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| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| archive_file = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
}}
''This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).''
== Press release ==
* Paris, February 26th, 2026 (6:45am CET) <sup>p. 1</sup>
==== Key FY25 highlights ====
* ''Gross written premiums & other revenues'' at EUR 116bn, up +6% vs. FY24 <sup>p. 1</sup>
* ''Gross written premiums & other revenues'' at EUR 116bn, +6% vs. FY24 {{footnote|1=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. These and other terms, including contractual service margin (“CSM”) and new business contractual service margin (“NB CSM”), are defined in the glossary.}} <sup>p. 1</sup>
** {{footnote|1=• 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. • Terms, including contractual service margin ("CSM") and new business contractual service margin ("NB CSM"), are defined in the glossary section of this press release.}} <sup>p. 1</sup>
* ''Underlying earnings'' at EUR 8.4bn, +6% vs. FY24; +9% excluding AXA IM {{footnote|1=• “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. • AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), on the pages indicated under “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”. • For further information on the above-mentioned and other non-GAAP financial measures, see the Glossary in AXA’s 2025 Activity Report, available on AXA’s website (www.axa.com).}} {{footnote|1=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are at constant foreign exchange rates.}} <sup>p. 1</sup>
* ''Underlying earnings per share'' at EUR 38.864bn, +8up 6% vs. FY24, or +9% excluding AXA IM <sup>p. 1</sup>
** {{footnote|1=• "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. • AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ("AXA's 2025 Activity Report"), on the pages indicated under "USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES". • For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary in AXA's 2025 Activity Report, available on AXA's website (www.axa.com).}} <sup>p. 1</sup>
** This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of anti-dilutive share buyback from the sale of AXA IM {{footnote|1=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, for a maximum of Euro 3.8 billion to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025.}} <sup>p. 1</sup>
** {{footnote|1=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are at constant foreign exchange rates.}} <sup>p. 1</sup>
* ''Solvency II ratio'' at 224% as of December 31, 2025, +9 points vs. FY24 {{footnote|1=• The Solvency II ratio is estimated primarily using AXA’s internal model calibrated on an adverse 1/200 year shock. • For further information on AXA’s internal model and Solvency II disclosures, refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA’s website (www.axa.com). • The Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} <sup>p. 1</sup>
* ''Underlying earnings per share'' at EUR 3.86, up +8% vs. FY24 <sup>p. 1</sup>
* ''Solvency II ratio'' at 215% on January 1, 2026, reflecting the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA’s press release on its 9M25 Activity Indicators, published on www.axa.com.}} <sup>p. 1</sup>
** This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback following the sale of AXA IM <sup>p. 1</sup>
** {{footnote|1=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider to buy back 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.}} <sup>p. 1</sup>
* ''Solvency II ratio'' at 224% as of December 31, 2025, up +9 points vs. FY24 <sup>p. 1</sup>
** The ratio is 215% on January 1, 2026, reflecting the end of the grandfathering period <sup>p. 1</sup>
** {{footnote|1=• The Solvency II ratio is estimated primarily using AXA's internal model calibrated on an adverse 1/200 year shock. • For further information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). • The Solvency II ratio as of December 31, 2025, is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} <sup>p. 1</sup>
** {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} <sup>p. 1</sup>
==== Capital Management ====
* ''Dividend'' of EUR 2.32 per share, up +8% vs. FY24 {{footnote|1=Subject to approval by the Shareholders’ Annual General Meeting on April 30, 2026.}} <sup>p. 1</sup>
** {{footnote|1=Subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.}} <sup>p. 1</sup>
* Launch of an ''annual share buyback program'' of up to EUR 1.25bn {{footnote|1=Approved by AXA’s Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} <sup>p. 1</sup>
* CompletionLaunch of an ''EUR 3.8bn additionalannual share buyback program'' relatedof up to AXA IM disposal, executed between July 2, 2025, and January 20,EUR 20261.25bn <sup>p. 1</sup>
** {{footnote|1=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} <sup>p. 1</sup>
* Completion of ''EUR 3.8bn additional share buyback'' related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026 <sup>p. 1</sup>
==== Outlook ====
* ''Underlying earnings per share growth'' for 2026 expected to be at the upper end of the 6-8% plan target range {{footnote|1=Expected underlying earnings per share (“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.}} <sup>p. 1</sup>
** {{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.}} <sup>p. 1</sup>
* Expected impact of ''Solvency II revision'' at +17 points {{footnote|1=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} <sup>p. 1</sup>
* AXAExpected willimpact present itsof ''newSolvency strategicII plan for 2027-2029revision'' on Septemberat 21,+17 2026.points <sup>p. 1</sup>
** {{footnote|1=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} <sup>p. 1</sup>
* AXA will present its ''new strategic plan for 2027-2029'' on September 21, 2026 <sup>p. 1</sup>
<blockquote>"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." <sup>p. 1</sup></blockquote>
*<blockquote>"Our ''P&C franchise'' posted strongstellar results, withcombining 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>
* ''AXA XL Insurance'' increased earnings with stable underlying margins. <sup>p. 1</sup>
* ''Life & Health earnings'' rose by 7%, with Life reflecting early benefits of the strategy to rejuvenate the business. <sup>p. 1</sup>
* ''Health'' grew by 17% even after absorbing the adverse change on VAT treatment in Mexico. <sup>p. 1</sup>
* Investments in automation and Artificial Intelligence are driving efficiency gains. <sup>p. 1</sup>
* ''Solvency II ratio'' is at a very strong level. <sup>p. 1</sup>
<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>
* KEY HIGHLIGHTS <sup>p. 2</sup>
* Press release <sup>p. 2</sup>
== FY25 key highlights ==
====== FY25 key highlights: gross written premiums & other revenues <sup>p. 2</sup> ======
{{Indexing|Key figures (in Euro million, unless otherwise noted)|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management|3pjfj4g9uv|wpkf9ycgxf|kind=table|order=1}}
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{| class="wikitable fintable"
! style="text-align:left" | —Key figures (in Euro million, unless otherwise noted)
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
</div>
{{Indexing|====== FY25 key highlights: solvencyunderlying IIearnings ratioand net income <sup>p. 2</sup>|Underlying earnings, Net income, Solvency II ratio|3pjfj4g9uv|y30gelxv10|2k28wtsk07|kind=table|order=2}}====
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</div>
====== FY25 key highlights: solvency II ratio <sup>p. 2</sup> ======
<div style="overflow-x:auto">
</div>
=== Activity indicators ===
* ''Total gross written premiums and other revenues'' were up 6%. <sup>p. 2</sup>
** ''Property & Casualty'' (+5%) growth was driven by: <sup>p. 2</sup>
*** ''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. <sup>p. 2</sup>
**** {{footnote|1="Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance.}} <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>
**** {{footnote|1=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} <sup>p. 2</sup>
*** ''AXA XL Reinsurance'' (+8%) with growth supported by alternative capital. <sup>p. 2</sup>
*** ''LifePersonal & Healthlines'' (+87%) driven by: favorable price effects and strong growth in net new contracts, notably in France, Europe, and Asia & EME-LATAM <sup>p. 2</sup>
*** ''LifeAXA premiumsXL Reinsurance'' (+98%) from:with growth supported by alternative capital <sup>p. 2</sup>
**** ''ProtectionLife & Health'' (+118%) from strong sales in Hong Kong,growth Switzerland,was anddriven Japan.by: <sup>p. 2</sup>
**** ''Unit-LinkedLife'' (+13%)premiums fromup higher volumes across9%, alldriven geographies.by: <sup>p. 2</sup>
**** ''G/A'' {{footnote|1=General account.}}Protection (+411%) from continuedstrong momentumsales in ItalyHong Kong, Switzerland, and France.Japan <sup>p. 2</sup>
**** ''Health premiums''Unit-Linked (+513%) driven byfrom pricehigher effectsvolumes inacross all geographies. <sup>p. 2</sup>
**** G/A (+4%) from continued momentum in Italy and France <sup>p. 2</sup>
***** {{footnote|1=General account.}} <sup>p. 2</sup>
*** ''Health'' premiums up 5%, driven by price effects in all geographies <sup>p. 2</sup>
=== Earnings ===
* ''Underlying earnings'' increased by 6% to EUR 8.4bn, or +9% excluding AXA IM. <sup>p. 2</sup>
** Driven by ''Property & Casualty'' (+9%) from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income. <sup>p. 2</sup>
** Driven by ''Life & Health'' (+7%) from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits offrom thebusiness rejuvenation strategy to rejuvenate the business. <sup>p. 2</sup>
** ''Holdings'' {{footnote|1=Including banking activities.}} underlying earnings remained broadly stable at EUR -1.2bn. <sup>p. 2</sup>
*** {{footnote|1=Including banking activities.}} <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>
** ''UnderlyingAsset earnings per shareManagement'' increasedunderlying byearnings 8%decreased toby EUR 3.860.2bn 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 <sup>p. 2</sup>
** Mainly driven by the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt. <sup>p. 2</sup>
** AlsoMainly driven by the impactincrease ofin shareunderlying buybacksearnings (+36%), includingand botha thedecrease annualin shareinterest buybackexpense programon undated and the antideeply-dilutive share buyback from the sale of AXAsubordinated IM.debt <sup>p. 2</sup>
** PartiallyImpact offsetof byshare thebuybacks unfavorable(+3%), impactincluding ofboth foreignthe exchangeannual rateshare movements,buyback notablyprogram and the depreciationanti-dilutive ofshare thebuyback U.S.related dollar againstto the Eurosale (-2%).of AXA IM <sup>p. 2</sup>
** Partially offset by unfavorable foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%) <sup>p. 2</sup>
* The sale of AXA IM resulted in a ''temporary dilution of underlying earnings per share'' (-1%) due to the timing of the associated share buyback. <sup>p. 2</sup>
* ''NetThe income''sale increasedof byAXA 26%IM toresulted EURin 9.8bn,a reflectingtemporary thedilution increase inof ''underlying earnings andper significantlyshare'' positivedue exceptional items, notablyto the gaintiming fromof the saleassociated ofshare AXAbuyback IM.(-1%) <sup>p. 2</sup>
* ''Net income'' increased by 26% to EUR 9.8bn, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM <sup>p. 2</sup>
* KEY HIGHLIGHTS <sup>p. 3</sup>
* Press release <sup>p. 3</sup>
=== Balance sheet ===
* ''Shareholders' equity'' was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024. <sup>p. 3</sup>
** Positive contributions from ''net income'' (EUR +9.8bn) and ''net OCI'' (EUR +1.3bn) were more than offset by: <sup>p. 3</sup>
*** ''FY24 dividend paid'' to shareholders (EUR -4.6bn). <sup>p. 3</sup>
*** ''Impact of share buybacks'' executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM. <sup>p. 3</sup>
*** Unfavorable ''foreign exchange impact'' (EUR -3.5bn), notably due to the depreciation of the U.S. dollar. <sup>p. 3</sup>
* ''CSM'' was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024 <sup>p. 3</sup>
* ''CSM'' {{footnote|1=• Including P&C. • See Appendices of the FY25 earnings presentation at www.axa.com for indicative sensitivities impacting CSM. • These sensitivities, and any other sensitivities in the Appendices, are based on management’s current assessment in connection with the full-year 2025 annual results. • These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward-looking statements and have not been audited or subject to a limited review by AXA’s statutory auditors.}} was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024. <sup>p. 3</sup>
** {{footnote|1=• Including P&C. • See Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. • These sensitivities, together with any other sensitivities in the Appendices, are based on management's current assessment in connection with the full-year 2025 annual results. • These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward-looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} <sup>p. 3</sup>
** ''New business contribution'' (EUR +2.2bn) combined with ''underlying return on in-force'' (EUR +1.3bn) more than offset ''CSM release'' (EUR -3.0bn), resulting in +2% normalized growth in CSM. <sup>p. 3</sup>
** New business contribution (EUR +2.2bn) combined with underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM <sup>p. 3</sup>
** ''Market conditions'' had a favorable impact (EUR +0.6bn), mainly driven by tightening government spreads and positive equity market performance. <sup>p. 3</sup>
** Market conditions had a favorable impact (EUR +0.6bn), mainly driven by tightening government spreads and positive equity market performance <sup>p. 3</sup>
** This was more than offset by ''unfavorable foreign exchange impacts'' (EUR -1.5bn), mainly from the depreciation of the Japanese yen and the Hong Kong dollar, and a ''negative operating variance'' (EUR -0.3bn) as better margins and net flows were offset by a reduction in the duration of Group Life business in Switzerland. <sup>p. 3</sup>
** This was more than offset 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) <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>
** The negative operating variance was due to better margins and net flows being more than offset by a reduction in the duration of Group Life business in Switzerland <sup>p. 3</sup>
** Driven by a strong ''operating return'' (+28 points) net of the provision for dividend and annual share buyback (-24 points). <sup>p. 3</sup>
** Positive''Solvency impact fromII ratio''net subordinatedwas debt224% issuance''as of December 31, 2025, up (+69 points) vs. December 31, 2024 <sup>p. 3</sup>
** FavorableDriven impactsby froma ''financialstrong markets''operating return (+428 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>
** Partially offset by the net impact of the ''acquisitions of Nobis and Prima'', and the ''disposal of AXA IM'' including the associated EUR 3.8bn share buyback (-5 points). <sup>p. 3</sup>
** Favorable impacts from financial markets (+4 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. <sup>p. 3</sup>
** Partly 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>
** This change resulted in a ''-10 point decrease in the Solvency II ratio'' to 215% on January 1, 2026. <sup>p. 3</sup>
** 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 the Solvency II ratio. to 215% <sup>p. 3</sup>
* The Group estimates that the ''Solvency II revision'', effective Q1 2027, would result in a +17 point increase to the current Solvency II ratio <sup>p. 3</sup>
* ''Underlying return on equity'' was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity. <sup>p. 3</sup>
* ''DebtUnderlying gearingreturn on equity'' was 2216.30% as of December 31, 2025, up 10.78 pointspoint vs. December 31, 2024., notably from higher underlying earnings and lower shareholders' equity <sup>p. 3</sup>
** Driven by lower''Debt shareholdersgearing'' equitywas and CSM,22.3% as wellof asDecember the31, issuance2025, of Restricted Tierup 1.7 andpoints Tiervs. 2December subordinated31, debt (EUR 3.5bn).2024 <sup>p. 3</sup>
** Partially offsetDriven by redemptionlower ofshareholders' outstandingequity grandfatheredand CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR -13.9bn5bn). <sup>p. 3</sup>
** ThePartly Group'soffset debtby gearingredemption wasof inoutstanding linegrandfathered withTier its1 19-23% plan guidancedebt for(EUR 2024-20261.9bn) <sup>p. 3</sup>
** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026 <sup>p. 3</sup>
* ''Cash at Holding'' {{footnote|1=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024. <sup>p. 3</sup>
** Reflecting ''organicCash cashat remittance from subsidiariesHolding'' ofamounted to EUR 75.5bn6bn as of December 31, 2025, up EUR 01.4bn6bn vs. December 31, 2024. <sup>p. 3</sup>
** {{footnote|1=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} <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 and outlook ==
'''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>
** The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026. <sup>p. 4</sup>
* AXA's Board of Directors approved, on February 25, 2026, the launch of an ''annual share buyback program'' for up to EUR 1.25bn. <sup>p. 4</sup>
* 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.}}. <sup>p. 4</sup>
* AXA intends to cancel all shares repurchased under this program. <sup>p. 4</sup>
* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end. <sup>p. 4</sup>
'''Outlook'''
* AXA is confident in achieving its main financial targets for its 2024-2026 'Unlock the Future' plan., supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management <sup>p. 4</sup>
* In ''P&C Retail and SME & Mid-market'', pricing remains favorable, and the Group expects to benefit from the earnthrough of higher pricing and underwriting actions <sup>p. 4</sup>
** This confidence is underpinned by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management. <sup>p. 4</sup>
* InAt ''P&CAXA Retail and SME & Mid-marketXL'', pricing remainsconditions favorable,vary andby line; the Group expectswill tocontinue benefiteffective fromcycle themanagement earnthroughand ofdisciplined highercapital pricingallocation, andgrowing where returns exceed underwritingthe cost of actions.capital <sup>p. 4</sup>
* The Group guidance for ''normalized natural catastrophe load'' remains at ca. 4.5 points of combined ratio for 2026 <sup>p. 4</sup>
* At ''AXA XL'', pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation. <sup>p. 4</sup>
* The Group guidance for ''normalized natural catastrophe''* {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at approximately 4.5 points of combined ratio for 2026. <sup>p. 4</sup>
* In ''Life & Health'', earnings growth is expected from the short-term business due to disciplined pricing and claims management. <sup>p. 4</sup>
* The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should generate positive net flows and drive CSM growth over time. <sup>p. 4</sup>
* ''Holdings results'' in 2026 are expected to remain similar to 2025 levels. <sup>p. 4</sup>
* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist.: <sup>p. 4</sup>
** ''Underlying earnings per share growth'' at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026. <sup>p. 4</sup>
** ''Underlying return on equity'' between 14% and 16% between 2024 and 2026E. <sup>p. 4</sup>
** ''Cumulative organic cash upstream'' in excess of EUR 21bn for 2024-2026E. <sup>p. 4</sup>
* The Group is committed to its ''capital management policy'', targeting a total payout ratio of 75% <sup>p. 4</sup>
* The Group is committed to its ''capital management policy'' {{footnote|1=Subject to annual Board and Shareholders’ Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group’s underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA’s earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}, targeting a ''total payout ratio of 75%'' {{footnote|1=Payout ratio is calculated based on underlying earnings per share.}}. <sup>p. 4</sup>
** {{footnote|1=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions, and the general economic environment.}} <sup>p. 4</sup>
** Comprising a ''60% dividend payout ratio'' and an additional ''15% from annual share buybacks''. <sup>p. 4</sup>
** The{{footnote|1=Payout proposed ''dividend per share'' in a given yearratio is expectedcalculated tobased beon atunderlying least equal to the dividendearnings per share paid in the prior year.}} <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|Key figures (in Euro billion, unless otherwise noted)|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Reinsurance|wpkf9ycgxf|n13vjesiav|kind=table|order=3}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —Key figures (in Euro billion, unless otherwise noted)
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
</div>
====== Property & casualty: earnings <sup>p. 5</sup> ======
{{Indexing|Earnings (in Euro million, unless otherwise noted)|Gross written premiums, other revenues, Commercial lines, AXA XL Insurance, Asia, Africa & EME-LATAM, France, Personal lines, Europe, UK & Ireland Motor, AXA XL Reinsurance, all-year combined ratio|cos78e4bvi|pw41e8kn7m|llbwb4tj3c|kind=table|order=4}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | —Earnings (in Euro million, unless otherwise noted)
! class="col-s" style="text-align:right" | FY24
! class="col-s" style="text-align:right" | FY25
</div>
* ''Gross written premiums & other revenues'' were up 5% to EUR 58.0bn. <sup>p. 5</sup>
** ''Commercial lines'' grew by 4% to EUR 35.8bn, driven by: <sup>p. 5</sup>
*** ''AXA XL Insurance'' (+3%) from growth in attractive margin lines (including Property,) and Casualty (from favorable price effects and higher volumes), partly offset by lower pricing and volumes in Financial lines. <sup>p. 5</sup>
*** ''Asia, Africa & EME-LATAM'' (+13%) mainly driven by Türkiye from (higher average premiums,) and Mexico (favorable volume and price effects in Mexico.) <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 from (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 ''all-year combined ratio'' improved by 0.3 point to 90.6%., mainly driven by: <sup>p. 5</sup>
** Mainly driven by ''lowerLower undiscounted current year loss ratio'' excluding natural catastrophe (-0.3 point) from further margin expansion in: Commercial lines (-0.5 point, driven by SME & mid-market business at -0.9 point) and Personal lines (-0.4 point) <sup>p. 5</sup>
*** ''CommercialMargins lines'' (-0.5 point), driven by SME & mid-market business (-0.9 point) in a favorable pricing environment, whileat AXA XL Insurance margins were stable at attractive levels (+0.1 point). <sup>p. 5</sup>
*** ''PersonalLower lines''expense ratio (-0.43 point) inprimarily afrom conducivelower pricingnon-commission environment.expense ratio reflecting efficiency gains <sup>p. 5</sup>
** ''Lower expensenatural ratio''catastrophe charges (-0.34 point to 3.4%) primarilymore fromthan offset by lower non-commissionprior expenseyears' ratioreserve reflectingdevelopment efficiency(+0.7 gainspoint at -1.1%) <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>
'''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. <sup>p. 6</sup>
* ''Financial result'' increased (by EUR +0.2bn) due to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves. <sup>p. 6</sup>
* PartiallyPartly offset by ''higher income taxes'' (EUR -0.2bn) mainly due to higher pre-tax underlying earnings. <sup>p. 6</sup>
== Life & Health ==
====== Life & health: key figures <sup>p. 6</sup> ======
{{Indexing|End of period and average exchange rates for 1 euro <sup>p. 6</sup>|Gross written premiums, other revenues, Life, Health, PVEP, NB CSM, NBV, NBV margin, Net flows|wpkf9ycgxf|f4zcgwiyzm|fz8evycjst|kind=table|order=5}}
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | ''Key figures (in Euro billion, unless otherwise noted)''
! class="col-s" style="text-align:centerright" | —
! class="col-s" style="text-align:centerright" | —
! class="col-m" style="text-align:centerright" | —
|-
!| 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 comparable basis
|-
| style="text-align:left" | Gross written premiums & other revenues
|}
</div>
====== Life & health: earnings <sup>p. 6</sup> ======
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | ''Earnings (in Euro million)''
! class="col-s" style="text-align:centerright" | —
! class="col-s" style="text-align:centerright" | —
! class="col-m" style="text-align:centerright" | —
|-
!| 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 at constant forex
|-
| style="text-align:left" | Underlying earnings
* ''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 non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong. <sup>p. 6</sup>
** ''Protection'' (11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland. <sup>p. 6</sup>
* ''Health'' grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes. <sup>p. 6</sup>
* ''Present value of expected premiums (PVEP)'' {{footnote|1=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} decreased by 2% to EUR 49.4bn. <sup>p. 67</sup>
** ''Driven by 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>
** ''Driven by Health'' (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions. <sup>p. 7</sup>
* ''NB CSM'' increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. <sup>p. 7</sup>
* ''NBV (post-tax)'' was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France. <sup>p. 7</sup>
* ''NBV margin (post tax)'' increased by 0.1 point to 4.5%. <sup>p. 7</sup>
* ''Net flows'' were EUR +5.4bn compared to EUR +1.5bn in 2024. <sup>p. 7</sup>
** Driven by ''Protection'' (EUR +4.9bn), mainly in Hong Kong, Japan, and France. <sup>p. 7</sup>
** ''Driven by Health'' (EUR +2.7bn), mainly in Germany, Japan, and France. <sup>p. 7</sup>
** ''Driven by Unit-Linked'' (EUR +1.5bn), primarily in France. <sup>p. 7</sup>
** PartiallyPartly 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>
** Driven by ''Long-term technical result'' (EUR +0.2bn) fromdriven by an increase in CSM release, following growth in reserves and better margins in the long-term business. <sup>p. 7</sup>
** ''Short-term technical result'' (EUR +0.1bn) driven by expansion of technical margin reflecting pricing, underwriting, and claims management actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn). <sup>p. 7</sup>
** ''Lower income taxes'' (EUR +0.1bn) reflecting favorable tax effects mainly in Germany, France, and Mexico. <sup>p. 7</sup>
** Lower contribution from affiliates, notably ICBC-AXA, and improved results at AXA MPS, whichthat resulted in an increase in earnings of minority shareholders. <sup>p. 7</sup>
== Holdings ==
* ''Holdings underlying earnings'' remained broadly stable at EUR -1.2bn. <sup>p. 7</sup>
== Ratings ==
====== Insurer financial strength and AXA's credit ratings <sup>p. 8</sup> ======
<div style="overflow-x:auto">
{| class="wikitable"
! style="text-align:left" | Agency
! style="text-align:center" | Date of last review
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | AXA's credit ratings (22)
|}-
</div>
<div style="overflow-x:auto">
{| class="wikitable"
! style="text-align:left" | Agency
! class="col-m" style="text-align:right" | Date of last review
</div>
* AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings. <sup>p. 8</sup>
== Glossary ==
* ''Capital-light G/A products'' encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%. <sup>p. 8</sup>
* ''Contractual service margin ("CSM")'' is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders. <sup>p. 8</sup>
* ''CSM release'' is the portion of CSM stock net of reinsurance at the end of 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, 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. <sup>p. 8</sup>
* ''Gross written premiums and other revenues'' are insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities). <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")'' is a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided. <sup>p. 8</sup>
* ''New business valuecontractual service margin ("NBVNB CSM")'' is a component of the valuecarrying 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 year.provided <sup>p. 8</sup>
* ''New business value ("NBV")'' is the value of newly issued contracts during the current year <sup>p. 8</sup>
** It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests. <sup>p. 8</sup>
** It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests <sup>p. 8</sup>
* ''New business value margin ("NBV Margin")'' is the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP. <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>
* ''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 <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 to be received over the policy term <sup>p. 9</sup>
** PVEP is discounted at the reference interest rate and PVEP is Group share <sup>p. 9</sup>
* ''Technical experience'' consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts and (iv) the other long-term elements which are mainly composed of non-attributable expenses <sup>p. 9</sup>
* ''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>
== Ratings and glossaryScope ==
* ''France'' includes insurance activities, banking activities, and holding <sup>p. 10</sup>
* ''Operating variance'' is the variation of the year-end CSM vs. the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses, and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance. <sup>p. 9</sup>
* ''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), and AXA Life Europe (insurance activities) <sup>p. 10</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 to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share. <sup>p. 9</sup>
** {{footnote|1=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} <sup>p. 10</sup>
* ''Technical experience'' consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) other long-term elements which are mainly composed of non-attributable expenses. <sup>p. 9</sup>
* ''AXA XL'' includes insurance and reinsurance activities and holding <sup>p. 10</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 and exchange rates ==
'''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 Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities) {{footnote|1=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} and AXA Life Europe (insurance activities). <sup>p. 10</sup>
* ''AXA XL'' includes insurance and reinsurance activities and holding. <sup>p. 10</sup>
* ''Asia, Africa & EME-LATAM'' includes: <sup>p. 10</sup>
** ''Asia'': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. 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) businesses are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income. <sup>p. 10</sup>
** ''Africa'':China EgyptL&S, (insuranceThailand activitiesL&S, Philippines L&S and holding)P&C, MoroccoIndonesia L&S, and India (insuranceLife activities disposed on March 11, 2024, and holding), andbusinesses Nigeriaare (insuranceconsolidated activitiesunder the equity method and holding)contribute areonly fullyto consolidated.NBV, PVEP, underlying earnings, and net income <sup>p. 10</sup>
** ''EME-LATAM''Africa: MexicoEgypt (insurance activities), Colombiaand (insurance activitiesholding), BrazilMorocco (insurance activities and holding), and TürkiyeNigeria (insurance activities and holding) are fully consolidated. Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income. <sup>p. 10</sup>
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated <sup>p. 10</sup>
** ''AXA Mediterranean Holdings''. <sup>p. 10</sup>
** Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income <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 Mediterranean Holdings <sup>p. 10</sup>
* ''AXA Investment Managers'' {{footnote|1=Disposal to BNP Paribas completed on July 1, 2025.}} includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method). <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 (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method) <sup>p. 10</sup>
** {{footnote|1=Disposal to BNP Paribas completed on July 1, 2025.}} <sup>p. 10</sup>
'''== Exchange rates''' ==
====== End of period and average exchange rates for 1 euro <sup>p. 10</sup> ======
{{Indexing|Property & casualty gross written premiums and other revenues by business line and discount rates <sup>p. 10</sup>|Exchange rates, USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=table|order=6}}
<div style="overflow-x:auto">
! colspan="2" style="text-align:center" | Average Exchange rate
|-
|! 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" | FY24
|! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | USD
== Notes ==
* All comments and changes for activity indicators 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 calculation are updated semi-annually at half -year and full -year. <sup>p. 11</sup>
* 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. <sup>p. 11</sup>
== ForAbout morethe information: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 the 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 the 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>
* It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment <sup>p. 12</sup>
* This press release and regulated information are available on the AXA Group website (axa.com) <sup>p. 12</sup>
== 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 contact: +33.1.40.75.48.43. <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>
* AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY. <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>
* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. <sup>p. 12</sup>
=== '''Corporate Responsibility strategy: ==='''
* Additional information available at axa.com/en/about-us/strategy-commitments <sup>p. 12</sup>
* AXA is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. <sup>p. 12</sup>
=== SRI ratings: ===
* Additional information available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 12</sup>
* This press release and regulated information areis available on the AXA Group website (axa.com). <sup>p. 12</sup>
* This press release is available on the AXA group website axa.com <sup>p. 12</sup>
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ==
* Certain statements in this document are forward-looking and subject to known and unknown risks and uncertainties, as detailed in Part 5 'Risk“Risk Factors and Risk Management'Management” of AXA'sAXA’s 2024 Universal Registration Document. <sup>p. 12</sup>
* AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by law. <sup>p. 12</sup>
* This press release refers to non-GAAP financial measures (APMs) used by Management for analyzinganalysis operatingand trends, financial performance, andinvestor position.information <sup>p. 12</sup>
* These non-GAAP measures are not standardized and may not be comparable to thosesimilarly usedlabeled bymeasures from other companies, and should not be considered in isolation from IFRS financial statements. <sup>p. 12</sup>
* "Underlying earnings", "underlying earnings per share"UEPS, "underlying return on equity", "combined ratio", and "debt gearing" are APMs defined by ESMA's guidelines and AMF's position statement. <sup>p. 12</sup>
* Reconciliations ofand APMsmethodologies tofor financial statementsAPMs are provided in AXA's 2025 Activity Report under "Use of non-GAAP and alternative performance measures" and in the Glossary. <sup>p. 12</sup>
== Appendix 1: gross written premiums ET other revenues by geography and business line ==
{{Indexing|Life====== & health grossGross written premiums and other revenues andby growthgeography byand business line <sup>p. 13</sup>|Gross Written Premiums and Other Revenues, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|kynhd2bvm1|n13vjesiav|kind=table|order=7}}====
<div style="overflow-x:auto">
</div>
* Includes ''Banking revenues'' amountingamounted to EUR 99m in FY25 and EUR 118m in FY24. <sup>p. 13</sup>
== Appendix 2: underlying earnings by geography and by business line ==
====== Underlying earnings by geography and by business line <sup>p. 14</sup> ======
{{Indexing|Life and health new business metrics FY25 <sup>p. 14</sup>|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|iycymgpuon|pw41e8kn7m|kind=table|order=8}}
<div style="overflow-x:auto">
</div>
* 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 ==
====== Property & casualty gross written premiums & other revenues by business line and discount rates <sup>p. 15</sup> ======
<div style="overflow-x:auto">
</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, Discounting, P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=9}}====
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* 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>
== Appendix 4: property & casualty – price effect & 2026 market pricing trends ==
'''P&C: Price effects i by country and business line'''
====== P&C: Price effects (i) by country and business line ======
{{Indexing|P&C: Price effects (i) by country and business line|Price effects, Commercial lines, Personal lines, AXA XL Reinsurance, Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain, Italy|llbwb4tj3c|kind=table|order=10}}
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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 ==
</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 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 ==
====== Net flows by business line <sup>p. 18</sup> ======
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | ''NB CSM to NBV''
! class="col-s" style="text-align:centerright" | —
! class="col-s" style="text-align:centerright" | —
! class="col-s" style="text-align:centerright" | —
|-
!| style="text-align:left" | in Euro million
! class="col-s"| style="text-align:right" | Life
! class="col-s"| style="text-align:right" | Health (i)
! class="col-s"| style="text-align:right" | Total (i)
|-
| style="text-align:left" | NB CSM (pre-tax)
</div>
* 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>
== Appendix 7: life & health – net flows ==
<div style="overflow-x:auto">
{| class="wikitable fintable"
! style="text-align:left" | ''Net flows by business line''
! class="col-s" style="text-align:centerright" | —
! class="col-s" style="text-align:centerright" | —
|-
!| style="text-align:left" | in Euro billion
! class="col-s"| style="text-align:right" | FY24
! class="col-s"| style="text-align:right" | FY25
|-
| style="text-align:left" | Health (i)
</div>
* 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 ==
== Main transactions in 2025: ==
* Announced the execution of a ''share repurchase agreement'' related to AXA's share buyback program offor 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'' related to AXA'sfor 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 ==
* ''2026 Shareholder's Annual General Meeting'' (April 30, 2026). <sup>p. 20</sup>
* ''First quarter 2026 Activity Indicators'' (May 5, 2026). <sup>p. 20</sup>
* ''HY26 Earnings Release'' (July 31, 2026). <sup>p. 20</sup>
* ''AXA Investor Day'' (September 21, 2026). <sup>p. 20</sup>
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