calls on institutionally placed subordinated debt; Solvency II RT1 debt has no step-up, so its undated nature is retained ^{p. 32}.

General Account invested assets

FY25 Total General Account invested assets ^{p. 33}

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

• Total General Account invested assets: EUR 450bn total, with a duration gap at -0.4 year
• Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn), and Agency Pools (EUR 8bn)
• Listed equities includes hedges (listed equities excluding hedges at EUR 14bn)
• Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn), and Non-listed Equities (EUR 1bn)

Structured and Private Credit assets

Structured and Private Credit Assets ^{p. 34}

EUR billion unless otherwise mentioned	Value	% of total G/A portfolio
Residential Mortgages	16	4%
CLO & ABS	25	6%
Infrastructure debt	8	2%
CRE debt	8	2%
Mid-Market lending	10	2%
Other	2	0%
Total Structured and Private Credit Assets	69	15%

• Residential Mortgages: EUR 6bn Dutch mortgages, NHG guaranteed; EUR 10bn self-originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
• CLO & ABS: 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
• Infrastructure debt: skewed towards resilient industries (Telecom, Utilities, Transport)
• CRE debt: strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
• Mid-Market lending: strong diversification with EUR 8m average ticket; investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales and sector allocation
• Total Structured and Private Credit Assets: 54% participating

Investment portfolio | Fixed Income reinvestment

FY25 Fixed Income Reinvestment ^{p. 35}

EUR billion unless otherwise mentioned	Share	Yield
Investment grade credit	40%	—
Government bonds & related	32%	—
ABS/CLO/IG fund financing	21%	—
Below investment grade credit	7%	—
Public fixed income	—	3.5%
Private & Structured fixed income	—	4.7%
Total fixed income	—	3.9%

• Reinvestment highlights:
  • EUR 57bn fixed income invested at 3.9% ^{p. 35}
  • Average duration of 9 years ^{p. 35}
  • Includes EUR 19.7bn of Private & Structured Credit invested at 4.7% (CLOs, ABS, Infra & CRE debt, Fund financing and Private HY) ^{p. 35}
  • Gradual shift from alternative total return assets to Private & Structured credit ^{p. 35}

• Additional P&C disclosures is covered on page 36 ^{p. 36}.
• Other sections in the appendix include Debt and Invested Assets on page 31, Additional IFRS17 disclosures on page 41, and Sustainability on page 44 ^{p. 36}.

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP breakdown ^{p. 37}

USD billion unless otherwise mentioned	GWP by line	GWP by geography
Casualty	35%	—
Property	29%	—
Specialty	19%	—
Professional lines (including Cyber)	17%	—
Americas	—	46%
Europe & APAC	—	35%
UK & Lloyds	—	19%

• Market position: Top 3 globally in Multinational Programs, Marine, and Fine Art & Specie ^{p. 37}.
• (bubble chart) Cycle management: Property has the highest profitability and highest ex-price growth; Specialty has medium profitability and medium ex-price growth; Casualty has medium-low profitability and medium-low ex-price growth; Professional lines has the lowest profitability and lowest ex-price growth ^{p. 37}.

P&C | Focus on Reserves

Claims and technical reserves ratios by IFRS basis ^{p. 38}

%	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Claims reserves ratio (IFRS4)	179%	185%	193%	188%	189%	—	—	—
Claims reserves ratio (IFRS17)	—	—	—	—	198%	195%	180%	175%
Technical reserves ratio (IFRS4)	213%	227%	233%	226%	227%	—	—	—
Technical reserves ratio (IFRS17)	—	—	—	—	234%	232%	216%	210%

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

Reinsurance capacity and retention by peril ^{p. 39}

EUR billion	Capacity	Retention
EU Windstorm	4.0	600m
Europe Flood	2.1	450m
Europe Earthquake	2.1	400m
NA Hurricane	1.2	600m
NA Earthquake	1.2	600m
Other perils	—	400m

• Retention levels: Stable retention levels maintained in 2026 as in 2025.
• NA Hurricane: varying retention between MX at EUR 400m and NA at EUR 600m.
• NA Earthquake: varying retention between MX at EUR 400m and NA at EUR 600m.
• Other perils: includes Turkey earthquake, other Europe and NA perils, South America Earthquake, and other secondary perils.
• Reinsurance segment: Alternative Capital & Cat Bonds utilized.

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

• Nat Cat definition: Natural catastrophe cost defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance ^{p. 40}.
• Deviation baseline: Compared to a normalized level of costs expected in an average year, which is ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance ^{p. 40}.
• (bar) Earnings deviation: Group underlying earnings deviation to average Nat Cat charges in 2026 net of reinsurance, post-tax ^{p. 40}.
  • More severe years: Negative deviation in ca. 40% of cases; 1/20y (95th percentile) EUR -1.2bn, 1/10y (90th percentile) EUR -0.8bn, 1/5y (80th percentile) EUR -0.4bn ^{p. 40}.
  • Median: 50th percentile at EUR +0.1bn ^{p. 40}.
  • Less severe years: Positive deviation in ca. 60% of cases; 1/5y (20th percentile) EUR +0.5bn, 1/10y (10th percentile) EUR +0.7bn, 1/20y (5th percentile) EUR +0.8bn ^{p. 40}.
• (bar) Expected Nat Cat: Average expected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}.
  • FY25: EUR 2.6bn (Estimated impact on GEP: ca. 4.5%) ^{p. 40}.
  • FY26: EUR 2.7bn (Estimated impact on GEP: ca. 4.5%) ^{p. 40}.

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

P&C | Margin analysis

P&C margin analysis, FY25 vs FY24 at constant FX ^{p. 42}

EUR million unless otherwise mentioned	FY25	Change vs FY24	Other metrics
Current Accident Year Undiscounted Technical Margin	2,778	+707	—
Gross Earned Premiums	57,656	+6%	—
Current Accident Year Undiscounted Combined Ratio	95.2%	-1.0pt	—
Nat Cats	3.4%	-0.4pt	—
Current Accident Year Discounting	2,009	+115	—
Discounting Ratio (in Combined Ratio points)	-3.5%	+0.0pt	—
Current Accident Year Net Claims reserves	19.0bn	—	—
Duration	4.0 years	—	—
Current Accident Year Discount rate	2.8%	—	—
Prior Years' Reserve Development (PYD)	622	-341	—
PYD ratio	-1.1%	+0.7pt	—
Investment Income	3,988	+435	—
FY25 Average Assets	115bn	—	—
Asset book yield	3.5%	—	—
FY25 Reinvestment yield (on fixed income assets)	4.3%	—	—
Insurance Finance Expenses	-1,358	-235	—
FY24 Reserves at locked-in rate	71bn	—	—
Liability book yield	1.9%	—	—
Underlying Earnings before tax	8,040	+681	—
Tax	-2,060	-169	—
Affiliates, Minority interests & Other	-108	-10	—
Underlying Earnings	5,872	+501	growth vs. FY24 at constant FX of +9%

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

Change in discount rate	Impact (EUR billion)
+25bps	+0.2
-25bps	-0.2

2026e Insurance Finance Expenses (pre-tax) and sensitivity ^{p. 42}

Item	Value
2026e Insurance Finance Expenses (pre-tax)	~ -1.4bn
Sensitivity to 2025 current AY Discount +25bps	~ -50m
Sensitivity to 2025 current AY Discount -25bps	~ +50m

L&H | Margin analysis

L&H margin analysis, FY25 vs FY24 at constant FX ^{p. 43}

EUR million unless otherwise mentioned	FY25	Change vs FY24	Other metrics
Short-term Technical Margin	479	+60	—
Gross Earned Premiums	17,416	+10%	—
All Year Combined Ratio	97.2%	-0.1pt	includes recapture of Laya
Long-term Technical Margin	2,804	+156	—
CSM release	2,954	+215	—
Technical experience	-150	-58	—
Investment Income (non-VFA only)	2,484	-1	—
FY25 Average Assets	98bn	—	—
Asset book yield	2.5%	—	—
FY25 Reinvestment yield (on fixed income assets)	3.8%	—	—
Insurance Finance Expenses (non-VFA only)	-1,538	-9	—
FY24 Reserves at locked-in rate	62bn	—	—
Liability book yield	2.5%	—	—
Underlying Earnings before tax	4,229	+205	—
Tax	-800	+65	—
Affiliates, Minority interests & Other	72	-51	—
Underlying Earnings	3,501	+219	growth vs. FY24 at constant FX of +7%

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

Scenario	EUR billion
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	+0.7
Equities +25%	+1.8
Equities -25%	-2.2

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

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

Sustainability targets and 2025 results ^{p. 45}

Category	Target	2025 Result
Climate transition financing	EUR 5bn per year	EUR 6.4bn
Community resilience financing	>EUR 500m per year	EUR 1.4bn
P&C GWP to support transition underwriting (cumulative 2024-2026)	EUR 6bn	EUR 4.6bn
Climate adaptation solutions & services (cumulative 2024-2026)	>20,000	19,698 cumulative 2024-2025
Inclusive insurance customers	>20m by 2026	20.6m
AXA Group employees trained on climate adaptation	>80,000 by 2026	46,420
Absolute carbon emissions reduction	-50% by 2030	-64% reduction against 2019
Employee volunteering engagement	50% of AXA Group employees engaged in volunteering activities by 2026	56%

• Climate adaptation solutions & services target (cumulative 2024-2026): >20,000 (target revised in 2025 from >9,000); 2025 Result: 19,698 cumulative 2024-2025 ^{p. 45}
• Absolute carbon emissions reduction target: -50% by 2030 (against 2019 baseline; scope: energy Scopes 1 and 2, car fleet and business travel) and offset of residual emissions; 2025 Result: -64% reduction against 2019 ^{p. 45}

Sustainability Performance & Ratings

ESG ratings and scores ^{p. 46}

Provider	2025 Score / Rating
S&P Global	97th percentile¹ in Dow Jones Best-in-Class Europe & World indices
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0 - Low risk
FTSE Russell	4.3/5 in FTSE4Good Index Series

• "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 as of February 6th, 2026."

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: includes: ^{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, and 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}
• Accounting standards: Unless otherwise specified herein, all comparative figures going back to 2023 are under the IFRS17/9 accounting standards that became effective on January 1, 2023; figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4 ^{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); 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, consisting 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 CSM (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; 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; PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}
• Technical experience: consists of the impacts on the underlying earnings of (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

• Presentation conclusion: Full Year 2025 Earnings presentation concluded on February 26, 2026 ^{p. 49}

Abbreviations

• AA: Senior bond rating (Standard & Poor's)
• AAA: Senior bond rating (Standard & Poor's)
• ABS: Asset-Backed Securities
• AEP: Aggregate Exceedance Probability
• AI: Artificial Intelligence
• APAC: Asia-Pacific
• AXA IM: AXA Investment Managers
• AXA XL: AXA XL (AXA's large property and casualty commercial lines and specialty risk division)
• AY: Accident Year
• BBA: Beneficial interest in a Block of business of Annuities
• CDP: Carbon Disclosure Project
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Calendar Year
• DPS: Dividend Per Share
• EME: Emerging Markets
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• EU: European Union
• EUR: Euro
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GEP: Gross Earned Premiums
• GF EUR: Grandfathered Euro
• GF GBP: Grandfathered Great British Pound
• 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
• LFL: Like-for-Like
• 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 (National Mortgage Guarantee)
• 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
• ROE: Return On Equity
• SCR: Solvency Capital Requirement
• SHE: Shareholders' Equity
• SME: Small and Medium-sized Enterprises
• TVOG: Time Value of Options & Guarantees
• UEPS: Underlying Earnings Per Share
• UK: United Kingdom
• US: United States
• USD: United States Dollar
• VAT: Value Added Tax
• VFA: Variable Fee Approach