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

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

Front matter

Full Year 2025 earnings presentation

• Earnings presentation for Full Year 2025, 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 disclaimer covers predictions, plans, targets, and expectations, specifically noting that statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking statements providing one-off guidance for the final year of the Group's current strategic plan ^{p. 2}.
• Risk factors and uncertainties that may affect AXA's business are described in Part 5 "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2024 ^{p. 2}.
• Non-GAAP measures and alternative performance measures (APMs) used include "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.
• APM reconciliations are provided in AXA's Activity Report as of December 31, 2025, under the heading "Use of non-GAAP and alternative performance measures" ^{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 auditors ^{p. 2}.

Table of contents

• FY25 Highlights presented by Thomas Buberl, Group CEO ^{p. 3, 4}
• FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 3, 9}
• FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 3, 13}

FY25 Highlights

• Section divider: 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%
Underlying EPS	+8%
Return on equity	16%
Solvency II ratio	224%
Dividend per share growth	+8%
Share buyback	EUR 1.25bn
Underlying EPS growth target for 2026	6% to 8% (upper end)

• Revenues +6% vs. FY24 ^{p. 5}
• Underlying EPS +8% vs. FY24 ^{p. 5}
• Dividend per share +8% growth, based on the 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 ^{p. 5}

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% at constant scope and FX, balanced across lines: P&C +5%, Life +9%, Health +5%
• Margin expansion in P&C and L&H, alongside efficiency improvements
• Business scaling supported by continued investments in growth and technology
• Earnings growth remained consistent while enhancing reserve prudence

Diversified franchise, well positioned in an attractive industry

FY25 gross written premium split ^{p. 7}

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

• Secular trends fuel demand across businesses, driven by protection gaps, emerging corporate risks, and 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 these pillars, providing confidence in sustaining earnings growth ^{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

• Premium growth basis: change for gross written premiums is at constant scope and FX ^{p. 10}.
• Earnings growth basis: change for underlying earnings is at constant FX ^{p. 10}.
• Total GWP definition: FY25 gross written premiums excluding AXA IM, Holdings, AXA Assistance, and AXA Liabilities Managers ^{p. 10}.

Business performance by region FY25 ^{p. 10}

Region	Gross written premiums	Underlying earnings
France (27% of total GWP¹)	+6% to EUR 31bn	+7% to EUR 2.2bn
Europe (38% of total GWP¹)	+6% to EUR 43bn	+9% to EUR 3.5bn
AXA XL (17% of total GWP¹)	+4% to EUR 19bn	+9% to EUR 1.9bn
Asia, Africa & EME-LATAM (18% of total GWP¹)	+13% to EUR 20bn	+6% to EUR 1.5bn

P&C | Strong margins, confidence in sustaining growth

• (donut) Gross written premiums (GWP): EUR 58bn total; segments include Retail, AXA XL (Large & Specialty), and SME & Mid-market (shares not labeled) ^{p. 11}
  • AXA XL premiums include AXA XL Re premiums of EUR 2.6bn ^{p. 11}
• Underlying earnings +9% at constant FX to EUR 5.9bn ^{p. 11}
• Retail and SME & Mid-market strategic outlook:
  • 2025 focus: Growing volumes while expanding margins ^{p. 11}
  • Beyond 2025 focus: Investing to improve customer retention and expanding distribution footprint ^{p. 11}
• AXA XL (Large & Specialty) strategic outlook:
  • 2025 focus: Profitable growth with stable margins ^{p. 11}
  • Beyond 2025 focus: Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}
• Earnings growth drivers:
  • Continued progress on efficiency ^{p. 11}
  • Higher investment income ^{p. 11}
  • Data and AI utilization to further enhance customer experience and technical excellence ^{p. 11}

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

• (donut) Gross written premiums (GWP): EUR 57bn total, split by Short-term and Long-term segments (shares not labeled) ^{p. 12}
• Underlying earnings +7% LFL to EUR 3.5bn ^{p. 12}
• 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 presented by 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	Change LFL	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 GWP & other revenues	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 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	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%
Total 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 were below the normalized load ^{p. 15}
• Prior year reserve development showed 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
Underwriting result¹ (volume growth)	+292
Underwriting result¹ (margin improvement)	+189
Financial result (investment income)	+435
Financial result (insurance finance expenses)	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872

• Underlying earnings grew +9% at constant FX to EUR 5,872m ^{p. 16}.
• 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}.
• Insurance finance expenses increased from higher unwind of discount of claims reserves, in line with guidance ^{p. 16}.
• Forex impact was unfavorable, notably due to USD depreciation vs. EUR ^{p. 16}.

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
Life GWP & Other Revenues	34.5	37.5	+9%
Protection	—	17.3	+11%
Unit-linked	—	9.3	+13%
Capital light G/A	—	9.0	+7%
Traditional G/A	—	1.9	-7%
Health GWP & Other Revenues	17.5	19.0	+5%
Individual	—	10.5	+6%
Group	—	8.5	+4%
Employee Benefits GWP & Other Revenues	—	12.9	+4%
Net flows	1.5	5.4	—
Protection	—	4.9	—
Health	—	2.7	—
Unit-Linked	—	1.5	—
Capital light G/A	—	1.2	—
Traditional G/A	—	-5.0	—

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

PVEP, NB CSM, NBV, and NBV margin, 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 impacted by higher interest rates on discounting despite strong growth in Life volumes.
• NB CSM driven by robust Savings & Protection sales; reported growth impacted by higher interest rates for discounting of future profits.
• NBV 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, FY24 to FY25 ^{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 up by +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.
• Normalized CSM growth +2% (comprising New business CSM, Underlying return on in-force, and CSM release).
• FY24 Life segment share: EUR 25.8bn
• FY24 Health segment share: EUR 7.7bn
• FY25 Life segment share: EUR 25.4bn
• FY25 Health segment share: 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 ^{p. 20}
• 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 underlying earnings (o/w Life) grew to EUR 2.7bn (+4% vs. FY24; FY24 was EUR 2.6bn) ^{p. 20}
• Health underlying earnings (o/w Health) grew to EUR 0.8bn (+17% vs. FY24; FY24 was EUR 0.7bn) ^{p. 20}
• Short-term technical margin strong, reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico of EUR -0.1bn ^{p. 20}
• Long-term results higher from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}

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

• Underlying earnings driven by strong performance from insurance businesses ^{p. 21}
• Holding 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}
• Financial flows lower, reflecting unfavorable forex impact ^{p. 21}

Earnings and net income bridge FY24 to FY25 (in EUR billion) ^{p. 21}

—	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	-
Underlying earnings	8.1	8.4	+6%
Non-financial flows	-0.5	+2.1	—
o/w capital gains from AXA IM disposal	-	+2.2	—
Financial flows (incl. RCG)	+0.3	-0.7	—
Net income	7.9	9.8	+26%

• (bar) Underlying earnings per share (in EUR): FY24 EUR 3.59 → FY25 EUR 3.86 (+8%) ^{p. 21}
  • Earnings growth contributed +6% ^{p. 21}
  • Capital management contributed +3% ^{p. 21}
  • Forex contributed -2% ^{p. 21}
  • AXA IM sale included -1% from temporary earnings dilution due to the timing of anti-dilutive share buyback ^{p. 21}

Shareholders' Equity

Shareholders' equity (Group share) and other metrics ^{p. 22}

EUR billion unless otherwise mentioned	FY24	HY25	FY25
Shareholders' equity (total)	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 roll-forward (in Euro billion) ^{p. 22}

—	FY24 to FY25	HY25 to FY25
Opening Shareholders' equity	49.9	45.5
Change in Net OCI	1.3	0.4
Net income for the period	9.8	5.9
Dividend	-4.6	-
Annual share buyback	-1.2	-
Anti-dilutive share buyback following the sale of AXA IM	-3.5	-3.5
Undated subordinated debt (including interest charges)	-0.3	-1.2
Forex	-3.5	-0.1
Other	-0.6	0.3
Closing Shareholders' equity	47.2	47.2

• Reporting currency is in Euro billion ^{p. 22}.

Higher organic cash remittance and robust cash position at Holding

• Net cash remittance increased to EUR 7.5bn in FY25 ^{p. 23}
  • (bar) Net cash remittance trend: FY24 EUR 7.7bn (comprising EUR 7.1bn ordinary remittance and EUR 0.6bn proceeds related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe) → FY25 EUR 7.5bn ^{p. 23}
  • Remittance ratio remained stable at 82% in FY24 and 82% in FY25, based on ordinary cash remittance of EUR 7.1bn in FY24 and EUR 7.5bn in FY25 ^{p. 23}

Holding cash position bridge FY24 to FY25 (in Euro billion) ^{p. 23}

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	Eligible Own Funds	Solvency Capital Requirement	Solvency II ratio (pts)
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 & annual share buyback	-6.0	0.0	-24
Management actions, debt & other	-0.1	-0.2	+2
FY25	56.4	25.2	224

Solvency II sensitivities as of December 31, 2025 (base ratio 224%) ^{p. 24}

Sensitivity	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

• Solvency II ratio increased to 224% in FY25 (was 216% in FY24) ^{p. 24}.
• Foreseeable dividends were EUR -4.8bn ^{p. 24}.
• Provision for share buyback for 2026 was EUR -1.25bn ^{p. 24}.
• 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 to 215%
Solvency II revision impact to come into effect in 1Q27	+17pts

• EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026 ^{p. 25}.
• 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 ^{p. 25}.
• No change is expected in organic capital generation ^{p. 25}.
• Provides additional capital flexibility ^{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

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

AXA Investor Relations | Keep in touch

• Investor Relations contact details: phone +33 1 40 75 48 42, email investor.relations@axa.com ^{p. 29}
• Follow us on www.axa.com and social media channels ^{p. 29}

Meet our management event schedule ^{p. 29}

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

Appendices

• Section divider slide for Appendices ^{p. 30}.

Table of contents

• 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):
  • 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:
  • 2028: Senior debt EUR 0.5bn ^{p. 32}
  • 2030: Tier 2 EUR 0.7bn, Senior debt EUR 0.9bn ^{p. 32}
  • 2031-2039: Senior debt EUR 1.5bn ^{p. 32}
  • >=2040: Tier 2 EUR 10.8bn, Senior debt EUR 0.5bn ^{p. 32}
  • Undated: Tier 1 EUR 4.6bn, Tier 2 EUR 0.7bn ^{p. 32}
  • Of which grandfathered debt:
    • Tier 1: Undated EUR 1.4bn ^{p. 32}
    • Tier 2: 2030 EUR 0.7bn, >=2040 EUR 0.2bn ^{p. 32}
• (stacked bar) Economic maturity breakdown:
  • 2026: Tier 1 EUR 0.1bn ^{p. 32}
  • 2027: Tier 2 EUR 2.4bn ^{p. 32}
  • 2028: Tier 1 EUR 0.1bn, Senior debt EUR 0.5bn ^{p. 32}
  • 2029: Tier 2 EUR 2.0bn ^{p. 32}
  • 2030: Tier 2 EUR 0.7bn, Senior debt EUR 0.9bn ^{p. 32}
  • 2031-2039: Tier 1 EUR 0.4bn, Tier 2 EUR 6.4bn, Senior debt EUR 1.5bn ^{p. 32}
  • >=2040: Senior debt EUR 0.5bn ^{p. 32}
  • Undated: Tier 1 EUR 4.0bn, Tier 2 EUR 0.7bn ^{p. 32}
  • Of which grandfathered debt:
    • Tier 1: 2026 EUR 0.1bn, 2028 EUR 0.1bn, 2031-2039 EUR 0.4bn, Undated EUR 0.8bn ^{p. 32}
    • Tier 2: 2030 EUR 0.7bn, 2031-2039 EUR 0.2bn ^{p. 32}
• Debt calls 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}.
• Economic maturity definition: Economic maturity takes into account the first date of step-up calls on institutionally placed subordinated debt ^{p. 32}. For Solvency II RT1 debt with no step-up, the undated nature of the instrument is retained ^{p. 32}.

General Account invested assets

• Total General Account invested assets at EUR 450bn for FY25 ^{p. 33}
• Duration gap at -0.4 year ^{p. 33}
• (donut) FY25 Total General Account invested assets: EUR 450bn total; segments include Fixed income, Real estate, Infrastructure equity, Listed equities, Private equity and hedge funds, Cash, and Policy loans ^{p. 33}

Invested assets (100%) in Euro billion ^{p. 33}

Invested assets (100%) In EUR billion unless otherwise mentioned	FY25	%
Fixed income	345	77%
o/w Government bonds	167	37%
o/w Corporate bonds and loans	121	27%
o/w Other fixed income¹	56	13%
Real estate	41	9%
Infrastructure equity	10	2%
Listed equities²	10	2%
Private equity and hedge funds³	23	5%
Cash	19	4%
Policy loans	2	0%
Total Insurance Invested Assets⁴	450	100%

• Other fixed income includes Asset Backed Securities (EUR 25bn), Residential Loans (EUR 16bn), Commercial & Agricultural Loans (EUR 7bn), and Agency Pools (EUR 8bn) ^{p. 33}
• Listed equities includes hedges; listed equities excluding hedges at EUR 14bn ^{p. 33}
• Private equity and hedge funds includes Private Equity (EUR 17bn), Hedge Funds (EUR 5bn), and Non-listed Equities (EUR 1bn) ^{p. 33}

Structured and Private Credit assets

Structured and Private Credit assets FY25 ^{p. 34}

Invested assets (100%) In EUR billion unless otherwise mentioned	FY25	% of total G/A¹ portfolio	Comments
Residential Mortgages	16	4%	- EUR 6bn Dutch mortgages, NHG guaranteed - EUR 10bn self originated mortgages in Switzerland (56% LTV) and Germany (45% LTV)
CLO & ABS	25	6%	- 91% senior CLOs with circa 40% subordination (100% rated AAA-A and 92% rated AAA-AA)
Infrastructure debt	8	2%	- Skewed towards resilient industries (Telecom, Utilities, Transport)
CRE debt	8	2%	- Strong sector diversification (mainly logistics, residential and retail), mostly in Europe, and circa 60% LTV
Mid-Market lending	10	2%	- Strong diversification with EUR 8m average ticket - Investments through SMAs with strict underwriting guidelines : senior secured, covenants, restrictions on asset sales and sector allocation
Other	2	0%	—
Total Structured and Private Credit Assets	69	15%	o/w 54% participating

• General Account (G/A) refers to General Account ^{p. 34}.

Investment portfolio | Fixed Income reinvestment

• Fixed income reinvestment totaled EUR 57bn in FY25 ^{p. 35}
• (donut) FY25 Fixed income reinvestment asset mix:
  • Government bonds & related: 32% (average rating: AA) ^{p. 35}
  • Investment grade credit: 40% (average rating: A) ^{p. 35}
  • ABS/CLO/IG fund financing: 21% ^{p. 35}
  • Below investment grade credit: 7% ^{p. 35}
• (bar) FY25 Fixed income reinvestment yield:
  • Public fixed income: 3.5% ^{p. 35}
  • Private & Structured fixed income: 4.7% ^{p. 35}
  • Total fixed income: 3.9% ^{p. 35}
• Reinvestment yield achieved at 3.9% on EUR 57bn invested ^{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}

AXA XL Insurance | Large Commercial & Specialty business

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

USD billion unless otherwise mentioned	Casualty	Property	Specialty	Professional lines (including Cyber)	Americas	Europe & APAC	UK & Lloyds
FY25 GWP	19	—	—	—	—	—	—
Share	35%	29%	19%	17%	46%	35%	19%

• Market leadership positions AXA XL in the top 3 globally for ^{p. 37}:
  • Multinational Programs ^{p. 37}
  • Marine ^{p. 37}
  • Fine Art & Specie ^{p. 37}
• Cycle management is utilized to deliver consistent profitability ^{p. 37}:
  • (bubble chart) Profitability vs Ex-price growth (%): shows relative positioning of key lines ^{p. 37}:
    • Property: high profitability, high ex-price growth ^{p. 37}
    • Specialty: moderate-high profitability, moderate ex-price growth ^{p. 37}
    • Casualty: moderate profitability, moderate ex-price growth ^{p. 37}
    • Professional lines: lower profitability, lower ex-price growth ^{p. 37}

P&C | Focus on Reserves

Claims and Technical reserves ratio ^{p. 38}

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

• ¹ Includes net undiscounted claims reserves and unearned premium reserves ^{p. 38}.

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

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

Peril	Capacity	Retention
EU Windstorm	EUR 4.0bn	EUR 600m
Europe Flood	EUR 2.1bn	EUR 450m
Europe Earthquake	EUR 2.1bn	EUR 400m
NA Hurricane	EUR 1.2bn	EUR 600m
NA Earthquake	EUR 1.2bn	EUR 600m
Per other perils	—	EUR 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

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

Percentile	EUR billion
1/20y (95th percentile)	-1.2
1/10y (90th percentile)	-0.8
1/5y (80th percentile)	-0.4
Median (50th percentile)	+0.1
1/5y (20th percentile)	+0.5
1/10y (10th percentile)	+0.7
1/20y (5th percentile)	+0.8

Average expected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}

Year	EUR billion	Estimated impact on GEP
2025	2.6	ca. 4.5%
2026	2.7	ca. 4.5%

• Earnings deviation from average Nat Cat charges in 2026 (net of reinsurance, post-tax) shows asymmetric distribution ^{p. 40}:
  • More severe years result in negative deviation in ca. 40% of cases ^{p. 40}.
  • Less severe years result in positive deviation in ca. 60% of cases ^{p. 40}.

P&C | Margin analysis

P&C Underlying Earnings Bridge FY25 ^{p. 42}

Metric	FY25	Change
Underlying earnings before tax	EUR 8,040m	+EUR 681m
Tax	-EUR 2,060m	-EUR 169m
Affiliates, minority interests & other	-EUR 108m	-EUR 10m
Underlying earnings	EUR 5,872m	+EUR 501m
Growth vs. FY24 (at constant FX)	—	+9%

P&C margin bridge components (in EUR million, pre-tax, changes versus FY24 at constant FX) ^{p. 42}

Component	Value	Change	Other metrics
Current accident year undiscounted technical margin	2,778	+707	Gross earned premiums: EUR 57,656m (+6%); Current accident year undiscounted combined ratio: 95.2% (-1.0pt); o/w 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: EUR 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: EUR 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: EUR 71bn; Liability book yield: 1.9%

FY25 sensitivity to current accident year discount rate changes ^{p. 42}

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

Sensitivity of 2026e insurance finance expenses to changes in 2025 current AY discount ^{p. 42}

Change in 2025 current AY discount	Impact (EUR million)
+25bps	~-50
-25bps	~+50

• Technical result and Financial result components sum to underlying earnings before tax ^{p. 42}.
• 2026e insurance finance expenses (pre-tax): ~-EUR 1.4bn ^{p. 42}

L&H | Margin analysis

Life & Health FY25 CSM Key Sensitivities (in Euro billion) ^{p. 43}

Sensitivity	Impact on CSM
Baseline	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	0.7
Equities +25%	1.8
Equities -25%	-2.2

Life & Health Financials (pre-tax) ^{p. 43}

Metric	Value	LFL Change	Other metrics
Short-term Technical Margin	EUR 479m	+EUR 60m	Gross earned premiums: EUR 17,416m (+10% LFL); All year combined ratio: 97.2% (-0.1pts)
Long-term Technical Margin	EUR 2,804m	+EUR 156m	CSM release: EUR 2,954m (+EUR 215m LFL); Technical experience: EUR -150m (-EUR 58m LFL)
Investment Income (non-VFA only)	EUR 2,484m	-EUR 1m	Average assets: EUR 98bn; Asset book yield: 2.5%; Reinvestment yield: 3.8% on fixed income assets
Insurance Finance Expenses (non-VFA only)	EUR -1,538m	-EUR 9m	Reserves at locked-in rate: EUR 62bn (FY24); Liability book yield: 2.5%
Underlying Earnings before tax	EUR 4,229m	+EUR 205m	Tax: EUR -800m (+EUR 65m LFL); Affiliates, minority interests & other: EUR 72m (-EUR 51m LFL)
Underlying Earnings	EUR 3,501m	+EUR 219m	+7% at constant FX

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

ESG 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
Transition underwriting	EUR 6bn in P&C GWP (cumulative 2024-2026)	EUR 4.6bn
Climate adaptation solutions	>20,000 (cumulative 2024-2026)	19,698 cumulative 2024-2025
Inclusive insurance customers	>20m by 2026	20.6m
Climate adaptation training	>80,000 employees trained by 2026	46,420
Carbon emissions reduction	-50% by 2030	-64% reduction against 2019
Employee volunteering	50% of employees engaged by 2026	56%

Sustainability Performance & Ratings

ESG Ratings and Scores ^{p. 46}

Rating Agency	2025 Score
S&P Global	97th percentile 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 (specifically AXA Restricted Shares), with 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:
  • 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), Nigeria (insurance activities and holding), and 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 is 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, all comparative figures going back to 2023 are under IFRS17/9 standards effective January 1, 2023; figures 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 bond rating
• AAA: Senior bond rating
• ABS: Asset-Backed Securities
• AI: Artificial Intelligence
• APAC: Asia-Pacific
• APM: Alternative Performance Measures
• AXA IM: AXA Investment Managers
• AXA XL: AXA XL (AXA's large property & casualty and specialty risk division)
• AY: Accident Year
• BBA: Business By Account
• CDP: Carbon Disclosure Project
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Calendar Year
• EME: Europe, Middle East
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• EU: European Union
• EUR: Euro
• FTSE: Financial Times Stock Exchange
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GBP: Great British Pound
• 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 (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
• RCG: Recurring Capital Gain
• 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
• VAT: Value Added Tax
• VFA: Variable Fee Approach