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

{{Infobox doc_archive

| organization = AXA

| year = 2025

| pages = 20

| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

| article = AXA/2025/FY/Earnings release

}}

 

---

title: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

source_url: https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf

doc_type: report

pages: 20

converter: anchor_injection/1

tier: economic

scanned_pages: []

---

 

== FY25 key highlights ==

 

<div style="overflow-x:auto">

 

== Activity indicators ==

 

Total gross written premiums and other revenues{{fn ref|1|2=Change in gross written premiums & other revenues, new business value (&quot;NBV&quot;) and present value of expected premiums (&quot;PVEP&quot;) 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 (&quot;CSM&quot;) and new business contractual service margin (&quot;NB CSM&quot;), are defined in the glossary section of this press release.}} were up 6%, driven by:

 

* '''Property & Casualty (+5%)''', with growth in (i) Commercial lines{{fn ref|11|2=&quot;Commercial lines&quot; 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=&quot;Underlying earnings&quot;, &quot;underlying earnings per share&quot;, &quot;underlying return on equity&quot;, &quot;combined ratio&quot; and &quot;debt gearing&quot; 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 (&quot;AXA's 2025 Activity Report&quot;), on the pages indicated under the heading &quot;USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES&quot;. 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 per share{{fn ref|2|2=&quot;Underlying earnings&quot;, &quot;underlying earnings per share&quot;, &quot;underlying return on equity&quot;, &quot;combined ratio&quot; and &quot;debt gearing&quot; 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 (&quot;AXA's 2025 Activity Report&quot;), on the pages indicated under the heading &quot;USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES&quot;. 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%).

 

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.

{{pdf page|5|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}

== Property & Casualty ==

 

<div style="overflow-x:auto">

| style="text-align:right" | +5%

|-

| style="text-align:right" | 50.9

| style="text-align:right" | 49.4

| style="text-align:right" | -2%

|-

| style="text-align:right" | 2.2

| style="text-align:right" | 2.2

| style="text-align:right" | +3%

|-

| style="text-align:right" | 2.3

| style="text-align:right" | 2.2

| style="text-align:right" | 0%

|-

| style="text-align:right" | 4.4%

| style="text-align:right" | 4.5%

| style="text-align:right" | +0.1 pt

|-

| style="text-align:right" | +1.5

| style="text-align:right" | +5.4

</div>

 

 

* '''Life''' grew by 9% to Euro 37.5 billion, mainly from:

 

=== Ratings ===

 

<div style="overflow-x:auto">

|}

</div>

 

{{fn note|1=22|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}

 

=== Glossary ===

 

* '''Capital-light G/A products:''' encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%.

{{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.

 

{{pdf page|10|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}

 

 

 

<div style="overflow-x:auto">

{| id="t9" class="wikitable fintable"

|}

</div>

 

{{pdf page|11|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}

== Notes ==

 

{{fn note|1=1|2=Change in gross written premiums & other revenues, new business value (&quot;NBV&quot;) and present value of expected premiums (&quot;PVEP&quot;) 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 (&quot;CSM&quot;) and new business contractual service margin (&quot;NB CSM&quot;), are defined in the glossary section of this press release.}}

{{pdf page|13|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}

== APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE ==

 

<div style="overflow-x:auto">

|}

</div>

 

{{fn note|1=i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}

{{pdf page|14|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}

== APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE ==

 

<div style="overflow-x:auto">

|}

</div>

 

{{fn note|1=i|2=Including underlying earnings of Holdings and Banking.}}

 

{{pdf page|15|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}

 

<div style="overflow-x:auto">

|}

</div>

 

{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

 

<div style="overflow-x:auto">

|}

</div>

 

{{fn note|1=i|2=Calculated as monthly average from January 2024 to December 2024}}

|}

</div>

 

{{fn note|1=i|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year.}}

{{pdf page|17|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}

== APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE ==

 

<div style="overflow-x:auto">

|}

</div>

 

{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

{{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">

|}

</div>

 

<div style="overflow-x:auto">

|}

</div>

 

{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}

{{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">

! style="text-align:right" | FY25

|-

| style="text-align:right" | +2.7

| style="text-align:right" | +2.7

| style="text-align:right" | -3.7

|-

| style="text-align:right" | +2.2

| style="text-align:right" | +1.2

|-

| style="text-align:right" | -5.8

| style="text-align:right" | -5.0

|-

| style="text-align:right" | -0.8

| style="text-align:right" | +1.5

| style="text-align:right" | 0.0

| style="text-align:right" | 0.0

|}

</div>

 

 

{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}