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| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| archive_file = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
}}
 
''This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).''
 
* [Chart/image description:] AXA Logo is in the top left corner <sup>p. 1</sup>.
 
== Press release ==
 
* The report was released in Paris on, February 26th, 2026, at (6:45 am45am CET) <sup>p. 1</sup>.
 
== Full Year 2025 Earnings ==
Line 26 ⟶ 24:
'''AXA reports record results with underlying EPS growth at the top end of the target range'''
 
==== Key FY25 highlights ====
* ''Gross written premiums & other revenues'' were EUR 116bn, +6% vs. FY24 <sup>p. 1</sup>.
* ''Underlying earnings'' were EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM <sup>p. 1</sup>.
* ''Underlying earnings per share'' were EUR 3.86, +8% vs. FY24 <sup>p. 1</sup>.
** This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback following the sale of AXA IM <sup>p. 1</sup>.
* ''Solvency II ratio'' was 224% at December 31, 2025, +9 points vs. FY24 <sup>p. 1</sup>.
** The ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period <sup>p. 1</sup>.
* ''Dividend'' of EUR 2.32 per share, +8% vs. FY24 <sup>p. 1</sup>.
* An ''annual share buyback program'' of up to EUR 1.25bn was launched <sup>p. 1</sup>.
* ''Completion of EUR 3.8bn additional share buyback'' related to the AXA IM disposal, executed between July 2, 2025, and January 20, 2026 <sup>p. 1</sup>.
* ''Underlying earnings per share growth'' for 2026 is expected to be at the upper end of the 6-8% plan target range <sup>p. 1</sup>.
* ''Expected impact of Solvency II revision'' is +17 points <sup>p. 1</sup>.
* AXA will present its ''new strategic plan for 2027–2029'' on September 21, 2026 <sup>p. 1</sup>.
 
* ''Gross written premiums & other revenues'' {{footnote|1=• Change in gross written premiums & other revenues, new business value (&quot;NBV&quot;) and present value of expected premiums (&quot;PVEP&quot;) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated.&#10;• Terms, including contractual service margin (&quot;CSM&quot;) and new business contractual service margin (&quot;NB CSM&quot;), are defined in the glossary section of this press release.}} at EUR 116bn, +6% vs. FY24 <sup>p. 1</sup>
<blockquote>"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
* ''Underlying earnings'' {{footnote|1=• &quot;Underlying earnings&quot;, &quot;underlying earnings per share&quot;, &quot;underlying return on equity&quot;, &quot;combined ratio&quot; and &quot;debt gearing&quot; are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015.&#10;• AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (&quot;AXA's 2025 Activity Report&quot;), on the pages indicated under the heading &quot;USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES&quot;.&#10;• For further information on the above-mentioned and other non-GAAP financial measures, see the Glossary in AXA's 2025 Activity Report.&#10;• AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} at EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM {{footnote|1=• AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025.&#10;• All figures excluding AXA IM are at constant foreign exchange rates.}} <sup>p. 1</sup>
* ''Underlying earnings per share'' at EUR 3.86, +8% vs. FY24 <sup>p. 1</sup>
** This includes a -2% headwind from foreign exchange movements. <sup>p. 1</sup>
** This includes a -1% headwind from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback {{footnote|1=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, for a maximum of Euro 3.8 billion to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025.}} <sup>p. 1</sup>
* ''Solvency II ratio'' {{footnote|1=• The Solvency II ratio is estimated primarily using AXA's internal model calibrated on an adverse 1/200 year shock.&#10;• For information on AXA's internal model and Solvency II disclosures, see AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com).&#10;• The Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} at 224% as of December 31, 2025, +9 points vs. FY24 <sup>p. 1</sup>
** The ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} <sup>p. 1</sup>
 
==== Capital Management ====
<blockquote>"Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level." <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
 
* ''Dividend'' of EUR 2.32 per share, +8% vs. FY24 {{footnote|1=Subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.}} <sup>p. 1</sup>
* Launch of an ''annual share buyback program'' {{footnote|1=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn. <sup>p. 1</sup>
* Completion of ''EUR 3.8bn additional share buyback'' related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026. <sup>p. 1</sup>
 
==== Outlook ====
 
* ''Underlying earnings per share growth'' for 2026 expected to be at the upper end of the 6-8% plan target range {{footnote|1=Expected underlying earnings per share (&quot;UEPS&quot;) growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements.}} <sup>p. 1</sup>
* ''Expected impact of Solvency II revision'' at +17 points {{footnote|1=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} <sup>p. 1</sup>
* AXA will present its ''new strategic plan for 2027-2029'' on September 21, 2026. <sup>p. 1</sup>
<blockquote>"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." <sup>p. 1</sup></blockquote>
<blockquote>"Our P&C franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio and higher investment income. AXA XL Insurance increased earnings with stable underlying margins. In Life & Health, earnings rose by 7%, with Life already reflecting the early benefits of our strategy to rejuvenate the business and Health growing by 17% even after absorbing the adverse change on VAT treatment in Mexico, underlining the strength of our portfolio. Our investments in automation and Artificial Intelligence are paying off, driving efficiency gains. Our Solvency II ratio is at a very strong level." <sup>p. 1</sup></blockquote>
<blockquote>"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," <small>(Thomas Buberl, Chief Executive Officer of AXA <sup>p. 1</sup>)</small></blockquote>
 
== FY25 key highlights ==
 
====== FY25 key highlights: gross written premiums and other revenues <sup>p. 2</sup> ======
{{Indexing|FY25 key highlights <sup>p. 2</sup>|Gross written premiums, underlying earnings, net income, Solvency II ratio|3pjfj4g9uv|kind=table|order=1}}
 
<div style="overflow-x:auto">
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! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-ms" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at comparable basis
|-
| style="text-align:left" | Gross written premiums & other revenues (1)
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
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| style="text-align:right" | n.m.
| style="text-align:right" | n.m.
|}
</div>
 
====== FY25 key highlights: underlying earnings and net income <sup>p. 2</sup> ======
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | Underlying earnings (2)
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
Line 92 ⟶ 108:
| style="text-align:right" | +24%
| style="text-align:right" | +26%
|}
</div>
 
====== FY25 key highlights: Solvency II ratio <sup>p. 2</sup> ======
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | —Solvency II ratio (%) (5)
| style="text-align:right" | FY24
| style="text-align:right" | FY25
| style="text-align:right" | Change on a reported basis
| style="text-align:right" | —
|-
| style="text-align:left" | Solvency II ratio (%)
| style="text-align:right" | 216%
| style="text-align:right" | 224%
Line 109 ⟶ 131:
== Activity indicators ==
 
* ''Total gross written premiums and other revenues'' were up 6%, driven by: <sup>p. 2</sup>.
** ''Property & Casualty'' (+5%), with growth in: <sup>p. 2</sup>.
*** ''Commercial lines'' {{footnote|1=&quot;Commercial lines&quot; refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%) from higher volumes (notably at AXA XL Insurance) and favorable price effects {{footnote|1=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies. <sup>p. 2</sup>.
*** ''Personal lines'' (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, and Asia & EME-LATAM. <sup>p. 2</sup>.
*** ''AXA XL Reinsurance'' (+8%), with growth supported by alternative capital. <sup>p. 2</sup>.
** ''Life & Health'' (+8%), with: <sup>p. 2</sup>.
*** ''Life premiums'' +premiums up 9%, driven by: <sup>p. 2</sup>.
**** ''Protection'' (+11%) from strong sales in Hong Kong, Switzerland, and Japan. <sup>p. 2</sup>.
**** ''Unit-Linked'' (+13%) from higher volumes across all geographies. <sup>p. 2</sup>.
**** ''G/A'' {{footnote|1=General account.}} (+4%), from continued momentum in Italy and France. <sup>p. 2</sup>.
*** ''Health premiums'' +premiums up 5%, driven by price effects in all geographies. <sup>p. 2</sup>.
 
== Earnings ==
 
* ''Underlying earnings'' increased by 6% to EUR 8.4bn, or +9% excluding AXA IM, driven by: <sup>p. 2</sup>.
** ''Property & Casualty'' (+9%), from higher volumes, underwriting margin expansion, and increasedan increase in financial result due to higher investment income. <sup>p. 2</sup>.
** ''Life & Health'' (+7%), from improvedan improvement in short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits of businessfrom rejuvenationthe strategy to rejuvenate the business. <sup>p. 2</sup>.
** ''Holdings'' {{footnote|1=Including banking activities.}} underlying earnings remained broadly stable at EUR -1.2bn. <sup>p. 2</sup>.
** ''Asset Management'' underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025. <sup>p. 2</sup>.
* ''Underlying earnings per share'' increased by 8% to EUR 3.86, mainly driven by: <sup>p. 2</sup>.
** This was mainly driven by theThe increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. <sup>p. 2</sup>.
** AlsoThe impactedimpact byof share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback fromassociated with the sale of AXA IM sale. <sup>p. 2</sup>.
** Partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%). <sup>p. 2</sup>.
* The sale of AXA IM resulted in a ''temporary dilution of underlying earnings per share'' (-1%) due to the timing of the associated share buyback (-1%). <sup>p. 2</sup>.
* ''Net income'' increased by 26% to EUR 9.8bn, mainly reflecting increasedthe increase in underlying earnings and significantly positive exceptional items, particularlynotably the gain from the sale of AXA IM. <sup>p. 2</sup>.
* [Chart/image description:] AXA logo in the top-left corner <sup>p. 2</sup>.
 
== Balance sheet ==
 
* ''Shareholders' equity'' was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024. <sup>p. 3</sup>.
** Positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) were more than offset by the FY24 dividend paid (EUR -4.6bn), share buybacks in 2025 (EUR -4.7bn, including EUR 3.5bn anti-dilutive buyback for AXA IM sale), and an unfavorable foreign exchange impact (EUR -3.5bn) due to U.S. dollar depreciation: <sup>p. 3</sup>.
*** ''CSM''FY24 wasdividend EURpaid 33.3bnto at December 31, 2025, downshareholders (EUR 0-4.6bn vs). December 31, 2024 <sup>p. 3</sup>.
*** NewImpact businessof contributionshare (EURbuybacks +2.2bn)executed andin underlying return on in-force2025 (EUR +1-4.3bn7bn), moreincluding thanthe offset CSM release (EUR -3.0bn),5bn resultinganti-dilutive inshare +2%buyback normalizedrelated growthto inthe CSMsale of AXA IM. <sup>p. 3</sup>.
*** Favorable market conditions (EUR +0.6bn) from tightening government spreads and positive equity market performance were more than offset by unfavorableUnfavorable foreign exchange impactsimpact (EUR -13.5bn), mainlynotably fromdue Japaneseto yen and Hong Kong dollarthe depreciation, andof athe negativeU.S. operating variance (EUR -0dollar.3bn) <sup>p. 3</sup>.
* ''Solvency II ratioCSM'' was 224%EUR as33.3bn ofat December 31, 2025, updown +9by pointsEUR 0.6bn vs. December 31, 2024. <sup>p. 3</sup>.
** New business contribution (EUR +2.2bn) combined with underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM. <sup>p. 3</sup>
** This was driven by a strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets (+4 points) <sup>p. 3</sup>.
** PartlyMarket offsetconditions byhad thea netfavorable impact of(EUR acquisitions+0.6bn), (Nobismainly anddriven Prima) andby the disposaltightening of AXAgovernment IMspreads includingand thepositive EURequity 3market performance.8bn share buyback (-5 points) <sup>p. 3</sup>.
** This was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of Japanese yen and Hong Kong dollar, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows. <sup>p. 3</sup>
* As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a ''-10 point decrease in Solvency II ratio'' to 215% <sup>p. 3</sup>.
* The Group estimates the ''Solvency II revisionratio'' (effectivewas Q1224% 2027)as wouldof resultDecember in31, a2025, up +179 pointpoints increasevs. toDecember the31, current Solvency II ratio2024. <sup>p. 3</sup>.
** Driven by a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points). <sup>p. 3</sup>
* ''Underlying return on equity'' was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity <sup>p. 3</sup>.
** ''DebtPositive gearing''impact wasfrom 22.3%net assubordinated ofdebt Decemberissuance 31, 2025, up 1.7(+6 points vs). December 31, 2024 <sup>p. 3</sup>.
** Favorable impacts from financial markets (+4 points). <sup>p. 3</sup>
** This was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) <sup>p. 3</sup>.
** Partly offset by the net impact of acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points). <sup>p. 3</sup>
** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026 <sup>p. 3</sup>.
* As of January 1, 2026, capital instruments and subordinated debt subject to Solvency II transitional measures ("grandfathered debt") no longer qualified as eligible own funds, resulting in a ''-10 point decrease in Solvency II ratio'' to 215%. <sup>p. 3</sup>
* ''Cash at Holding'' amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024 <sup>p. 3</sup>.
* The Group estimates the ''Solvency II revision'' (effective Q1 2027) would result in a +17 points increase to the current Solvency II ratio. <sup>p. 3</sup>
** This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024 <sup>p. 3</sup>.
* ''Underlying return on equity'' was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity. <sup>p. 3</sup>
* [Chart/image description:] AXA logo in the top-left corner <sup>p. 3</sup>.
* ''Debt gearing'' was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024. <sup>p. 3</sup>
** Driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn). <sup>p. 3</sup>
** Partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn). <sup>p. 3</sup>
** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026. <sup>p. 3</sup>
* ''Cash at Holding'' {{footnote|1=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024. <sup>p. 3</sup>
** This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024. <sup>p. 3</sup>
 
== Capital management and outlook ==
Line 160 ⟶ 187:
'''Capital management'''
 
* A ''dividend of EUR 2.32 per share'' (+8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. <sup>p. 4</sup>.
** The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. <sup>p. 4</sup>.
* AXA's Board of Directors approved on February 25, 2026, the launch of an ''annual share buyback program for up to EUR 1.25bn'' on February 25, 2026. <sup>p. 4</sup>.
** This will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization {{footnote|1=To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.}}. <sup>p. 4</sup>
** AXA intends to cancel all shares repurchased under this program <sup>p. 4</sup>.
** AXA intends to cancel all shares repurchased under this program. <sup>p. 4</sup>
** The program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end <sup>p. 4</sup>.
* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end. <sup>p. 4</sup>
 
'''Outlook'''
 
* AXA is confident in achieving its main financial targets for its 2024-2026 'Unlock the Future' plan, underpinned by: <sup>p. 4</sup>.
** Profitable organic growth. <sup>p. 4</sup>
** This confidence is underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management <sup>p. 4</sup>.
** Scaling technical capabilities across businesses. <sup>p. 4</sup>
* In ''P&C Retail and SME & Mid-market'', pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions <sup>p. 4</sup>.
** Driving operational efficiency through reinforced cost management. <sup>p. 4</sup>
* At ''AXA XL'', pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital <sup>p. 4</sup>.
* In ''P&C Retail and SME & Mid-market'', pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions. <sup>p. 4</sup>
* The Group guidance for ''normalized natural catastrophe load'' remains at approximately 4.5 points of combined ratio for 2026 <sup>p. 4</sup>.
* InAt ''LifeAXA & HealthXL'', earningspricing growthconditions isvary expectedby toline; bethe drivenGroup bywill thecontinue short-termeffective business,cycle reflectingmanagement and disciplined pricingcapital andallocation, claimsgrowing managementwhere initiativesreturns exceed the cost of capital. <sup>p. 4</sup>.
* The Group guidance for ''normalized natural catastrophe'' {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at approximately 4.5 points of combined ratio for 2026. <sup>p. 4</sup>
* The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows, driving CSM growth over time <sup>p. 4</sup>.
* In ''HoldingsLife & resultsHealth'', inearnings 2026growth areis expected tofrom remainshort-term atbusiness areflecting similardisciplined levelpricing asand inclaims 2025management initiatives. <sup>p. 4</sup>.
* The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows, driving CSM growth over time. <sup>p. 4</sup>
* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist <sup>p. 4</sup>.
* ''Holdings results'' in 2026 are expected to remain similar to 2025 levels. <sup>p. 4</sup>
** ''Underlying earnings per share growth'' at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026 <sup>p. 4</sup>.
* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist: <sup>p. 4</sup>
** ''Underlying return on equity'' between 14% and 16% between 2024 and 2026E <sup>p. 4</sup>.
** ''CumulativeUnderlying organicearnings cashper upstreamshare growth'' inat excessthe upper end of EURthe 21bn6-8% CAGR target range for 2024both the plan period 2023-2026E and for 2026. <sup>p. 4</sup>.
** ''Underlying return on equity'' between 14% and 16% between 2024 and 2026E. <sup>p. 4</sup>
* The Group is committed to its ''capital management policy'', targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks <sup>p. 4</sup>.
** ''Cumulative organic cash upstream'' in excess of EUR 21bn for 2024-2026E. <sup>p. 4</sup>
* The proposed ''dividend per share'' in a given year is expected to be at least equal to the dividend per share paid in the prior year <sup>p. 4</sup>.
* The Group is committed to its ''capital management policy'' {{footnote|1=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}, targeting a total payout ratio of 75% {{footnote|1=Payout ratio is calculated based on underlying earnings per share.}}. <sup>p. 4</sup>
** This comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks. <sup>p. 4</sup>
** The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year. <sup>p. 4</sup>
 
== Property & Casualty ==
 
{{Indexing|====== Property & Casualty key figures <sup>p. 5</sup>|Gross written premiums, earnings, combined ratio, Commercial lines, Personal lines, AXA XL Reinsurance|cos78e4bvi|wpkf9ycgxf|y30gelxv10|kind=table|order=2}}====
 
<div style="overflow-x:auto">
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! class="col-m" style="text-align:right" | FY25
! class="col-m" style="text-align:right" | Change on a comparable basis
! class="col-m" style="text-align:right" | FY25 Price effect (12) (in %)
|-
| style="text-align:left" | Gross written premiums and other revenues
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| style="text-align:right" | +2.9%
|-
| class="wt-indent-1" style="text-align:left" | o/w Commercial lines (11)
| style="text-align:right" | 34.9
| style="text-align:right" | 35.8
Line 241 ⟶ 272:
</div>
 
* ''Gross written premiums & other revenues'' were up 5% to EUR 58.0bn. <sup>p. 5</sup>.
** ''Commercial lines'' grew by 4% to EUR 35.8bn, driven by: <sup>p. 5</sup>.
*** ''AXA XL Insurance'' (+3%) from growth in attractive margin lines, including (Property, and in Casualty) from favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines. <sup>p. 5</sup>.
*** ''Asia, Africa & EME-LATAM'' (+13%,) mainly driven by Türkiye (from higher average premiums), andalong Mexicowith (favorable volume and price effects) in Mexico. <sup>p. 5</sup>.
*** ''France'' (+6%) from favorable price effects in all lines of business and higher volumes. <sup>p. 5</sup>.
** ''Personal lines'' grew by 7% to EUR 19.7bn, driven by: <sup>p. 5</sup>.
*** ''Europe'' (+5%) from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024. <sup>p. 5</sup>.
*** ''Asia, Africa & EME-LATAM'' (+14%) driven by Türkiye (from higher average premiums and volumes). <sup>p. 5</sup>.
*** ''France'' (+9%) with strong volume growth in all lines of business (direct and proprietary agent networks) andcombined with favorable price effects in Motor. <sup>p. 5</sup>.
** ''AXA XL Reinsurance'' grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines. <sup>p. 5</sup>.
* The ''all-year combined ratio'' improved by 0.3 point to 90.6%, mainly driven by: <sup>p. 5</sup>.
** Mainly driven by a lowerLower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from further margin expansion in Commercial lines (-0.5 point, driven by SME & mid-market business at -0.9 point) and Personal lines (-0.4 point). <sup>p. 5</sup>.
*** ThisLower includesexpense further margin expansion in Commercial linesratio (-0.53 point), drivenprimarily byfrom SMElower & midnon-marketcommission businessexpense (-0.9ratio point),reflecting withefficiency stable margins at AXA XL Insurance (+0gains.1 point) <sup>p. 5</sup>.
*** AlsoLower includesnatural margincatastrophe expansioncharges in(-0.4 Personalpoint linesto 3.4%) more than offset by lower prior years' reserve development (-+0.47 point at -1.1%). <sup>p. 5</sup>.
* ''P&C underlying earnings'' were up 9% to EUR 5.9bn driven by: <sup>p. 6</sup>
** Lower expense ratio (-0.3 point) primarily from lower non-commission expense ratio reflecting efficiency gains <sup>p. 5</sup>.
** LowerIncrease naturalin catastrophetechnical chargesresult (-EUR +0.4 point to 3.4%5bn) morereflecting thanstrong offsetgrowth byin lowervolumes priorand years'improved reservetechnical development (+0margin.7 point at -1.1%) <sup>p. 56</sup>.
** Higher financial result (EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves. <sup>p. 6</sup>
* [Chart/image description:] AXA logo top left. "LINES OF BUSINESS / Press release" top right <sup>p. 5</sup>.
** ''P&CPartly underlyingoffset earnings''by werehigher upincome 9%taxes (EUR -0.2bn) mainly due to EURhigher 5pre-tax underlying earnings.9bn <sup>p. 6</sup>.
** Driven by an increase in technical result (EUR +0.5bn) reflecting strong volume growth and improved technical margin <sup>p. 6</sup>.
** Higher financial result (EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves <sup>p. 6</sup>.
** Partly offset by higher income taxes (EUR -0.2bn) due to higher pre-tax underlying earnings <sup>p. 6</sup>.
 
== Life & Health ==
 
{{Indexing|====== Life & Health key figures <sup>p. 6</sup>|Gross written premiums, earnings, PVEP, NB CSM, NBV, NBV margin, net flows, Life, Health|wpkf9ycgxf|y30gelxv10|fz8evycjst|f4zcgwiyzm|kind=table|order=3}}====
 
<div style="overflow-x:auto">
Line 291 ⟶ 319:
| style="text-align:right" | +5%
|-
| style="text-align:left" | PVEP (1,21)
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
| style="text-align:right" | -2%
|-
| style="text-align:left" | NB CSM (1,21)
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:right" | +3%
|-
| style="text-align:left" | NBV (post-tax) (1,21)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:right" | 0%
|-
| style="text-align:left" | NBV margin (1,21)
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | +0.1 pt
|-
| style="text-align:left" | Net flows (21)
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" | —
|}
</div>
 
====== Life & Health earnings <sup>p. 6</sup> ======
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="4" style="text-align:center" | Earnings (in Euro million)
|-
| style="text-align:left" | —
Line 338 ⟶ 374:
</div>
 
* ''Gross written premiums & other revenues'' were up 8% to EUR 56.5bn. <sup>p. 6</sup>.
** ''Life'' grew by 9% to EUR 37.5bn, mainly from: <sup>p. 6</sup>.
*** ''Unit-Linked'' (+13%) driven by successful sales initiatives across all geographies. <sup>p. 6</sup>.
*** ''G/A'' (+4%,) notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product sales in Japan and lower sales in Hong Kong. <sup>p. 6</sup>.
*** ''Protection'' (+11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland. <sup>p. 6</sup>.
** ''Health'' grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes. <sup>p. 6</sup>.
* ''Present value of expected premiums (PVEP)'' decreased by 2% to EUR 49.4bn driven by: <sup>p. 6, 7</sup>.
** ''Life'' (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums. <sup>p. 7</sup>.
** ''Health'' (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions. <sup>p. 7</sup>.
* ''NB CSM'' increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. <sup>p. 7</sup>.
* ''NBV (post-tax)'' was stable at EUR 2.2bn, as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France. <sup>p. 7</sup>.
* ''NBV margin (post tax)'' increased by 0.1 point to 4.5%. <sup>p. 7</sup>.
* ''Net flows'' {{footnote|1=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were EUR +5.4bn compared to EUR +1.5bn in 2024. <sup>p. 7</sup>.
** DrivenNet by Protection (EUR +4.9bn), mainlyflows in Hong2025 Kong,were Japan,driven and Franceby: <sup>p. 7</sup>.
*** Health''Protection'' (EUR +24.7bn9bn), mainly in GermanyHong Kong, Japan, and France. <sup>p. 7</sup>.
*** Unit-Linked''Health'' (EUR +12.5bn7bn), primarilymainly in Germany, Japan, and France. <sup>p. 7</sup>.
*** ''Unit-Linked'' (EUR +1.5bn), primarily in France. <sup>p. 7</sup>
** Partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn) <sup>p. 7</sup>.
*** Partly offset by ''G/A Savings'' (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn). <sup>p. 7</sup>
* ''Life & Health underlying earnings'' increased by 7% to EUR 3.5bn <sup>p. 7</sup>.
* ''Life & Health underlying earnings'' increased by 7% to EUR 3.5bn, driven by: <sup>p. 7</sup>
** ''Long-term technical result'' (EUR +0.2bn) driven by increased CSM release, following growth in reserves and better margins in the long-term business <sup>p. 7</sup>.
** ''ShortLong-term technical result'' (EUR +0.1bn2bn) driven by technicalan marginincrease expansionin reflectingCSM pricingrelease, underwriting,following andgrowth claimsin managementreserves actions,and whichbetter moremargins than offsetin the impactlong-term of a legislative change on VAT recoverability in Mexico (EUR -0business.1bn) <sup>p. 7</sup>.
** ''Short-term technical result'' (EUR +0.1bn) driven by the expansion of technical margin reflecting pricing, underwriting, and claims management actions, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn). <sup>p. 7</sup>
** ''Lower income taxes'' (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France, and Mexico <sup>p. 7</sup>.
** ''Lower contributionincome from affiliatestaxes'', notably(EUR ICBC-AXA,+0.1bn) andreflecting improvedfavorable resultstax ateffects AXA MPS, resultingmainly in increasedGermany, earningsFrance, ofand minority shareholdersMexico. <sup>p. 7</sup>.
** ''Lower contribution from affiliates'', notably ICBC-AXA, and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders. <sup>p. 7</sup>
 
== Holdings ==
 
* ''Holdings underlying earnings'' remained broadly stable at EUR -1.2bn. <sup>p. 7</sup>.
 
== Ratings ==
 
{{Indexing|====== Insurer financial strength and AXA's credit ratings <sup>p. 8</sup>|S&P Global Ratings, Moody's Investor Service, AM Best, AXA SA, AXA's principal insurance subsidiaries, senior debt, short-term debt|u6q0bi3ei3|kind=table|order=4}}====
 
<div style="overflow-x:auto">
{| class="wikitable"
! style="text-align:left" | Agency
! style="text-align:center" | Date of last review
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | AXA's credit ratings (22)
|-
! style="text-align:left" | Agency
Line 409 ⟶ 446:
|}
</div>
 
* AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings. <sup>p. 8</sup>
 
== 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%. <sup>p. 8</sup>.
* ''Contractual service margin ("CSM"):'' is a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders. <sup>p. 8</sup>.
* ''CSM release:'' is the portion of CSM stock net of reinsurance at the end of athe defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period. <sup>p. 8</sup>.
* ''Economic variance:'' isthe variance of the year-end CSM variancearising from changes in market conditions, net of the underlying return on in-force. <sup>p. 8</sup>.
* ''Financial result:'' is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, andas 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. <sup>p. 8</sup>.
* ''Gross written premiums and other revenues:'' are 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). andOther Revenues represent premiums/ and fees fromcollected non-insuranceon activities other than insurance (i.e. banking, services, and asset management activities). <sup>p. 8</sup>.
* ''New business contractual service margin ("NB CSM"):'' is 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. <sup>p. 8</sup>.
* ''New business value ("NBV"):'' is the value of newly issued contracts during the current year. It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (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. <sup>p. 8</sup>.
* ''New business value margin ("NBV Margin"):'' the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP. <sup>p. 8</sup>
** It consists of NB CSM, present value of future profits of newly issued Short-Term Business contracts (considering expected renewals), and present value of future profits of pure investment contracts accounted for under IFRS 9 <sup>p. 8</sup>.
* ''Operating variance:'' the variation of the year-end CSM vs 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. <sup>p. 9</sup>
** Net of reinsurance cost, taxes, and minority interests <sup>p. 8</sup>.
* ''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. <sup>p. 9</sup>
* ''New business value margin ("NBV Margin")'' is the ratio of NBV to PVEP <sup>p. 8</sup>.
* ''Technical experience:'' consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in 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. <sup>p. 9</sup>
* [Chart/image description:] AXA logo <sup>p. 8</sup>.
* ''Underlying return on in-force:'' the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance. <sup>p. 9</sup>
* ''Operating variance'' is the year-end CSM variation vs. expected at opening due to differences between realized and expected operational assumptions, changes in assumptions (mortality, longevity, lapses, expenses), and model changes, net of reinsurance <sup>p. 9</sup>.
* ''Present value of expected premiums ("PVEP")'' is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate, and is Group share <sup>p. 9</sup>.
* ''Technical experience'' consists of impacts on underlying earnings from differences between expected and incurred cash-flows, risk adjustment release, changes in onerous contracts, and other long-term elements (mainly non-attributable expenses) <sup>p. 9</sup>.
* ''Underlying return on in-force'' is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance <sup>p. 9</sup>.
* [Chart/image description:] AXA logo in the top left corner. Scope and exchange rates Press release <sup>p. 9</sup>.
 
== Scope ==
 
* ''France:'' includes insurance activities, banking activities, and holding. <sup>p. 10</sup>.
* ''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 holding), Italy (insurance activities), Prima (insurance activities) {{footnote|1=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} and AXA Life Europe (insurance activities). <sup>p. 10</sup>.
* ''AXA XL:'' includes insurance and reinsurance activities and holding. <sup>p. 10</sup>.
* ''Asia, Africa & EME-LATAM:'' includes: <sup>p. 10</sup>.
** ''Asia:'': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl.excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings (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 are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income. <sup>p. 10</sup>.
** China''Africa:'' L&S,Egypt Thailand(insurance L&S, Philippines L&Sactivities and P&Cholding), Indonesia L&S, and IndiaMorocco (Lifeinsurance activities disposed March 11, 2024, and holding), areand consolidatedNigeria under(insurance the equity methodactivities and contributeholding) onlywhich toare NBV,fully PVEP, underlying earnings, and net incomeconsolidated. <sup>p. 10</sup>.
** ''AfricaEME-LATAM:'': EgyptMexico (insurance andactivities), holdingColombia (insurance activities), MoroccoBrazil (insurance activities and holding), and NigeriaTürkiye (insurance activities and holding) which are fully consolidated. Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income. <sup>p. 10</sup>.
** ''AXA Mediterranean Holdings''. <sup>p. 10</sup>
** ''EME-LATAM'': Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) are fully consolidated <sup>p. 10</sup>.
* ''Transversal & Other:'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings. <sup>p. 10</sup>
** Russia (Reso) (insurance) is consolidated under the equity method and contributes only to net income <sup>p. 10</sup>.
* ''AXA Investment Managers'' {{footnote|1=Disposal to BNP Paribas completed on July 1, 2025.}}: includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated). Asian joint ventures are consolidated under the equity method. <sup>p. 10</sup>
** AXA Mediterranean Holdings <sup>p. 10</sup>.
* ''Transversal & Other'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings <sup>p. 10</sup>.
* ''AXA Investment Managers'' includes AXA Investment Managers, Select (formerly Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method) <sup>p. 10</sup>.
 
== Exchange rates ==
 
{{Indexing|====== End of period and average exchange rates for 1 euro <sup>p. 10</sup>|USD, CHF, GBP, JPY, HKD exchange rates for Euro|2g0bi52xlo|kind=table|order=5}}====
 
<div style="overflow-x:auto">
Line 455 ⟶ 488:
! colspan="2" style="text-align:center" | Average Exchange rate
|-
|! style="text-align:left" | —For 1 Euro
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | USD
Line 495 ⟶ 528:
== Notes ==
 
* Sensitivities impacting CSM are based on management's current assessment for FY25 annual results and are qualified by cautionary statements regarding forward-looking statements; they have not been audited or subject to limited review by AXA's statutory auditors. <sup>p. 11</sup>
* ''Gross written premiums & other revenues'', new business value ('NBV'), and present value of expected premiums ('PVEP') changes are on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated <sup>p. 11</sup>.
* ''Restricted Tier 1'' ratings: "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's. <sup>p. 11</sup>
* Terms like contractual service margin ('CSM') and new business contractual service margin ('NB CSM') are defined in the glossary section of this press release <sup>p. 11</sup>.
* ''Tier 2'' ratings: "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's. <sup>p. 11</sup>
* ''Underlying earnings'', underlying earnings per share, underlying return on equity, combined ratio, and debt gearing are Alternative Performance Measures (APMs) as defined by ESMA's guidelines and AMF's 2015 position statement <sup>p. 11</sup>.
* AXAAll providescomments reconciliationand ofchanges APMsfor toactivity financialindicators statementsare inon itsa Activitycomparable Reportbasis as(constant offorex, December 31scope, 2025and ('AXA's 2025 Activity Report'methodology). <sup>p. 11</sup>.
* AXA'sActuarial 2025and Activityfinancial Reportassumptions isfor availableNBV onand AXA'sPVEP websitecalculations are updated semi-annually (www.axa.comhalf-year and full-year). <sup>p. 11</sup>.
* AXA's completedconsolidated thefinancial ''disposalstatements offor AXAFY25 IM''were toexamined BNPby Paribasthe Board of Directors on JulyFebruary 125, 20252026, and are subject to completion of an audit procedure. <sup>p. 11</sup>.
* All figures excluding AXA IM are given at constant foreign exchange rates <sup>p. 11</sup>.
* On July 1, 2025, AXA executed a ''share repurchase agreement'' for up to EUR 3.8bn to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas <sup>p. 11</sup>.
* The share buyback commenced on July 2, 2025, and ended on January 20, 2026, causing temporary earnings dilution as of December 31, 2025 <sup>p. 11</sup>.
* The ''Solvency II ratio'' is estimated using AXA's internal model, calibrated based on an adverse 1/200 years shock <sup>p. 11</sup>.
* For Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on AXA's website <sup>p. 11</sup>.
* The Solvency II ratio as of December 31, 2025, is adjusted for the full up to EUR 1.25bn annual share buyback program and the proposed EUR 2.32 per share dividend <sup>p. 11</sup>.
* ''Capital instruments and subordinated debt'' subject to Solvency II transitional measures ceased to qualify as capital under Solvency II on January 1, 2026 <sup>p. 11</sup>.
* The proposed dividend is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 <sup>p. 11</sup>.
* The share buyback program was approved by AXA's Board of Directors on February 25, 2026, and is expected to commence soon, subject to market conditions <sup>p. 11</sup>.
* ''Expected underlying earnings per share ('UEPS') growth for 2026'' is a forward-looking statement providing one-off guidance for the last year of the current strategic plan <sup>p. 11</sup>.
* The Solvency II ratio as of January 1, 2026, is estimated based on the Solvency Capital Requirement (SCR) and capital amount, assuming the Solvency II revision was in force then <sup>p. 11</sup>.
* ''Commercial lines'' refers to P&C Commercial lines excluding AXA XL Reinsurance <sup>p. 11</sup>.
* ''Price effects'' are calculated as a percentage of total gross written premiums of the prior year <sup>p. 11</sup>.
* Footnote 13 refers to a ''General account'' <sup>p. 11</sup>.
* Footnote 14 indicates ''banking activities'' are included <sup>p. 11</sup>.
* Footnote 15 indicates ''P&C'' is included <sup>p. 11</sup>.
* Sensitivities impacting CSM are available in the Appendices of the FY25 earnings presentation on www.axa.com <sup>p. 11</sup>.
* These sensitivities are based on management's current assessment for FY25 results and are not audited or subject to limited review by AXA's statutory auditors <sup>p. 11</sup>.
* Footnote 16 includes ''cash and liquid invested assets'' at AXA SA Holding and other central holdings <sup>p. 11</sup>.
* Share buybacks are to be executed according to the Shareholders' Annual General Meeting authorization granted on April 24, 2025, or expected on April 30, 2026 <sup>p. 11</sup>.
* ''Natural catastrophe charges'' include losses regardless of event size <sup>p. 11</sup>.
* Share buybacks and dividends are subject to annual Board and Shareholders' Annual General Meeting approvals <sup>p. 11</sup>.
* Share buybacks are contingent on no significant earnings event (deviation in underlying earnings) <sup>p. 11</sup>.
* Dividends are contingent on no significant capital event (deterioration in Group solvency) <sup>p. 11</sup>.
* Board discretion considers AXA's earnings, financial condition, capital/solvency requirements, market conditions, and economic environment <sup>p. 11</sup>.
* ''Payout ratio'' is calculated based on underlying earnings per share <sup>p. 11</sup>.
* ''Life & Health net flows'', PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities <sup>p. 11</sup>.
* ''Restricted Tier 1'' is rated 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's <sup>p. 11</sup>.
* ''Tier 2'' is rated 'A-/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's <sup>p. 11</sup>.
* AXA completed its ''acquisition of a majority stake in Prima in Italy'' on November 28, 2025 <sup>p. 11</sup>.
* The ''disposal to BNP Paribas'' was completed on July 1, 2025 <sup>p. 11</sup>.
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) <sup>p. 11</sup>.
* ''Actuarial and financial assumptions'' for NBV and PVEP calculation are updated semi-annually <sup>p. 11</sup>.
* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026, and are subject to audit <sup>p. 11</sup>.
* The ''AXA Group'' is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries <sup>p. 12</sup>.
* In 2025, ''IFRS17 revenues'' amounted to EUR 115.5bn <sup>p. 12</sup>.
* In 2025, ''IFRS17 underlying earnings'' amounted to EUR 8.4bn <sup>p. 12</sup>.
* The ''AXA ordinary share'' is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628) <sup>p. 12</sup>.
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY <sup>p. 12</sup>.
* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 12</sup>.
* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment <sup>p. 12</sup>.
* This press release and regulated information are available on the AXA Group website (axa.com) <sup>p. 12</sup>.
* ''Investor Relations'' can be reached at investor.relations@axa.com or +33.1.40.75.48.42 <sup>p. 12</sup>.
* ''Individual Shareholder Relations'' can be reached at +33.1.40.75.48.43 <sup>p. 12</sup>.
* ''Media Relations'' can be reached at ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com, or +33.1.40.75.46.74 <sup>p. 12</sup>.
* ''Corporate Responsibility strategy'' information is available at axa.com/en/about-us/strategy-commitments <sup>p. 12</sup>.
* ''SRI ratings'' information is available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 12</sup>.
 
== About the AXA group ==
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ==
 
'''Press release'''
* Certain statements in this press release are ''forward-looking statements'', including predictions of future events, trends, plans, expectations, or objectives <sup>p. 12</sup>.
 
* Forward-looking statements are identified by words like ‘expects’, ‘anticipates’, ‘may’, ‘plan’, or conditional verbs like ‘would’ and ‘could’ <sup>p. 12</sup>.
Caption: Press release <sup>p. 12</sup>
* Statements regarding ''expected underlying earnings per share (‘UEPS’) growth for 2026'' are forward-looking statements providing one-off guidance for the last year of the Group’s current strategic plan <sup>p. 12</sup>.
 
* These statements are based on Management’s current views and intentions and are subject to change <sup>p. 12</sup>.
| |
* Reliance on forward-looking statements should be limited due to known and unknown risks and uncertainties outside AXA’s control <sup>p. 12</sup>.
| --- |
* These risks can cause actual results to differ materially from forward-looking statements <sup>p. 12</sup>.
 
* Each forward-looking statement is valid only at the date of this press release <sup>p. 12</sup>.
* The AXA Group is a worldwide leader in insurance, with 156,000 employees serving over 92 million clients in 52 countries. <sup>p. 12</sup>
* 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 factors affecting AXA’s business and results <sup>p. 12</sup>.
* AXAIn disclaims2025, ''IFRS17 anyrevenues'' obligationamounted to publiclyEUR update115.5bn orand revise''IFRS17 forward-lookingunderlying statements,earnings'' exceptto asEUR required by law8.4bn. <sup>p. 12</sup>.
* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). <sup>p. 12</sup>
* This press release refers to ''non-GAAP financial measures'' or alternative performance measures (‘APMs’) used by Management <sup>p. 12</sup>.
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY. <sup>p. 12</sup>
* These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies <sup>p. 12</sup>.
* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. <sup>p. 12</sup>
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS <sup>p. 12</sup>.
* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. <sup>p. 12</sup>
* ''Underlying earnings'', UEPS, underlying return on equity, combined ratio, and debt gearing are APMs defined by ESMA’s guidelines and the AMF’s 2015 position statement <sup>p. 12</sup>.
* AXAThis providespress reconciliationrelease ofand APMsregulated ininformation itsare Activityavailable Reporton asthe ofAXA DecemberGroup 31, 2025website (‘AXA’s 2025 Activity Report’axa.com). <sup>p. 12</sup>.
* ''Investor Relations:'' investor.relations@axa.com, +33.1.40.75.48.42 <sup>p. 12</sup>
* Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report <sup>p. 12</sup>.
* ''Individual Shareholder Relations:'' +33.1.40.75.48.43 <sup>p. 12</sup>
* ''Media Relations:'' ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com, +33.1.40.75.46.74 <sup>p. 12</sup>
* ''Corporate Responsibility strategy:'' axa.com/en/about-us/strategy-commitments <sup>p. 12</sup>
* ''SRI ratings:'' axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 12</sup>
 
'''Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures'''
 
* This document contains forward-looking statements, which are predictions of future events, trends, plans, expectations, or objectives, and are subject to known and unknown risks and uncertainties outside AXA’s control. <sup>p. 12</sup>
* Undue reliance should not be placed on these statements, as actual results may differ materially. <sup>p. 12</sup>
* AXA disclaims any obligation to publicly update or revise these statements, except as required by law. <sup>p. 12</sup>
* This press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position. <sup>p. 12</sup>
* These APMs ("Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing") have no standardized meaning and may not be comparable to similar measures used by other companies. <sup>p. 12</sup>
* APMs should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS. <sup>p. 12</sup>
* Reconciliations of APMs to financial statements are provided in AXA’s 2025 Activity Report. <sup>p. 12</sup>
 
== APPENDIX 1: Gross written premiums et other revenues by geography and business line ==
 
{{Indexing|====== Gross written premiums and other revenues by geography and business line <sup>p. 13</sup>|Gross written premiums, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|kynhd2bvm1|n13vjesiav|kind=table|order=6}}====
 
<div style="overflow-x:auto">
Line 591:
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | France (i)
| style="text-align:right" | 28,996
| style="text-align:right" | 30,598
Line 663:
| style="text-align:right" | +4%
|-
| style="text-align:left" | '''Total (i)'''
| style="text-align:right" | '''110,316'''
| style="text-align:right" | '''115,524'''
Line 677:
</div>
 
* ThisBanking sectionrevenues isamounted ''APPENDIXto 2:EUR Underlying99m earningsin by geographyFY25 and byEUR business118m LINE''in FY24. <sup>p. 1413</sup>.
 
{{Indexing|====== Underlying earnings by geography and by business line <sup>p. 14</sup>|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|iycymgpuon|pw41e8kn7m|kind=table|order=7}}====
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —
! colspan="3" style="text-align:center" | Underlying earnings
! colspan="2" style="text-align:center" | o/w Property & Casualty
Line 689:
! colspan="2" style="text-align:center" | o/w Asset Management
|-
|! style="text-align:left" | in Euro million
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | France
Line 766:
| style="text-align:right" | -57%
|-
| style="text-align:left" | '''Total (i)'''
| style="text-align:right" | '''8,078'''
| style="text-align:right" | '''8,368'''
Line 779:
</div>
 
* Includes underlying earnings of Holdings and Banking. <sup>p. 14</sup>
* This section is ''APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount RATES'' <sup>p. 15</sup>.
 
== APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount rates ==
{{Indexing|Property & Casualty gross written premiums & other revenues by business line and discount rates <sup>p. 15</sup>|Gross written premiums, Commercial lines, Personal Motor, Personal Non-Motor, AXA XL Reinsurance, P&C, France, Europe, AXA XL, interest rates for discounting P&C claims reserves|wpkf9ycgxf|qfysbg8bas|kind=table|order=8}}
 
====== Property & Casualty gross written premiums and other revenues by business line <sup>p. 15</sup> ======
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | in Euro million
! colspan="2" style="text-align:center" | Commercial lines
! colspan="64" style="text-align:center" | Personal lines
! colspan="24" style="text-align:center" | AXA XL Reinsurance
! colspan="2" style="text-align:center" | Total P&C
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change (i)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change (i)
|-
| style="text-align:left" | France
Line 891 ⟶ 893:
</div>
 
* Changes are on a comparable basis (constant forex, scope, and methodology). <sup>p. 15</sup>
{{Indexing|Interest Rates (5Y) For the Discounting of P&C Claims Reserves|Price effects, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, Italy, 2026 Market pricing trends|llbwb4tj3c|kind=table|order=9}}
 
====== Interest rates for the discounting of P&C claims reserves <sup>p. 15</sup> ======
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="3" style="text-align:leftcenter" | —Interest Rates (5Y) For the Discounting of P&C Claims Reserves
|-
! class="col-s" style="text-align:right" | FY24
! class="col-s"| style="text-align:rightleft" | FY25—
| style="text-align:right" | FY24 (i)
| style="text-align:right" | FY25 (ii)
|-
| style="text-align:left" | EUR
Line 925 ⟶ 931:
</div>
 
* ThisCalculated sectionas ismonthly ''APPENDIXaverage 4:from PROPERTYJanuary &2024 CASUALTYto –December COMBINED RATIO''2024. <sup>p. 1615</sup>.
* Average of monthly opening discount rates of 2025. <sup>p. 15</sup>
 
{{Indexing|====== P&C: Price effects (i) by country and business line|Gross written premiums, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL, Asia, Africa & EME-LATAM|wpkf9ycgxf|n13vjesiav|kind=table|order=10}}====
 
<div style="overflow-x:auto">
Line 985 ⟶ 992:
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | AXA XL (ii)
| style="text-align:right" | +0.2%
| style="text-align:right" | —
Line 1,005 ⟶ 1,012:
</div>
 
* Price effect calculated as a percentage of total gross written premiums in the prior year. <sup>p. 16</sup>
* This section is ''APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business LINE'' <sup>p. 17</sup>.
* Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums. <sup>p. 16</sup>
 
== APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business line ==
{{Indexing|Life & Health gross written premiums & other revenues and growth by business line <sup>p. 17</sup>|Life new business metrics, Health new business metrics, PVEP, NBV, NBV margin, France, Europe|fz8evycjst|kind=table|order=11}}
 
====== Life and Health new business metrics FY25 <sup>p. 17</sup> ======
 
<div style="overflow-x:auto">
Line 1,020 ⟶ 1,030:
| style="text-align:left" | in Euro million
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
| style="text-align:right" | FY25
| style="text-align:right" | Change (i)
|-
| style="text-align:left" | France
Line 1,102 ⟶ 1,112:
| style="text-align:right" | '''+5%'''
|-
| class="wt-indent-1" style="text-align:left" | o/w short-term (ii)
| style="text-align:right" | 17,651
| style="text-align:right" | +6%
Line 1,116 ⟶ 1,126:
</div>
 
* ThisChanges sectionare ison ''APPENDIXa 6:comparable LIFEbasis &(constant HEALTHforex, – New business value (NBV)scope, and contractual service margin (CSMmethodology)''. <sup>p. 1817</sup>.
* Short-term business refers to insurance activities measured using the Premium Allocation Approach ("PAA"). <sup>p. 17</sup>
* Short-term business margin is analyzed using the Combined Ratio. <sup>p. 17</sup>
* Short-term business refers to Life Pure Protection and Health when measured using the PAA period. <sup>p. 17</sup>
 
== APPENDIX 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
 
====== NB CSM to NBV <sup>p. 18</sup> ======
{{Indexing|Life and Health new business metrics FY25 <sup>p. 18</sup>|NB CSM, NBV, Life, Health|fz8evycjst|c9uq82u1iy|kind=table|order=12}}
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
! colspan="7" style="text-align:center" | Life New Business Metrics FY25
! colspan="6" style="text-align:center" | Health (i) New Business Metrics FY25
! colspan="6" style="text-align:center" | Total (ii) New Business Metrics FY25
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change (ii)
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change (ii)
|-
| style="text-align:left" | France
Line 1,230 ⟶ 1,243:
</div>
 
====== Net flows by business line <sup>p. 18</sup> ======
{{Indexing|NB CSM to NBV <sup>p. 18</sup>|Net flows, Health, Protection, G/A Savings, Unit-Linked, Mutual Funds & Other, Life & Health|f4zcgwiyzm|kind=table|order=13}}
 
<div style="overflow-x:auto">
Line 1,236 ⟶ 1,249:
! colspan="4" style="text-align:center" | NB CSM to NBV
|-
|! style="text-align:left" | in Euro million
|! class="col-s" style="text-align:right" | Life
|! class="col-s" style="text-align:right" | Health (i)
|! class="col-s" style="text-align:right" | Total (i)
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,263 ⟶ 1,276:
</div>
 
* ThisIncludes sectionHealth isbusiness ''APPENDIXwritten 7:predominantly LIFEin &Life HEALTH – NET FLOWS''entities. <sup>p. 1918</sup>.
* Changes are on a comparable basis (constant forex, scope, and methodology). <sup>p. 18</sup>
 
{{Indexing|Life & Health net flows by business line <sup>p. 19</sup>|Share repurchase agreements, acquisition of Nobis Group, placement of Restricted Tier 1 Notes and Tier 2 Notes, sale of AXA Investment Managers|70zdwfnrmi|c5r2rmwxo6|bhnpa5y4f0|kind=table|order=14}}
 
<div style="overflow-x:auto">
Line 1,275 ⟶ 1,287:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Health (i)
| style="text-align:right" | +2.7
| style="text-align:right" | +2.7
Line 1,287 ⟶ 1,299:
| style="text-align:right" | -3.7
|-
| class="wt-indent-1" style="text-align:left" | o/w capital light (ii)
| style="text-align:right" | +2.2
| style="text-align:right" | +1.2
Line 1,295 ⟶ 1,307:
| style="text-align:right" | -5.0
|-
| style="text-align:left" | Unit-Linked (iii)
| style="text-align:right" | -0.8
| style="text-align:right" | +1.5
Line 1,303 ⟶ 1,315:
| style="text-align:right" | 0.0
|-
| style="text-align:left" | '''Total Life & Health (i) net flows'''
| style="text-align:right" | '''+1.5'''
| style="text-align:right" | '''+5.4'''
Line 1,309 ⟶ 1,321:
</div>
 
* Includes Health business written predominantly in Life entities. <sup>p. 19</sup>
* AXA announced the execution of a ''share repurchase agreement'' for up to EUR 1.2bn on February 28, 2025 <sup>p. 20</sup>.
* Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%. <sup>p. 19</sup>
* AXA announced the completion of the ''acquisition of Nobis Group in Italy'' on April 1, 2025 <sup>p. 20</sup>.
* Includes Investment contracts with no discretionary participation features ("DPF"). <sup>p. 19</sup>
* AXA announced the ''placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes'' on May 28, 2025 <sup>p. 20</sup>.
* ''Main transactions in 2025:'' <sup>p. 20</sup>
* AXA announced the execution of a ''share repurchase agreement'' for its Shareplan and stock-based compensation on June 2, 2025 <sup>p. 20</sup>.
** AXAAnnounced announcedexecution theof completiona ofshare therepurchase ''saleagreement offor AXA's Investmentshare Managersbuyback toprogram BNPof Paribas''up onto JulyEUR 1.2bn (February 28, 2025). <sup>p. 20</sup>.
** AXAAnnounced announced the executioncompletion of athe ''share repurchase agreementacquisition of upNobis toGroup EURin 3.8bn''Italy following the sale of AXA IM on July(April 1, 2025). <sup>p. 20</sup>.
** AXAAnnounced announcedplacement theof ''acquisitionEUR of1bn Prima'',Restricted aTier direct1 insuranceNotes playerand inEUR Italy,1bn onTier August2 1Notes (May 28, 2025). <sup>p. 20</sup>.
** Announced execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025). <sup>p. 20</sup>
* AXA announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the ''2025 employee share offering program (Shareplan 2025)'' <sup>p. 20</sup>.
** AXAAnnounced announcedcompletion of the ''placementsale of EURAXA 750mInvestment RestrictedManagers Tierto 1BNP NotesParibas and(July EUR 750m Tier 2 Notes'' on October 141, 2025). <sup>p. 20</sup>.
** AXAAnnounced announcedexecution theof completiona ofshare therepurchase ''acquisitionagreement of aup majorityto stakeEUR in3.8bn Primafollowing inthe Italy''sale onof AXA IM November(July 281, 2025). <sup>p. 20</sup>.
** TheAnnounced ''2026the Shareholder'sacquisition Annualof GeneralPrima, Meeting''a isdirect scheduledinsurance forplayer Aprilin 30Italy (August 1, 20262025). <sup>p. 20</sup>.
** Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025). <sup>p. 20</sup>
* ''First quarter 2026 Activity Indicators'' are expected on May 5, 2026 <sup>p. 20</sup>.
** ''HY26Announced Earningsplacement Release''of isEUR expected750m onRestricted JulyTier 311 Notes and EUR 750m Tier 2 Notes (October 14, 20262025). <sup>p. 20</sup>.
** ''AXAAnnounced Investorcompletion Day''of isthe scheduledacquisition forof Septembera 21majority stake in Prima in Italy (November 28, 20262025). <sup>p. 20</sup>.
* ''Next main investor events:'' <sup>p. 20</sup>
** 2026 Shareholder's Annual General Meeting (April 30, 2026). <sup>p. 20</sup>
** First quarter 2026 Activity Indicators (May 5, 2026). <sup>p. 20</sup>
** HY26 Earnings Release (July 31, 2026). <sup>p. 20</sup>
** AXA Investor Day (September 21, 2026). <sup>p. 20</sup>
 
== Abbreviations (generated) ==
 
* ''AA'': S&P Global Ratings
* ''AM'': AM Best
* ''AMF'': Autorité des marchés financiers
* ''APMsAPM'': Alternative Performance MeasuresMeasure
* ''BBA'': Building Block Approach
* ''CAGR'': Compound Annual Growth Rate
* ''CSM'': Contractual Service Margin
* ''DJSI'': Dow Jones Sustainability Index
* ''DPF'': Discretionary Participation Features
* ''EME'': Europe, Middle East
* ''EPS'': Earnings Per Share
Line 1,337 ⟶ 1,357:
* ''FY'': Fiscal Year
* ''GAAP'': Generally Accepted Accounting Principles
* ''IFE'': Insurance Finance Expenses
* ''IFRS'': International Financial Reporting Standards
* ''IM'': Investment Managers
* ''ISN'': International Securities Identification Number
* ''LATAM'': Latin America
* ''MPS'': Monte Paschi Siena
* ''NB CSM'': New Business Contractual Service Margin
* ''NBV'': New Business Value
* ''OCI'': Other Comprehensive Income
* ''OTC QX'': Over The Counter QX
* ''P&C'': Property &and Casualty
* ''PAA'': Premium Allocation Approach
* ''PVEP'': Present Value of Expected Premiums
* ''SA'': Société Anonyme
* ''SCR'': Solvency Capital Requirement
* ''SFCR'': Solvency and Financial Condition Report
Line 1,350 ⟶ 1,376:
* ''SRI'': Socially Responsible Investing
* ''UEPS'': Underlying Earnings Per Share
* ''UNEP FIUK'': United Nations Environment Programme’s Finance InitiativeKingdom
* ''UN'': United Nations
* ''UNEP FI'': United Nations Environment Programme Finance Initiative
* ''VAT'': Value Added Tax
* ''XL'': Extra Large
Retrieved from "https://www.insurerbrain.com/wiki/Document:AXA/2025/FY/Earnings_release"