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{{pdf page|1|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== Press release ==
 
Paris, 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
* Gross written premiums & other revenues{{fn ref|1}} 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{{fn ref|2}} at Euro 8.4 billion, up 6% vs. FY24, up 9% excluding AXA IM{{fn ref|3}}
* 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.}}
* Underlying earnings per share{{fn ref|2}} 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}}
* 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.}}
* Solvency II ratio{{fn ref|5}} 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}}
 
==== 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.}}
* Dividend of Euro 2.32 per share, up +8% vs. FY24{{fn ref|7}}
* 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
* Launch of an annual share buyback program{{fn ref|8}} 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
* Completion of Euro 3.8 billion additional share buyback related to AXA IM disposal{{fn ref|4}}, 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.}}
* Underlying earnings per share growth for 2026 expected to be at the upper end of the 6-8% plan target range{{fn ref|9}}
* 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.}}
* Expected impact of Solvency II revision at +17 points{{fn ref|10}}
* 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."
 
"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
 
== FY25 key highlights ==
 
Line 62 ⟶ 71:
|+ Key figures (in Euro million, unless otherwise noted)
|-
|! style="text-align:left" |
! style="text-align:right" | FY24
! style="text-align:right" | FY25
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! style="text-align:right" | Change at comparable basis
|-
! style="text-align:left" | Gross written premiums &amp; other revenues {{fn ref|1}}
! style="text-align:left" | Gross written premiums &amp; other revenues{{fn ref|1|2=Change in gross written premiums &amp; 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.}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
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| style="text-align:right" | n.m.
| style="text-align:right" | n.m.
|}
</div>
 
<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|-
|! style="text-align:left" |
! style="text-align:right" | FY24
! style="text-align:right" | FY25
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! style="text-align:right" | Change at constant Forex
|-
! style="text-align:left" | Underlying earnings {{fn ref|2}}
! style="text-align:left" | 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).}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
Line 114 ⟶ 118:
| style="text-align:right" | +24%
| style="text-align:right" | +26%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t3" class="wikitable"
|-
|! style="text-align:left" |
! style="text-align:right" | FY24
! style="text-align:right" | FY25
! style="text-align:right" | Change on a reported basis
! style="text-align:right" |
|-
! style="text-align:left" | Solvency II ratio (%) {{fn ref|5}}
! style="text-align:left" | 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.}}
| style="text-align:right" | 216%
| style="text-align:right" | 224%
| style="text-align:right" | +9 pts
| style="text-align:right" |
|}
</div>
Line 134 ⟶ 135:
== Activity indicators ==
 
 
Total gross written premiums and 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.}} were up 6%, driven by:
Total gross written premiums and other revenues {{fn ref|1}} were up 6%, driven by:
 
 
* Property & Casualty (+5%), with growth in (i) Commercial lines {{fn ref|11|2=“Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%) from both higher volumes, notably at AXA XL Insurance, and favorable price effects {{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies, in (ii) Personal lines (+7%), driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM, and at (iii) AXA XL Reinsurance (+8%), with growth supported by alternative capital; and
 
 
* Life & Health (+8%), with (i) Life premiums up 9%, driven by Protection (+11%) from strong sales in Hong Kong, Switzerland and Japan, Unit-Linked (+13%) from higher volumes across all geographies, and G/A {{fn ref|13|2=General account.}} (+4%), from continued momentum in Italy and France, and (ii) Health premiums up 5%, driven by price effects in all geographies.
 
== Earnings ==
 
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).}} increased by 6% to Euro 8.4 billion, or +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.}}, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings{{fn ref|14|2=Including banking activities.}} underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion.
 
Underlying earnings {{fn ref|2}} increased by 6% to Euro 8.4 billion, or +9% excluding AXA IM {{fn ref|3}}, driven by (i) Property & Casualty (+9%), from higher volumes, underwriting margin expansion and an increase in financial result driven by higher investment income, and (ii) Life & Health (+7%), from an improvement in the short-term technical results in Health & Protection, and higher earnings in long-term business, including from early benefits of our strategy to rejuvenate the business. (iii) Holdings {{fn ref|14}} underlying earnings remained broadly stable at Euro -1.2 billion. (iv) As a result of the disposal of AXA IM on July 1, 2025, Asset Management underlying earnings decreased by Euro 0.2 billion.
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).}} increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
 
 
Underlying earnings per share {{fn ref|2}} increased by 8% to Euro 3.86, mainly driven by (i) the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt, and (ii) the impact of share buybacks (+3%) including both the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM, partially offset by the unfavorable impact of (iii) foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
 
 
The sale of AXA IM resulted in a temporary dilution of underlying earnings per share due to the timing of the associated share buyback (-1%).
 
 
Net income increased by 26% to Euro 9.8 billion, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM.
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== Balance sheet ==
 
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{{fnShareholders' ref|1,15}}equity was Euro 3347.32 billion atas of December 31, 2025, down by Euro 02.68 billion versus December 31, 2024., Newas business(i) the positive contribution from net income (Euro +29.28 billion), combinedand withnet underlying return on in-forceOCI (Euro +1.3 billion), were more than offset CSM releaseby (Euroii) -3.0the billion),FY24 resultingdividend inpaid +2%to normalizedshareholders growth(Euro in CSM-4.6 Market conditions had a favorable impactbillion), mainly driven by(iii) the tighteningimpact of governmentshare spreadsbuybacks andexecuted positivein equity market performance2025 (Euro +0-4.67 billion).This wasincluding morethe than offset by unfavorable foreign exchange impacts (Euro -13.5 billion), mainlyanti-dilutive fromshare thebuyback depreciationrelated of Japanese yen andto the Hongsale Kongof dollarAXA IM, asand well(iv) asan aunfavorable negativeforeign operatingexchange varianceimpact (Euro -03.35 billion), asnotably betterdue margins and net flows were more than offset by a reduction into the durationdepreciation of Groupthe LifeU.S. business in Switzerlanddollar.
 
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).
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.
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.
Solvency II ratio{{fn ref|5}} 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).
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.
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}}.
 
Underlying return on equity{{fn ref|2}} 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}} 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}} 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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=== Capital management ===
 
A dividend of Euro 2.32 per share (up 8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026{{fn ref|7|2=Subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}. The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.
 
AXA's Board of Directors approved, on February 25, 2026, the launch of an annual share buyback program for up to Euro 1.25 billion, to be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization{{fn ref|17|2=To be executed in accordance with the terms of the Shareholders’ Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders’ Annual General Meeting on April 30, 2026, as applicable.}}. AXA intends to cancel all shares repurchased pursuant to this share buyback program.
 
The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and it is expected to be completed by year-end. Further details will be communicated regarding the execution of the share buyback program.
Line 175 ⟶ 188:
=== Outlook ===
 
Entering the final year of its 2024-2026 '"Unlock the Future'" plan, AXA is confident in its ability to achieve its main financial targets, underpinned by (i) profitable organic growth, (ii) scaling technical capabilities across its businesses, and (iii) driving operational efficiency across the organization through reinforced cost management.
 
In P&C Retail and SME & Mid-market, pricing remains favorable, and the Group expects to continue benefiting from the earnthroughearn-through of higher pricing and underwriting actions. At AXA XL, pricing conditions vary by line; the Group will continue to ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital. The Group guidance for normalized natural catastrophe{{fn ref|18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca. 4.5 points of combined ratio for 2026.
 
In Life & Health, earnings growth is expected to be driven by the short-term business reflecting disciplined pricing and claims management initiatives. The strategy to rejuvenate sales in the long-term business, coupled with improved persistency, should continue to generate positive net flows that are expected to drive CSM growth over time.
Line 183 ⟶ 196:
Results in Holdings in 2026 are expected to remain at a similar level as in 2025.
 
Considering the strong overall operating performance delivered in 2025, and assuming current operating conditions persist, Management believes that AXA is on track to deliver the main financial targets of AXA's '"Unlock the Future'" plan: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both the plan period 2023-2026E and for 2026{{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.}}, (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. The Group is committed to its capital management policy{{fn ref|19|2=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%{{fn ref|20|2=Payout ratio is calculated based on underlying earnings per share.}}, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks. 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.
 
{{pdf page|5|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
Line 190 ⟶ 203:
 
<div style="overflow-x:auto">
{| id="t4t2" class="wikitable fintable"
|+ Key figures (in Euro billion, unless otherwise noted)
|-
! colspan="5" style="text-align:leftcenter" | Key figures (in Euro billion, unless otherwise noted)
|-
| style="text-align:left" |
! style="text-align:right" | FY24
! style="text-align:right" | FY25
! style="text-align:right" | Change on a comparable basis
! style="text-align:rightleft" | FY25 Price effect{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} (in %)
|-
|! style="text-align:left" | Gross written premiums and other revenues
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:rightleft" | +2.9%
|-
|! style="text-align:left" | o/w Commercial lines{{fn ref|11|2=“Commercial lines” refers to P&amp;C Commercial lines excluding AXA XL Reinsurance.}}
| style="text-align:right" | 34.9
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
| style="text-align:rightleft" | +1.9%
|-
|! style="text-align:left" | o/w Personal lines
| style="text-align:right" | 19.1
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
| style="text-align:rightleft" | +5.2%
|-
|! style="text-align:left" | o/w AXA XL Reinsurance
| style="text-align:right" | 2.5
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
| style="text-align:rightleft" | +0.3%
|}
</div>
 
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ Earnings (in Euro million, unless otherwise noted)
|-
! colspan="5" style="text-align:leftcenter" | Earnings (in Euro million, unless otherwise noted)
|-
| style="text-align:left" |
! style="text-align:right" | FY24
! style="text-align:right" | FY25
! style="text-align:right" | Change at constant Forex
| style="text-align:left" |
|-
|! style="text-align:left" | All-Year Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | -0.3 pt
| style="text-align:left" |
|-
|! style="text-align:left" | Underlying earnings
| style="text-align:right" | 5,510
| style="text-align:right" | 5,872
| style="text-align:right" | +9%
| style="text-align:left" |
|}
</div>
Line 271 ⟶ 284:
 
== Life & Health ==
 
 
<div style="overflow-x:auto">
{| id="t6t3" class="wikitable fintable"
|-
! colspan="4" style="text-align:centerleft" | Key figures (in Euro billion, unless otherwise noted)
|-
! style="text-align:left" |
! style="text-align:right" | FY24
! style="text-align:right" | FY25
Line 298 ⟶ 308:
| style="text-align:right" | +5%
|-
! style="text-align:left" | PVEP {{fn ref|1,21}}
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
| style="text-align:right" | -2%
|-
! style="text-align:left" | NB CSM {{fn ref|1,21}}
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:right" | +3%
|-
! style="text-align:left" | NBV (post-tax) {{fn ref|1,21}}
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:right" | 0%
|-
! style="text-align:left" | NBV margin {{fn ref|1,21}}
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | +0.1 pt
|-
! style="text-align:left" | Net flows {{fn ref|21|2=Life &amp; Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" |
|}
</div>
 
<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|-
! colspan="4" style="text-align:center" | Earnings (in Euro million)
Line 352 ⟶ 357:
</div>
 
=== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ===
 
* Life grew by 9% to Euro 37.5 billion, mainly from:
* Unit-Linked (+13%) driven by successful sales initiatives across all geographies;
* G/A{{fn ref|13|2=General account.}} (+4%) notably in France (+4%) as well as from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan, and lower sales in Hong Kong; and
* 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.
* 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.
 
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:
 
Net flows{{fn ref|21}} 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.
 
Holdings underlying earnings{{fn ref|14}} remained broadly stable at Euro -1.2 billion.
 
{{pdf page|8|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
Line 387 ⟶ 424:
 
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|-
| style="text-align:left" |
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{{pdf page|9|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== 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.
 
Line 462 ⟶ 492:
== SCOPE AND EXCHANGE RATES ==
 
== Scope ==
 
France: includes insurance activities, banking activities and holding.
=== Scope ===
 
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){{fn ref|23}} and AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holding.
 
Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
'''France:''' includes insurance activities, banking activities and holding.
 
Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity) and other Central Holdings.
 
AXA Investment Managers{{fn ref|24}}: includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
'''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){{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} and AXA Life Europe (insurance activities). '''AXA XL:''' includes insurance and reinsurance activities and holding.
 
 
'''Asia, Africa & EME-LATAM:''' includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S and India (Life activities disposed on March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings.
 
 
'''Transversal & Other:''' includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity ) and other Central Holdings.
 
 
'''AXA Investment Managers{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}}:''' includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method.
 
 
=== Exchange rates ===
 
== Exchange rates ==
 
<div style="overflow-x:auto">
{| id="t9t5" class="wikitable fintable"
|-
! style="text-align:left" | For 1 Euro
Line 492 ⟶ 514:
|-
| style="text-align:left" |
|! style="text-align:right" | FY24
|! style="text-align:right" | FY25
|! style="text-align:right" | FY24
|! style="text-align:right" | FY25
|-
| style="text-align:left" | USD
Line 532 ⟶ 554:
== Notes ==
 
{{fn1 note|1=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.}}
{{fn2 note|1=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).}}
{{fn3 note|1=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.}}
{{fn4 note|1=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.}}
{{fn5 note|1=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.}}
{{fn6 note|1=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.}}
{{fn note|1=7|2= Subject to approval by the Shareholders’ Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=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.}}
{{fn note|1=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.}}
{{fn10 note|1=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.}}
had come into force on the same date.
{{fn note|1=11|2=“Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.}}
11 “Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.
{{fn note|1=12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}}
12 Price effects are calculated as a percentage of total gross written premiums of the prior year.
{{fn note|1=13|2=General account.}}
13 General account.
{{fn note|1=14|2=Including banking activities.}}
14 Including banking activities.
{{fn note|1=15|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained 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.}}
15 Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained 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.
{{fn note|1=16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}}
16 Including cash and liquid invested assets at AXA SA Holding and other central holdings.
{{fn note|1=17|2=To be executed in accordance with the terms of the Shareholders’ Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders’ Annual General Meeting on April 30, 2026, as applicable.}}
17 To be executed in accordance with the terms of the Shareholders’ Annual General Meeting authorization granted on April 24, 2025, or the authorization expected to be granted by the Shareholders’ Annual General Meeting on April 30, 2026, as applicable.
{{fn note|1=18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}
18 Natural catastrophe charges include natural catastrophe losses regardless of event size.
{{fn note|1=19|2=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.}}
19 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.
{{fn note|1=20|2=Payout ratio is calculated based on underlying earnings per share.}}
20 Payout ratio is calculated based on underlying earnings per share.
{{fn note|1=21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
21 Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.
{{fn note|1=22|2=Restricted Tier 1: “BBB+” by Standard & Poor’s and “Baa1(hyb)” by Moody’s. Tier 2: “A-/Stable” by Standard & Poor’s and “A2(hyb)/Stable” by Moody’s.}}
22 Restricted Tier 1: “BBB+” by Standard & Poor’s and “Baa1(hyb)” by Moody’s. Tier 2: “A-/Stable” by Standard & Poor’s and “A2(hyb)/Stable” by Moody’s.
{{fn note|1=23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}
23 AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.
{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
24 Disposal to BNP Paribas completed on July 1, 2025.
 
All comments and changes are on a comparable basis for activity indicators (constant forex, scope and methodology).
 
Actuarial and financial assumptions used for the calculation of NBV and PVEP are updated on a semi-annual basis at half year and full year.
 
AXA’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’s statutory auditors.
 
{{pdf page|12|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
'''FOR MORE INFORMATION:'''
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).
 
THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com
 
'''FOR MORE INFORMATION:'''
'''Investor Relations:'''
&#32;Investor Relations: +33.1.40.75.48.42
Line 572 ⟶ 602:
 
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'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
 
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
 
'''Corporate Responsibility strategy:'''
axa.com/en/about-us/strategy-commitments
 
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.
 
'''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' General Regulation are available on the AXA Group website (axa.com).
 
THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com
 
== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ==
Line 604 ⟶ 624:
 
<div style="overflow-x:auto">
{| id="t10t6" class="wikitable fintable"
|-
! style="text-align:left" |
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<div style="overflow-x:auto">
{| id="t11t7" class="wikitable fintable"
|-
! style="text-align:left" |
Line 737 ⟶ 757:
! style="text-align:right" | Change at constant Forex
|-
!| style="text-align:left" | France
| style="text-align:right" | 2,071
| style="text-align:right" | 2,224
Line 748 ⟶ 768:
| style="text-align:right" |
|-
!| style="text-align:left" | Europe
| style="text-align:right" | 3,187
| style="text-align:right" | 3,486
Line 759 ⟶ 779:
| style="text-align:right" |
|-
!| style="text-align:left" | AXA XL
| style="text-align:right" | 1,820
| style="text-align:right" | 1,893
Line 770 ⟶ 790:
| style="text-align:right" |
|-
!| style="text-align:left" | Asia, Africa &amp; EME-LATAM
| style="text-align:right" | 1,504
| style="text-align:right" | 1,493
Line 781 ⟶ 801:
| style="text-align:right" |
|-
!| style="text-align:left" | Transversal
| style="text-align:right" | -907
| style="text-align:right" | -903
Line 792 ⟶ 812:
| style="text-align:right" |
|-
!| style="text-align:left" | AXA Investment Managers
| style="text-align:right" | 402
| style="text-align:right" | 175
Line 803 ⟶ 823:
| style="text-align:right" | -57%
|-
!| style="text-align:left" | Total{{fn ref|i|2=Including underlying earnings of Holdings and Banking.}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
Line 820 ⟶ 840:
 
{{pdf page|15|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== APPENDIX 3: '''PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES''' ==
 
 
<div style="overflow-x:auto">
{| id="t12t8" class="wikitable fintable"
|-
! style="text-align:left" |
Line 937 ⟶ 957:
 
<div style="overflow-x:auto">
{| id="t13t9" class="wikitable fintable"
|+ Interest Rates (5Y) For the Discounting of P&amp;C Claims Reserves
|-
! colspan="3" style="text-align:centerleft" | 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 982 ⟶ 1,001:
 
<div style="overflow-x:auto">
{| id="t14t10" 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 1,069 ⟶ 1,088:
 
<div style="overflow-x:auto">
{| id="t15t11" class="wikitable fintable"
|-
! style="text-align:left" | Gross written premiums &amp; other revenues
Line 1,182 ⟶ 1,201:
{{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">
{| id="t16t12" class="wikitable fintable"
|-
! colspan="7" style="text-align:center" | Life New Business Metrics FY25
Line 1,291 ⟶ 1,311:
|}
</div>
 
 
<div style="overflow-x:auto">
{| id="t17t13" class="wikitable fintable"
|-
! colspan="4" style="text-align:center" | NB CSM to NBV
Line 1,323 ⟶ 1,344:
|}
</div>
 
 
{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}
Line 1,329 ⟶ 1,351:
{{pdf page|19|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
== APPENDIX 7: LIFE & HEALTH – NET FLOWS ==
 
 
 
<div style="overflow-x:auto">
{| id="t18t14" class="wikitable fintable"
|+ Net flows by business line
|-
Line 1,351 ⟶ 1,374:
| style="text-align:right" | -3.7
|-
| style="text-align:left" | <i>o/w capital light{{fn ref|ii|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%}}</i>
| style="text-align:right" | <i>+2.2</i>
| style="text-align:right" | <i>+1.2</i>
|-
| style="text-align:left" | <i>o/w traditional G/A</i>
| style="text-align:right" | <i>-5.8</i>
| style="text-align:right" | <i>-5.0</i>
|-
| style="text-align:left" | Unit-Linked{{fn ref|iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}
Line 1,367 ⟶ 1,390:
| style="text-align:right" | 0.0
|-
|! style="text-align:left" | Total Life &amp; Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} net flows
|! style="text-align:right" | +1.5
|! style="text-align:right" | +5.4
|}
</div>
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