Document:AXA/2025/FY/Earnings release: Difference between revisions

| archive_file = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->

** This includes aIncludes -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of anti-dilutive share buyback related to the sale of AXA IM. ^{p. 1}

** Includes -1% 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 to buyback its own shares, 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.}} ^{p. 1}

** TheSolvency II ratio wasat 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.}} ^{p. 1}

* ''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.}} ^{p. 1}

* LaunchCompletion of an ''annualEUR 3.8bn additional share buyback program'' of uprelated to EURAXA 1.25bn.IM disposal, executed between July 2, 2025, and January 20, 2026 ^{p. 1}

* ''Underlying earnings per share growth'' for 2026 is 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.}} ^{p. 1}

* ExpectedAXA impactto ofpresent its ''Solvencynew IIstrategic revisionplan for 2027–2029'' aton September +1721, points.2026 ^{p. 1}

{{Indexing|====== FY25 key highlights: gross written premiums &and other revenues ^{p. 2}|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management|wpkf9ycgxf|ed0t39ch3f|kind=table|order=1}}====

* ''Total gross written premiums and other revenues'' were up +6%. ^{p. 2}

** ''Property & Casualty'' +5%. ^{p. 2}

*** ''Commercial lines'' {{footnote|1=&quot;Commercial lines&quot; refers to P&C Commercial lines excluding AXA XL Reinsurance.}} +4%, driven by higher volumes 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. ^{p. 2}

*** ''Personal lines'' +7%, driven by favorable price effects and strong growth in net new contracts in France, Europe, and Asia & EME-LATAM. ^{p. 2}

*** ''AXA XL Reinsurance'' +8%, with growth supported by alternative capital. ^{p. 2}

** ''Life & Health'' +8%. ^{p. 2}

*** ''Life'' premiums +9%. ^{p. 2}

**** ''Protection'' +11%, from strong sales in Hong Kong, Switzerland, and Japan. ^{p. 2}

**** ''Unit-Linked'' +13%, from higher volumes across all geographies. ^{p. 2}

**** ''G/A'' {{footnote|1=General account.}} +4%, from continued momentum in Italy and France. ^{p. 2}

*** ''Health'' premiums +5%, driven by price effects in all geographies. ^{p. 2}

* ''Underlying earnings'' increased by +6% to EUR 8.4bn, or +9% excluding AXA IM. ^{p. 2}

** ''LifeProperty & HealthCasualty'' +79%, fromdriven improvedby short-termhigher technicalvolumes, resultsunderwriting inmargin Health & Protectionexpansion, and higherincreased earningsfinancial inresult long-termfrom business, including early benefits of businesshigher rejuvenationinvestment strategy.income ^{p. 2}

** ''Asset ManagementHoldings'' underlying{{footnote|1=Including earningsbanking decreased by EUR 0activities.2bn}} dueunderlying toearnings thestable disposalat of AXA IM on JulyEUR -1, 2025.2bn ^{p. 2}

** ''UnderlyingAsset earnings per shareManagement'' increasedunderlying byearnings 8%decreased toby EUR 3.860.2bn due to the disposal of AXA IM on July 1, 2025 ^{p. 2}

** Also impactedDriven by shareincrease buybacksin underlying earnings (+36%), includingand thedecrease annualin shareinterest buybackexpense programon undated and the antideeply-dilutive share buyback from the AXA IMsubordinated sale.debt ^{p. 2}

** PartiallyImpact offsetof byshare unfavorablebuybacks foreign(+3%), exchangeincluding rateannual movements,share notablybuyback theprogram depreciationand ofanti-dilutive theshare U.S.buyback dollarfrom againstAXA theIM Euro (-2%).sale ^{p. 2}

** ThePartially saleoffset of AXA IM resulted in aby ''temporaryunfavorable dilutionimpact of underlyingforeign earningsexchange perrate share''movements (-12%), due tonotably the timingdepreciation of the associatedU.S. sharedollar buyback.against the Euro ^{p. 2}

* ''NetSale incomeof AXA IM'' increasedresulted byin 26%a totemporary EURdilution 9.8bn, mainly reflecting the increase inof underlying earnings andper significantlyshare positive(-1%) exceptionaldue items,to includingtiming theof gainassociated fromshare the sale of AXA IM.buyback ^{p. 2}

* ''Shareholders' equity'' was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024. ^{p. 3}

** Positive contributionscontribution from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) were more than offset by: ^{p. 3}

*** Offset by FY24 dividend paid to shareholders (EUR -4.6bn). ^{p. 3}

*** ImpactOffset by impact of share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback relatedfor toAXA theIM sale of AXA IM. ^{p. 3}

*** UnfavorableOffset by unfavorable foreign exchange impact (EUR -3.5bn), notablymainly due to the depreciation of the U.S. dollar. depreciation ^{p. 3}

* ''CSM'' was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024. ^{p. 3}

** New business contribution (EUR +2.2bn) andcombined with underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM. ^{p. 3}

** Market conditions had a favorable impact (EUR +0.6bn), mainly driven byfrom tightening government spreads and positive equity market performance. ^{p. 3}

** This was more than offsetOffset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of the 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. ^{p. 3}

** Driven''Solvency byII aratio'' strongwas operating224% returnas (+28of points)December net31, of2025, dividend+9 provisionpoints andvs. annualDecember share31, buyback (-24 points).2024 ^{p. 3}

** PositiveStrong impactoperating fromreturn (+28 points) net subordinatedof debtdividend issuanceprovision and annual share buyback (+6-24 points). ^{p. 3}

** FavorablePositive impactsimpact from financialnet marketssubordinated debt issuance (+46 points). ^{p. 3}

* TheAs Groupof estimatesJanuary the1, 2026, capital instruments and subordinated debt subject to ''Solvency II revision''transitional (effectivemeasures Q1("grandfathered 2027debt") wouldno resultlonger inqualified anas increaseeligible ofown +17funds, pointsresulting toin thea current-10 point decrease in Solvency II ratio. to 215% ^{p. 3}

* ''DebtUnderlying gearingreturn on equity'' was 2216.30% as of December 31, 2025, up 1+0.78 pointspoint vs. December 31, 2024., notably from higher underlying earnings and lower shareholders' equity ^{p. 3}

** Driven by lower''Debt shareholdersgearing'' equitywas and22.3% CSM, and the issuanceas of RestrictedDecember Tier31, 2025, +1.7 andpoints Tiervs. 2December subordinated debt (EUR31, 3.5bn).2024 ^{p. 3}

** Partially offsetDriven by redemptionlower ofshareholders' outstandingequity grandfatheredand CSM, and issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR -13.9bn5bn). ^{p. 3}

** ThePartly Group'soffset debtby gearingredemption wasof inoutstanding linegrandfathered withTier its1 19-23% plan guidancedebt for(EUR 2024-20261.9bn) ^{p. 3}

** This''Cash reflectsat organicHolding'' {{footnote|1=Including cash remittanceand fromliquid subsidiariesinvested ofassets at AXA SA Holding and other central holdings.}} amounted to EUR 75.5bn6bn as of December 31, 2025, up EUR 01.4bn6bn vs. December 31, 2024. ^{p. 3}

* A ''dividend'' of EUR 2.32 per share'' (+8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. ^{p. 4}

** The dividend is expectedExpected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. ^{p. 4}

* AXA's Board of Directors approved on February 25, 2026, the launch of an ''annual share buyback program'' for up to EUR 1.25bn''. ^{p. 4}

** To 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.}} ^{p. 4}

** AXA intends to cancel all shares repurchased under this program. ^{p. 4}

** The program isProgram expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end. ^{p. 4}

* AXA is confident in achieving its main financial targets for its 2024-2026 '"Unlock the Future'" plan, supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. ^{p. 4}

* AtIn ''AXAP&C XLRetail and SME & Mid-market'', pricing conditionsremains varyfavorable, and the Group willexpects continueto effectivebenefit cyclefrom managementearn-through andof disciplinedhigher pricing and capitalunderwriting allocation.actions ^{p. 4}

* TheIn strategy''Life to& rejuvenateHealth'', salesearnings ingrowth longexpected from short-term business andreflecting improveddisciplined persistency should drive positive net flowspricing and CSMclaims growth.management ^{p. 4}

* Management''Holdings believesresults'' AXAin is2026 on trackexpected to deliverremain thesimilar main financial targets of the 'Unlock the Future'to plan:2025 ^{p. 4}

** ''UnderlyingManagement earningsbelieves perAXA shareis growth''on attrack theto upperdeliver endmain offinancial thetargets 6-8%of CAGR"Unlock targetthe rangeFuture" forplan, bothassuming 2023-2026Ecurrent andoperating forconditions 2026.persist ^{p. 4}

** ''Underlying returnearnings onper equityshare growth'' betweenat 14%the andupper 16end of 6-8% betweenCAGR 2024target andrange for 2023-2026E. and for 2026 ^{p. 4}

** ''CumulativeUnderlying organicreturn cashon upstreamequity'' inbetween excess14% ofand EUR16% 21bn forbetween 2024- and 2026E. ^{p. 4}

** The proposed dividend per share inComprising a given60% yeardividend ispayout expectedratio toand bean atadditional least15% equalfrom to the dividend perannual share paid in the prior year.buybacks ^{p. 4}

! colspan="5" style="text-align:centerleft" | ''Key figures (in Euro billion, unless otherwise noted)''

! class="col-ms" style="text-align:right" | FY24

! class="col-ms" style="text-align:right" | FY25

! class="col-ms" style="text-align:right" | Change on a comparable basis

! class="col-ms" style="text-align:right" | FY25 Price effect (12) (in %)

|! style="text-align:left" | Earnings (in Euro million, unless otherwise noted)—

|! class="col-s" style="text-align:right" | Earnings (in Euro million, unless otherwise noted)FY24

|! class="col-s" style="text-align:right" | Earnings (in Euro million, unless otherwise noted)FY25

|! class="col-s" style="text-align:right" | Earnings (in Euro million,Change unlessat otherwiseconstant noted)Forex

|! class="col-s" style="text-align:right" | Earnings (in Euro million, unless otherwise noted)—

* ''Gross written premiums & other revenues'' were up +5% to EUR 58.0bn. ^{p. 5}

** ''Commercial lines'' grew by +4% to EUR 35.8bn. ^{p. 5}

*** ''AXA XL Insurance'' +3%, from growth in attractive margin lines (Property, Casualty) due to favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines. ^{p. 5}

*** ''Asia, Africa & EME-LATAM'' +13%, mainly driven by Türkiye (higher average premiums) and Mexico (favorable volume and price effects). ^{p. 5}

*** ''France'' +6%, from favorable price effects in all lines and higher volumes. ^{p. 5}

** ''Personal lines'' grew by +7% to EUR 19.7bn. ^{p. 5}

*** ''Europe'' +5%, from favorable price effects across geographies, except in UK & Ireland Motor where(softened pricing softened after strong2024 repricing in 2024.) ^{p. 5}

*** ''Asia, Africa & EME-LATAM'' +14%, driven by Türkiye (higher average premiums and volumes). ^{p. 5}

*** ''France'' +9%, with strong volume growth in all lines (direct business and proprietary agent networks) and favorable price effects in Motor. ^{p. 5}

** ''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. ^{p. 5}

* The ''allAll-year combined ratio'' improved by 0.3 point to 90.6%. ^{p. 5}

** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 point) from margin expansion in Commercial lines (-0.5 point, driven by SME & mid-market -0.9 point) and Personal lines (-0.4 point). ^{p. 5}

*** LowerCommercial expense ratiolines (-0.35 point), primarilydriven fromby lowerSME non& mid-commissionmarket expensebusiness ratio due to efficiency gains(-0.9 point) ^{p. 5}

*** LowerAXA naturalXL catastropheInsurance chargesmargins (-0.4stable pointat toattractive 3.4%) more than offset by lower prior years' reserve developmentlevels (+0.71 point at -1.1%). ^{p. 5}

'''== P&C underlying earnings were up 9% to Euro 5.9 billion driven by:''' ==

* ''Technical result'' increased by EUR +0.5bn, reflecting strong volume growth and improved technical margin. ^{p. 6}

* ''Financial result'' increased by EUR +0.2bn due to higher volumes and reinvestment yields on fixed income assets, offsetting the increase in theincreased unwind of the discount of claims reserves. ^{p. 6}

* PartiallyPartly offset by ''higher income taxes'' (EUR -0.2bn) mainly due to higher pre-tax underlying earnings. ^{p. 6}

! colspan="4" style="text-align:centerleft" | ''Key figures (in Euro billion, unless otherwise noted)''

! colspan="4" style="text-align:centerleft" | ''Earnings (in Euro million)''

'''== Gross written premiums & other revenues were up 8% to Euro 56.5 billion.''' ==

* ''Life'' grew by 9% to EUR 37.5bn. ^{p. 6}

** ''Unit-Linked'' +13%, driven by successful sales initiatives across all geographies. ^{p. 6}

** ''G/A'' +4%, notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong. ^{p. 6}

** ''Protection''Partly +11%,offset notablyby fromnon-repeat aof commercialelevated campaignsales onof a Protectionsingle withpremium G/Awhole-life product in Hong KongJapan and continued goodlower sales of Protection with Unit-Linked product in JapanHong and Switzerland.Kong ^{p. 6}

** ''HealthProtection'' grew+11%, bynotably 5%from toa EURcommercial 19.0bn,campaign drivenon bya favorableProtection pricewith effectsG/A product in bothHong GroupKong and Individualcontinued businessesgood acrosssales mostof geographies,Protection partlywith offsetUnit-Linked byproduct lowerin Japan and volumes.Switzerland ^{p. 6}

** ''HealthLife'' -12+1%, mainly from thehigher impactvolumes ofin higherHong interestKong, ratesFrance, onand discountingSwitzerland, ofpartly futureoffset premiums,by andimpact lowerof volumeshigher ininterest Francerates followingon underwritingdiscounting andof pruningfuture actions.premiums ^{p. 7}

* ''NBVNB (post-tax)CSM'' wasincreased stableby at3% to EUR 2.2bn, asdriven growthby strong sales in NBSavings CSMand wasProtection, partly offset by theimpact decreaseof inhigher theinterest contributionrates ofon short-termdiscounting multinationalof businessfuture in France.profits ^{p. 7}

* ''NBV margin (post -tax)'' increasedwas bystable 0at EUR 2.12bn pointas togrowth 4.5%.in NB CSM was offset by decreased contribution of short-term multinational business in France ^{p. 7}

** Driven by ''HealthProtection'' (EUR +24.7bn9bn), mainly in GermanyHong Kong, Japan, and France. ^{p. 7}

** Driven by ''Unit-LinkedHealth'' (EUR +12.5bn7bn), primarilymainly in Germany, Japan, and France. ^{p. 7}

** Partially offsetDriven by ''G/A SavingsUnit-Linked'' (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn5bn), were more than offset by outflowsprimarily in traditional G/A Savings (EUR -5.0bn).France ^{p. 7}

** ''ShortLong-term technical result'' (EUR +0.1bn2bn) driven by expansionincreased ofCSM technicalrelease, marginfollowing reflectinggrowth pricing,in underwriting,reserves and claimsbetter management actions, which more than offset the impact of a legislative change on VAT recoverabilitymargins in Mexicolong-term (EUR -0.1bn).business ^{p. 7}

** ''LowerShort-term incometechnical taxesresult'' (EUR +0.1bn) reflectingdriven favorableby taxexpansion effectsof mainlytechnical inmargin Germanyreflecting pricing, Franceunderwriting, and claims management actions, which more than offset impact of legislative change on VAT recoverability in Mexico (EUR -0.1bn) ^{p. 7}

** ''Lower contributionincome from affiliatestaxes'', notably(EUR ICBC-AXA,+0.1bn) andreflecting improvedfavorable resultstax ateffects AXA MPS, leading to an increasemainly in earningsGermany, ofFrance, minorityand shareholders.Mexico ^{p. 7}

* ''Holdings underlying earnings'' remained broadly stable at EUR -1.2bn. ^{p. 7}

|-}

* AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings. ^{p. 8}

* ''Capital-light G/A products:'' encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%. ^{p. 8}

* ''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. ^{p. 8}

* ''CSM release:'' is the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period. ^{p. 8}

* ''Economic variance:'' is the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force. ^{p. 8}

* ''Financial result:'' is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow. ^{p. 8}

* ''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).; Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities). ^{p. 8}

* ''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. ^{p. 8}

* ''New business value ("'NBV"'):'' is the value of newly issued contracts during the current year., consisting of the sum of (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts carried by Life entities (considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9, net of (iv) cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 8}

* ''TechnicalOperating experiencevariance:'' consiststhe variation of the impactsyear-end onCSM vs. the underlyingexpected earningsat ofopening due to (i) the differencedifferences between expectedrealized and incurred cash-flows in theexpected definedoperational periodassumptions, (ii) thechanges riskin adjustmentassumptions release(mortality, (iii)longevity, changeslapses, in onerous contractsexpenses), and (iviii) otherimpact long-termof elementsmodel mainlychanges; composednet of non-attributable expenses.reinsurance ^{p. 9}

* ''UnderlyingPresent returnvalue onof in-forceexpected premiums ("PVEP"):'' is the releasenew ofbusiness volume, equal to the timepresent value ofat optionsissue &of guaranteestotal pluspremiums theexpected unwindover ofpolicy CSMterm, discounted at the reference interest rate plusand theGroup underlying financial over-performance.share ^{p. 9}

* ''France:'' includes insurance activities, banking activities, and holding. ^{p. 10}

* ''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). ^{p. 10}

* ''AXA XL:'' includes insurance and reinsurance activities and holding. ^{p. 10}

* ''Asia, Africa & EME-LATAM:'' includes: ^{p. 10}

** ''Asia:'': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated).; China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) arebusinesses (consolidated under the equity method, and contributecontributing only to NBV, PVEP, underlying earnings, and net income.) ^{p. 10}

** ''Africa:'': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (fully consolidated). ^{p. 10}

** ''EME-LATAM:'': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated).; Russia (Reso) (insurance activities) is (consolidated under the equity method, and contributescontributing only to net income.) ^{p. 10}

** ''AXA Mediterranean Holdings''. ^{p. 10}

* ''Transversal & Other:'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity), and other Central Holdings. ^{p. 10}

* ''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), and Asian joint ventures (consolidated under the equity method). ^{p. 10}

* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com ^{p. 12}

=== '''Media Relations: ==='''

* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 12}

=== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ===

* Certain statements in this documentpress release are forward-looking statements,and identifiedsubject byto wordsknown likeand 'expects',unknown 'anticipates',risks 'may'and uncertainties, 'plan'many outside AXA’s control, orwhich could cause actual results to conditionaldiffer verbs.materially ^{p. 12}

* AXAThese disclaimsstatements anyare obligationbased toon updateManagement’s orcurrent reviseviews theseand forward-lookingintentions statements,and exceptare assubject required byto law.change ^{p. 12}

* ReconciliationsThis ofpress APMsrelease refers to non-GAAP financial statementsmeasures are(APMs) providedused inby AXA’sManagement for analyzing operating trends, financial 2025performance, Activityand Report.position ^{p. 12}

* {{footnote|1=IncludingIncludes ''Banking revenues'' amounting to EuroEUR 99 million99m in FY25 and Euro 118EUR million118m in FY24.}} ^{p. 13}

! style="text-align:left" | —

|! 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

* {{footnote|1=IncludingIncludes underlying earnings of Holdings and Banking.}} ^{p. 14}

* {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}} ^{p. 15}

! colspan="3" style="text-align:centerleft" | Interest Rates (5Y) For the Discounting of P&C Claims Reserves—

|! class="col-s" style="text-align:leftright" | —FY25 (ii)

* {{footnote|1=Calculated as monthly average from January 2024 to December 2024.}} ^{p. 15}

* {{footnote|1=Average of monthly opening discount rates of 2025.}} ^{p. 15}

{{Indexing|====== P&C: Price effects (i) by country and business line|Price effects, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, Italy|llbwb4tj3c|kind=table|order=13}}====

* {{footnote|1=Price effect calculated as a percentage of total gross written premiums in the prior year.}} ^{p. 16}

* {{footnote|1=Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals, calculated as a percentage of renewed premiums.}} ^{p. 16}

* {{footnote|1=• Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA').&#10;• Short-term business margin is analyzed using the Combined Ratio.&#10;• Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.}} ^{p. 17}

! colspan="4" style="text-align:centerleft" | ''NB CSM to NBV''

* {{footnote|1=Includes Health business written predominantly in Life entities.}} ^{p. 18}

! colspan="3" style="text-align:centerleft" | ''Net flows by business line''

|! style="text-align:left" | in Euro billion

|! class="col-s" style="text-align:right" | FY24

|! class="col-s" style="text-align:right" | FY25

* Includes Health business written predominantly in Life entities ^{p. 19}

* {{footnote|1=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.}} ^{p. 19}

* {{footnote|1=IncludingIncludes Investment contracts with no discretionary participation features (&quot;"DPF&quot;").}} ^{p. 19}

* Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025). ^{p. 20}

* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025). ^{p. 20}

* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025). ^{p. 20}

* Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025). ^{p. 20}

* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025). ^{p. 20}

* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025). ^{p. 20}

* Announced the acquisition of Prima, athe leading direct insurance player in Italy (August 1, 2025). ^{p. 20}

* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025). ^{p. 20}

* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025). ^{p. 20}

* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025). ^{p. 20}

* 2026 Shareholder's Annual General Meeting (April 30, 2026). ^{p. 20}

* First quarter 2026 Activity Indicators (May 5, 2026). ^{p. 20}

* HY26 Earnings Release (July 31, 2026). ^{p. 20}

* AXA Investor Day (September 21, 2026). ^{p. 20}