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| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| wide = yes
| original_md = File:AXA<!-2025-FY-Earnings releaseARCHIVE_MD_LINK_HERE --original.md>
| docling_file = File:AXA<!-2025-FY-Earnings releaseARCHIVE_DOCLING_LINK_HERE --docling.txt>
| article = AXA/2025/FY/Earnings release
| doc_id = chq99br5nr
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== 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 relea se, 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 relea se, 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.}}
 
* 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
 
* 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
 
== 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 rel ease regarding forward-looking statements.}}
 
* 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.}}
 
* AXA to present its new strategic plan for 2027 -2029 on September 21, 2026
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! class="col-s" style="text-align:right" | Change at comparable basis
|-
| 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:left" | Gross written premiums &amp; other revenues{{fn ref|1}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
Line 121:
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| 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 relea se, 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:left" | Underlying earnings{{fn ref|2}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
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! class="col-s" style="text-align:right" |
|-
| 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:left" | Solvency II ratio (%){{fn ref|5}}
| style="text-align:right" | 216%
| style="text-align:right" | 224%
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=== 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 relea se, 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='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 relea se, 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%).
Line 174:
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{{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.}}{{fn ref|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.}} 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.
 
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).
 
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 relea se, 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.
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|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 relea se, 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 shareholder s' 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.
 
{{pdf page|4|url=https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf}}
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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 authorizatio n 17 . AXA intends to cancel all shares repurchased pursuant to this share buyback program.
Line 201:
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 earnthrough 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 207:
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 rel ease 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 signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital 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 220:
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | 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
Line 228:
| style="text-align:right" | +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
Line 349:
| 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
Line 386:
* 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.
 
{{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|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.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} decreased by 2% to Euro 49.4 billion driven by:
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|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.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} 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|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.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} 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|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.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 0.1 point to 4.5%.
NBV margin (post tax){{fn ref|1}}{{fn ref|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:
 
* o Protection (Euro +4.9 billion), mainly in Hong Kong, Japan, and France;
Line 425:
== Holdings ==
 
Holdings underlying earnings{{fn ref|14|2=Including banking activities.}} 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 504:
'''France:''' includes insurance activities, banking activities and holding.
 
'''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.
Line 510:
'''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 ===
Line 852:
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
|-
| style="text-align:left" | France
Line 957:
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | FY24{{fn ref|i|2=Calculated as monthly average from January 2024 to December 2024}}
! class="col-s" style="text-align:right" | FY25{{fn ref|ii|2=Average of monthly opening discount rates of 2025}}
|-
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