AXA/2025/FY/Earnings presentation: Difference between revisions

=== Full Year 2025 earningsEarnings presentationPresentation ===

* '''AXAPresentation Full Year 2025date''' earnings presentation delivered on February 26, 2026 ^{p. 1}

* '''Forward-looking statements''' include predictions of future events, trends, plans, expectations, or objectives, specifically expected underlying earnings per share (UEPS) growth for 2026 provided as one-off guidance for the final year of the Group's strategic plan ^{p. 2}.

* '''One-offRisk guidancefactors''' isand provideduncertainties inthat thismay presentationaffect regardingAXA's expectedbusiness underlyingare earningsdescribed perin sharePart (UEPS)5 growthof forAXA's 2026Universal inRegistration theDocument context offor the last year of the Group'sended currentDecember strategic31, plan2024 ^{p. 2}.

* '''RiskNon-GAAP factorsmeasures''' and uncertaintiesalternative thatperformance maymeasures affect(APMs) AXA'sused businessinclude are"Underlying describedearnings", in Part 5UEPS, "Riskunderlying Factorsreturn andon Riskequity", Management"combined ofratio", AXA'sand 2024"debt Universal Registration Documentgearing" ^{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 statutory auditorscompletion ^{p. 2}.

* '''FY25 Highlights''' presented by Thomas Buberl, Group CEO [^{p. 3; p.04]}

* '''FY25 Business Performance''' presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology [^{p. 3; p.09]}

* '''FY25 Financial Performance''' presented by Alban de Mailly Nesle, Group CFO [^{p. 3; p.13]}

* '''Section dividertitle''': for "1 FY25 Highlights" presented by Thomas Buberl, Group CEO ^{p. 4}.

{| class="wikitable fintable"

! class="col-ms" style="text-align:right" | Value

| class="col-m" style="text-align:right" | +6% vs. FY24—

| class="col-m" style="text-align:right" | +8% vs. FY24—

| class="col-m" style="text-align:right" | 16%

| class="col-m" style="text-align:right" | 224%

|+ Underlying earnings and growth, FY24 vs FY25 ^{p. 6}

* TopHigh lineorganic growth of +6% LFLtop line growth, well balanced across lines: P&C +5%, Life +9%, Health +5%

* EarningsConsistent earnings growth remains consistent while enhancing reserve prudence

* '''Earnings growth outlook''' outlook supported by strongthese pillars, providing confidence in sustaining performanceearnings growth ^{p. 8}.

=== FY25 Business Performance ===

* '''Section 2divider''' for Part 2: "FY25 Business Performance," presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}.

{| class="wikitable fintable"

! class="col-ms" style="text-align:right" | % of total GWP

! class="col-ms" style="text-align:right" | Gross written premiumsGWP

! class="col-ms" style="text-align:right" | UnderlyingGWP earningschange

| class="col-m" style="text-align:right" | 27%

| class="col-m" style="text-align:right" | 31 (+6% LFL)

| class="col-m" style="text-align:right" | 2.2 (+76% LFL)

| class="col-m" style="text-align:right" | 38%

| class="col-m" style="text-align:right" | 43 (+6% LFL)

| class="col-m" style="text-align:right" | 3.5 (+96% LFL)

| class="col-m" style="text-align:right" | 17%

| class="col-m" style="text-align:right" | 19 (+4% LFL)

| class="col-m" style="text-align:right" | 1.9 (+94% LFL)

| class="col-m" style="text-align:right" | 18%

| class="col-m" style="text-align:right" | 20 (+13% LFL)

| class="col-m" style="text-align:right" | 1.5 (+613% LFL)

** '''AXA XL'''|+ GWP includes AXA XL Re premiums of EUR 2.6bnmix ^{p. 11}.

* '''Short-term business''' strategic prioritiesoutlook:

=== FY25 Financial Performance ===

* '''Section title3''': FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 13}

=== P&C | Continued disciplined growth ===

|+ GWP & other revenues by line, FY24 vs FY25segment ^{p. 14}

* '''Commercial lines growth''' driven by continuedContinued pricing momentum and volume growth in Mid-market and SME ^{p. 14}.

* '''AXA XL Insurance''' strategy focused on growingGrowing in lines of business with attractive margins while remaining focused on retention at AXA XL Insurance ^{p. 14}.

* '''AXA XL Reinsurance''' growthGrowth supported by alternative capital ^{p. 14}.

* '''Retail lines growth''' supported by favorableFavorable pricing trends and strong growth in net new contracts with +1.7m in FY25 ^{p. 14}.

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

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

* '''Combined ratio''' improved to 90.6% (prior: 91.0%) ^{p. 15}

* '''Undiscounted current yearCY loss ratio''' excluding Nat Cat improved, driven byfrom:

** Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting a favorable pricing environment ^{p. 15}

* '''Nat Cat charges''' remained below normalized load ^{p. 15}

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

| style="text-align:left" | Underwriting result (Volume growth)

| style="text-align:left" | Underwriting result (Margin improvement)

| style="text-align:left" | Financial result (Investment income)

| style="text-align:left" | Financial result (Insurance finance expenses)

|+ Life GWP & other revenues and Net flows, FY24 vs FY25 ^{p. 17}

! class="col-s" style="text-align:right" | LFL Changechange

| style="text-align:left; font-weight:bold" | Employee BenefitsTotal

| style="text-align:right; font-weight:bold" | —34.5

| style="text-align:right; font-weight:bold" | 1237.95

| style="text-align:right; font-weight:bold" | +49%

|<div style="textoverflow-alignx:rightauto" | 17.5>

|! style="text-align:rightleft" | —EUR billion

| style="text-align:left; font-weight:bold" | '''Total Net flows'''

| style="text-align:right; font-weight:bold" | —17.5

| style="text-align:right; font-weight:bold" | —19.0

| style="text-align:right; font-weight:bold" | —+5%

! class="col-s" style="text-align:right" | LFL Changechange

* NB'''PVEP''' CSM driven by robust Savings & Protection sales; reported growthwas impacted by higher interest rates foron discounting ofdespite strong growth in futureLife profitsvolumes.

|+ Contractual Service Margin rollforward, FY24 to FY25 ^{p. 19}

| style="text-align:left" | FY24 starting value

| style="text-align:left" | FY25 ending value

* '''Normalized CSM''' up by +2% LFL, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}.

* '''Economic variance''' reflecting government spreads tightening and positive equity market returns ^{p. 19}.

* '''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 ^{p. 19}.

* '''FX impact''' mainly from JPY and HKD depreciation ^{p. 19}.

* FY24 starting value: o/w Life: EUR 25.8bn, o/w Health: EUR 7.7bn ^{p. 19}

|+ Underlying earnings bridge, FY24 to FY25 ^{p. 20}

| style="text-align:left" | FY24 start

| style="text-align:left" | FY25 end

* '''Underlying earnings''' increased +7% LFL to EUR 3,501m ^{p.(reported: EUR 3,323m in 20}.FY24)

* '''Short-term technical margin''': EUR 415m in FY24 to EUR 479m in FY25 ^{p. 20}.

* '''Long-term result''' incl. CSM release''': EUR 2,680m in FY24 to EUR 2,804m in FY25 ^{p. 20}.

* '''Financial result''': EUR 975m in FY24 to EUR 946m in FY25 ^{p. 20}.

* '''Tax & others''': -EUR -748m in FY24 to -EUR -728m in FY25 ^{p. 20}.

* '''Life segment''' underlyingcontribution: earningsEUR increased2.6bn in FY24 to EUR 2.7bn in FY25 (+4% vs. FY24; FY24 was EUR 2.6bn) ^{p. 20}.

* '''Health segment''' underlyingcontribution: earningsEUR increased0.7bn in FY24 to EUR 0.8bn in FY25 (+17% vs. FY24; FY24 was EUR 0.7bn) ^{p. 20}.

* '''Short-term technical margin''' strong, reflectingon underwriting and claims initiatives that; more than offset the impact of legislative change on theMexico VAT recoverability of value added tax in Mexico ofEUR -EUR 0.1bn ^{p. 20}.

* '''Long-term results''' higher from increase in CSM release (increase of +8%) reflecting growth inon reserve base growth, including from favorable equity market performancemarkets, and better margins ^{p. 20}.

|+ Earnings and net income metrics ^{p. 21}

! class="col-s" style="text-align:right" | FY24Prior year

! class="col-s" style="text-align:right" | FY25Current year

! class="col-s" style="text-align:right" | Change (at constant FX)

| style="text-align:right" | +2.1

| style="text-align:left" | Financial flows (incl.including RCG)

| style="text-align:right" | +0.3

|+ Underlying earnings per share (reported basis) ^{p. 21}

! style="text-align:left" | Euro unless otherwise mentionedEUR

! class="col-s" style="text-align:right" | FY24Value

| style="text-align:left" | UnderlyingPrior earnings per shareyear

| style="text-align:left" | TemporaryDilution dilutionimpact

* '''Underlying earnings''' driven by strong performance from insurance businesses ^{p. 21}

* '''HoldingHoldings cost& other''' cost stable, expected to remain at current level in 2026 ^{p. 21}

* '''Net income''' increase mainly reflects higher underlying earnings and the gain from the sale of AXA IM ^{p. 21}

*| style="text-align:left" | '''Shareholders' equity bridge''' (in EUR billion) ^{p. 22}:total

|+ Net cash remittance and holdingHolding cash position bridge ^{p. 23}

! class="col-s" style="text-align:right" | Holding cash positionValue

| style="text-align:left" | FY24 cashCash position

| style="text-align:left" | FY25 cashCash position

! class="col-s" style="text-align:right" | Solvency II ratio (%pts)

|+ Key sensitivities onof Solvency II ratio as of December 31, 2025 (Base: 224%) ^{p. 24}

* EuroDividend Sovereign& spreadsannual +50bps:share assumesbuyback 50bpsincludes spreadforeseeable wideningdividends of Euro-EUR sovereign4.8bn bondsand vs.provision Eurofor swapannual curveshare appliedbuyback onfor sovereign2026 andof quasi-sovereignEUR exposures1.25bn ^{p. 24}.

! style="text-align:left" | MetricSolvency II ratio (pts)

| style="text-align:left" | Solvency II ratio asAs of December 31, 2025

| style="text-align:right" | 224%

| style="text-align:right" | -10pts10

| style="text-align:left" | SolvencyRatio IIafter revisiongrandfathering impact (estimated for 1Q27)

| style="text-align:right" | +17pts215

* '''GrandfatheringSolvency endII impactrevision''' onimpact, Januaryexpected 1,to 2026come isinto -10pts,effect reducingin the1Q27, ratiois toestimated at 215%+17pts ^{p. 25}.

=== Thomas Buberl, Group CEO conclusionConclusion ===

* '''ConclusionSection divider''' presentedfor the conclusion presentation by Thomas Buberl, Group CEO ^{p. 26}.

* '''BusinessAll performancebusinesses''' 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}.

* '''StrategicFuture 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 earningsEarnings ===

* '''AdditionalTable IFRS17of disclosurescontents''' ^{p.agenda 41}structure:

** 1. '''SustainabilityDebt and Invested Assets''' ^{p. 4431}

=== Gross financial debt and maturity breakdown as of December 31st31 st , 2025 ===

** '''FY24FY25''': EUR 1920.2bn3bn total (Tier 1: EUR 4.8bn,6bn; Tier 2: EUR 1012.8bn,2bn; Senior debt: EUR 3.5bn) ^{p. 32}

** '''FY25Jan 1st 2026''' (End of the grandfathering period): EUR 20.3bn total (Tier 1: EUR 43.6bn,2bn; Tier 2: EUR 1211.2bn,3bn; Senior debt: EUR 35.5bn8bn, of which EUR 0.4bn redeemed in Jan 2026) ^{p. 32}

** '''2030''': EUR 0.9bn total (Tier 2: EUR 0.7bn,; Senior debt: EUR 0.2bn) ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 2: EUR 0.7bn ^{p. 32}

** '''≥2040''': EUR 11.3bn total (Tier 2: EUR 10.8bn,; Senior debt: EUR 0.5bn) ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 2: EUR 0.2bn ^{p. 32}

** '''Undated''': EUR 5.3bn total (Tier 1: EUR 4.6bn,; Tier 2: EUR 0.7bn) ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 1: EUR 1.4bn ^{p. 32}

* (stacked bar) '''Economic maturity breakdown''' (taking into account the first date of step up calls on institutionally placed subordinated debt):

*** '''o/w Grandfathered debt''': Tier 1: EUR 0.1bn ^{p. 32}

** '''2028''': EUR 0.6bn total (Tier 1: EUR 0.1bn,; Senior debt: EUR 0.5bn) ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 1: EUR 0.1bn ^{p. 32}

** '''2030''': EUR 0.9bn total (Tier 2: EUR 0.7bn,; Senior debt: EUR 0.2bn) ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 2: EUR 0.7bn ^{p. 32}

** '''2031-2039''': EUR 18.5bn3bn total (Tier 1: EUR 0.4bn,; Tier 2: EUR 6.4bn,; Senior debt: EUR 1.5bn) ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 1: EUR 0.4bn ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 2: EUR 0.2bn ^{p. 32}

** '''Undated''': EUR 4.7bn total (Tier 1: EUR 4.0bn,; Tier 2: EUR 0.7bn) ^{p. 32}

*** '''o/w Grandfathered debt''': Tier 1: EUR 0.8bn ^{p. 32}

* '''Subsequent events''': 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 investedInvested assetsAssets ===

|+ FixedFY25 incomeTotal reinvestmentGeneral Account invested assets breakdown ^{p. 3533}

! class="col-s" style="text-align:right" | Reinvestment asset mixValue

! class="col-s" style="text-align:right" | Reinvestment% yieldof total

| style="text-align:left" | GovernmentFixed bonds & relatedincome

| style="text-align:right" | 32%345

| style="text-align:right" | —77%

| style="text-align:left" | InvestmentGovernment grade creditbonds

| style="text-align:right" | 40%167

| style="text-align:right" | —37%

| style="text-align:left" | ABS/CLO/IGCorporate fundbonds financingand loans

| style="text-align:right" | 21%121

| style="text-align:right" | —27%

| style="text-align:left" | BelowOther investmentfixed grade creditincome

| style="text-align:right" | 7%56

| style="text-align:right" | —13%

| style="text-align:left" | PublicReal fixed incomeestate

| style="text-align:right" | —41

| style="text-align:right" | 3.59%

| style="text-align:left" | PrivateInfrastructure & Structured fixed incomeequity

| style="text-align:right" | —10

| style="text-align:right" | 4.72%

| style="text-align:left; font-weight:bold" | Total fixedListed incomeequities

| style="text-align:right; font-weight:bold" | —10

| style="text-align:right; font-weight:bold" | 3.92%

* FixedTotal incomeGeneral reinvestmentAccount totaledinvested assets EUR 57bn450bn infor FY25.

{| class="wikitable fintable"

|+ AXAStructured XLand Insuranceprivate FY25 GWP by line of business andcredit geographyassets ^{p. 3734}

! style="text-align:left" | USDEUR billion unless otherwise mentioned

! class="col-ms" style="text-align:right" | Line of businessValue

! class="col-ms" style="text-align:right" | Share% of total G/A portfolio

| style="text-align:left; font-weight:bold" | Total structured and private credit assets

| class="col-m" style="text-align:right; font-weight:bold" | 1969

| class="col-m" style="text-align:right; font-weight:bold" | —15%

| style="text-align:left" | —Residential mortgages

| class="col-m" style="text-align:right" | Casualty16

| class="col-m" style="text-align:right" | 354%

| style="text-align:left" | —CLO & ABS

| class="col-m" style="text-align:right" | Property25

| class="col-m" style="text-align:right" | 296%

| style="text-align:left" | —Infrastructure debt

| class="col-m" style="text-align:right" | Specialty8

| class="col-m" style="text-align:right" | 192%

| style="text-align:left" | —CRE debt

| class="col-m" style="text-align:right" | Professional lines (including Cyber)8

| class="col-m" style="text-align:right" | 172%

| class="col-m" style="text-align:rightleft" | —Mid-market lending

=== P&CInvestment portfolio | FocusFixed onIncome Reservesreinvestment ===

|+ ClaimsAXA reservesXL ratioInsurance andFY25 Technical reserves ratioGWP ^{p. 3837}

! style="text-align:left" | RatioUSD billion unless otherwise mentioned

! class="col-s" style="text-align:right" | FY18GWP by line of business

! class="col-s" style="text-align:right" | FY19GWP by geography

| style="text-align:left; font-weight:bold" | Claims reserves ratio (IFRS4)Total

| style="text-align:right; font-weight:bold" | 179%19

| style="text-align:right; font-weight:bold" | 185%19

| style="text-align:rightleft" | 188%'''Line of business'''

| style="text-align:left" | Claims reserves ratio (IFRS17)Property

| style="text-align:right" | —29%

| style="text-align:left" | Technical reserves ratio (IFRS4)'''Geography'''

| style="text-align:left" | TechnicalEurope reserves& ratio (IFRS17)APAC

| style="text-align:right" | —19%

|+ Insurance segment (occurrence protection) capacity and retention by peril ^{p. 39}

! style="text-align:left" | PerilEUR billion

! class="col-s" style="text-align:right" | Capacity (EUR billion)

! class="col-s" style="text-align:right" | Retention (EUR)

| style="text-align:left" | OtherPer other perils

|+ Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax) ^{p. 40}

! class="col-s" style="text-align:right" | Deviation (EUR billion)

| style="text-align:left" | 1/20y (95th percentile (1/20y)

| style="text-align:left" | 1/10y (90th percentile (1/10y)

| style="text-align:left" | 1/5y (80th percentile (1/5y)

| style="text-align:left" | Median (50th percentile (Median)

| style="text-align:left" | 1/5y (20th percentile (1/5y)

| style="text-align:left" | 1/10y (10th percentile (1/10y)

| style="text-align:left" | 1/20y (5th percentile (1/20y)

! style="text-align:left" | YearEUR billion

! class="col-sxs" style="text-align:right" | Expected charges2025

! class="col-sxs" style="text-align:right" | Estimated impact on GEP2026

| style="text-align:left" | FY25Average expected Nat Cat charges

| class="col-sxs" style="text-align:right" | 2.6

| class="col-sxs" style="text-align:right" | ca2. 4.5%7

| style="text-align:left" | FY26Estimated impact on GEP

| class="col-sxs" style="text-align:right" | 2ca.7 4.5%

| class="col-sxs" style="text-align:right" | ca. 4.5%

|+** Table of2. contentsAdditional sectionP&C navigationdisclosures ^{p. 4136}

=== P&C | Margin analysisAnalysis ===

|+*** P&C'''Current Accident Year Undiscounted Technical Margin''': AnalysisEUR 2,778m (pre-taxchange: unless specified+EUR otherwise707m) ^{p. 42}

|+ L&HTechnical Margin, AnalysisFY25 (LFL)vs FY24 ^{p. 43}

! class="col-ms" style="text-align:right" | Change LFL

| style="text-align:left" | Gross earnedEarned premiumsPremiums

| style="text-align:left" | Combined ratioRatio (all year)

| style="text-align:right" | improved -0.1pt1pts

|-}

| style="text-align:left" | Affiliates and minorities (including other)

|+ Life & Health FY25 CSM sensitivitiesSensitivity ^{p. 43}

! style="text-align:left" | CSMEUR Sensitivitybillion unless otherwise mentioned

! class="col-s" style="text-align:right" | Impact+50bps (EUR/ billion)+25%

| style="text-align:left" | Baseline CSM Baseline

| style="text-align:left" | Interest ratesrate +50bpssensitivity

| style="text-align:left" | Sovereign spreadsspread +50bpssensitivity

| style="text-align:left" | Corporate spread +50bpssensitivity

| style="text-align:left" | EquitiesEquity +25%sensitivity

*=== '''Table of contents''' navigation menu ^{p. 44}:===

---|-

|+ AXA's ESG ratings and scores ^{p. 46}

| class="col-m" style="text-align:right" | 97th percentile in Dow Jones Best-in-Class Europe & World indices

| class="col-m" style="text-align:right" | 4.3/5 in FTSE4Good Index Series

* '''Europe''' scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxemburgLuxembourg (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}.

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), 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 on March 11, 2024 and holding) businesses (consolidated under equity method consolidated, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 47}.

** '''Africa''': Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) (all fully consolidated) ^{p. 47}.

** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (all fully consolidated); Russia (Reso) (insurance activities) (consolidated under equity method consolidated, contributing only to net income) ^{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 consolidated) ^{p. 47}.

* '''Accounting standards''' note: Unlessunless 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}.

=== February 26, 2026 Thank you Full Year 2025 earningsEarnings ===

* '''FullConcluding Yearslide 2025'''of earningsthe presentation concluding slide dated February 26, 2026 ^{p. 49}.

* '''AA''': SeniorityS&P rating from 'AA-' to 'AA+'

* '''AAA''': SeniorityS&P rating from 'AAA-' to 'AAA+'

* '''AXA UKXL''': AXA UnitedXL, KingdomAXA's large property and casualty and specialty risk division

* '''BBA''': Beneficial Business AcquisitionBacking Annuities

* '''DPS''': DividendDividends Per Share

* '''EME''': Europe,Emerging Middle EastMarkets

* '''NHG''': Nationale Hypotheek Garantie (National Mortgage Guarantee)

* '''PAA''': ProportionatePolicyholder AmortizationAnnuity ApproachAssets

* '''RCG''': ReplicatingReclassification Coreof GrowthGains