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

* '''EarningsPresentation presentationtitle''' for: Full Year 2025, delivered on February 26,Earnings 2026Presentation ^{p. 1}

* '''Non-GAAPRisk measuresfactors''' andare alternativedescribed performancein measuresPart (APMs)5 used"Risk includeFactors "Underlyingand earningsRisk Management", UEPS,of "underlyingAXA's returnUniversal onRegistration equity",Document "combinedfor ratio",the andyear "debtended gearing"December 31, 2024 ^{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}.

* '''Section divider1''': FY25 Highlights presented by Thomas Buberl, Group CEO ^{p. 4}

{| class="wikitable fintable"

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

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

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

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

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

| style="text-align:left" | Dividend per share growth

| class="col-s" style="text-align:right" | +8% growth

| class="col-s" style="text-align:right" | EUR 1.25bn annual program

| class="col-s" style="text-align:right" | Upper end of 6% to 8% (upper end)range

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

! class="col-s" style="text-align:right" | Change (excluding AXA IM)

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

* '''Secular trends''' fuelfueling demand across businesses, driven byinclude protection gaps, and emerging corporate risks, andalongside demographics driving demand for private retirement and healthcare ^{p. 7}.

* '''Our right to win''' is supported by four strategickey pillars:

** Leading brand & high customer NPS ^{p. 7}

** Strong and diversified distribution ^{p. 7}

** Technical expertise to price & underwrite risks ^{p. 7}

** Scale offering cost advantage ^{p. 7}

== FY25 Business Performance ==

* (donut) '''Gross written premiums''' (GWP): total EUR 58bn, total; segments include Retail,including AXA XL (LargeRe &premiums Specialty),of andEUR SME & Mid-market (shares not labeled)2.6bn ^{p. 11}.

** (donut) '''AXAGWP XL premiumsmix''': includeRetail, AXA XL Re(Large premiums& ofSpecialty), EURSME 2.6bn& Mid-market — shares not labeled ^{p. 11}.

* '''Underlying earnings''' +9% at constant FX to EUR 5.9bn ^{p. 11}.

* '''Retail and SME''' & Mid-market strategic outlookstrategy''':

** '''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 outlookstrategy''':

** '''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}.

** '''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}

** '''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}

** 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 Financialfinancial Performanceperformance ===

|+ P&C GWP &and other revenues by segment, FY24 vs FY25 ^{p. 14}

| style="text-align:left; font-weight:bold" | Total GWP & other revenues

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

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

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

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

* UndiscountedBetter CYundiscounted current year loss ratio (exexcluding Nat Cat) improveddriven fromby:

** 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}

* ExpenseImprovement ratioin improved'''expense ratio''' 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 lowerLower reliance, takingon advantage of a good'''prior year to enhance reserve prudence ^{p. 15}development'''

| style="text-align:left" | Underwriting result¹ (volumeVolume growth)

| style="text-align:left" | Underwriting result¹ (marginMargin improvement)

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

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

* Underlying earnings grew +9% at constant FX to EUR 5,872m (FY24: EUR 5,510m) ^{p. 16}.

* Insurance finance expenses increasedimpacted fromby 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 GWP & Other Revenues and Net Flows by segmentmix, FY24 vs FY25 ^{p. 17}

| style="text-align:left; font-weight:bold" | '''HealthTotal Life GWP & Other Revenues'''

| style="text-align:right; font-weight:bold" | 1734.5

| style="text-align:right; font-weight:bold" | 1937.05

| style="text-align:right; font-weight:bold" | +59%

| style="text-align:left; font-weight:bold" | '''EmployeeTotal BenefitsHealth GWP & Other Revenues'''

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

| style="text-align:right; font-weight:bold" | 1219.90

| style="text-align:right; font-weight:bold" | +45%

|-}

|<div style="textoverflow-alignx:rightauto" | 5.4>

| style="text-align:right" | —+4.9

| style="text-align:right" | —+2.7

| style="text-align:right" | —+1.5

| style="text-align:right" | —+1.2

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

| style="text-align:left; font-weight:bold" | '''NBTotal CSM (pre-tax)'''PVEP

| style="text-align:right; font-weight:bold" | 250.29

| style="text-align:right; font-weight:bold" | 249.24

| style="text-align:right; font-weight:bold" | +3-2%

| style="text-align:left" | '''NBV (post-tax)'''FY24

| style="text-align:left" | '''NBV margin'''

* PVEPNB CSM driven by robust Savings & Protection sales; reported growth impacted by higher interest rates onfor discounting despiteof strongfuture growth inprofits Life volumes^{p. 18}

! class="col-s" style="text-align:right" | Contractual Service MarginCSM

*| FY25style="text-align:left" | Life segment share: EUR 25.4bn

! style="text-align:left" | EUR million unless otherwise mentioned

* Strong '''Shortshort-term technical margin''': EURreflecting 415munderwriting inand FY24claims toinitiatives EURthat 479mmore than offset the impact of legislative change on the recoverability of value added tax in FY25Mexico of -EUR 0.1bn ^{p. 20}

* Higher '''Longlong-term resultresults''' incl.from increase in CSM release: EURof 2,680m+8% reflecting growth in FY24reserve tobase, EURincluding 2from favorable equity market performance,804m inand better FY25margins ^{p. 20}

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

| style="text-align:left" | '''Underlying earnings'''

| style="text-align:right" | '''8.1'''

| style="text-align:right" | '''8.4'''

| style="text-align:right" | '''+6%'''

| style="text-align:left; padding-left:1.5em" | ''o/w capital gains from AXA IM disposal''

| style="text-align:left" | '''Net income'''

| style="text-align:right" | '''7.9'''

| style="text-align:right" | '''9.8'''

| style="text-align:right" | '''+26%'''

* (bar) '''Underlying earnings per share''' (in EUR)drivers: FY24 EUR 3.59 → FY25 EUR 3.86 (+8%) ^{p. 21}

** '''EarningsStrong growth'''performance contributedfrom +6%insurance businesses ^{p. 21}

** '''CapitalStable management'''holding contributedcost, +3%expected to remain at current level in 2026 ^{p. 21}

** '''AXAHigher IMnet sale'''income includedmainly -1%reflecting fromhigher temporaryunderlying earnings dilutionand duethe togain from the timingsale of anti-dilutiveAXA share buybackIM ^{p. 21}

=== Shareholders' Equityequity ===

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

| style="text-align:left" | Shareholders' equity (totalGroup share) total

** '''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}

! class="col-s" style="text-align:right" | Eligible Own FundsEOF

! class="col-s" style="text-align:right" | Solvency Capital RequirementSCR

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

! class="col-s" style="text-align:right" | Impact (pts)

* '''Solvency II ratio''' increased to 224% in FY25 (wasfrom 216% in FY24) ^{p. 24}.

|+ Solvency II ratio evolutionimpacts ^{p. 25}

* '''StrategicFuture outlook''' focused on laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

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

* '''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 schedulecalendar ^{p. 29}

* Section divider slide for the '''Appendices''' ^{p. 30}.

** '''FY24FY25''': EUR 1920.2bn3bn total; Tier 1 EUR 4.8bn6bn, Tier 2 EUR 1012.8bn2bn, Senior debt EUR 3.5bn; debt gearing at 22.3% ^{p. 32}

** '''>=2040≥2040''': Tier 2 EUR 10.8bn, Senior debt EUR 0.5bn ^{p. 32}

** '''Of which grandfathered debt''': Tier 1 Undated EUR 1.4bn; Tier 2 2030 EUR 0.7bn, ≥2040 EUR 0.2bn ^{p. 32}

** '''>=2040≥2040''': Senior debt EUR 0.5bn ^{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; Tier 2 2030 EUR 0.7bn, ≥2040 EUR 0.2bn ^{p. 32}

*** '''TierDebt 1redemptions''': called in January 2026: EURremaining 0.1bn,T2 2028GF EURGBP 0.1bn,139m 2031-2039due EUR2054 callable 2034 05.4bn625% issued January 2014, Undatedand T1 GF EUR 0.8bn250m perpetual callable 2010 floating issued January 2005 ^{p. 32}

=== General Accountaccount invested assets ===

* '''Total General Account''' invested assets stood at EUR 450bn for FY25 ^{p. 33}.

* '''Duration gap''' was 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 — shares not labeled ^{p. 33}.

|+ Invested assets (100%) in EuroEUR billion ^{p. 33}

* '''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 stood 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 Privateprivate Creditcredit assets ===

=== Investment portfolio | Fixed Incomeincome reinvestment ===

**|+ GovernmentFY25 bondsFixed &income related:reinvestment 32%asset (average rating: AA)mix ^{p. 35}

|+ FY25 GWP by line of business and geographybreakdown ^{p. 37}

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

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

*** '''Specialty''': moderate-to-high profitability, moderate ex-price growth ^{p. 37}

=== P&C | Focus on Reservesreserves ===

| style="text-align:right" | 179%

| style="text-align:right" | 185%

| style="text-align:right" | 193%

| style="text-align:right" | 188%

| style="text-align:right" | 189%

| style="text-align:right" | 198%

| style="text-align:right" | 195%

| style="text-align:right" | 180%

| style="text-align:right" | 175%

| style="text-align:right" | 213%

| style="text-align:right" | 227%

| style="text-align:right" | 233%

| style="text-align:right" | 226%

| style="text-align:right" | 227%

| style="text-align:right" | 234%

| style="text-align:right" | 232%

| style="text-align:right" | 216%

| style="text-align:right" | 210%

=== P&C | 2026 Simplified Group Nat Cat Reinsurancereinsurance Programprogram 1 ===

! class="col-s" style="text-align:right" | Estimated impactImpact on GEP

* '''Earnings deviation analysis''' fromshows Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax) shows asymmetric distribution ^{p. 40}:

** '''More severe years''' result in a negative deviation in ca. 40% of cases ^{p. 40}.

** '''Less severe years''' result in a positive deviation in ca. 60% of cases ^{p. 40}.

{| class="wikitable fintable"

|+ P&C Underlying Earnings Bridge FY25 (changes versus FY24 at constant FX) ^{p. 42}

! class="col-s" style="text-align:right" | FY25 (EUR million)

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

| style="text-align:left" | '''Underlying earningsEarnings before tax'''

| class="col-s" style="text-align:right" | EUR 8,040m040

| class="col-s" style="text-align:right" | +EUR 681m681

| style="text-align:left" | '''Tax'''

| class="col-s" style="text-align:right" | -EUR 2,060m060

| class="col-s" style="text-align:right" | -EUR 169m169

| style="text-align:left" | '''Affiliates, minorityMinority interests & other'''Other

| class="col-s" style="text-align:right" | -EUR 108m108

| class="col-s" style="text-align:right" | -EUR 10m10

| style="text-align:left" | '''Underlying earningsEarnings'''

| class="col-s" style="text-align:right" | EUR '''5,872m872'''

| class="col-s" style="text-align:right" | '''+EUR 501m501'''

| style="text-align:left" | '''Growth vs. FY24 (at constant FX)'''

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

| class="col-s" style="text-align:right" | ''+9%''

|+ P&CTechnical margin bridge componentsResult (inIn EUREuro million, pre-tax, changes versus FY24 at constant FX) ^{p. 4243}

! style="text-align:left" | ComponentMetric

! class="col-s" style="text-align:right" | ValueFY25

| style="text-align:left" | '''CurrentShort-term accidentTechnical year undiscounted technical margin'''Margin

| style="text-align:right" | 2,778479

| style="text-align:right" | +70760

| style="text-align:left" | '''CurrentGross accidentEarned year discounting'''Premiums

| style="text-align:right" | 217,009416

| style="text-align:right" | +11510%

| style="text-align:left" | '''PriorAll years'Year reserveCombined development (PYD)'''Ratio

| style="text-align:right" | 62297.2%

| style="text-align:right" | -3410.1pts

| style="text-align:left" | '''InvestmentLong-term income'''Technical Margin

| style="text-align:right" | 32,988804

| style="text-align:right" | +435156

| style="text-align:left" | '''InsuranceCSM finance expenses'''release

| style="text-align:right" | -12,358954

| style="text-align:right" | -235+215

|+ FY25Financial sensitivityResult to(In currentEuro accidentmillion, year discount rate changespre-tax) ^{p. 4243}

! style="text-align:left" | Change in discount rateMetric

! class="col-s" style="text-align:right" | Impact (EUR billion)FY25

| style="text-align:left" | +25bpsInvestment Income (non-VFA only)

| style="text-align:right" | +0.2,484

| style="text-align:left" | Insurance Finance Expenses (non-25bpsVFA only)

| style="text-align:right" | -0.21,538

{| class="wikitable fintable"

! style="text-align:left" | Change in 2025 current AY discountMetric

! class="col-s" style="text-align:right" | Impact (EUR million)FY25

| style="text-align:left" | +25bpsUnderlying Earnings before tax

| class="col-s" style="text-align:right" | ~-504,229

| style="text-align:left" | -25bpsTax

| class="col-s" style="text-align:right" | ~+50-800

* '''TechnicalUnderlying result''' andEarnings growth'''Financial result'''vs. componentsFY24 sum(at toconstant underlyingFX): earnings before tax+7% ^{p. 4243}.

! class="col-s" style="text-align:right" | Impact on CSMValue

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

| style="text-align:right" | '''33.3'''

|+ ESG Ratingsratings and Scoresscores, 2025 ^{p. 46}

! style="text-align:left" | Rating Agencyagency

! class="col-ml" style="text-align:right" | 2025 Score/Percentile

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

| class="col-ml" style="text-align:right" | AAA

| class="col-ml" style="text-align:right" | B

| class="col-ml" style="text-align:right" | 17.0 - Low risk

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

* The'''S&P Global''' 2025 percentile: 97th in Dow Jones Best-in-Class Europe & World indices ^{p. 46}; 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 ^{p. 46}

* '''Technical experience''': consists of the impacts on the underlying earnings ofif (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}

* '''Concluding slide of the AXA Full Year 2025 Earnings''' presentation closing slide, dated February 26, 2026 ^{p. 49}.

* '''AA''': SeniorS&P bondlong-term issuer credit rating

* '''AAA''': SeniorS&P bondlong-term issuer credit rating

* '''AXA XL''': AXA XL (AXA's largecommercial property &and casualty and specialty risk division)

* '''BBA''': Business -By-Business AccountAccounting

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

* '''GBPGEP''': GreatGross BritishEarned PoundPremium

* '''GEPGF EUR''': Gross EarnedGrandfathered PremiumsEuro

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

* '''PYD''': Prior Years' ReserveYear Development

* '''RCG''': RecurringReinsurance CapitalCommission Gainand General expenses

* '''TVOG''': Time Value of Options &and Guarantees