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{{pdf page|1|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
Paris city, February 26th, 2026 (6:45am CET)
 
== Full Year 2025 Earnings ==
 
=== AXA reports record results with underlying EPS growth at the top end of the target range ===
 
==== Key FY25 highlights ====
 
* Gross written premiums & other revenues{{fn ref|1|2=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 but not limited to contractual service margin (“CSM”) and new business contractual service margin (“NB CSM”), are defined in the glossary section of this press release.}} at Euro 116 billion, up +6% vs. FY24
* Underlying earnings{{fn ref|2|2=“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 the heading “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. AXA’s 2025 Activity Report is available on AXA’s website (www.axa.com).}} at Euro 8.4 billion, up 6% vs. FY24, up 9% excluding AXA IM{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}
* Underlying earnings per share{{fn ref|2|2=“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 the heading “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. AXA’s 2025 Activity Report is available on AXA’s website (www.axa.com).}} at Euro 3.86, up +8% vs. FY24 including -2% headwind from foreign exchange movements and -1% from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the 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 a temporary earnings dilution as of December 31, 2025.}}
* Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. For further information on AXA’s internal model and Solvency II disclosures, please 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.}} at 224% at December 31, 2025, up +9 points vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period{{fn ref|6|2=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.}}
 
==== Capital Management ====
 
* Dividend of Euro 2.32 per share, up +8% vs. FY24{{fn ref|7|2=Subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
* Launch of an annual share buyback program{{fn ref|8|2=As approved by AXA’s Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to Euro 1.25 billion
* Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the 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 a temporary earnings dilution as of December 31, 2025.}}, executed between July 2, 2025, and January 20, 2026
 
==== Outlook ====
 
* Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range{{fn ref|9|2=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.}}
* Expected impact of Solvency II revision at +17 points{{fn ref|10|2=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.}}
* AXA to present its new strategic plan for 2027-2029 on September 21, 2026
'"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.'"▼
 
'"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.'"▼
▲'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.'
'"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,'" said Thomas Buberl, Chief Executive Officer of AXA.▼
 
▲'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.'
 
▲'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,' said Thomas Buberl, Chief Executive Officer of AXA.
 
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KEY HIGHLIGHTS
Press release
 
== Balance sheet ==
Shareholders'Shareholders’ equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar.▼
 
▲Shareholders' equity was Euro 47.2 billion as of December 31, 2025, down by Euro 2.8 billion versus December 31, 2024, as (i) the positive contribution from net income (Euro +9.8 billion) and net OCI (Euro +1.3 billion) were more than offset by (ii) the FY24 dividend paid to shareholders (Euro -4.6 billion), (iii) the impact of share buybacks executed in 2025 (Euro -4.7 billion) including the Euro 3.5 billion anti-dilutive share buyback related to the sale of AXA IM, and (iv) an unfavorable foreign exchange impact (Euro -3.5 billion), notably due to the depreciation of the U.S. dollar.
 
CSM{{fn ref|1,15}} was Euro 33.3 billion at December 31, 2025, down by Euro 0.6 billion versus December 31, 2024. New business contribution (Euro +2.2 billion), combined with underlying return on in-force (Euro +1.3 billion), more than offset CSM release (Euro -3.0 billion), resulting in +2% normalized growth in CSM. Market conditions had a favorable impact, mainly driven by the tightening of government spreads and positive equity market performance (Euro +0.6 billion).This was more than offset by unfavorable foreign exchange impacts (Euro -1.5 billion), mainly from the depreciation of Japanese yen and the Hong Kong dollar, as well as a negative operating variance (Euro -0.3 billion) as better margins and net flows were more than offset by a reduction in the duration of Group Life business in Switzerland.
Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. For further information on AXA’s internal model and Solvency II disclosures, please 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.}} was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) favorable impacts from financial markets (+4 points), which were partly offset by (iv) the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated Euro 3.8 billion share buyback (-5 points).▼
 
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. The impact of this change results in a -10 point decrease in our Solvency II ratio to 215% on January 1, 2026. In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio{{fn ref|10|2=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.}}.▼
▲Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. For further information on AXA’s internal model and Solvency II disclosures, please 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.}} was 224% as of December 31, 2025, up +9 points versus December 31, 2024 , with (i) a strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points), (ii) the positive impact from net subordinated debt issuance (+6 points), and (iii) favorable impacts from financial markets (+4 points), which were partly offset by (iv) the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM including the associated Euro 3.8 billion share buyback (-5 points).
 
▲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. The impact of this change results in a -10 point decrease in our Solvency II ratio to 215% on January 1, 2026. In addition, the Group currently estimates that the Solvency II revision, to come into effect in the first quarter of 2027, would result in an increase of +17 points to our current Solvency II ratio{{fn ref|10|2=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.}}.
 
Underlying return on equity{{fn ref|2|2=“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 the heading “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. AXA’s 2025 Activity Report is available on AXA’s website (www.axa.com).}} was at 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity.
 
Debt gearing{{fn ref|2|2=“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 the heading “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. AXA’s 2025 Activity Report is available on AXA’s website (www.axa.com).}} was at 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024, driven by both lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (Euro 3.5 billion) partly offset by redemption of outstanding grandfathered Tier 1 debt (Euro -1.9 billion). The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
 
Cash at Holding{{fn ref|16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to Euro 5.6 billion as of December 31, 2025, up Euro 1.6 billion versus December 31, 2024, reflecting organic cash remittance from subsidiaries of Euro 7.5 billion, up Euro 0.4 billion versus December 31, 2024.
 
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=== '''P&C underlying earnings were up 9% to Euro 5.9 billion driven by: ==='''
 
* Increase in technical result (Euro +0.5 billion) reflecting strong growth in volumes, combined with an improvement in technical margin; and
* Higher financial result (Euro +0.2 billion) thanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves;
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* Health grew by 5% to Euro 19.0 billion, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.
 
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Present value of expected premiums (PVEP){{fn ref|1,21}} decreased by 2% to Euro 49.4 billion driven by:
 
▲{{pdf page|7|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
Present value of expected premiums (PVEP){{fn ref|1,21}} decreased by 2% to Euro 49.4 billion driven by:
* Life (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums; and
* 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.
 
NB CSM{{fn ref|1,21}} increased by 3% to Euro 2.2 billion driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
 
NBV (post-tax){{fn ref|1,21}} was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
 
NBV margin (post tax){{fn ref|1,21}} increased by 0.1 point to 4.5%.
 
Net flows{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were Euro +5.4 billion compared to Euro +1.5 billion in 2024. Net flows in 2025 were driven by:
 
* Protection (Euro +4.9 billion), mainly in Hong Kong, Japan, and France;
* Health (Euro +2.7 billion), mainly in Germany, Japan, and France; and
* Unit-Linked (Euro +1.5 billion), primarily in France;
* Partly offset by G/A Savings (Euro -3.7 billion), as inflows in G/A capital-light (Euro +1.2 billion) were more than offset by outflows in traditional G/A Savings (Euro -5.0 billion).
 
Life & Health underlying earnings increased by 7% to Euro 3.5 billion, driven by:
 
* Long-term technical result (Euro +0.2 billion) driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business;
* Short-term technical result (Euro +0.1 billion) driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (Euro -0.1 billion);
* Lower income taxes (Euro +0.1 billion) reflecting favorable tax effects mainly in Germany, France and Mexico; and
* Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.
 
== Holdings ==
 
Holdings underlying earnings{{fn ref|14|2=Including banking activities.}} remained broadly stable at Euro -1.2 billion.
 
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== RATINGS AND GLOSSARY ==
 
 
* '''Operating variance''': the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance.
 
 
* '''Present value of expected premiums (“PVEP”)''': the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share.
 
 
* '''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.
 
 
* '''Underlying return on in-force''': the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.
 
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'''FOR MORE INFORMATION:'''▼
== ABOUT THE AXA GROUP ==
Press release
 
&#42;**
 
 
The AXA Group is a worldwide leader in insurance, with 156,000 employees serving more than 92 million clients in 52 countries. In 2025, IFRS17 revenues amounted to Euro 115.5 billion and IFRS17 underlying earnings to Euro 8.4 billion.
 
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). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.▼
 
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.▼
 
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.▼
 
This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation are available on the AXA Group website (axa.com).▼
 
▲'''FOR MORE INFORMATION:'''
'''Investor Relations:'''
&#32;Investor Relations: +33.1.40.75.48.42
investor.relations@axa.com
 
Individual Shareholder Relations: +33.1.40.75.48.43
 
▲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). AXA’sAXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
 
'''Media Relations:'''
&#32;Media Relations: +33.1.40.75.46.74
ziad.gebran@axa.com ahlem.girard@axa.com sylwia.tulak@axa.com
 
ahlem.girard@axa.com
▲The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
sylwia.tulak@axa.com
 
'''Corporate Responsibility strategy:'''
axa.com/en/about-us/strategy-commitments
 
▲It is a founding member of the UN Environment Programme’sProgramme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
 
'''SRI ratings:'''
axa.com/en/investor/sri-ratings-ethical-indexes
 
▲This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’financiers' General Regulation are available on the AXA Group website (axa.com).
THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com▼
 
▲THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com
&#42;**
 
== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ==
 
Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identified by words and expressions such as ‘expects’'expects', ‘anticipates’'anticipates', ‘may’'may', ‘plan’'plan' or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, ‘would’'would' and ‘could’'could'. In particular, the statements in this press release regarding expected underlying earnings per share (“UEPS”'UEPS') growth for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’sGroup's current strategic plan. These statements and the others contained in the “Outlook”'Outlook' section of this press release are based on Management’sManagement's current views and intentions and are subject to change. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’sAXA's control, and can be affected by other factors that could cause AXA’sAXA's actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this press release. Please refer to Part 5 “Risk'Risk Factors and Risk Management”Management' of AXA’sAXA's Universal Registration Document for the year ended December 31, 2024 (the “2024'2024 Universal Registration Document”Document') for a description of certain important factors, risks and uncertainties that may affect AXA’sAXA's business and/or results of operations. AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
 
In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”'APMs'), used by Management in analyzing AXA’sAXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’sAXA's results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’sGroup's consolidated financial statements and related notes prepared in accordance with IFRS. “Underlying'Underlying earnings”earnings', UEPS (“underlying'underlying earnings per share”share'), “underlying'underlying return on equity”equity', “combined'combined ratio”ratio' and “debt'debt gearing”gearing' are APMs as defined in ESMA’sESMA's guidelines and the AMF’sAMF'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'AXA's 2025 Activity Report”Report'), on the pages indicated under the heading “USE'USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary in AXA’sAXA's 2025 Activity Report.
 
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! colspan="2" style="text-align:center" | o/w Asset Management
|-
|! style="text-align:left" | in Euro million
! style="text-align:right" | FY24
! style="text-align:right" | FY25
Line 854 ⟶ 821:
 
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== APPENDIX 3: '''PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES''' ==
 
 
Line 972 ⟶ 939:
<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves
|-
! colspan="3" style="text-align:leftcenter" | Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves
|-
| style="text-align:left" |
! style="text-align:right" | FY24{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
! style="text-align:right" | FY25{{fn ref|ii|2=Average of monthly opening discount rates of 2025}}
Line 1,015 ⟶ 983:
 
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ P&amp;C: Price effects{{fn ref|i|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year.}} by country and business line
|-
Line 1,024 ⟶ 992:
! style="text-align:left" | 2026 Market pricing trends
|-
|! style="text-align:left" | <strong>France</strong>
| style="text-align:right" | <strong>+4.0%</strong>
| style="text-align:right" | <strong>+3.3%</strong>
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
|! style="text-align:left" | <strong>Europe</strong>
| style="text-align:right" | <strong>+3.1%</strong>
| style="text-align:right" | <strong>+5.4%</strong>
| style="text-align:right" |
| style="text-align:left" |
|-
|! style="text-align:left" | <emi>Switzerland</emi>
| style="text-align:right" | +3.0%
| style="text-align:right" | +5.0%
Line 1,042 ⟶ 1,010:
| style="text-align:left" | Continued price increases both in Personal and Commercial lines
|-
|! style="text-align:left" | <emi>Germany</emi>
| style="text-align:right" | +3.1%
| style="text-align:right" | +10.3%
Line 1,048 ⟶ 1,016:
| style="text-align:left" | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
|-
|! style="text-align:left" | <emi>Belgium &amp; Luxembourg</emi>
| style="text-align:right" | +2.5%
| style="text-align:right" | +4.4%
Line 1,054 ⟶ 1,022:
| style="text-align:left" | Price increase broadly in line with 2025
|-
|! style="text-align:left" | <emi>UK &amp; Ireland</emi>
| style="text-align:right" | +1.4%
| style="text-align:right" | -2.6%
Line 1,060 ⟶ 1,028:
| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
|-
|! style="text-align:left" | <emi>Spain</emi>
| style="text-align:right" | +8.8%
| style="text-align:right" | +8.6%
Line 1,066 ⟶ 1,034:
| style="text-align:left" | Moderation of price increase
|-
|! style="text-align:left" | <emi>Italy</emi>
| style="text-align:right" | +5.2%
| style="text-align:right" | +5.3%
Line 1,072 ⟶ 1,040:
| style="text-align:left" | Moderation of price increase
|-
|! style="text-align:left" | <strong>AXA XL{{fn ref|ii|2=ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.}}</strong>
| style="text-align:right" | <strong>+0.2%</strong>
| style="text-align:right" |
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" | Softening prices with conditions varying by lines
|-
|! style="text-align:left" | <strong>Asia, Africa &amp; EME-LATAM</strong>
| style="text-align:right" | <strong>+3.8%</strong>
| style="text-align:right" | <strong>+7.1%</strong>
| style="text-align:right" |
| style="text-align:left" | Moderation of price increase
|-
|! style="text-align:left" | <strong>Total</strong>
| style="text-align:right" | <strong>+1.9%</strong>
| style="text-align:right" | <strong>+5.2%</strong>
| style="text-align:right" | <strong>+0.3%</strong>
| style="text-align:left" |
|}
Line 1,195 ⟶ 1,163:
| style="text-align:right" | +5%
|-
! style="text-align:left" | o/w short-term{{fn ref|ii|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ('"PAA'"). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}}
| style="text-align:right" | 17,651
| style="text-align:right" | +6%
Line 1,211 ⟶ 1,179:
 
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
{{fn note|1=ii|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ('&quot;PAA'&quot;). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}}
 
{{pdf page|18|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN ==
 
 
<div style="overflow-x:auto">
Line 1,325 ⟶ 1,292:
|}
</div>
 
 
<div style="overflow-x:auto">
Line 1,358 ⟶ 1,324:
|}
</div>
 
 
{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}
Line 1,403 ⟶ 1,368:
| style="text-align:right" | 0.0
|-
| style="text-align:left" | <b>Total Life &amp; Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} net flows</b>
| style="text-align:right" | <b>+1.5</b>
| style="text-align:right" | <b>+5.4</b>
|}
</div>
Line 1,418 ⟶ 1,383:
Press release
 
=== '''Main transactions in 2025: ==='''
* Announced the execution of a share repurchase agreement in relation to AXA's share buyback program of up to Euro 1.2 billion (February 28, 2025)
* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)
Retrieved from "https://www.insurerbrain.com/wiki/Document:AXA/2025/FY/Earnings_release"