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Line 391: {{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,}}{{fn ref\|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 Line 397: * 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,}}{{fn ref\|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,}}{{fn ref\|21}} was stable at Euro 2.2 billion as growth in NB CSM was offset by the decrease in the contribution of shortterm multinational business in France. NBV margin (post tax){{fn ref\|1,}}{{fn ref\|21}} increased by 0.1 point to 4.5%. 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: * o Protection (Euro +4.9 billion), mainly in Hong Kong, Japan, and France; Line 423: * 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}} 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}}

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