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

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* ''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''EUR annual3.8bn additional share buyback'' programrelated ofto upAXA toIM EURdisposal, executed between July 2, 2025, and January 20, 12026.25bn ^{p. 1}

* ''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 (“UEPS”) 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 impactwill ofpresent Solvencyits II''new revisionstrategic atplan +17for points2027-2029'' on September 21, 2026. ^{p. 1}

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

{{Indexing|====== FY25 key highlights: underlyingsolvency earningsII and net incomeratio ^{p. 2}|Underlying earnings, net income|y30gelxv10|ed0t39ch3f|kind=table|order=2}}====

* ''Total gross written premiums and other revenues'' were up 6%, driven by:. ^{p. 2}

** ''Property & Casualty'' (+5%) driven by: ^{p. 2}

*** ''Commercial lines'' {{footnote|1=“Commercial lines” 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. ^{p. 2}

*** ''PersonalLife lines& Health'' (+78%) driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, and Asia & EME-LATAM: ^{p. 2}

*** ''AXALife XL Reinsurancepremiums'' (+89%), with growth supported by alternative capitalfrom: ^{p. 2}

**** ''Life & HealthProtection'' (+811%) from strong sales in Hong Kong, Switzerland, and Japan. ^{p. 2}

**** ''Life premiumsUnit-Linked'' (+9%), driven by Protection (+1113%) from strong sales in Honghigher Kong,volumes Switzerland,across andall Japangeographies. ^{p. 2}

**** ''Unit-LinkedG/A'' {{footnote|1=General account.}} (+134%) from highercontinued momentum volumesin acrossItaly alland geographiesFrance. ^{p. 2}

*** ''G/AHealth premiums'' (+45%), fromdriven continuedby momentumprice ineffects Italyin andall Francegeographies. ^{p. 2}

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

** Driven by ''Property & Casualty'' (+9%) from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income. ^{p. 2}

** Driven by ''Life & Health'' (+7%) from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits of business rejuvenationthe strategy to rejuvenate the business. ^{p. 2}

** ''Holdings'' {{footnote|1=Including banking activities.}} underlying earnings remained broadly stable at EUR -1.2bn. ^{p. 2}

** ''AssetUnderlying Managementearnings per share'' underlyingincreased earningsby decreased8% byto EUR 03.86.2bn due to the disposal of AXA IM on July 1, 2025 ^{p. 2}

** MainlyAlso driven by the increaseimpact inof underlyingshare earningsbuybacks (+63%), andincluding aboth decreasethe inannual interestshare expensebuyback on undatedprogram and deeplythe anti-subordinateddilutive share buyback from the sale of AXA debtIM. ^{p. 2}

* Sale''Net ofincome'' AXAincreased IMby resulted26% into aEUR temporary9.8bn, dilutionreflecting ofthe increase in underlying earnings perand sharesignificantly duepositive toexceptional timingitems, ofnotably associatedthe sharegain buybackfrom (-1%)the sale of AXA IM. ^{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 contributioncontributions from ''net income'' (EUR +9.8bn) and ''net OCI'' (EUR +1.3bn) were more than offset by: ^{p. 3}

** More than offset by ''FY24 dividend paid'' to shareholders (EUR -4.6bn). ^{p. 3}

** More than offset by impact''Impact 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. ^{p. 3}

** More than offset by unfavorableUnfavorable ''foreign exchange impact'' (EUR -3.5bn), notably due to the depreciation of the U.S. dollar depreciation. ^{p. 3}

** This''Solvency wasII moreratio'' thanwas offset224% byas unfavorableof foreignDecember exchange31, impacts (EUR -1.5bn)2025, mainlyup from+9 depreciationpoints ofvs. JapaneseDecember yen31, and Hong Kong dollar2024. ^{p. 3}

** Also offsetDriven by a negativestrong ''operating variancereturn'' (EUR+28 -0.3bnpoints) as better margins and net flowsof werethe moreprovision thanfor offsetdividend byand aannual reductionshare inbuyback Group(-24 Life business duration in Switzerlandpoints). ^{p. 3}

** ''SolvencyPositive IIimpact from ratio''net wassubordinated 224%debt as of December 31, 2025, upissuance'' (+96 points vs). December 31, 2024 ^{p. 3}

** StrongFavorable operatingimpacts returnfrom (+28''financial points) net of dividend provision and annual share buybackmarkets'' (-24+4 points). ^{p. 3}

** AsThe ofGroup Januaryestimates 1, 2026, capital instruments and subordinated debt subject tothe ''Solvency II transitional measuresrevision'' ("grandfatheredeffective Q1 debt"2027) nowould longerresult qualifiedin asan eligibleincrease ownof funds,+17 resultingpoints into athe -10 point decrease incurrent Solvency II ratio to 215%. ^{p. 3}

* ''UnderlyingDebt return on equitygearing'' was 1622.03% as of December 31, 2025, up 01.87 pointpoints vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity. ^{p. 3}

** ''DebtDriven by lower gearing'shareholders' wasequity 22.3%and CSM, as ofwell Decemberas 31,the 2025,issuance upof Restricted Tier 1.7 pointsand vs.Tier December2 31,subordinated 2024debt (EUR 3.5bn). ^{p. 3}

** DrivenPartially offset by lowerredemption shareholders'of equityoutstanding and CSM, as well as issuance of Restrictedgrandfathered Tier 1 and Tier 2 subordinated debt (EUR 3-1.5bn9bn). ^{p. 3}

** PartlyThe offsetGroup's bydebt redemptiongearing ofwas outstandingin grandfatheredline Tierwith 1its debt19-23% plan guidance (EURfor 2024-12026.9bn) ^{p. 3}

** Reflecting ''Cashorganic atcash Holdingremittance from subsidiaries'' amounted toof EUR 57.6bn as of December 31, 20255bn, up EUR 10.6bn4bn vs. December 31, 2024. ^{p. 3}

* 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. ^{p. 4}

* DividendThe dividend is expected 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}

** The program 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'Shareholders’ Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders'Shareholders’ Annual General Meeting on April 30, 2026, as applicable.}}. ^{p. 4}

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

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

* AXA is confident in achieving its main financial targets for theits 2024-2026 'Unlock the Future' plan. ^{p. 4}

** UnderpinnedThis confidence is underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. ^{p. 4}

* 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. ^{p. 4}

* At ''AXA XL'', pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed cost of capital. ^{p. 4}

* The Group guidance for ''normalized natural catastrophe'' {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca.approximately 4.5 points of combined ratio for 2026. ^{p. 4}

* InThe Lifestrategy &to Health,rejuvenate earningssales growthin expectedthe from shortlong-term business, reflectingcoupled disciplinedwith pricingimproved persistency, should generate positive net flows and claimsdrive CSM growth over managementtime. ^{p. 4}

** Management''Underlying believesearnings AXAper isshare ongrowth'' trackat tothe deliverupper mainend financialof targetsthe of6-8% 'UnlockCAGR target range for both the Future'2023-2026E plan, assuming currentperiod operatingand conditionsfor persist2026. ^{p. 4}

** ''Underlying earningsreturn peron share growthequity'' atbetween the14% upperand end of the 6-816% CAGRbetween target2024 rangeand for 2023-2026E and for 2026. ^{p. 4}

** ''UnderlyingCumulative returnorganic oncash equityupstream'' betweenin 14%excess andof 16%EUR between21bn for 2024 and -2026E. ^{p. 4}

** GroupComprising committeda to''60% itsdividend capitalpayout managementratio'' policy,and targetingan aadditional total''15% payoutfrom ratioannual ofshare 75%buybacks''. ^{p. 4}

! style="text-align:left" | Key figures (in Euro billion, unless otherwise noted)—

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

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

*** ''AXA XL Insurance'' (+3%) from growth in lines with attractive marginsmargin lines (Property, Casualty from 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 (from higher average premiums), and Mexico (favorable volume and price effects) in Mexico. ^{p. 5}

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

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

*** ''Asia, Africa & EME-LATAM'' (+14%) driven by Türkiye (from 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 ''all-year combined ratio'' improved by 0.3 point to 90.6%. ^{p. 5}

** Mainly driven by ''lower undiscounted current year loss ratio'' excluding natural catastrophe (-0.3 point) from further margin expansion in: ^{p. 5}

*** From further margin expansion in ''Commercial lines'' (-0.5 point), driven by SME & mid-market business (-0.9 point) in a favorable pricing environment, while AXA XL Insurance margins were stable (+0.1 point). ^{p. 5}

*** Margins''Personal atlines'' AXA(-0.4 XLpoint) Insurancein stablea atconducive attractivepricing levels (+0environment.1 point) ^{p. 5}

*** In''Lower Personalexpense linesratio'' (-0.43 point) inprimarily afrom conducivelower pricingnon-commission environmentexpense ratio reflecting efficiency gains. ^{p. 5}

** ''Lower expensenatural ratiocatastrophe charges'' (-0.34 point to 3.4%) primarilymore fromthan offset by lower non-commissionprior expenseyears' ratioreserve reflectingdevelopment efficiency(+0.7 gainspoint at -1.1%). ^{p. 5}

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

* ''Financial result'' increased (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. ^{p. 6}

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

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|! 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 comparable basis

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|! 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

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

** ''G/A'' (+4%) notably in France (+4%) and 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}

** 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. ^{p. 6}

** ''ProtectionHealth'' (+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. ^{p. 6}

** Driven by ''LifeHealth'' (+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. ^{p. 7}

* ''NBNBV CSM(post-tax)'' increasedwas by 3%stable toat EUR 2.2bn drivenas by strong salesgrowth in SavingsNB andCSM Protection, partlywas offset by impactthe ofdecrease higherin interestthe ratescontribution onof discountingshort-term ofmultinational futurebusiness profitsin France. ^{p. 7}

* ''NBV margin (post- tax)'' wasincreased stableby at EUR 20.2bn1 aspoint growthto in NB CSM was offset by decrease in contribution of short-term multinational business in France4.5%. ^{p. 7}

* ''NBVNet margin (post tax)flows'' increasedwere byEUR 0+5.14bn pointcompared to 4EUR +1.5bn in 2024.5% ^{p. 7}

** Driven by ''Net flowsProtection'' were (EUR +54.4bn9bn), comparedmainly toin EURHong +1.5bnKong, inJapan, 2024and France. ^{p. 7}

** Driven by ''ProtectionHealth'' (EUR +42.9bn7bn), mainly in Hong KongGermany, Japan, and France. ^{p. 7}

** Driven by ''HealthUnit-Linked'' (EUR +21.7bn5bn), mainlyprimarily in Germany, Japan, and France. ^{p. 7}

** DrivenPartially offset by ''Unit-LinkedG/A Savings'' (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.5bn2bn), primarilywere more than offset by outflows in Francetraditional G/A Savings (EUR -5.0bn). ^{p. 7}

** ''LongShort-term technical result'' (EUR +0.2bn1bn) driven by increasedexpansion CSMof release,technical followingmargin growthreflecting inpricing, reservesunderwriting, and betterclaims marginsmanagement actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn). ^{p. 7}

** ''Short-termLower technicalincome resulttaxes'' (EUR +0.1bn) drivenreflecting byfavorable expansiontax ofeffects technicalmainly marginin reflecting pricingGermany, underwritingFrance, and claims management actionsMexico. ^{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) 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. ^{p. 8}

== ScopeRatings and glossary ==

== ExchangeScope and exchange rates ==

* All comments and changes are on a comparable basis for activity indicators (constant forex, scope, and methodology). ^{p. 11}

* Actuarial and financial assumptions for NBV and PVEP calculation are updated semi-annually at half year and full year. ^{p. 11}

* AXA'sAXA’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 completion of an audit procedure by AXA'sAXA’s statutory auditors. ^{p. 11}

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

* Individual Shareholder Relations contact: +33.1.40.75.48.43. ^{p. 12}

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

* ContactMedia forRelations media relationscontact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com. ^{p. 12}

'''=== Corporate Responsibility strategy:''' ===

* Additional information available at axa.com/en/about-us/strategy-commitments ^{p. 12}

* Additional information available at axa.com/en/investor/sri-ratings-ethical-indexes ^{p. 12}

* This press release isand regulated information are available on the AXA Group website (axa.com). ^{p. 12}

* Certain statements in this press releasedocument are forward-looking statements,and includingsubject predictionsto ofrisks futureand eventsuncertainties, trends,as plans,detailed expectations,in orPart objectives,5 and'Risk areFactors identifiedand byRisk wordsManagement' likeof ‘expects’,AXA's ‘anticipates’, ‘may’, ‘plan’,2024 orUniversal conditionalRegistration verbsDocument. ^{p. 12}

* This"Underlying pressearnings", release"underlying refersearnings toper non-GAAPshare", financial"underlying measuresreturn oron alternativeequity", performance measures"combined (ratio"APMs"), usedand by"debt Managementgearing" forare analyzingAPMs operatingdefined trends,by financialESMA's performance,guidelines and AMF's position statement. ^{p. 12}

* TheseReconciliations non-GAAPof APMs to financial measuresstatements generallyare haveprovided noin standardizedAXA's meaning2025 andActivity mayReport notunder be"Use comparableof tonon-GAAP and alternative performance measures" usedand byin otherthe companiesGlossary. ^{p. 12}

{{Indexing|Gross====== Life & health gross written premiums and other revenues byand geographygrowth andby business line ^{p. 13}|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|wpkf9ycgxf|kynhd2bvm1|n13vjesiav|kind=table|order=11}}====

! 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 on a reported basis

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

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

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

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

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

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

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

* Includes ''Banking revenues'' amountedamounting to EUR 99m in FY25 and EUR 118m 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

* Includes ''underlying earnings of Holdings and Banking''. ^{p. 14}

* Changes are aton a comparable basis (constant forex, scope, and methodology). ^{p. 15}

{{Indexing|====== Interest Rates (5Y) For the Discounting of P&C Claims Reserves|Interest Rates (5Y), Discounting of P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=14}}====

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

* Average of monthly opening discount rates of 2025. ^{p. 15}

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

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

* Changes are aton a comparable basis (constant forex, scope, and methodology). ^{p. 17}

* ''Short-term business'' refers to insurance activities measured using the Premium Allocation Approach ("'PAA"'). ^{p. 17}

* ''Short-term business margin'' is analyzed using the Combined Ratio. ^{p. 17}

* ''Short-term business'' refers to Life Pure Protection and Health when measured using the PAA period. ^{p. 17}

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|! 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)

* Includes ''Health business'' written predominantly in Life entities. ^{p. 18}

* Changes are aton a comparable basis (constant forex, scope, and methodology). ^{p. 18}

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|! 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}

* ''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}

* Includes ''Investment contracts'' with no discretionary participation features ("DPF"). ^{p. 19}

* Announced the execution of a ''share repurchase agreement'' forrelated to 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'' related forto 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}