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{{Infobox doc_archive
| wide = yes
| organization = AXA
| year = 2025
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| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| summary_md = File:AXA<!-2025-FY ARCHIVE_MD_LINK_HERE -Earnings_release.md->
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
| wide = yes
| document = Document:AXA/2025/FY/Earnings release
}}
 
''This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).''
 
== Press release ==
 
* Paris, February 26th, 2026 (6:45am CET) <sup>p. 1</sup>
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== Full Year 2025 Earnings ==
 
'''* AXA reports record results with ''underlying EPS growth'' at the top end of the target range''' <sup>p. 1</sup>
 
==== Key FY25 highlights ====
 
* ''Gross written premiums & other revenues'' at EUR 116bn, +6% vs. FY24 <sup>p. 1</sup>
* ''Gross written premiums & other revenues'' at EUR 116bn, up +6% vs. FY24 {{footnote|1=• 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.&#10;• Terms, including 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.}} <sup>p. 1</sup>
* ''Underlying earnings'' at EUR 8.4bn, +6% vs. FY24, or +9% excluding AXA IM <sup>p. 1</sup>
* ''Underlying earnings'' {{footnote|1=• &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.&#10;• 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 &quot;USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES&quot;.&#10;• For further information on the above-mentioned and other non-GAAP financial measures, see the Glossary in AXA's 2025 Activity Report, available on AXA's website (www.axa.com).}} at EUR 8.4bn, up 6% vs. FY24, or +9% excluding AXA IM {{footnote|1=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are at constant foreign exchange rates.}} <sup>p. 1</sup>
* ''Underlying earnings per share'' at EUR 3.86, up +8% vs. FY24 <sup>p. 1</sup>
** This includes a -2% headwind from foreign exchange movements <sup>p. 1</sup>
** This includes a -2% headwind from foreign exchange movements and -1% from temporary earnings dilution due to the timing of the anti-dilutive share buyback related to the sale of AXA IM {{footnote|1=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider to buy back its own shares for a maximum of Euro 3.8 billion to offset earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025.}} <sup>p. 1</sup>
** This includes a -1% headwind from temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback <sup>p. 1</sup>
* ''Solvency II ratio'' {{footnote|1=• The Solvency II ratio is estimated primarily using AXA's internal model calibrated on an adverse 1/200 year shock.&#10;• For information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com).&#10;• 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% as of December 31, 2025, up +9 points vs. FY24 <sup>p. 1</sup>
* ''Solvency II ratio'' at 224% as of December 31, 2025, +9 points vs. FY24 <sup>p. 1</sup>
** The ratio was 215% on January 1, 2026, reflecting the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, when they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}} <sup>p. 1</sup>
* ''Solvency II ratio'' at 215% on January 1, 2026, reflecting the end of the grandfathering period <sup>p. 1</sup>
 
==== Capital Management ====
 
* ''Dividend'' of EUR 2.32 per share, up +8% vs. FY24 {{footnote|1=Subject to approval by the Shareholders' Annual General Meeting on April 30, 2026.}} <sup>p. 1</sup>
* Launch of an annual ''annual share buyback program'' {{footnote|1=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn <sup>p. 1</sup>
* ''Completion of EUR 3.8bn additional ''share buyback'' related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026 <sup>p. 1</sup>
 
==== Outlook ====
 
* ''Underlying earnings per share growth'' for 2026 expected to be at the upper end of the 6-8% plan target range {{footnote|1=Expected underlying earnings per share (&quot;UEPS&quot;) growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements.}} <sup>p. 1</sup>
* Expected ''impact of ''Solvency II revision'' at +17 points {{footnote|1=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}} <sup>p. 1</sup>
* AXA to present its ''new ''strategic plan'' for 2027-2029'' on September 21, 2026 <sup>p. 1</sup>
<blockquote>"In 2025, AXA delivered another year of very strong performance, with +9% earnings growth in our core businesses excluding AXA IM. We have taken advantage of these excellent results to further enhance reserve prudence." <sup>p. 1</sup></blockquote>
<blockquote>"Our P&C franchise posted 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." <sup>p. 1</sup></blockquote>
<blockquote>"These results demonstrate the earnings power of our well-diversified franchise and reinforce our confidence in AXA's ability to generate sustainable, long-term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," <small>(said Thomas Buberl, Chief Executive Officer of AXA. <sup>p. 1</sup>)</small></blockquote>
 
== FY25 key highlights ==
 
{{Indexing|====== Key figures (in Euro million, unless otherwise noted)|Gross written premiums, other revenues, Property & Casualty, Life & Health, Asset Management|3pjfj4g9uv|wpkf9ycgxf|kind=table|order=1}}====
 
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{{Indexing|FY25 key highlights: Solvency II ratio <sup>p. 2</sup>|Underlying earnings, Net income, Solvency II ratio|3pjfj4g9uv|y30gelxv10|2k28wtsk07|kind=table|order=2}}
 
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=== Activity indicators ===
 
* ''Total gross written premiums and other revenues'' were up 6%, driven by: <sup>p. 2</sup>
** ''Property & Casualty'' (+5%), with growth in: <sup>p. 2</sup>
*** ''Commercial lines'' {{footnote|1=&quot;Commercial lines&quot; refers to P&C Commercial lines excluding AXA XL Reinsurance.}} (+4%), fromdriven by higher volumes (notably at AXA XL Insurance) and favorable price effects {{footnote|1=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies <sup>p. 2</sup>
*** ''Personal lines'' (+7%), driven by favorable price effects and strong growth in net new contracts, (notably in France, Europe, and Asia & EME-LATAM) <sup>p. 2</sup>
*** ''AXA XL Reinsurance'' (+8%), with growth supported by alternative capital <sup>p. 2</sup>
** ''Life & Health'' (+8%), with: <sup>p. 2</sup>
*** ''Life premiums'' up +9%, driven by: <sup>p. 2</sup>
**** ''Protection'' (+11%) from strong sales in Hong Kong, Switzerland, and Japan <sup>p. 2</sup>
**** ''Unit-Linked'' (+13%) from higher volumes across all geographies <sup>p. 2</sup>
**** ''G/A'' {{footnote|1=General account.}} (+4%), from continued momentum in Italy and France <sup>p. 2</sup>
*** ''Health premiums'' up +5%, driven by price effects in all geographies <sup>p. 2</sup>
 
=== Earnings ===
 
* ''Underlying earnings'' increased by 6% to EUR 8.4bn, or +9% excluding AXA IM, driven by: <sup>p. 2</sup>
** Driven by ''Property & Casualty'' (+9%), from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income <sup>p. 2</sup>
** Driven by ''Life & Health'' (+7%), from improved short-term technical results in Health & Protection, and higher earnings in long-term business, (including early benefits fromof business rejuvenation strategy) <sup>p. 2</sup>
** ''Holdings'' {{footnote|1=Including banking activities.}} underlying earnings remained broadly stable at EUR -1.2bn <sup>p. 2</sup>
** ''Asset Management'' underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025 <sup>p. 2</sup>
* ''Underlying earnings per share'' increased by 8% to EUR 3.86, mainly driven by: <sup>p. 2</sup>
** IncreaseMainly driven by the increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt <sup>p. 2</sup>
** Impact of share buybacks (+3%), including both the annual share buyback program and the anti-dilutive share buyback fromassociated with the sale of AXA IM sale <sup>p. 2</sup>
** Partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%) <sup>p. 2</sup>
* The ''sale of AXA IM'' resulted in a temporary dilution of ''underlying earnings per share'' (-1%) due to the timing of the associated share buyback <sup>p. 2</sup>
* ''Net income'' increased by 26% to EUR 9.8bn, mainly reflecting the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM <sup>p. 2</sup>
 
=== Balance sheet ===
 
* ''Shareholders' equity'' was EUR 47.2bn as of December 31, 2025, down by EUR 2.8bn vs. December 31, 2024 <sup>p. 3</sup>
** This was due to the positivePositive contribution from net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being more than offset by: <sup>p. 3</sup>
*** More than offset by FY24 dividend paid to shareholders (EUR -4.6bn) <sup>p. 3</sup>
*** ImpactMore than offset by impact of share buybacks executed in 2025 (EUR -4.7bn), including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM <sup>p. 3</sup>
*** UnfavorableMore than offset by an unfavorable foreign exchange impact (EUR -3.5bn), notably fromdue to the depreciation of the U.S. dollar <sup>p. 3</sup>
* ''CSM'' was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024 <sup>p. 3</sup>
* ''CSM'' {{footnote|1=• Including P&C.&#10;• See Appendices of the FY25 earnings presentation at www.axa.com for indicative sensitivities impacting CSM.&#10;• These sensitivities, and any other sensitivities in the Appendices, are based on management's current assessment in connection with the full-year 2025 annual results.&#10;• These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward-looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down by EUR 0.6bn vs. December 31, 2024 <sup>p. 3</sup>
** New business contribution (EUR +2.2bn) combined with underlying return on in-force (EUR +1.3bn) more than offset CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM <sup>p. 3</sup>
** Market conditions had a favorable impact (EUR +0.6bn), mainly driven by tightening of government spreads and positive equity market performance <sup>p. 3</sup>
** This was more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of the Japanese yen and Hong Kong dollar, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland <sup>p. 3</sup>
** This was more than offset by a negative operating variance (EUR -0.3bn) as better margins and net flows were more than offset by a reduction in the duration of Group Life business in Switzerland <sup>p. 3</sup>
* ''Solvency II ratio'' was 224% as of December 31, 2025, up +9 points vs. December 31, 2024, with: <sup>p. 3</sup>
* ''Solvency II ratio'' was 224% as of December 31, 2025, up +9 points vs. December 31, 2024 <sup>p. 3</sup>
** Strong operating return (+28 points) net of the provision for dividend and annual share buyback (-24 points) <sup>p. 3</sup>
** Positive impact from net subordinated debt issuance (+6 points) <sup>p. 3</sup>
** Favorable impacts from financial markets (+4 points) <sup>p. 3</sup>
** PartiallyPartly offset by the net impact of acquisitions of Nobis and Prima, and disposal of AXA IM including the associated EUR 3.8bn share buyback (-5 points) <sup>p. 3</sup>
* 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, resulting in a -10 point decrease in the Solvency II ratio to 215% <sup>p. 3</sup>
** TheThis Groupchange estimatesresults thein Solvencya II-10 revision,point effective Q1 2027, would resultdecrease in anthe increase''Solvency ofII +17 pointsratio'' to the215% currenton SolvencyJanuary II1, ratio2026 <sup>p. 3</sup>
* The Group estimates the ''UnderlyingSolvency returnII on equityrevision'', wasto 16.0%come asinto ofeffect Decemberin 31,Q1 20252027, upwould 0.8result pointin vs.an Decemberincrease 31,of 2024,+17 notablypoints fromto higherthe underlyingcurrent earningsSolvency and lower shareholders'II equityratio <sup>p. 3</sup>
* ''Underlying return on equity'' was 16.0% as of December 31, 2025, up 0.8 points vs. December 31, 2024, notably from higher underlying earnings and lower shareholders' equity <sup>p. 3</sup>
* ''Debt gearing'' was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024 <sup>p. 3</sup>
** ThisDriven wasby driven byboth lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn) <sup>p. 3</sup>
** Driven by issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn) <sup>p. 3</sup>
** Partially offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn) <sup>p. 3</sup>
** The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026 <sup>p. 3</sup>
* ''Cash at Holding'' {{footnote|1=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024 <sup>p. 3</sup>
** This reflectsReflecting organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024 <sup>p. 3</sup>
 
== Capital management and outlook ==
 
'''=== Capital management''' ===
 
* A ''dividend'' of EUR 2.32 per share'' (up +8% vs. FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 <sup>p. 4</sup>.
** The ''dividend'' is expected to be paid on May 13, 2026, with an ex-dividend date onof May 11, 2026 <sup>p. 4</sup>.
* AXA's Board of Directors approved, on February 25, 2026, the launch of an ''annual share buyback program'' for up to EUR 1.25bn'' on February 25, 2026 <sup>p. 4</sup>.
** ThisThe will''share bebuyback executed in accordance with the terms of the applicable Shareholdersprogram'' Annual General Meeting authorization {{footnote|1=Towill be executed in accordance with the terms of theapplicable 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.}} <sup>p. 4</sup>.
** AXA intends to ''cancel all shares repurchased'' under this program <sup>p. 4</sup>.
* The ''share buyback program'' is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end <sup>p. 4</sup>.
 
'''=== Outlook''' ===
 
* AXA is confident in achievingthe itsfinal mainyear financialof targets for theits ''2024-2026 "'Unlock the Future"' plan,'' underpinnedand byis profitableconfident organicin growth,achieving scalingits technicalmain capabilities,financial and driving operational efficiency through reinforced cost managementtargets <sup>p. 4</sup>.
* InThe ''P&Cfinancial Retailtargets'' andare SMEunderpinned &by: Mid-market''profitable organic growth, pricingscaling remainstechnical favorablecapabilities, and thedriving Groupoperational expectsefficiency to benefit from the earn-through ofreinforced highercost pricing and underwriting actionsmanagement <sup>p. 4</sup>.
* AtIn ''AXAP&C XLRetail and SME & Mid-market'', pricing conditionsremains varyfavorable, by line;and the Group willexpects continueto effectivebenefit cyclefrom managementthe andearnthrough disciplinedof capitalhigher allocation,pricing growing whereand returnsunderwriting exceed the cost of capitalactions <sup>p. 4</sup>.
* At ''AXA XL'', pricing conditions vary by line; the Group will ensure effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital <sup>p. 4</sup>.
* The Group guidance for ''normalized natural catastrophe'' {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at ca. 4.5 points of combined ratio for 2026 <sup>p. 4</sup>
* The Group's guidance for ''normalized natural catastrophe load'' remains at approximately 4.5 points of combined ratio for 2026 <sup>p. 4</sup>.
* In ''Life & Health'', earnings growth is expected to be driven by the short-term business, reflecting disciplined pricing and claims management initiatives <sup>p. 4</sup>
* TheIn strategy''Life to& rejuvenateHealth'', salesearnings ingrowth is expected from the longshort-term business, coupled with improved persistency, should continuedue to generatedisciplined positivepricing netand flowsclaims expected to drive CSM growth overmanagement timeinitiatives <sup>p. 4</sup>.
* The strategy to ''rejuvenate sales in the long-term business'', combined with improved persistency, should generate positive net flows and drive CSM growth over time <sup>p. 4</sup>.
* ''Holdings results'' in 2026 are expected to remain at a similar level as in 2025 <sup>p. 4</sup>
* ''Holdings results'' in 2026 are expected to remain similar to 2025 levels <sup>p. 4</sup>.
* Management believes AXA is on track to deliver the main financial targets of the "Unlock the Future" plan, assuming current operating conditions persist: <sup>p. 4</sup>
* Based on strong 2025 operating performance and assuming current operating conditions, Management believes AXA is on track to deliver the ''main financial targets of the 'Unlock the Future' plan'' <sup>p. 4</sup>.
** ''Underlying earnings per share growth'' at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026 <sup>p. 4</sup>
** ''Underlying returnearnings onper equityshare growth'' betweenis 14%targeted andat 16the upper end of the 6-8% betweenCAGR 2024range andfor both the 2023-2026E plan period and for 2026 <sup>p. 4</sup>.
** ''CumulativeUnderlying organicreturn cashon upstreamequity'' inis excesstargeted ofbetween EUR14% 21bnand for16% between 2024- and 2026E <sup>p. 4</sup>.
* ''Cumulative organic cash upstream'' is targeted in excess of EUR 21bn for 2024-2026E <sup>p. 4</sup>.
* The Group is committed to its ''capital management policy'' {{footnote|1=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions, and the general economic environment.}}, targeting a total payout ratio of 75% {{footnote|1=Payout ratio is calculated based on underlying earnings per share.}} <sup>p. 4</sup>
** ThisThe comprisesGroup ais 60%committed dividendto payoutits ratio''capital andmanagement anpolicy'', additionaltargeting 15%a fromtotal annualpayout shareratio buybacksof 75% <sup>p. 4</sup>.
** The proposed''total dividendpayout per shareratio'' incomprises a given60% yeardividend ispayout expectedratio toand bean atadditional least15% equalfrom to the dividend perannual share paid in the prior yearbuybacks <sup>p. 4</sup>.
* The ''proposed dividend per share'' in a given year is expected to be at least equal to the dividend per share paid in the prior year <sup>p. 4</sup>.
 
=== Property & Casualty ===
 
{{Indexing|====== Key figures (in Euro billion, unless otherwise noted)|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Reinsurance|wpkf9ycgxf|n13vjesiav|llbwb4tj3c|kind=table|order=3}}====
 
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====== Earnings (in Euro million, unless otherwise noted) ======
{{Indexing|Earnings (in Euro million, unless otherwise noted)|All-Year Combined ratio, Underlying earnings, Gross written premiums, Commercial lines, AXA XL Insurance, Asia, Africa & EME-LATAM, France, Personal lines, Europe, UK & Ireland Motor, AXA XL Reinsurance|cos78e4bvi|y30gelxv10|wpkf9ycgxf|llbwb4tj3c|kind=table|order=4}}
 
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* ''Gross written premiums & other revenues'' were up 5% to EUR 58.0bn <sup>p. 5</sup>.
** ''Commercial lines'' grew by 4% to EUR 35.8bn, driven by: <sup>p. 5</sup>.
*** ''AXA XL Insurance'' (+3%) from growth in attractive margin lines, including (Property, andCasualty), with Casualty (benefiting from favorable price effects and higher volumes), partly offset by lower pricing and volumes in Financial lines <sup>p. 5</sup>.
*** ''Asia, Africa & EME-LATAM'' (+13%) mainly driven by Türkiye from (higher average premiums,) and Mexico (favorable volume and price effects in Mexico) <sup>p. 5</sup>.
*** ''France'' (+6%) from favorable price effects inacross all lines and higher volumes <sup>p. 5</sup>.
** ''Personal lines'' grew by 7% to EUR 19.7bn, driven by: <sup>p. 5</sup>.
*** ''Europe'' (+5%) from favorable price effects across geographies, except in UK & Ireland Motor where pricing softened after strong repricing in 2024 <sup>p. 5</sup>.
*** ''Asia, Africa & EME-LATAM'' (+14%) driven by Türkiye from (higher average premiums and volumes) <sup>p. 5</sup>.
*** ''France'' (+9%) with strong volume growth in all lines, from both direct business and proprietary agent networks, combined with favorable price effects in Motor <sup>p. 5</sup>.
** ''AXA XL Reinsurance'' grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty, partly offset by softening in other lines <sup>p. 5</sup>.
* The ''all-year combined ratio'' improved by 0.3 point to 90.6%, mainly driven by: <sup>p. 5</sup>.
** ''Lower undiscounted current year loss ratio'' excluding natural catastrophe (-0.3 point) from further margin expansion in Commercial lines (-0.5 point), driven by SME & mid-market business at (-0.9 point) andin Personala linesfavorable pricing environment, with AXA XL Insurance margins stable (-+0.41 point) <sup>p. 5</sup>.
** Lower''Personal expenselines'' also contributed to the lower loss ratio (-0.34 point) primarilyin froma lowerconducive non-commissionpricing expense ratio reflecting efficiency gainsenvironment <sup>p. 5</sup>.
** ''Lower naturalexpense catastrophe chargesratio'' (-0.43 point to 3.4%) more than offsetprimarily byfrom lower priornon-commission years'expense reserveratio developmentreflecting (+0.7efficiency point at -1.1%)gains <sup>p. 5</sup>.
** ''Lower natural catastrophe charges'' (-0.4 point to 3.4%) more than offset by lower prior years' reserve development (+0.7 point at -1.1%) <sup>p. 5</sup>.
* ''P&C underlying earnings'' were up 9% to EUR 5.9bn, driven by: <sup>p. 6</sup>
** Increase''P&C inunderlying technicalearnings'' resultwere (EURup +0.5bn)9% reflectingto strongEUR volume5.9bn, growthdriven and improved technical marginby: <sup>p. 6</sup>.
** HigherAn financial''increase in technical result'' (EUR +0.2bn5bn) duereflecting tostrong highervolume volumesgrowth and reinvestmentimproved yieldstechnical on fixed income assets, offsetting increased unwind of discount of claims reservesmargin <sup>p. 6</sup>.
** Partially offset byA ''higher incomefinancial taxesresult'' (EUR -+0.2bn) mainly due to higher pre-taxvolumes underlyingand earningsreinvestment yields on fixed income assets, offsetting the increase in the unwind of the discount of claims reserves <sup>p. 6</sup>.
** Partially offset by ''higher income taxes'' (EUR -0.2bn) mainly due to higher pre-tax underlying earnings <sup>p. 6</sup>.
 
=== Life & Health ===
 
{{Indexing|====== Key figures (in Euro billion, unless otherwise noted)|Gross written premiums, other revenues, Life, Health, PVEP, NB CSM, NBV, NBV margin, Net flows|wpkf9ycgxf|n13vjesiav|f4zcgwiyzm|fz8evycjst|kind=table|order=5}}====
 
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====== Earnings (in Euro million) ======
{{Indexing|Earnings (in Euro million)|Underlying earnings, Life, Health, Gross written premiums, other revenues, Unit-Linked, G/A, Protection, Present value of expected premiums (PVEP)|y30gelxv10|pw41e8kn7m|wpkf9ycgxf|f4zcgwiyzm|kind=table|order=6}}
 
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'''Gross written premiums & other revenues were up 8% to Euro 56.5 billion.'''
 
* ''Life'' grew by 9% to EUR 37.5bn, mainly from: <sup>p. 6</sup>.
** ''Unit-Linked'' (+13%) driven by successful sales initiatives across all geographies <sup>p. 6</sup>.
** ''G/A'' (+4%) notably in France (+4%) and from elevated sales of a capital-light product in Italy, partly offset by the non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong <sup>p. 6</sup>.
** ''Protection'' (+11%), notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland <sup>p. 6</sup>.
* ''Health'' grew by 5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes <sup>p. 6</sup>.
* ''Present value of expected premiums (PVEP)'' {{footnote|1=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} decreased by 2% to EUR 49.4bn, driven by: <sup>p. 7</sup>.
** ''Life'' (+1%), from higher volumes in Hong Kong, France, and Switzerland, partly offset by the impact of higher interest rates on discounting of future premiums <sup>p. 7</sup>.
** ''Health'' (-12%), mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions <sup>p. 7</sup>.
* ''NB CSM'' increased by 3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits <sup>p. 7</sup>.
* ''NBV (post-tax)'' was stable at EUR 2.2bn, as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France <sup>p. 7</sup>.
* ''NBV margin (post tax)'' increased by 0.1 point to 4.5% <sup>p. 7</sup>.
* ''Net flows'' were EUR +5.4bn compared to EUR +1.5bn in 2024, driven by: <sup>p. 7</sup>.
** ''Protection'' (EUR +4.9bn),Net mainlyflows in Hong2025'' Kong,were Japan,driven and Franceby: <sup>p. 7</sup>.
** ''HealthProtection'' (EUR +24.7bn9bn), mainly in GermanyHong Kong, Japan, and France <sup>p. 7</sup>.
** ''Unit-LinkedHealth'' (EUR +12.5bn7bn), primarilymainly in Germany, Japan, and France <sup>p. 7</sup>.
** Partially offset by ''G/A SavingsUnit-Linked'' (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn5bn), were more than offset by outflowsprimarily in traditional G/A Savings (EUR -5.0bn)France <sup>p. 7</sup>.
** Partially offset by ''G/A Savings'' (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn) <sup>p. 7</sup>.
* ''Life & Health underlying earnings'' increased by 7% to EUR 3.5bn, driven by: <sup>p. 7</sup>
* ''Life & Health underlying earnings'' increased by 7% to EUR 3.5bn, driven by: <sup>p. 7</sup>.
** ''Long-term technical result'' (EUR +0.2bn) driven by an increase in CSM release, following growth in reserves and better margins in the long-term business <sup>p. 7</sup>
** ''ShortLong-term technical result'' (EUR +0.1bn2bn) driven by expansionan ofincrease technical marginin reflectingCSM pricingrelease, underwriting,following andgrowth claimsin managementreserves actions,and whichbetter offset the impact of a legislative change on VAT recoverabilitymargins in Mexicothe (EURlong-term -0.1bn)business <sup>p. 7</sup>.
** ''LowerShort-term incometechnical taxesresult'' (EUR +0.1bn) reflectingdriven favorableby taxthe effectsexpansion mainlyof intechnical Germanymargin reflecting pricing, Franceunderwriting, and claims management actions, which more than offset the impact of a legislative change on VAT recoverability in Mexico (EUR -0.1bn) <sup>p. 7</sup>.
** ''Lower contributionincome fromtaxes'' affiliates,(EUR notably+0.1bn) ICBC-AXA,reflecting andfavorable improvedtax resultseffects atmainly AXAin MPSGermany, whichFrance, increasedand earnings of minority shareholdersMexico <sup>p. 7</sup>.
** ''Lower contribution from affiliates'', notably ICBC-AXA, and improved results at AXA MPS, which resulted in an increase in earnings of minority shareholders <sup>p. 7</sup>.
 
== '''Holdings =='''
 
* ''Holdings underlying earnings'' remained broadly stable at EUR -1.2bn <sup>p. 7</sup>.
 
== Ratings and glossary ==
Line 399 ⟶ 402:
<div style="overflow-x:auto">
{| class="wikitable"
! style="text-align:left" |
! style="text-align:center" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | AXA's credit ratings (22)
|}-
</div>
 
<div style="overflow-x:auto">
{| class="wikitable"
! style="text-align:left" | Agency
! class="col-m" style="text-align:right" | Date of last review
Line 440 ⟶ 441:
</div>
 
* AXA maintains up-to-date ''ratings information'' on its website at: https://www.axa.com/en/investor/financial-strength-ratings <sup>p. 8</sup>.
 
'''Glossary'''
 
* ''Capital-light G/A products'' encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% <sup>p. 8</sup>.
* ''Contractual service margin ("CSM")'' is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders <sup>p. 8</sup>.
* ''CSM release'' is the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period <sup>p. 8</sup>.
* ''Economic variance'' is the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force <sup>p. 8</sup>.
* ''Financial result'' is investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backingand shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow <sup>p. 8</sup>.
* ''Gross written premiums and other revenues'' areinclude insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating featuresDPF, fees and, revenues, net of commissions paid on assumed reinsurance) and premiums/fees from non-insurance activities (banking, services, asset businessmanagement) <sup>p. 8</sup>.
* ''New business contractual service margin ("NB CSM")'' is a component of the carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided <sup>p. 8</sup>.
** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) <sup>p. 8</sup>
* ''New business contractual service marginvalue ("NB CSMNBV")'' is athe componentvalue of thenewly carryingissued amountcontracts ofduring the assetcurrent oryear, liabilitycomprising forNB newlyCSM, issuedpresent insurancevalue contractsof duringfuture theprofits of Short-Term periodBusiness, representingpresent thevalue unearnedof profitfuture toprofits beof recognizedpure asinvestment insurancecontracts contractunder IFRS 9, net of reinsurance cost, taxes, servicesand areminority providedinterests <sup>p. 8</sup>.
* ''New business value margin ("NBV Margin")'' is the valueratio of newlyNBV issuedto contracts during the current yearPVEP <sup>p. 8</sup>.
* ''Operating variance'' is the variation of year-end CSM vs. expected at opening due to differences between realized and expected operational assumptions, changes in assumptions (mortality, longevity, lapses, expenses), and model changes, net of reinsurance <sup>p. 9</sup>.
** It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 8</sup>
* ''New businessPresent value marginof ("NBVexpected Margin"premiums ('PVEP')'' is the rationew ofbusiness (i)volume, NBVequal representingto the present value at issue of newlytotal issuedpremiums contractsexpected duringover the currentpolicy yearterm, todiscounted (ii)at PVEPthe reference interest rate and representing Group share <sup>p. 89</sup>.
* ''Technical experience'' consists of impacts on underlying earnings from: differences between expected and incurred cash-flows, risk adjustment release, changes in onerous contracts, and other long-term elements (mainly non-attributable expenses) <sup>p. 9</sup>.
 
* ''Underlying return on in-force'' is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance <sup>p. 9</sup>.
* ''Operating variance'' is the variation of the year-end CSM vs. the expected at opening due to (i) differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes <sup>p. 9</sup>
** Operating variance is net of reinsurance <sup>p. 9</sup>
* ''Present value of expected premiums ("PVEP")'' is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term <sup>p. 9</sup>
** PVEP is discounted at the reference interest rate and is Group share <sup>p. 9</sup>
* ''Technical experience'' consists of the impacts on the underlying earnings of (i) the difference between expected and incurred cash-flows in the defined period, (ii) the risk adjustment release, (iii) changes in onerous contracts, and (iv) other long-term elements mainly composed of non-attributable expenses <sup>p. 9</sup>
* ''Underlying return on in-force'' is the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance <sup>p. 9</sup>
 
== Scope and exchange rates ==
Line 467 ⟶ 463:
'''Scope'''
 
* ''France'' includes insurance activities, banking activities, and holding <sup>p. 10</sup>.
* ''Europe'' includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United KingdomUK and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities) {{footnote|1=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}} and AXA Life Europe (insurance activities) <sup>p. 10</sup>.
* ''AXA XL'' includes insurance and reinsurance activities and holding <sup>p. 10</sup>.
* ''Asia, Africa & EME-LATAM'' includes: <sup>p. 10</sup>.
** ''Asia'': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed March 11, 2024 and holding) (equity method, contributing to NBV, PVEP, underlying earnings, net income) <sup>p. 10</sup>.
** China''Africa'': L&S,Egypt Thailand(insurance L&Sand holding), theMorocco Philippines L&S(insurance and P&Cholding), Indonesia L&S and IndiaNigeria (Life activities disposed on March 11, 2024insurance and holding) businesses are(fully consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income) <sup>p. 10</sup>.
** ''AfricaEME-LATAM'': EgyptMexico (insurance), activitiesColombia and holding(insurance), MoroccoBrazil (insurance activities and holding), and NigeriaTürkiye (insurance activities and holding) (fully consolidated); Russia (Reso) (insurance) (equity method, contributing to net income) <sup>p. 10</sup>.
** ''AXA Mediterranean Holdings'' <sup>p. 10</sup>.
** ''EME-LATAM'': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated) <sup>p. 10</sup>
* ''Transversal & Other'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings <sup>p. 10</sup>.
** Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income <sup>p. 10</sup>
* ''AXA Investment Managers'' includes AXA Investment Managers, Select (formerly Architas), and Capza (fully consolidated), and Asian joint ventures (equity method) <sup>p. 10</sup>.
** AXA Mediterranean Holdings <sup>p. 10</sup>
* ''Transversal & Other'' includes AXA Assistance, AXA Liabilities Managers, AXA SA (incl. Group's internal reinsurance activity), and other Central Holdings <sup>p. 10</sup>
* ''AXA Investment Managers'' {{footnote|1=Disposal to BNP Paribas completed on July 1, 2025.}} includes AXA Investment Managers, Select (previously Architas), and Capza (fully consolidated), and Asian joint ventures (consolidated under the equity method) <sup>p. 10</sup>
 
'''Exchange rates'''
Line 488 ⟶ 482:
! colspan="2" style="text-align:center" | Average Exchange rate
|-
|! style="text-align:left" | —
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | FY24
|! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | USD
Line 528 ⟶ 522:
== Notes ==
 
* All''Changes commentsin andgross changeswritten forpremiums activity& indicatorsother revenues, NBV, and PVEP'' are on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated <sup>p. 11</sup>.
* Actuarial''Underlying andearnings, financialunderlying assumptionsearnings forper NBVshare, underlying return on equity, combined ratio, and PVEPdebt calculationgearing'' are updatedAPMs semi-annuallyas atdefined halfby yearESMA and fullAMF yearguidelines <sup>p. 11</sup>.
* AXA provides ''reconciliation of APMs'' in its Activity Report as of December 31, 2025 <sup>p. 11</sup>.
* 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 <sup>p. 11</sup>
* AXA completed the ''disposal of AXA IM to BNP Paribas'' on July 1, 2025 <sup>p. 11</sup>.
* All figures excluding AXA IM are given at ''constant foreign exchange rates'' <sup>p. 11</sup>.
* On July 1, 2025, AXA executed a ''share repurchase agreement'' for up to EUR 3.8bn to offset earnings dilution from the sale of AXA Investment Managers <sup>p. 11</sup>.
* The ''share buyback'' commenced on July 2, 2025, and ended on January 20, 2026, resulting in temporary earnings dilution as of December 31, 2025 <sup>p. 11</sup>.
* The ''Solvency II ratio'' is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock <sup>p. 11</sup>.
* The ''Solvency II ratio as of December 31, 2025'', is adjusted to reflect the full up to EUR 1.25bn annual share buyback program and the proposed EUR 2.32 per share dividend <sup>p. 11</sup>.
* ''Capital instruments and subordinated debt'' subject to Solvency II transitional measures were grandfathered until January 1, 2026, when they ceased to qualify as capital <sup>p. 11</sup>.
* The ''dividend proposal'' is subject to approval by the Shareholders' Annual General Meeting on April 30, 2026 <sup>p. 11</sup>.
* The ''share buyback program'' was approved by AXA's Board of Directors on February 25, 2026, and is expected to commence as soon as reasonably practicable <sup>p. 11</sup>.
* ''Expected underlying earnings per share (UEPS) growth for 2026'' is a forward-looking statement providing one-off guidance for the last year of the current strategic plan <sup>p. 11</sup>.
* The ''Solvency II ratio'' as of January 1, 2026, is estimated based on the Solvency Capital Requirement (SCR) and capital amount, assuming the Solvency II revision came into force on that date <sup>p. 11</sup>.
* '''Commercial lines''' refers to P&C Commercial lines excluding AXA XL Reinsurance <sup>p. 11</sup>.
* ''Price effects'' are calculated as a percentage of total gross written premiums of the prior year <sup>p. 11</sup>.
* ''G/A'' refers to General account <sup>p. 11</sup>.
* ''Holdings underlying earnings'' include banking activities <sup>p. 11</sup>.
* ''Sensitivities impacting CSM'' are based on management's current assessment for FY25 results and are not audited <sup>p. 11</sup>.
* ''Cash and liquid invested assets'' include those at AXA SA Holding and other central holdings <sup>p. 11</sup>.
* The ''share buyback program'' will be executed under authorization granted on April 24, 2025, or expected on April 30, 2026 <sup>p. 11</sup>.
* ''Natural catastrophe charges'' include losses regardless of event size <sup>p. 11</sup>.
* The ''capital management policy'' is subject to annual Board and Shareholders' AGM approvals <sup>p. 11</sup>.
* ''Payout ratio'' is calculated based on underlying earnings per share <sup>p. 11</sup>.
* ''Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin'' include Health business predominantly written in Life entities <sup>p. 11</sup>.
* ''Restricted Tier 1'' is rated 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's <sup>p. 11</sup>.
* ''Tier 2'' is rated 'A-/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's <sup>p. 11</sup>.
* AXA completed its ''acquisition of a majority stake in Prima in Italy'' on November 28, 2025 <sup>p. 11</sup>.
* ''Disposal to BNP Paribas'' was completed on July 1, 2025 <sup>p. 11</sup>.
* All comments and changes for ''activity indicators'' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 11</sup>.
* ''Actuarial and financial assumptions'' for NBV and PVEP are updated semi-annually <sup>p. 11</sup>.
* AXA's ''consolidated financial statements for FY25'' were examined by the Board on February 25, 2026, and are subject to audit <sup>p. 11</sup>.
 
== About the AXA group ==
 
* The ''AXA Group'' is a worldwide leader in insurance, with 156,000 employees serving over 92 million clients in 52 countries <sup>p. 12</sup>.
* In 2025, ''IFRS17 revenues'' amounted to EUR 115.5bn and ''IFRS17 underlying earnings'' to EUR 8.4bn <sup>p. 12</sup>.
* The ''AXA ordinary share'' is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA) <sup>p. 12</sup>.
* AXA’s ''American Depository Share'' is quoted on the OTC QX platform under ticker symbol AXAHY <sup>p. 12</sup>.
* The ''AXA Group'' is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 12</sup>.
* ItAXA is a ''founding member'' of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment <sup>p. 12</sup>.
* This press release and regulated information are available on the ''AXA Group website'' (axa.com) <sup>p. 12</sup>.
* ''Investor Relations contact'': +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 12</sup>.
* ''Individual Shareholder Relations contact'': +33.1.40.75.48.43 <sup>p. 12</sup>.
* ''Media Relations contact'': +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 12</sup>.
* ''Corporate Responsibility strategy information'': axa.com/en/about-us/strategy-commitments <sup>p. 12</sup>.
* ''SRI ratings information'': axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 12</sup>.
 
== Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures ==
 
* Certain statements in thisThis document arecontains ''forward-looking andstatements'', subjectincluding topredictions knownof andfuture unknownevents, riskstrends, and uncertaintiesplans, many outside AXA’s controlexpectations, whichor could cause actual results to differ materiallyobjectives <sup>p. 12</sup>.
* ''Forward-looking statements'' are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs <sup>p. 12</sup>.
* AXA specifically disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations <sup>p. 12</sup>
* Statements regarding ''expected underlying earnings per share (UEPS) growth for 2026'' are forward-looking statements providing one-off guidance for the last year of the current strategic plan <sup>p. 12</sup>.
* This press release refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management for analyzing operating trends, financial performance, and position <sup>p. 12</sup>
* These non-GAAPstatements financialare measuresbased generallyon have''Management’s nocurrent standardized meaningviews and mayintentions'' notand beare comparablesubject to similarly labeled measures used by other companieschange <sup>p. 12</sup>.
* ''Undue reliance'' should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA’s control <sup>p. 12</sup>.
* None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS <sup>p. 12</sup>
* Each ''forward-looking statement'' speaks only as of the date of this press release <sup>p. 12</sup>.
* "Underlying earnings", UEPS ("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 <sup>p. 12</sup>
* Refer to ''Part 5 – “Risk Factors and Risk Management” of AXA’s 2024 Universal Registration Document'' for a description of factors affecting AXA’s business <sup>p. 12</sup>.
* AXA provides a reconciliation of such APMs in its Activity Report as of December 31, 2025 ("AXA’s 2025 Activity Report"), on pages indicated under "Use of non-GAAP and alternative performance measures" <sup>p. 12</sup>
* FurtherAXA informationdisclaims onany non-GAAPobligation financialto measures''publicly isupdate availableor inrevise'' thethese Glossaryforward-looking instatements, AXA’sexcept 2025as Activityrequired Reportby law <sup>p. 12</sup>.
* This press release refers to ''non-GAAP financial measures (APMs)'' used by Management for analyzing operating trends, financial performance, and position <sup>p. 12</sup>.
* These ''non-GAAP financial measures'' generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies <sup>p. 12</sup>.
* ''Non-GAAP financial measures'' should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements <sup>p. 12</sup>.
* ''Underlying earnings, UEPS, underlying return on equity, combined ratio, and debt gearing'' are APMs as defined by ESMA’s guidelines and AMF’s position statement <sup>p. 12</sup>.
* AXA provides ''reconciliation of APMs'' in its Activity Report as of December 31, 2025 <sup>p. 12</sup>.
 
== Appendix 1: gross written premiums ET other revenues by geography and business line ==
Line 666 ⟶ 694:
</div>
 
* ''Banking revenues'' amounted to EUR 99m in FY25 and EUR 118m in FY24 <sup>p. 13</sup>.
 
'''13 ──'''
* ''Underlying earnings'' include those of Holdings and Banking <sup>p. 14</sup>.
 
== Appendix 2: underlying earnings by geography and by business line ==
Line 767 ⟶ 798:
|}
</div>
 
* Underlying earnings include those of Holdings and Banking <sup>p. 14</sup>
 
== Appendix 3: property & casualty – gross written premiums & other revenues by business line and discount rates ==
Line 880 ⟶ 909:
</div>
 
* ''Changes'' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 15</sup>.
 
{{Indexing|====== Interest Rates (5Y) For the Discounting of P&C Claims Reserves|Interest Rates (5Y), Discounting, P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=7}}====
 
<div style="overflow-x:auto">
Line 916 ⟶ 945:
</div>
 
* ''Monthly average'' is calculated from January 2024 to December 2024 <sup>p. 15</sup>.
* ''Average of monthly opening discount rates'' ofrefers to 2025 <sup>p. 15</sup>.
 
== Appendix 4: property & casualty – price effect & 2026 market pricing trends ==
 
'''====== P&C: Price effects (i) by country and business line''' ======
 
{{Indexing|P&C: Price effects (i) by country and business line|Price effects, country, business line, Commercial lines, Personal lines, AXA XL Reinsurance, 2026 Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|llbwb4tj3c|z5ugm9vp33|kind=table|order=8}}
 
<div style="overflow-x:auto">
Line 1,001 ⟶ 1,028:
</div>
 
* ''Price effect'' is calculated as a percentage of total gross written premiums in the prior year <sup>p. 16</sup>.
* ''Price increase on renewals'' atwas +0.3% in Insurance and +0.2% in Reinsurance, calculated as a percentage of renewed premiums <sup>p. 16</sup>.
* ''Price increase on renewals'' is calculated as a percentage of renewed premiums <sup>p. 16</sup>.
 
== Appendix 5: life & health – gross written premiums & other revenues and growth by business line ==
Line 1,015 ⟶ 1,043:
! colspan="2" style="text-align:center" | o/w Health
|-
|! style="text-align:left" | in Euro million
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change (i)
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change (i)
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change (i)
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change (i)
|! class="col-s" style="text-align:right" | FY25
|! class="col-s" style="text-align:right" | Change (i)
|-
| style="text-align:left" | France
Line 1,113 ⟶ 1,141:
</div>
 
* ''Changes'' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 17</sup>.
* ''Short-term business'' refers to insurance activities measured using the Premium Allocation Approach ('PAA') <sup>p. 17</sup>.
* ''Short-term business margin'' is analyzed using the Combined Ratio <sup>p. 17</sup>.
* ''Short-term business'' here refers to Life Pure Protection and Health when measured using the PAA period <sup>p. 17</sup>.
 
== Appendix 6: new business volume (PVEP), new business value (NBV), and NBV margin ==
Line 1,262 ⟶ 1,290:
</div>
 
* Includes ''Health business'' written predominantly in Life entities is included <sup>p. 18</sup>.
* ''Changes'' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 18</sup>.
 
== Appendix 7: life & health – net flows ==
 
====== Net flows by business line ======
{{Indexing|Net flows by business line|Net flows, business line, Health, Protection, G/A Savings, capital light, traditional G/A, Unit-Linked, Mutual Funds & Other, Total Life & Health|f4zcgwiyzm|kind=table|order=9}}
 
<div style="overflow-x:auto">
Line 1,302 ⟶ 1,330:
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
|-
| style="text-align:left" | '''Total Life & Health (i) net flows'''
| style="text-align:right" | '''+1.5'''
| style="text-align:right" | '''+5.4'''
|}
</div>
 
* Includes ''Health business'' written predominantly in Life entities is included <sup>p. 19</sup>.
* ''Capital light G/A'' encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% <sup>p. 19</sup>.
* Includes ''Investment contracts'' with no discretionary participation features ("DPF") are included <sup>p. 19</sup>.
 
== Appendix 8: main transactions and next main investor events ==
 
* AXA announced the execution of a ''share repurchase agreement'' for up to EUR 1.2bn on February 28, 2025 <sup>p. 20</sup>.
* ''Main transactions in 2025'': <sup>p. 20</sup>
** AnnouncedAXA announced the executioncompletion of athe share repurchase agreement for AXA's'acquisition shareof buybackNobis programGroup ofin upItaly'' toon EURApril 1.2bn (February 28, 2025) <sup>p. 20</sup>.
** AnnouncedAXA announced the completion''placement of theEUR acquisition1bn ofRestricted NobisTier Group1 inNotes Italyand (AprilEUR 11bn Tier 2 Notes'' on May 28, 2025) <sup>p. 20</sup>.
** AnnouncedAXA announced the placementexecution of EURa 1bn''share Restrictedrepurchase Tieragreement'' 1in Notesrelation andto EURAXA's 1bnShareplan Tierand 2stock-based Notescompensation (Mayon 28June 2, 2025) <sup>p. 20</sup>.
** AnnouncedAXA announced the executioncompletion of athe share''sale repurchase agreement forof AXA's ShareplanInvestment andManagers certainto stock-basedBNP compensationParibas'' on (JuneJuly 21, 2025) <sup>p. 20</sup>.
** AnnouncedAXA announced the completionexecution of thea sale''share ofrepurchase AXAagreement Investmentof Managersup to BNPEUR Paribas3.8bn'' following the sale of AXA IM on (July 1, 2025) <sup>p. 20</sup>.
** AnnouncedAXA announced the execution''acquisition of aPrima sharein repurchaseItaly'' agreementon of up to EUR 3.8bn following the sale of AXA IM (JulyAugust 1, 2025) <sup>p. 20</sup>.
** AnnouncedAXA announced the acquisitionlaunch of(September Prima10, the2025) leadingand directsuccessful insurancecompletion player(December in3, Italy2025) (Augustof 1,the ''2025 employee share offering program (Shareplan 2025)'' <sup>p. 20</sup>.
** AnnouncedAXA announced the launch''placement (Septemberof 10,EUR 2025)750m andRestricted successfulTier completion1 (DecemberNotes 3,and 2025)EUR of750m theTier 20252 employeeNotes'' shareon offeringOctober program (Shareplan14, 2025) <sup>p. 20</sup>.
** AnnouncedAXA announced the placementcompletion of EURthe 750m''acquisition Restrictedof Tiera 1majority Notesstake andin EURPrima 750min TierItaly'' 2on NotesNovember (October 1428, 2025) <sup>p. 20</sup>.
 
** Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025) <sup>p. 20</sup>
== Next main investor events ==
 
* The ''2026 Shareholder’s Annual General Meeting'' is scheduled for April 30, 2026 <sup>p. 20</sup>.
* ''First quarter 2026 Activity Indicators'' will be released on May 5, 2026 <sup>p. 20</sup>.
* ''HY26 Earnings Release'' is scheduled for July 31, 2026 <sup>p. 20</sup>.
* ''AXA Investor Day'' is scheduled for September 21, 2026 <sup>p. 20</sup>.
 
== Abbreviations (generated) ==
'''Next main investor events'''
 
* ''CSM'': Contractual Service Margin
* 2026 Shareholder's Annual General Meeting (April 30, 2026) <sup>p. 20</sup>
* ''DJSI'': Dow Jones Sustainability Index
* First quarter 2026 Activity Indicators (May 5, 2026) <sup>p. 20</sup>
* ''DPF'': Discretionary Participation Features
* HY26 Earnings Release (July 31, 2026) <sup>p. 20</sup>
* ''EME'': Emerging Markets Europe
* AXA Investor Day (September 21, 2026) <sup>p. 20</sup>
* ''NB CSM'': New Business Contractual Service Margin
* ''NBV'': New Business Value
* ''PVEP'': Present Value of Expected Premiums
* ''SME'': Small and Medium-sized Enterprises
* ''UEPS'': Underlying Earnings Per Share
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