|
| 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).
}}
'''AXA reports record results with underlying EPS growth at the top end of the target range'''
=== Key FY25 highlights ===
* ''Gross written premiums'' & other revenues:'' at EUR 116bn, up +6% vs. FY24 <sup>p. 1</sup>
* ''Underlying earnings'': at EUR 8.4bn, up +6% vs. FY24, or +9% excluding AXA IM <sup>p. 1</sup>
* ''Underlying earnings per share'': at EUR 3.86, up +8% vs. FY24 <sup>p. 1</sup>
** IncludesThis includes a -2% headwind from foreign exchange movements <sup>p. 1</sup>
** IncludesThis also includes -1% from temporary earnings dilution from the sale of AXA IM due to the timing of anti-dilutive share buyback related to the sale of AXA IM <sup>p. 1</sup>
* ''Solvency II ratio'': at 224% atas of December 31, 2025, up +9 points vs. FY24 <sup>p. 1</sup>
** ''Solvency II ratio'' at 215% on January 1, 2026, reflecting the end of the grandfathering period <sup>p. 1</sup>
=== Capital Management ===
* ''Dividend'': of EUR 2.32 per share, up +8% vs. FY24 <sup>p. 1</sup>
* Launch of an ''annual share buyback program'' 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 <sup>p. 1</sup> ▼* ''Expected impact of Solvency II revision'': +17 points <sup>p. 1</sup> ▼* AXA will present its new strategic plan for 2027-2029 on September 21, 2026 <sup>p. 1</sup> ▼
▲* ''Underlying earnings per share growth '' for 2026 '': expected to be at the upper end of the 6-8% plan target range <sup>p. 1</sup>
▲* ''Expected impact of Solvency II revision'' : at +17 points <sup>p. 1</sup>
▲* AXA willto 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 & other revenues <sup>p. 2</sup> ======
{{Indexing|FY25 key highlights <sup>p. 2</sup>|Gross written premiums, underlying earnings, net income, Solvency II ratio|z5ugm9vp33|3pjfj4g9uv|kind=table|order=1}}
<div style="overflow-x:auto">
! 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:right" | n.m.
| style="text-align:right" | n.m.
|}
</div>
*====== InFY25 2025,key ''IFRS17highlights: underlying earnings '': EURand 8.4bnnet income <sup>p. 122</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" | +24%
| style="text-align:right" | +26%
|-}
</div>
▲| style="text-align:left" | —
▲| style="text-align:right" | FY24
====== FY25 key highlights: Solvency II ratio <sup>p. 2</sup> ======
▲| style="text-align:right" | FY25
▲| style="text-align:right" | Change on a reported basis
|<div style="textoverflow-alignx:rightauto" | —>
{| 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
|-
| style="text-align:left" | Solvency II ratio (%) (5)
| style="text-align:right" | 224%
| style="text-align:right" | +9 pts
▲| style="text-align:right" | —
|}
</div>
==== Activity indicators ====
* ''Total gross written premiums and other revenues'': up +6% <sup>p. 2</sup>
** ''Property & Casualty'': +5% <sup>p. 2</sup>
*** ''Commercial lines'': +4%, driven by higher volumes (notably at AXA XL Insurance) and favorable price effects 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% <sup>p. 2</sup>
*** ''Life premiums'': +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:'' +4%, from continued momentum in Italy and France <sup>p. 2</sup>
*** ''Health premiums'': +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 <sup>p. 2</sup>
** ''Property & Casualty'': +9%, from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income <sup>p. 2</sup>
** ''Life & Health'': +7%, from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits offrom businessstrategy rejuvenationto strategyrejuvenate the business <sup>p. 2</sup>
** ''Holdings'' 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>
** MainlyIncrease drivenin byunderlying theearnings (+6% increase in underlying earnings) and a decrease in interest expense on undated and deeply-subordinated debt <sup>p. 2</sup>
** Impact of share buybacks: (+3%), including both the annual share buyback program and the anti-dilutive share buyback fromassociated AXAwith IMthe sale of AXA IM <sup>p. 2</sup>
** Partially offset by the unfavorable impact of foreign exchange rate movements: -2%, notably duethe todepreciation of the U.S. dollar depreciation against the Euro (-2%) <sup>p. 2</sup>
* SaleThe sale of AXA IM resulted in a ''temporary dilution of underlying earnings per share:'' (-1%,) due to the timing of the associated share buyback <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, notably the gain from the sale of AXA IM <sup>p. 2</sup>
==== Balance sheet ====
* ''Shareholders’Shareholders' equity'': was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024 <sup>p. 3</sup>
** Positive contribution from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) was more than offset by: <sup>p. 3</sup>
** Offset by FY24 dividend paid to shareholders (EUR -4.6bn) <sup>p. 3</sup>
** Offset by impactImpact of share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback forrelated AXAto IMthe sale of AXA IM <sup>p. 3</sup>
** Offset by unfavorableUnfavorable foreign exchange impact (EUR -3.5bn), mainlynotably due to the depreciation of the U.S. dollar depreciation <sup>p. 3</sup>
* ''CSM'': was EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs. December 31, 2024 <sup>p. 3</sup>
** 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 <sup>p. 3</sup>
** Market conditions had a favorable impact (EUR +0.6bn), mainly fromdriven by tightening government spreads and positive equity market performance <sup>p. 3</sup>
** OffsetThis was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of Japanese yen and Hong Kong dollar <sup>p. 3</sup>
** OffsetAlso offset by a negative operating variance (EUR -0.3bn) due to bettera marginsreduction and net flowsin being offset by reducedthe duration of Group Life business in Switzerland, despite better margins and net flows <sup>p. 3</sup>
* ''Solvency II ratio'': was 224% as of December 31, 2025, up +9 points vs. December 31, 2024 <sup>p. 3</sup>
** Strong operating return: (+28 points,) net of the provision for dividend and annual share buyback (-24 points) <sup>p. 3</sup>
** Positive impact from net subordinated debt issuance: (+6 points) <sup>p. 3</sup>
** Favorable impacts from financial markets: (+4 points) <sup>p. 3</sup>
** PartlyPartially offset by the net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including the associated EUR 3.8bn share buyback: (-5 points) <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 revision,'' (effective Q1 2027,) would result in a +17 points increase to the current Solvency II ratio by +17 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, notably from higher underlying earnings and lower shareholders’shareholders' equity <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’shareholders' equity and CSM, andas well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn) <sup>p. 3</sup>
** PartlyPartially offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) <sup>p. 3</sup>
** InThe Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026 <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>
** Reflecting organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024 <sup>p. 3</sup>
'''Capital management'''
* A ''dividend'' of EUR 2.32 per share'' (up +8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 <sup>p. 4</sup>
** 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'' <sup>p. 4</sup>
** AXA intends to cancel all shares repurchased <sup>p. 4</sup>
** Expected to commence as soon as reasonably practicable, subjectand to market conditions, andbe completed by year-end <sup>p. 4</sup>
'''Outlook'''
* AXA is confident in achieving its main financial targets for the 2024-2026 "Unlock the Future" plan, supportedunderpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through cost management: <sup>p. 4</sup>
** Profitable organic growth <sup>p. 4</sup>
* In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects continued benefits from earn-through of higher pricing and underwriting actions <sup>p. 4</sup>
** Scaling technical capabilities across businesses <sup>p. 4</sup>
* At AXA XL, pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital <sup>p. 4</sup> ▼** Driving operational efficiency through reinforced cost management <sup>p. 4</sup>
* Group guidance for normalized natural catastrophe load remains at approximately 4.5 points of combined ratio for 2026 <sup>p. 4</sup>
* In Life''P&C Retail and SME & HealthMid-market'', earningspricing growthremains isfavorable, expectedand fromthe short-termGroup business dueexpects to disciplinedbenefit from earn-through of higher pricing and claimsunderwriting managementactions <sup>p. 4</sup>
▲* At ''AXA XL '', pricing conditions vary by line; the Group will ensurecontinue effective cycle management and disciplined capital allocation , growing where returns exceed the cost of capital <sup>p. 4</sup>
* Strategy to rejuvenate sales in long-term business and improved persistency should generate positive net flows, driving CSM growth over time <sup>p. 4</sup> ▼* ResultsThe inGroup Holdingsguidance infor 2026''normalized arenatural expectedcatastrophe toload'' remainremains similarat toca. 20254.5 points of combined ratio for 2026 <sup>p. 4</sup>
* In ''Life & Health'', earnings growth is expected to be driven by short-term business reflecting disciplined pricing and claims management initiatives <sup>p. 4</sup>
* Management believes AXA is on track to deliver main financial targets of "Unlock the Future" plan, assuming current operating conditions persist <sup>p. 4</sup>
▲* StrategyThe strategy to rejuvenate sales in the long-term business , andcoupled with improved persistency , should generate positive net flows , drivingand drive CSM growth over time <sup>p. 4</sup>
** ''Underlying earnings per share growth'': upper end of 6-8% CAGR target range for 2023-2026E and for 2026 <sup>p. 4</sup> ▼** ''UnderlyingHoldings return on equityresults'': betweenin 2026 are expected to remain 14%at anda 16%similar betweenlevel 2024as andin 2026E2025 <sup>p. 4</sup>
** ''CumulativeManagement organicbelieves cashAXA upstream'':is inon excesstrack to deliver the main financial targets of EURthe 21bn"Unlock forthe 2024-2026EFuture" plan: <sup>p. 4</sup>
▲** ''Underlying earnings per share growth'' : at the upper end of the 6-8% CAGR target range for both 2023-2026E and for 2026 <sup>p. 4</sup>
* Group is committed to its capital management policy, targeting a total payout ratio of 75% <sup>p. 4</sup>
** Comprising''Underlying areturn 60on equity'' between 14% dividendand 16% between 2024 payoutand ratio2026E <sup>p. 4</sup>
** Additional''Cumulative 15%organic fromcash annualupstream'' sharein buybacksexcess of EUR 21bn for 2024-2026E <sup>p. 4</sup>
* ProposedThe dividend per share in a given yearGroup is expectedcommitted to beits at''capital leastmanagement equalpolicy'', totargeting the dividend per sharea paidtotal inpayout theratio priorof year75% <sup>p. 4</sup>
** Comprising 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 ==
====== Property & Casualty: gross written premiums and other revenues <sup>p. 5</sup> ======
{{Indexing|Property & Casualty key figures <sup>p. 5</sup>|Gross written premiums, Commercial lines, Personal lines, AXA XL Reinsurance|wpkf9ycgxf|cos78e4bvi|kind=table|order=2}}
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</div>
{{Indexing|====== Property & Casualty: earnings <sup>p. 5</sup>|Combined ratio, underlying earnings|y30gelxv10|cos78e4bvi|kind=table|order=3}}====
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</div>
* ''Gross written premiums & other revenues'': 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 attractivelines marginwith linesattractive margins (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 (higher average premiums) and Mexico (favorable volume and price effects) <sup>p. 5</sup>
*** ''France:'' +6% from favorable price effects in all lines 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 (higher average premiums and volumes) <sup>p. 5</sup>
*** ''France:'' +9% with strong volume growth in all lines (direct business and proprietary agent networks) and 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 ''Allall-year combined ratio'': improved by 0.3 point to 90.6%, mainly driven by: <sup>p. 5</sup>
** Lower undiscounted current year loss ratio excluding natural catastrophe: (-0.3 point) from further margin expansion in: <sup>p. 5</sup>
*** Commercial lines: (-0.5 point), driven by SME & mid-market business (-0.9 point) in a favorable pricing environment, while margins at AXA XL Insurance marginswere stable at attractive levels (+0.1 point) <sup>p. 5</sup>
*** Personal lines: (-0.4 point) in a conducive pricing environment <sup>p. 5</sup>
** Lower expense ratio: (-0.3 point,) primarily from lower non-commission expense ratio reflecting efficiency gains <sup>p. 5</sup>
** Lower natural catastrophe charges: (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%) <sup>p. 5</sup>
** More than offset by lower prior years' reserve development: +0.7 point at -1.1% <sup>p. 5</sup>
'''P&C underlying earnings were up 9% to Euro 5.9 billion driven by:'''
* ''TechnicalIncrease in technical result'': increased by (EUR +0.5bn,) reflecting strong volume growth and improved technical margin <sup>p. 6</sup>
* ''FinancialHigher financial result'': increased by (EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, more than offsetting increasedthe increase in the unwind of the discount of claims reserves <sup>p. 6</sup>
* PartlyPartially offset by ''higher income taxes:'' (EUR -0.2bn,) mainly 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, Life, Health, PVEP, NB CSM, NBV, NBV margin, net flows|wpkf9ycgxf|f4zcgwiyzm|fz8evycjst|kind=table|order=4}}====
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{{Indexing|====== Life & Health: earnings <sup>p. 6</sup>|Underlying earnings, Life, Health|y30gelxv10|kind=table|order=5}}====
<div style="overflow-x:auto">
'''Gross written premiums & other revenues were up 8% to Euro 56.5 billion.'''
* ''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 in Japan and lower sales in Hong Kong <sup>p. 6</sup>
*** Partly''Protection'' offset+11%, bynotably non-repeatfrom ofa elevatedcommercial salescampaign ofon a singleProtection premiumwith whole-lifeG/A product in JapanHong Kong and lowercontinued good sales of Protection with Unit-Linked product in HongJapan Kongand Switzerland <sup>p. 6</sup>
** Protection:''Health'' +11%,grew notablyby from5% ato commercialEUR campaign19.0bn, ondriven aby Protectionfavorable withprice G/A producteffects in Hongboth KongGroup and continuedIndividual goodbusinesses salesacross ofmost Protectiongeographies, withpartly Unit-Linkedoffset productby in Japan andlower Switzerlandvolumes <sup>p. 6</sup>
* ''HealthPresent value of expected premiums (PVEP)'': grewdecreased by 52% to EUR 1949.0bn4bn, driven by favorable price effects in Group and Individual businesses across most geographies, partly offset by lower volumes: <sup>p. 67</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>
* ''Present value of expected premiums (PVEP)'': decreased by 2% to EUR 49.4bn <sup>p. 6</sup>
** Life:''Health'' +1-12%, mainly from higherthe volumesimpact inof Honghigher Kong,interest France,rates andon Switzerland,discounting partlyof offsetfuture bypremiums, impactand oflower highervolumes interestin ratesFrance onfollowing discountingunderwriting ofand futurepruning premiumsactions <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>
** Health: -12%, mainly from impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions <sup>p. 7</sup>
* ''NBNBV CSM(post-tax)'': increasedwas by 3%stable toat EUR 2.2bn, drivenas by strong salesgrowth in SavingsNB and Protection,CSM partlywas offset by impactthe ofdecrease higherin interestthe ratescontribution onof discountingshort-term ofmultinational futurebusiness in profitsFrance <sup>p. 7</sup>
* ''NBV margin (post- tax)'': stableincreased atby EUR 20.2bn,1 aspoint growthto in NB CSM was offset by decreased contribution of short-term multinational business in France4.5% <sup>p. 7</sup>
* ''NBVNet margin (post tax)flows'': increasedwere byEUR 0+5.14bn pointcompared to 4EUR +1.5%5bn in 2024 <sup>p. 7</sup>
** ''NetDriven flows''by: EUR +5.4bn compared to EUR +1.5bn in 2024 <sup>p. 7</sup>
*** ''Protection:'' (EUR +4.9bn), mainly in Hong Kong, Japan, and France <sup>p. 7</sup>
*** ''Health:'' (EUR +2.7bn), mainly in Germany, Japan, and France <sup>p. 7</sup>
*** ''Unit-Linked:'' (EUR +1.5bn), primarily in France <sup>p. 7</sup>
** PartlyPartially 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, driven by: <sup>p. 7</sup>
** ''Long-term technical result:'' (EUR +0.2bn,) driven by increasedan increase in CSM release, following reserveboth growth in reserves and better margins in the long-term business <sup>p. 7</sup>
** ''Short-term technical result:'' (EUR +0.1bn,) driven by the expansion of technical margin expansion 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>
*** More''Lower thanincome offsettaxes'' the(EUR impact+0.1bn) ofreflecting afavorable legislativetax changeeffects onmainly VATin recoverabilityGermany, inFrance and Mexico (EUR -0.1bn) <sup>p. 7</sup>
** Lower incomecontribution taxes:from EURaffiliates, notably +0.1bnICBC-AXA, reflectingand favorableimproved taxresults effectsat mainlyAXA MPS that resulted in Germany,an France,increase andin earnings of minority Mexicoshareholders <sup>p. 7</sup>
** Lower contribution from affiliates, notably ICBC-AXA, and improved results at AXA MPS, resulting in increased 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====== Ratings: insurer financial strength and 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=6}}====
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== 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 anthe 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 periodthe 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 <sup>p. 8</sup>
* ''Economic variance'': is the variance of the year-end CSM arising 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 DPFdiscretionary participating features, fees, and revenues, net of commissions paid on assumed reinsurance) and other revenues from non-insurance activities (banking, services, asset managementbusiness) <sup>p. 8</sup>
** Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) <sup>p. 8</sup>
* ''New business contractual service margin ("NB CSM")'': component of carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided <sup>p. 8</sup>
* ''New business valuecontractual service margin ("NBVNB CSM")'': valueis a component of the carrying amount of the asset or liability for newly issued insurance contracts during the currentperiod, representing the unearned profit to be recognized as insurance contract services are yearprovided <sup>p. 8</sup>
* ''New business value ("NBV")'' is the value of newly issued contracts during the current year <sup>p. 8</sup>
** ConsistsIt consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of newly issued 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>
** Net of cost of reinsurance, taxes, and minority interests <sup>p. 8</sup>
* ''New business value margin ("NBV Margin")'': is the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP <sup>p. 8</sup>
== RATINGS AND GLOSSARY ==
'''Press release'''
* ''Operating variance'': is 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, net of reinsurance <sup>p. 9</sup>
** Operating variance is net of reinsurance <sup>p. 9</sup>
* ''Present value of expected premiums ("PVEP")'': is the new business volume, equal to the present value at the time of issue of the total premiums expected overto policybe term,received discountedover atthe referencepolicy interest rate, and Group shareterm <sup>p. 9</sup>
* ''Technical experience'': 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> ▼** PVEP is discounted at the reference interest rate and PVEP is Group share <sup>p. 9</sup>
* ''Underlying return on in-force'': release of time value of options & guarantees plus unwind of CSM at reference rate plus underlying financial over-performance <sup>p. 9</sup> ▼▲* ''Technical experience'' : consists of the impacts on the underlying earnings fromof differences(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>
▲* ''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>
== 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), UKUnited Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities), 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. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated <sup>p. 10</sup>
** China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024, and holding) businesses which are consolidated under the equity method, contributingand contribute only to NBV, PVEP, the underlying earnings, and net income <sup>p. 10</sup>
** ''Africa'': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) which are fully consolidated <sup>p. 10</sup>
** ''EME-LATAM'': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) which are fully consolidated <sup>p. 10</sup>
** Russia (Reso) (insurance activities) which is consolidated under the equity method, contributingand contributes only to the net income <sup>p. 10</sup>
** AXA Mediterranean Holdings <sup>p. 10</sup>
* ''Transversal & Other'': includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity), and other Central Holdings <sup>p. 10</sup>
* ''AXA Investment Managers'': includes AXA Investment Managers, Select (formerlypreviously referred to as Architas), and Capza (which are fully consolidated), and Asian joint ventures (which are consolidated under the equity method) <sup>p. 10</sup>
== Exchange rates ==
* Exchange rates <sup>p. 10</sup>
{{Indexing|End of period====== and average exchangeExchange rates for 1 euro <sup>p. 10</sup>|USD, CHF, GBP, JPY, HKD exchange rates|2g0bi52xlo|kind=table|order=7}}====
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== Notes ==
* Change in gross written premiums & other revenues, new business value ("NBV"), and present value of expected premiums ("PVEP") is on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated <sup>p. 11</sup>
* "Underlying earnings", "underlying earnings per share", "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and the AMF's related position statement (issued in 2015) <sup>p. 11</sup>
* AXA provides a reconciliation of APMs to financial statements in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report") <sup>p. 11</sup>
* AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025 <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 upa tomaximum of EUR 3.8bn to offset earnings dilution from the sale of AXA IMInvestment saleManagers to BNP Paribas <sup>p. 11</sup>
** BuybackThe share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025 <sup>p. 11</sup>
* The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock <sup>p. 11</sup>
* The Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to EUR 1.25bn annual share buyback program and proposed EUR 2.32 per share dividend <sup>p. 11</sup>
* Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, when they ceased to qualify as capital under Solvency II <sup>p. 11</sup>
* DividendThe dividend proposal is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 <sup>p. 11</sup>
* ShareThe share buyback program was approved by AXA's Board of Directors on February 25, 2026, and is expected to commence as soon as practicable,reasonably subject to market conditionspracticable <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>
* EstimatedThe estimated Solvency II revision impact is based on the Solvency Capital Requirement (SCR) and capital amount as of January 1, 2026, as if the revision waswere in force <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>
* G/A refers to General account <sup>p. 11</sup>
* "Including bankingBanking activities" are included <sup>p. 11</sup>
* "Including P&C" is included <sup>p. 11</sup>
* "Including cashCash and liquid invested assets at AXA SA Holding and other central holdings" are included <sup>p. 11</sup>
* Share buybackbuybacks executionare isto be executed in accordance with 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 natural catastrophe losses regardless of event size <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>
* {{footnote|1=Ratings information available at: https://www.axa.com/en/investor/financial-strength-ratings.}} Restricted Tier 1 ratings: "BBB+" by Standard & Poor's and "Baa1(hyb)" by Moody's. Tier 2: "A-/Stable" by Standard & Poor's and "A2(hyb)/Stable" by Moody's. <sup>p. 11</sup>
* TierAXA 2completed ratings:its "A-/Stable"acquisition byof Standarda &majority Poor'sstake andin "A2(hyb)/Stable"Prima byin Moody'sItaly on November 28, 2025 <sup>p. 11</sup>
* AXA completed acquisition of majority stake in Prima in Italy on November 28, 2025 <sup>p. 11</sup>
* Disposal to BNP Paribas completed on July 1, 2025 <sup>p. 11</sup>
* All comments and changes are on a comparable basis for activity indicators (constant forex, scope, and methodology) <sup>p. 11</sup>
* Actuarial and financial assumptions for NBV and PVEP are updated semi-annually <sup>p. 11</sup>
* AXA's consolidated financial statements for FY25 were examined by the Board on February 25, 2026, and are subject to audit completion <sup>p. 11</sup>
== About the AXA group ==
* The AXA Group is a worldwide leader in insurance, with 156,000 employees serving overmore than 92 million clients in 52 countries <sup>p. 12</sup>
* In 2025, ''IFRS17 revenues'': amounted to EUR 115.5bn and ''IFRS17 underlying earnings'' 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 - Bloomberg: CS FP - Reuters: AXAF.PA) <sup>p. 12</sup> ▼▲* In 2025, ''IFRS17 underlying earnings'': EUR 8.4bn <sup>p. 12</sup>
▲* 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>
* 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>
* FoundingIt 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>
* PressThis press release and regulated information are available on the AXA Group website (axa.com) <sup>p. 12</sup>
== FOR MORE INFORMATION: ==
=== Investor Relations: ===
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 12</sup>
* Individual Shareholder Relations: +33.1.40.75.48.43 <sup>p. 12</sup>
'''Media Relations:'''
* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 12</sup>
'''Corporate Responsibility strategy:'''
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ==
* This press releasedocument contains forward-looking statements that are subject to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to 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 non-GAAP measuresAPMs have no standardized meaning and may not be comparable to othersimilarly companies'labeled measures used by other companies <sup>p. 12</sup>
* Non-GAAP measuresAPMs 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>
* "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined byin ESMA's guidelines and the AMF's related position statement (2015) <sup>p. 12</sup>
* Reconciliation of APMs is 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 by geography|kynhd2bvm1|n13vjesiav|kind=table|order=8}}====
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* Banking revenues amounted to EUR 99m in FY25 and EUR 118m in FY24 <sup>p. 13</sup>
{{Indexing|== APPENDIX 2: Underlying earnings by geography and by business line <sup>p. 14</sup>|Underlying earnings, Property & Casualty, Life & Health, Asset Management by geography|iycymgpuon|pw41e8kn7m|kind=table|order=9}}
====== Underlying earnings by geography and by business line <sup>p. 14</sup> ======
<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
! 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
* Includes underlying earnings of Holdings and Banking <sup>p. 14</sup>
== APPENDIX 3: PROPERTY & Casualty -gross written premiums & Other revenues by business line and discount rates ==
== APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & Other revenues by business line and discount rates ==
{{Indexing|====== Property & Casualty gross written premiums and& other revenues by business line and discount rates <sup>p. 15</sup>|Gross written premiums, Commercial lines, Personal lines, AXA XL Reinsurance by geography|wpkf9ycgxf|n13vjesiav|kind=table|order=10}}====
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</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|Interest rates for discounting P&C claims reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=11}}====
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</div>
* Calculated as monthlyMonthly average from January 2024 to December 2024 <sup>p. 15</sup>
* Average of monthly opening discount rates of 2025 <sup>p. 15</sup>
== '''P&C: Price effects i by country and business line =='''
{{Indexing|====== P&C: Price effects (i) by country and business line|Price effects by country and business line, Commercial lines, Personal lines, AXA XL Reinsurance, market pricing trends|llbwb4tj3c|kind=table|order=12}}====
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* Price effect calculated as a percentage of total gross written premiums in the prior year <sup>p. 16</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 ==
== APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & Other revenues and growth by business line ==
</div>
* Changes are on a comparable basis (constant forex, scope, and methodology) <sup>p. 17</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 here refers here 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 ==
{{Indexing|====== Net flows by business line <sup>p. 18</sup>|PVEP, NBV, NBV margin, net flows by business line and geography|fz8evycjst|f4zcgwiyzm|kind=table|order=13}}====
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* Includes Health business written predominantly in Life entities <sup>p. 18</sup>
* Changes are on a comparable basis (constant forex, scope, and methodology) <sup>p. 18</sup>
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* Includes Health business written predominantly in Life entities <sup>p. 19</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>
* Includes Investment contracts with no discretionary participation features ("DPF") <sup>p. 19</sup>
== APPENDIX 8: Main transactions and next main investor events ==
* Press release <sup>p. 20</sup>
== Main transactions in 2025: ==
* Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025) <sup>p. 20</sup>
* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025) <sup>p. 20</sup>
* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025) <sup>p. 20</sup>
* Announced the execution of a share repurchase agreement for AXA's Shareplan and certain stock-based compensation (June 2, 2025) <sup>p. 20</sup>
* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025) <sup>p. 20</sup>
* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (July 1, 2025) <sup>p. 20</sup>
* Announced the acquisition of Prima, the leading direct insurance player in Italy (August 1, 2025) <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>
* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025) <sup>p. 20</sup>
* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025) <sup>p. 20</sup>
== Next main investor events ==
|