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

• AXA Full Year 2025 earnings presentation delivered on 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 include predictions of or indicate future events, trends, plans, expectations, or objectives ^{p. 2}.
  • Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group's current strategic plan ^{p. 2}.
  • Readers should refer to Part 5 "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 for a description of important factors, risks, and uncertainties ^{p. 2}.
• Non-GAAP financial measures or alternative performance measures (APMs) are used by Management to analyze operating trends, financial performance, and financial position ^{p. 2}.
  • APMs include "underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.
  • Reconciliations of APMs to the most closely related IFRS line items are provided in AXA's Activity Report as of December 31, 2025 ^{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 an audit procedure by AXA's statutory auditors ^{p. 2}.

Table of contents

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

FY25 Highlights

• Section presentation titled "FY25 Highlights" presented by 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	16%
Solvency II ratio	224%
Shareholder value delivery	+8% DPS growth and EUR 1.25bn annual share buyback

• 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, subject to market conditions
• Future outlook indicates confidence to deliver underlying EPS growth at the upper end of the 6%-8% target range for 2026

Executing the plan on growth, margin and efficiency

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

EUR billion unless otherwise mentioned	FY24	FY25	Change (constant FX)	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 remains consistent while enhancing reserve prudence

Diversified franchise, well positioned in an attractive industry

Business mix by FY25 gross written premium split ^{p. 7}

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

• Secular trends fuel demand across businesses, driven by protection gaps and emerging corporate risks alongside demographics driving demand for private retirement and healthcare.
• Our right to win is supported by four strategic pillars:
  • Leading brand & high customer NPS
  • Strong and diversified distribution
  • Technical expertise to price & underwrite risks
  • Scale offering cost advantage

Laying the foundation for the next plan

• Strategic pillars established to lay the foundation for the next plan ^{p. 8}:
  • Clear tech and AI roadmap ^{p. 8}
  • Driving efficiency ^{p. 8}
  • Enhancing capital allocation discipline ^{p. 8}
  • Building resilience ^{p. 8}
• Earnings growth outlook supported by strong confidence in sustaining performance ^{p. 8}.

FY25 Business Performance

• Section 2: FY25 Business Performance, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}.

Strong delivery across our businesses

Key financial metrics by region ^{p. 10}

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

• Note: Change for Gross written premiums is at constant scope and FX, and for underlying earnings at constant FX. FY25 gross written premiums exclude AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers ^{p. 10}.

P&C | Strong margins, confidence in sustaining growth

GWP mix ^{p. 11}

Segment	GWP
Retail	—
SME & Mid-market	—
AXA XL (Large & Specialty)	2.6bn

• Underlying earnings +9% LFL to EUR 5.9bn.
• GWP mix: Total GWP EUR 58bn, split across Retail, SME & Mid-market, and AXA XL (Large & Specialty).
• Retail and SME & Mid-market strategy:
  • 2025: Growing volumes while expanding margins.
  • Beyond 2025: Investing to improve customer retention and expanding distribution footprint.
• AXA XL (Large & Specialty) strategy:
  • 2025: Profitable growth with stable margins.
  • Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management.
• Strategic enablers:
  • Continued progress on efficiency.
  • Higher investment income.
  • Data & AI to further enhance customer experience and technical excellence.

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

GWP mix and Underlying earnings ^{p. 12}

EUR billion unless otherwise mentioned	Value
GWP total	57
Underlying earnings	3.5
Underlying earnings LFL change	+7%
Long-term business	—
Short-term business	—

• Long-term business strategic priorities:
  • 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 priorities:
  • 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 3: FY25 Financial Performance ^{p. 13}
• Presenter: Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C | Continued disciplined growth

GWP & other revenues by segment, 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%	—	—

• Commercial lines:
  • 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}
• 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}

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

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

%	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

• Undiscounted CY loss ratio (ex Nat Cat) improved from:
  • 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}
• Expense ratio improved 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}
• Prior year reserve development shows lower reliance, 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

• Underlying earnings grew +9% at constant FX.
• Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence.
• Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets.
• Insurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance.
• Forex impact was unfavorable, notably due to USD depreciation vs. EUR.

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

GWP & other revenues and Net flows by segment, FY24 vs FY25 ^{p. 17}

EUR billion unless otherwise mentioned	FY24	FY25	LFL Change	Net flows
Life GWP & other revenues	34.5	37.5	+9%	—
Protection	—	17.3	+11%	+4.9
Unit-linked	—	9.3	+13%	+1.5
Capital light G/A	—	9.0	+7%	+1.2
Traditional G/A	—	1.9	-7%	-5.0
Employee Benefits	—	12.9	+4%	—
Health GWP & other revenues	17.5	19.0	+5%	—
Individual	—	10.5	+6%	—
Group	—	8.5	+4%	+2.7
Total net flows	+1.5	+5.4	—	—

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

PVEP, NB CSM, and NBV, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25	LFL 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%	—

• PVEP was impacted by higher interest rates on discounting despite strong growth in Life volumes.
• NB CSM was driven by robust Savings & Protection sales, with reported growth impacted by higher interest rates for discounting of future profits.
• NBV was broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.

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

Contractual Service Margin rollforward ^{p. 19}

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

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

• Underlying earnings +7% LFL to EUR 3,501m.
• FY24 components: Short-term technical margin EUR 415m; Long-term result incl. CSM release EUR 2,680m; Financial result EUR 975m; Tax & others -EUR 748m.
• FY25 components: Short-term technical margin EUR 479m; Long-term result incl. CSM release EUR 2,804m; Financial result EUR 946m; Tax & others -EUR 728m.
• Life segment underlying earnings EUR 2.7bn (+4% vs. FY24; FY24: EUR 2.6bn).
• Health segment underlying earnings EUR 0.8bn (+17% vs. FY24; FY24: EUR 0.7bn).
• Short-term technical margin strong on underwriting and claims initiatives; more than offset legislative change on VAT recoverability in Mexico of -EUR 0.1bn.
• Long-term results higher from CSM release increase of +8% on reserve base growth, favorable equity markets, and better margins.

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

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

EUR billion unless otherwise mentioned	FY24	FY25	Change
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	flat
Underlying earnings	8.1	8.4	+6%
Non-financial flows	-0.5	2.1	—
Financial flows (including RCG)	0.3	-0.7	—
Net income	7.9	9.8	+26%

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

Driver	Change
Earnings growth	+6%
Capital management	+3%
Forex	-2%

• Underlying earnings driven by strong performance from insurance businesses.
• Holding cost stable, expected to remain at current level in 2026.
• Net income growth mainly reflecting higher underlying earnings and the gain from the sale of AXA IM.
• Financial flows lower reflecting unfavorable forex impact.
• Capital gains from AXA IM disposal: EUR +2.2bn in FY25.
• Temporary dilution from AXA IM sale: -1% included in forex/capital management, due to the timing of anti-dilutive share buyback.
• (bar chart) Underlying earnings per share (in Euro, reported basis): EUR 3.59 in FY24 to EUR 3.86 in FY25 (+8%) ^{p. 21}

Shareholders' Equity

• All figures in Euro billion unless otherwise stated ^{p. 22}.
• (stacked bar) Shareholders' equity (Group share):
  • FY24: EUR 49.9bn total (comprising SHE excl. OCI of EUR 58.0bn and Net OCI of EUR -8.1bn) ^{p. 22}
  • HY25: EUR 45.5bn total (comprising SHE excl. OCI of EUR 52.7bn and Net OCI of EUR -7.2bn) ^{p. 22}
  • FY25: EUR 47.2bn total (comprising SHE excl. OCI of EUR 54.0bn and Net OCI of EUR -6.8bn) ^{p. 22}
• SHE (excl. OCI & undated subordinated debt): EUR 53.2bn in FY24; EUR 47.0bn in HY25; EUR 49.4bn in FY25 ^{p. 22}
• Debt gearing: 20.6% in FY24; 23.4% in HY25; 22.3% in FY25 ^{p. 22}
• Underlying ROE: 15.2% in FY24; 17.5% in HY25; 16.0% in FY25 ^{p. 22}
• Shareholders' equity bridge:
  • Opening Shareholders' equity: EUR 49.9bn (FY24 to FY25); EUR 45.5bn (HY25 to FY25) ^{p. 22}
  • Change in Net OCI: +EUR 1.3bn (FY24 to FY25); +EUR 0.4bn (HY25 to FY25) ^{p. 22}
  • Net income for the period: +EUR 9.8bn (FY24 to FY25); +EUR 5.9bn (HY25 to FY25) ^{p. 22}
  • Dividend: -EUR 4.6bn (FY24 to FY25); nil (HY25 to FY25) ^{p. 22}
  • Annual share buyback: -EUR 1.2bn (FY24 to FY25); nil (HY25 to FY25) ^{p. 22}
  • Anti-dilutive share buyback following the sale of AXA IM: -EUR 3.5bn (FY24 to FY25); -EUR 3.5bn (HY25 to FY25) ^{p. 22}
  • Undated subordinated debt (including interest charges): -EUR 0.3bn (FY24 to FY25); -EUR 1.2bn (HY25 to FY25) ^{p. 22}
  • Forex: -EUR 3.5bn (FY24 to FY25); -EUR 0.1bn (HY25 to FY25) ^{p. 22}
  • Other: -EUR 0.6bn (FY24 to FY25); +EUR 0.3bn (HY25 to FY25) ^{p. 22}
  • Closing Shareholders' equity: EUR 47.2bn (FY24 to FY25); EUR 47.2bn (HY25 to FY25) ^{p. 22}

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 cash remittance	7.1	7.5
Proceeds related to in-force treaties	0.6	—

• Remittance ratio was 82% in FY24 and 82% in FY25 ^{p. 23}
• Proceeds related to in-force treaties of EUR 0.6bn in FY24 related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe ^{p. 23}

Holding cash position bridge ^{p. 23}

EUR billion	Value
FY24 Cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-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

Solvency II at 224%

Solvency II walk, 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

• Dividend & annual share buyback includes foreseeable dividends of EUR -4.8bn and provision for annual share buyback for 2026 of EUR -1.25bn ^{p. 24}.

Solvency II sensitivities (impact on 224% base ratio as of December 31, 2025) ^{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 (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

• Euro Sovereign spreads +50bps assumes 50bps spread widening of Euro sovereign bonds vs. Euro swap curve applied on sovereign and quasi-sovereign exposures ^{p. 24}
• Credit migration assumes 20% of corporate bonds, including private debt, held are downgraded by one full letter / 3 notches ^{p. 24}

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

Solvency II ratio evolution ^{p. 25}

Solvency II ratio	Value
As of December 31, 2025	224%
Grandfathering end impact on January 1, 2026	-10pts
Ratio after grandfathering impact	215%
Solvency II revision impact (estimated)	+17pts

• EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026.
• No change is expected in organic capital generation.
• Provides additional capital flexibility.
• ¹ Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.
• Solvency II revision impact to come into effect in 1Q27 is estimated at +17pts¹ ^{p. 25}.

Thomas Buberl, Group CEO conclusion

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

Conclusion

• Record results achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.
• Business performance shows all businesses in excellent shape, delivering strong growth and profitability ^{p. 27}.
• Diversified franchise is well-positioned to capture future growth opportunities ^{p. 27}.
• Strategic outlook focused on 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 session for the Full Year 2025 Earnings presentation held on February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

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

Appendices

• Section divider slide introducing the Appendices section ^{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

• Debt gearing was 20.6% in FY24 and 22.3% in FY25 ^{p. 32}.
• (stacked bar) Gross financial debt (nominal debt basis):
  • FY24: EUR 19.2bn total (Tier 1: EUR 4.8bn, Tier 2: EUR 10.8bn, Senior debt: EUR 3.5bn) ^{p. 32}
  • FY25: EUR 20.3bn total (Tier 1: EUR 4.6bn, Tier 2: EUR 12.2bn, Senior debt: EUR 3.5bn) ^{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}
• (stacked bar) Contractual maturity breakdown (EUR billion):
  • 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}
• (stacked bar) Economic maturity breakdown (taking into account first date of step-up calls on institutionally placed subordinated debt):
  • 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 1.9bn total (Tier 1: EUR 0.4bn, Tier 2: EUR 6.4bn [unclear], Senior debt: EUR 1.5bn) ^{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}
• In January 2026, AXA called the remaining Tier 2 grandfathered GBP 139m due 2054 callable 2034 5.625% issued January 2014, and the Tier 1 grandfathered EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32}.

General Account invested assets

Total General Account invested assets ^{p. 33}

EUR billion unless otherwise mentioned	Value	Share
Fixed income	345	77%
o/w Government bonds	167	37%
o/w Corporate bonds and loans	121	27%
o/w 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 with a duration gap at -0.4 year
• Other fixed income includes Asset Backed Securities of EUR 25bn, Residential Loans of EUR 16bn, Commercial & Agricultural Loans of EUR 7bn, and Agency Pools of EUR 8bn
• Listed equities includes hedges; listed equities excluding hedges at EUR 14bn
• Private equity and hedge funds includes Private Equity of EUR 17bn, Hedge Funds of EUR 5bn, and Non-listed Equities of EUR 1bn

Structured and Private Credit assets

Structured assets and private credit assets ^{p. 34}

EUR billion unless otherwise mentioned	Value	Share 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 assets	2	0%
Total structured assets and private credit assets	69	15%

• Residential mortgages includes EUR 6bn Dutch mortgages, NHG guaranteed
• Residential mortgages includes 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 including Telecom, Utilities, and 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
• Mid-market lending: investments through SMAs with strict underwriting guidelines: senior secured, covenants, restrictions on asset sales, and sector allocation
• Total structured assets and private credit assets: 54% is participating

Investment portfolio | Fixed Income reinvestment

Fixed income reinvestment asset mix and yield, FY25 ^{p. 35}

EUR billion unless otherwise mentioned	Reinvestment asset mix	Average rating	Reinvestment yield
Government bonds & related	32%	AA	—
Investment grade credit	40%	A	—
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%

• Fixed income reinvestment totaled EUR 57bn in FY25.
• Reinvestment duration averaged 9 years.
• Private & Structured credit reinvestment was EUR 19.7bn at 4.7% yield, covering CLOs, ABS, Infra & CRE debt, Fund financing, and Private HY.
• Strategic asset shift from alternative total return assets to Private & Structured credit.

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

AXA XL Insurance | Large Commercial & Specialty business

FY25 GWP by line of business and geography ^{p. 37}

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

• AXA XL Insurance is well diversified across lines of business and geographies, with USD 19bn FY25 GWP.
• Market leadership positions AXA XL as top 3 globally in:
  • Multinational Programs
  • Marine
  • Fine Art & Specie
• (bubble chart) Managing the cycle to deliver consistent profitability (Profitability vs Ex-price growth %):
  • Property: Highest profitability and highest ex-price growth
  • Specialty: Medium-high profitability and medium-high ex-price growth
  • Casualty: Medium-low profitability and medium-low ex-price growth
  • Professional lines: Lowest profitability and lowest ex-price growth

P&C | Focus on Reserves

Claims and Technical reserves ratio ^{p. 38}

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

• Technical reserves include net undiscounted claims reserves and unearned premium reserves.

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

Insurance segment occurrence protection 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
Per other perils	—	400m

• Retention levels remained stable in 2026 compared to 2025 ^{p. 39}.
• (diagram) Reinsurance segment (illustrative) utilizes Alternative Capital & Cat Bonds ^{p. 39}.

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

• Earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax) shows negative deviation in ca. 40% of cases (more severe years) and positive deviation in ca. 60% of cases (less severe years) ^{p. 40}.
• (bar chart) Group underlying earnings deviation to average Nat Cat charges in 2026:
  • 1/20y (95th percentile): EUR -1.2bn ^{p. 40}
  • 1/10y (90th percentile): EUR -0.8bn ^{p. 40}
  • 1/5y (80th percentile): EUR -0.4bn ^{p. 40}
  • Median (50th percentile): EUR +0.1bn ^{p. 40}
  • 1/5y (20th percentile): EUR +0.5bn ^{p. 40}
  • 1/10y (10th percentile): EUR +0.7bn ^{p. 40}
  • 1/20y (5th percentile): EUR +0.8bn ^{p. 40}
• (bar chart) Average expected Nat Cat charges (net of reinsurance, pre-tax):
  • 2025: 2.6, with estimated impact on GEP of ca. 4.5% ^{p. 40}
  • 2026: 2.7, with estimated impact on GEP of ca. 4.5% ^{p. 40}
• Natural catastrophe cost is defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance ^{p. 40}.
• Deviation comparison is made to a normalized level, which represents costs associated with natural catastrophes expected in an average year, at ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance ^{p. 40}.

• Table of contents section divider ^{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 ^{p. 42}

EUR million unless otherwise mentioned	FY25	Change vs FY24	Other metrics
Technical result (pre-tax)	—	—	—
Undiscounted technical margin (current accident year)	2,778	+707	—
Gross earned premiums	57,656	+6%	—
Undiscounted combined ratio (current accident year)	95.2%	-1.0pt	—
Nat Cats	3.4%	-0.4pt	—
Discounting (current accident year)	2,009	+115	—
Discounting ratio	-3.5%	+0.0pt	—
Net claims reserves (current accident year)	19.0bn	—	—
Duration	4.0 years	—	—
Discount rate (current accident year)	2.8%	—	—
Prior years' reserve development (PYD)	622	-341	—
PYD ratio	-1.1%	+0.7pt	—
Financial result (pre-tax)	—	—	—
Investment income	3,988	+435	—
Average assets (FY25)	115bn	—	—
Asset book yield	3.5%	—	—
Reinvestment yield on fixed income assets	4.3%	—	—
Insurance finance expenses	-1,358	-235	—
Reserves at locked-in rate (FY24)	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	+9% growth vs FY24 at constant FX

Discount rate sensitivity of FY25 current accident year net reserve discounting ^{p. 42}

Shift	EUR billion
+25bps	+0.2
-25bps	-0.2

Insurance finance expenses expected for 2026 (pre-tax) ^{p. 42}

Item	Value
2026e expenses	~ -1.4bn

Sensitivity of 2026e expenses to changes in 2025 current accident year discount ^{p. 42}

Shift	Change
+25bps	~ -50m
-25bps	~ +50m

L&H | Margin analysis

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

EUR million unless otherwise mentioned	FY25	Change vs FY24	Other metrics
Short-term Technical Margin	479	+60	Including recapture of Laya
Gross earned premiums	17,416	+10%	—
All year combined ratio	97.2%	-0.1pts	—
Long-term Technical Margin	2,804	+156	—
CSM release	2,954	+215	—
Technical experience	-150	-58	—
Investment Income (non-VFA only)	2,484	-1	—
Average assets	98bn	—	—
Asset book yield	2.5%	—	—
Reinvestment yield	3.8% on fixed income assets	—	—
Insurance Finance Expenses (non-VFA only)	-1,538	-9	—
Reserves at locked-in rate	62bn (FY24)	—	—
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	+7% growth vs FY24 at constant FX

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

Sensitivity	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

• L&H margin analysis includes scope impact ^{p. 43}.

• Table of contents navigation:
  • 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

AXA for Progress Index performance dashboard ^{p. 45}

Role	Metric	Target	2025 Result
As a Global Investor	Climate transition financing	EUR 5bn per year	EUR 6.4bn
—	Community resilience financing	>EUR 500m per year	EUR 1.4bn
As a Global Insurer	Transition underwriting	EUR 6bn in P&C GWP (cumulative 2024-2026)	EUR 4.6bn
—	Climate adaptation solutions	>20,000 solutions & services (cumulative 2024-2026)	19,698 (cumulative 2024-2025)
—	Inclusive insurance	>20m customers by 2026	20.6m
As a Company	Climate training	>80,000 AXA Group employees trained on climate adaptation by 2026	46,420
—	Net-Zero contribution	-50% by 2030 in absolute carbon emissions and offset of residual emissions	-64% reduction against 2019
—	Employee volunteering	50% of AXA Group employees engaged in volunteering activities by 2026	56%

Sustainability Performance & Ratings

ESG ratings and scores ^{p. 46}

Rating Agency	2025 Score / Percentile
S&P Global	97th percentile
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0 - Low risk
FTSE Russell	4.3/5

• The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (specifically AXA Restricted Shares), with results as of February 6th, 2026.
• S&P Global 2025 percentile was 97th (footnote 1) in Dow Jones Best-in-Class Europe & World indices ^{p. 46}.
• FTSE Russell 2025 score was 4.3/5 in FTSE4Good Index Series ^{p. 46}.

Scope

• France scope includes insurance activities, banking activities, and holding ^{p. 47}.
• Europe scope includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxembourg (insurance and holding), United Kingdom and Ireland (insurance and holding), Spain (insurance and holdings), Italy (insurance), Prima (insurance), and AXA Life Europe (insurance) ^{p. 47}.
• AXA XL scope includes insurance and reinsurance activities and holding ^{p. 47}.
• Asia, Africa & EME-LATAM scope includes:
  • Asia: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, China P&C, South Korea, and Asia Holdings (all fully consolidated); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024 and holding) businesses (consolidated under equity method, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 47}.
  • Africa: Morocco (insurance and holding), Nigeria (insurance and holding), and Egypt (insurance and holding) (all fully consolidated) ^{p. 47}.
  • EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) (all fully consolidated); Russia (Reso) (insurance) (consolidated under equity method, contributing only to net income) ^{p. 47}.
  • AXA Mediterranean Holdings ^{p. 47}.
• Transversal & Other scope includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.
• AXA Investment Managers (until July 1, 2025) scope includes AXA Investment Managers, Select (previously referred to as Architas), and Capza (all fully consolidated), and Asian joint ventures (consolidated under equity method) ^{p. 47}.
• Accounting standards note: unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 standards effective January 1, 2023; periods prior to 2023 have not been restated 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. 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. 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

• AXA Full Year 2025 Earnings presentation closing slide, dated February 26, 2026 ^{p. 49}

Abbreviations

• AA: Senior Secured
• AAA: Senior Secured
• ABS: Asset-Backed Securities
• AEP: Aggregate Exceedance Probability
• AI: Artificial Intelligence
• APAC: Asia-Pacific
• AXA IM: AXA Investment Managers
• BBA: Benefits-Based Annuities
• CDP: Carbon Disclosure Project
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Current Year
• DPS: Dividend Per Share
• EME: Europe, Middle East, and Africa
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• EU: European Union
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GEP: Gross Earned Premiums
• 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
• 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: Realized Capital Gains
• ROE: Return on Equity
• SCR: Solvency Capital Requirement
• SHE: Shareholders' Equity
• SME: Small and Medium-sized Enterprises
• TVOG: Time Value of Options and Guarantees
• UEPS: Underlying Earnings Per Share
• UK: United Kingdom
• US: United States
• USD: United States Dollar
• VAT: Value Added Tax
• VFA: Variable Fee Approach