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

=== Key FY25 highlights ===

* Gross written premiums & other revenues{{fn ref|1}} at Euro 116 billion, up +6% vs. FY24

* 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}} 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}} 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}}

* 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}} , 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}}

* Expected impact of Solvency II revision at +17 points{{fn ref|10}}