|
| 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
== Press release ==
{{Indexing|Publication Date and Location||kind=prose|order=1}}
{{chunk|doc=chq99br5nr|c=1|p=1}}
====== Announcement Date ======
* Paris, February 26th, 2026 (6:45am CET)
== Full Year 2025 Earnings ==
{{Indexing|Record Results and EPS Growth||kind=prose|order=2}}
{{chunk|doc=chq99br5nr|c=2|p=1}}
====== Record Results and EPS Growth ======
* AXA reportsreported record results.
* '''Underlying EPS growth''' iswas at the top end of the target range.
== Key FY25 highlights ==
{{Indexing|Gross Written Premiums & Underlying Earnings||kind=prose|order=3}}
{{chunk|doc=chq99br5nr|c=3|p=1}}
====== Gross Written Premiums & Underlying Earnings ======
* '''Gross written premiums & other revenues''': EUR 116bn, +6% vs. FY24.
* '''Underlying earnings''': EUR 8.4bn, +6% vs. FY24.
* '''Underlying earnings (excluding AXA IM)''': +9% vs. FY24.
* '''Underlying earnings per share''': EUR 3.86, +8% vs. FY24.
* Underlying earnings per share impactedincluded bya -2% headwind from foreign exchange movements.
* Underlying earnings per share impactedincluded bya -1% headwind from temporary earnings dilution due tofrom the sale of AXA IM, resultingdue fromto the timing of anti-dilutive share buyback.
{{Indexing|Solvency II Ratio||kind=prose|order=4}}
{{chunk|doc=chq99br5nr|c=4|p=1}}
====== Solvency II Ratio ======
* '''Solvency II ratio''': 224% at December 31, 2025, +9 points vs. FY24.
* '''Solvency II ratio''': 215% on January 1, 2026, reflecting the end of the grandfathering period.
== Capital Management ==
{{Indexing|Capital Returns||kind=prose|order=5}}
{{chunk|doc=chq99br5nr|c=5|p=1}}
====== Capital Returns ======
* '''Dividend''': of EUR 2.32 per share, up +8% vs. FY24
* '''ShareLaunch buybackof program''':an annual programshare launchedbuyback program forof up to EUR 1.25bn
* '''AdditionalCompletion share buyback''':of EUR 3.8bn completed,additional share buyback related to AXA IM disposal, executed between July 2, 2025, and January 20, 2026
== Outlook ==
{{Indexing|Outlook and Strategic Plan||kind=prose|order=6}}
{{chunk|doc=chq99br5nr|c=6|p=1}}
====== Outlook and Strategic Plan ======
* '''Underlying earnings per share growth''' for 2026 is expected to be at the upper end of the 6-8% plan target range.
* '''The expected impact of Solvency II revision''' expected impact:is +17 points.
* AXA will present its new strategic plan for 2027-2029 on September 21, 2026.
{{Indexing|2025 Performance and Commentary||kind=prose|order=7}}
{{chunk|doc=chq99br5nr|c=7|p=1}}
====== 2025 Performance and Commentary ======
* In 2025, AXA delivered very+9% strong performance, with '''earnings growth''' of +9% in core businesses excluding AXA IM.
* ExcellentReserve resultsprudence allowed forwas further enhancementenhanced ofusing '''reservethese prudence'''results.
* '''P&C franchise''' posted stellarstrong results, combiningwith 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.
* '''Life & Health earnings''' rose by 7%.
** '''Life''' alreadyearnings reflectingreflect early benefits of the strategy to rejuvenate the business.
** '''Health''' grew by 17% even after absorbing the adverse change on VAT treatment in Mexico.
* Investments in automation and Artificial Intelligence are paying off, driving efficiency gains.
* '''Solvency II ratio''' is at a very strong level.
* These results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in generating sustainable, long-term value.
* Thomas Buberl, Chief Executive Officer of AXA, thanked colleagues, agents, partners, and customers for their commitment and continued trust.
== FY25 key highlights ==
{{Indexing|Key figures (in Euro million, unless otherwise noted)||kind=prose|order=8}}
{{chunk|doc=chq99br5nr|c=8|p=2}}
====== Key figures (in Euro million, unless otherwise noted) ======
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|}
</div>
{{Indexing|FY25 key highlights||kind=prose|order=9}}
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</div>
{{Indexing|FY25 key highlights||kind=prose|order=10}}
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=== Activity indicators ===
{{chunk|doc=chq99br5nr|c=9|p=2}}
{{Indexing|Gross Written Premiums and Other Revenues||kind=prose|order=11}}
====== Gross Written Premiums and Other Revenues ======
{{chunk|doc=chq99br5nr|c=11|p=2}}
* '''Total gross written premiums and other revenues''' were up 6%.
* This growth was driven by:
*** '''Property & Casualty''': (P&C) +5%.
***** '''Commercial lines''': +4%, due to higher volumes (notably at AXA XL Insurance) and favorable price effects across all geographies.
***** '''Personal lines''': +7%, driven by favorable price effects and strong growth in net new contracts, particularly in France, Europe, and Asia & EME-LATAM.
***** '''AXA XL Reinsurance''': +8%, with growth supported by alternative capital.
*** '''Life & Health''': +8%.
***** '''Life premiums''': +9%.
******* '''Protection''': +11%, from strong sales in Hong Kong, Switzerland, and Japan.
******* '''Unit-Linked''': +13%, from higher volumes across all geographies.
******* '''G/A''': +4%, from continued momentum in Italy and France.
***** '''Health premiums''': +5%, driven by price effects in all geographies.
=== Earnings ===
{{chunk|doc=chq99br5nr|c=10|p=2}}
{{Indexing|Underlying Earnings||kind=prose|order=12}}
====== Underlying Earnings ======
{{chunk|doc=chq99br5nr|c=12|p=2}}
* '''Underlying earnings''' increased by +6% to EUR 8.4bn, or +9% excluding AXA IM.
* Excluding AXA IM, underlying earnings increased by +9%.
* This increase was driven by:
*** '''Property & Casualty''': +9%, due to higher volumes, underwriting margin expansion, and increased financial result from higher investment income.
*** '''Life & Health''': +7%, due to improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits from the business rejuvenation strategy.
*** '''Holdings''': underlying earnings remained stable at EUR -1.2bn.
*** '''Asset Management''': underlying earnings decreased by EUR 0.2bn, following the disposal of AXA IM on July 1, 2025.
* '''Underlying earnings per share''' increased by +8% to EUR 3.86.
* This increase was mainly driven by:
*** The +6% increase in underlying earnings and a decrease in interest expense on undated and deeply-subordinated debt.
*** 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.
* TheseThis positive drivers werewas partially offset by the unfavorable impact of 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 (-1%) due to the timing of the associated share buyback (-1%).
{{chunk|doc=chq99br5nr|c=11|p=2}}
{{Indexing|Net Income||kind=prose|order=13}}
====== Net Income ======
{{chunk|doc=chq99br5nr|c=13|p=2}}
* '''Net income''' increased by +26% to EUR 9.8bn.
* This increase mainlyprimarily reflects the riseincrease in underlying earnings and significantly positive exceptional items, particularlynotably the gain from the sale of AXA IM.
== Balance sheet ==
{{chunk|doc=chq99br5nr|c=12|p=3}}
{{Indexing|Shareholders' Equity||kind=prose|order=14}}
====== Shareholders' Equity and CSM ======
{{chunk|doc=chq99br5nr|c=14|p=3}}
* '''Shareholders' equity''' was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versusvs. December 31, 2024.
* The decrease in shareholders' equity was due to: '''FY24 dividend''' paid to shareholders (EUR -4.6bn).
** FY24 dividend paid to shareholders: -EUR 4.6bn.
* The decrease was due to: '''share buybacks''' executed in 2025 (EUR -4.7bn), including a EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM.
** TheShare decreasebuybacks wasin due to2025: '''unfavorable-EUR foreign4.7bn, exchangeincluding impact'''a (EUR -3.5bn), notablyanti-dilutive frombuyback therelated depreciation ofto the U.S.AXA IM dollarsale.
** Unfavorable foreign exchange impact: -EUR 3.5bn, mainly from USD depreciation.
* These negative impacts were more than offset by: '''net income''' (EUR +9.8bn).
* These negative impacts were more thanpartially offset by: '''net OCI''' (EUR +1.3bn).
** Net income: +EUR 9.8bn.
** Net OCI: +EUR 1.3bn.
* CSM was EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs. December 31, 2024.
* CSM saw a +2% normalized growth.
* Positive contributions to CSM included:
** New business contribution: +EUR 2.2bn.
** Underlying return on in-force: +EUR 1.3bn.
** Favorable market conditions: +EUR 0.6bn, driven by tightening government spreads and positive equity market performance.
* Negative impacts on CSM included:
** CSM release: -EUR 3.0bn.
** Unfavorable foreign exchange impacts: -EUR 1.5bn, mainly from depreciation of JPY and HKD.
** Negative operating variance: -EUR 0.3bn, due to better margins and net flows being offset by a reduction in Group Life business duration in Switzerland.
{{chunk|doc=chq99br5nr|c=13|p=3}}
{{Indexing|Contractual Service Margin (CSM)||kind=prose|order=15}}
====== Solvency II Ratio ======
{{chunk|doc=chq99br5nr|c=15|p=3}}
* '''CSM'''Solvency II ratio was EUR224% 33.3bnas atof December 31, 2025, downup EUR+9 0.6bnpoints versusvs. December 31, 2024.
* Drivers of the Solvency II ratio change:
* '''New business contribution''' (EUR +2.2bn) and '''underlying return on in-force''' (EUR +1.3bn) more than offset '''CSM release''' (EUR -3.0bn).
** Strong operating return: +28 points (net of dividend provision and annual share buyback of -24 points).
* This resulted in '''normalized growth in CSM''' of +2%.
** Positive impact from net subordinated debt issuance: +6 points.
* '''Market conditions''' had a favorable impact (EUR +0.6bn), mainly driven by tightening government spreads and positive equity market performance.
** Favorable financial markets impact: +4 points.
* 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.
** Net impact of Nobis and Prima acquisitions and AXA IM disposal (including EUR 3.8bn share buyback): -5 points.
* This was also offset by a '''negative operating variance''' (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland, despite better margins and net flows.
* 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%.
* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points.
{{chunk|doc=chq99br5nr|c=14|p=3}}
{{Indexing|Solvency II Ratio||kind=prose|order=16}}
====== Financial Ratios and Cash ======
{{chunk|doc=chq99br5nr|c=16|p=3}}
* '''Solvency II ratio''' was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
* The increase was due to: '''strong operating return''' (+28 points) net of the provision for dividend and annual share buyback (-24 points).
* The increase was due to: '''positive impact from net subordinated debt issuance''' (+6 points).
* The increase was due to: '''favorable impacts from financial markets''' (+4 points).
* These positive impacts were partly offset by: '''net impact of acquisitions''' of Nobis and Prima, and the disposal of AXA IM including the associated EUR 3.8bn 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.
* This change resulted in a '''-10 point decrease''' in the Solvency II ratio to 215% on January 1, 2026.
* The Group estimates the '''Solvency II revision''', effective Q1 2027, would result in an '''increase of +17 points''' to the current Solvency II ratio.
{{Indexing|Financial Ratios||kind=prose|order=17}}
{{chunk|doc=chq99br5nr|c=17|p=3}}
* '''Underlying return on equity''' was 16.0% as of December 31, 2025, up 0.8 point versus December 31, 2024.
* This increase was notably from higher underlying earnings and lower shareholders' equity.
* '''Debt gearing''' was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* This was driven by lower shareholders' equity and CSM, as well as the issuance of '''Restricted Tier 1 and Tier 2 subordinated debt''' (EUR 3.5bn).
* This was partly offset by the '''redemption of outstanding grandfathered Tier 1 debt''' (EUR -1.9bn).
* The Group's '''debt gearing''' was in line with its 19-23% plan guidance for 2024-2026.
{{Indexing|Cash at Holding||kind=prose|order=18}}
{{chunk|doc=chq99br5nr|c=18|p=3}}
* '''CashUnderlying atreturn Holding'''on amountedequity to EURwas 516.6bn0% as of December 31, 2025, up EUR 10.6bn8 versuspoints vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity.
* ThisDebt reflectedgearing '''organicwas cash22.3% remittance from subsidiaries'''as of EURDecember 7.5bn31, 2025, up EUR 01.4bn7 versuspoints vs. December 31, 2024.
* The increase in debt gearing was driven by lower shareholders' equity and CSM, and the issuance of EUR 3.5bn in Restricted Tier 1 and Tier 2 subordinated debt.
* This was partly offset by the redemption of EUR 1.9bn of outstanding grandfathered Tier 1 debt.
* The Group's debt gearing was within its 19-23% plan guidance for 2024-2026.
* Cash at Holding amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024.
* This reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024.
== Capital management and outlook ==
== Capital management ==
{{chunk|doc=chq99br5nr|c=15|p=4}}
{{Indexing|Shareholder returns||kind=prose|order=19}}
====== Dividend and Share Buyback ======
{{chunk|doc=chq99br5nr|c=19|p=4}}
* A '''dividend''' of EUR 2.32 per share (+8% vsversus FY24) will be proposed at the Shareholders' Annual General Meeting 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 EUR 1.25bn.
* The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.
* AXA intends to cancel all shares repurchased underpursuant to this share buyback program.
* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and to be completed by year-end.
== Outlook ==
{{chunk|doc=chq99br5nr|c=16|p=4}}
{{Indexing|Unlock the Future Plan & P&C Outlook||kind=prose|order=20}}
====== Outlook for 'Unlock the Future' Plan ======
{{chunk|doc=chq99br5nr|c=20|p=4}}
* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan, supported by profitable organic growth, scaling technical capabilities, and driving operational efficiency through reinforced cost management.
* In P&C Retail and SME & Mid-market, favorable pricing is expected to continue benefiting the Group through the earn-through of higher pricing and underwriting actions.
* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.
* At AXA XL, the Group will manage varying pricing conditions by line through effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
* In '''P&C Retail and SME & Mid-market''', pricing remains favorable, and the Group expects continued benefits from earnthrough of higher pricing and underwriting actions.
* The normalized natural catastrophe load guidance for AXA XL remains at approximately 4.5 points of combined ratio for 2026.
* 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.
* In Life & Health, earnings growth is anticipated from the short-term business due to disciplined pricing and claims management.
* The Group's guidance for '''normalized natural catastrophe load''' remains at approximately 4.5 points of combined ratio for 2026.
* The strategy to rejuvenate sales in the long-term business, combined with improved persistency, is expected to generate positive net flows and drive CSM growth over time.
{{chunk|doc=chq99br5nr|c=17|p=4}}
{{Indexing|Life & Health and Holdings Outlook||kind=prose|order=21}}
====== Holdings and Financial Targets ======
{{chunk|doc=chq99br5nr|c=21|p=4}}
* Results in Holdings for 2026 are expected to be similar to 2025 levels.
* In '''Life & Health''', earnings growth is expected from the short-term business due to disciplined pricing and claims management.
* Based on strong operating performance in 2025 and persistent operating conditions, management believes AXA is on track to meet the main financial targets of the 'Unlock the Future' plan:
* The strategy to rejuvenate sales in the long-term business, combined with improved persistency, should generate positive net flows, driving '''CSM growth''' over time.
** 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.
* '''Holdings''' results in 2026 are expected to be similar to 2025 levels.
** Underlying return on equity between 14% and 16% for 2024-2026E.
** Cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.
{{Indexing|Financial Targets & Capital Management||kind=prose|order=22}}
* The Group is committed to its capital management policy, targeting a total payout ratio of 75%, comprising a 60% dividend payout ratio and an additional 15% from annual share buybacks.
{{chunk|doc=chq99br5nr|c=22|p=4}}
* 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.
* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and considering strong 2025 operating performance.
* '''Underlying earnings per share growth''' is targeted at the upper end of the 6-8% CAGR range for both the 2023-2026E plan period and for 2026.
* '''Underlying return on equity''' is targeted between 14% and 16% between 2024 and 2026E.
* '''Cumulative organic cash upstream''' is targeted in excess of EUR 21bn for 2024-2026E.
* The Group is committed to its capital management policy, targeting a '''total payout ratio''' of 75%.
* The '''total payout ratio''' comprises 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.
=== Property & Casualty ===
{{chunk|doc=chq99br5nr|c=18|p=5}}
{{Indexing|Key figures (in Euro billion, unless otherwise noted)||kind=prose|order=23}}
====== Key figures (in Euro billion, unless otherwise noted) ======
{{chunk|doc=chq99br5nr|c=23|p=5}}
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</div>
{{Indexing|Earnings (in Euro million, unless otherwise noted)||kind=prose|order=24}}
{{chunk|doc=chq99br5nr|c=24|p=5}}
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</div>
{{chunk|doc=chq99br5nr|c=19|p=5}}
{{Indexing|Gross Written Premiums & Other Revenues|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Insurance, AXA XL Reinsurance, Asia, Africa & EME-LATAM, France, Europe, Property, Casualty, Financial lines, Motor|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=25|f1=Gross written premiums & other revenues|v1=up 5% to EUR 58.0bn|f2=Commercial lines growth|v2=4% to EUR 35.8bn|f3=Personal lines growth|v3=7% to EUR 19.7bn|f4=AXA XL Reinsurance growth|v4=8% to EUR 2.6bn}}
====== Gross Written Premiums & Other Revenues ======
{{chunk|doc=chq99br5nr|c=25|p=5}}
* '''Gross written premiums & other revenues''' were up 5% to EUR 58.0bn.
* '''Commercial lines''' grew by 4% to EUR 35.8bn, driven by:
** '''AXA XL Insurance''' (+3%) from growth in lines with attractive marginmargins, linesincluding (Property, Casualty)and duein toCasualty from favorable price effects and higher volumes, partly offset by lower pricing and volumes in Financial lines.
** '''Asia, Africa & EME-LATAM''' (+13%) mainly driven by Türkiye from higher average premiums, andalong with favorable volume and price effects in Mexico.
** '''France''' (+6%) from favorable price effects acrossin all lines of business and higher volumes.
* '''Personal lines''' grew by 7% to EUR 19.7bn, driven by:
** '''Europe''' (+5%) from favorable price effects across geographies, except in UK & Ireland Motor, where pricing softened following strong repricing in 2024.
** '''Asia, Africa & EME-LATAM''' (+14%) driven by Türkiye from higher average premiums and volumes.
** '''France''' (+9%) with strong volume growth in all lines of business, both from direct business and proprietary agent networks, combined with favorable price effects in Motor.
* '''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 a softening in other lines.
{{chunk|doc=chq99br5nr|c=20|p=5}}
{{Indexing|Combined Ratio|Combined ratio, undiscounted current year loss ratio, natural catastrophe charges, prior years' reserve development, expense ratio, Commercial lines, Personal lines, SME & mid-market business, AXA XL Insurance|cos78e4bvi|irxh3hcbqz|caxaby4jlv|rhstabgyn2|kind=prose|order=26|f1=All-year combined ratio|v1=improved by 0.3pts to 90.6%|f2=Natural catastrophe charges|v2=-0.4pts to 3.4%|f3=Prior years' reserve development|v3=+0.7pts at -1.1%}}
====== Combined Ratio ======
{{chunk|doc=chq99br5nr|c=26|p=5}}
* The '''all-year combined ratio''' improved by 0.3pts to 90.6%, mainly driven by:
** Lower '''undiscounted current year loss ratio''' excluding natural catastrophe (-0.3pts) from further margin expansion in Commercial lines (-0.5pts), driven by the SME & mid-market business (-0.9pts) in a favorable pricing environment, while margins at AXA XL Insurance margins were stable at attractive levels (+0.1pts), as well as in Personal lines (-0.4pts) in a conducive pricing environment.
** Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
** Lower '''undiscounted current year loss ratio''' excluding natural catastrophe (-0.3pts) from margin expansion in Personal lines (-0.4pts) in a conducive pricing environment.
** Lower '''expensenatural ratio'''catastrophe charges (-0.3pts4pts to 3.4%) primarilymore fromthan offset by lower non-commissionprior expenseyears' ratioreserve reflectingdevelopment efficiency(+0.7pts gainsat -1.1%).
** Lower '''natural catastrophe charges''' (-0.4pts to 3.4%), which more than offset lower prior years' reserve development (+0.7pts at -1.1%).
{{chunk|doc=chq99br5nr|c=21|p=6}}
{{Indexing|P&C Underlying Earnings|P&C underlying earnings, technical result, financial result, income taxes, fixed income assets, claims reserves|y30gelxv10|kmocop7wiu|jpoeftv18u|kind=prose|order=27|f1=P&C underlying earnings|v1=up 9% to EUR 5.9bn|f2=Technical result increase|v2=+EUR 0.5bn|f3=Financial result increase|v3=+EUR 0.2bn|f4=Income taxes increase|v4=-EUR 0.2bn}}
====== P&C Underlying Earnings ======
{{chunk|doc=chq99br5nr|c=27|p=6}}
* '''P&C underlying earnings''' were up 9% to EUR 5.9bn, driven by:
** Increase in '''technical result''' (+EUR 0.5bn) reflecting strong volume growth andin volumes, combined with an improvement improvedin technical margin.
** Higher '''financial result''' (+EUR 0.2bn) duethanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.
** Partly offset by higher '''income taxes''' (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.
=== Life & Health ===
{{chunk|doc=chq99br5nr|c=22|p=6}}
{{Indexing|Key figures (in Euro billion, unless otherwise noted)||kind=prose|order=28}}
====== Key figures (in Euro billion, unless otherwise noted) ======
{{chunk|doc=chq99br5nr|c=28|p=6}}
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</div>
{{Indexing|Earnings (in Euro million)||kind=prose|order=29}}
{{chunk|doc=chq99br5nr|c=29|p=6}}
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==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====
{{chunk|doc=chq99br5nr|c=23|p=6}}
{{Indexing|Life & Health GWP & other revenues|Life & Health GWP, Life, Health, Unit-Linked, G/A, Protection, Hong Kong, Japan, France, Italy, Switzerland|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=30|f1=Life growth|v1=+9% to EUR 37.5bn|f2=Health growth|v2=+5% to EUR 19.0bn|f3=Unit-Linked growth|v3=+13%|f4=G/A growth|v4=+4%|f5=Protection growth|v5=+11%}}
====== Life & Health GWP & other revenues ======
{{chunk|doc=chq99br5nr|c=30|p=6}}
* '''Life''' GWP grew +9% to EUR 37.5bn (LFL), mainly from:
** '''Unit-Linked''': +13% driven by successful sales initiatives across all geographies.
** '''G/A''': +4%, notably in France (+4%), and elevated sales of a capital-light product in Italy;, partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong.
** '''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''' GWP grew +5% to EUR 19.0bn (LFL), driven by favorable price effects in Group and Individual businesses across most geographies, partly offset by lower volumes.
{{chunk|doc=chq99br5nr|c=24|p=7}}
{{Indexing|Present Value of Expected Premiums (PVEP)|Present Value of Expected Premiums (PVEP), Life, Health, Hong Kong, France, Switzerland, interest rates, underwriting, pruning actions|fz8evycjst|qfysbg8bas|kind=prose|order=31|f1=PVEP decrease|v1=-2% to EUR 49.4bn|f2=Life PVEP change|v2=+1%|f3=Health PVEP change|v3=-12%}}
====== Present Value of Expected Premiums (PVEP) ======
{{chunk|doc=chq99br5nr|c=31|p=7}}
* '''Present value of expected premiums (PVEP''') decreased -2% to EUR 49.4bn (LFL), driven by:
** '''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.
** '''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.
{{chunk|doc=chq99br5nr|c=25|p=7}}
{{Indexing|New Business Value (NBV)|New Business Value (NBV), NB CSM, NBV margin, Savings, Protection, short-term multinational business, France|fz8evycjst|cqvs0n2z2e|kind=prose|order=32|f1=NB CSM increase|v1=+3% to EUR 2.2bn|f2=NBV (post-tax)|v2=stable at EUR 2.2bn|f3=NBV margin (post tax) increase|v3=+0.1pt to 4.5%}}
====== NB CSM and NBV ======
{{chunk|doc=chq99br5nr|c=32|p=7}}
* '''NB CSM''' increased +3% to EUR 2.2bn (LFL), 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)''' was stable at EUR 2.2bn (LFL), as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
* '''NBV margin (post tax)''' increased +0.1pt to 4.5% (LFL).
{{chunk|doc=chq99br5nr|c=26|p=7}}
{{Indexing|Net Flows|Net flows, Protection, Health, Unit-Linked, G/A Savings, Hong Kong, Japan, France, Germany|f4zcgwiyzm|kind=prose|order=33|f1=Net flows|v1=EUR +5.4bn|f2=Protection net flows|v2=EUR +4.9bn|f3=Health net flows|v3=EUR +2.7bn|f4=Unit-Linked net flows|v4=EUR +1.5bn|f5=G/A Savings net flows|v5=EUR -3.7bn}}
====== Net flows ======
{{chunk|doc=chq99br5nr|c=33|p=7}}
* '''Net flows''' were EUR +5.4bn (LFL) compared to EUR +1.5bn in 2024, driven by:.
* Net flows in 2025 were driven by:
** '''Protection''': EUR +4.9bn, mainly in Hong Kong, Japan, and France.
** '''Health'''Protection: EUR +24.7bn9bn, mainly in GermanyHong Kong, Japan, and France.
** '''Unit-Linked'''Health: EUR +12.5bn7bn, primarilymainly in Germany, Japan, and France.
** Unit-Linked: EUR +1.5bn, primarily in France
** Partly 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).
* These were partly 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).
{{chunk|doc=chq99br5nr|c=27|p=7}}
{{Indexing|Life & Health Underlying Earnings|Life & Health underlying earnings, long-term technical result, short-term technical result, CSM release, income taxes, affiliates, ICBC-AXA, AXA MPS, Mexico, Germany, France|y30gelxv10|kmocop7wiu|kind=prose|order=34|f1=Life & Health underlying earnings increase|v1=+7% to EUR 3.5bn|f2=Long-term technical result increase|v2=EUR +0.2bn|f3=Short-term technical result increase|v3=EUR +0.1bn|f4=Income taxes decrease|v4=EUR +0.1bn}}
====== Life & Health underlying earnings ======
{{chunk|doc=chq99br5nr|c=34|p=7}}
* '''Life & Health underlying earnings''' increased +7% to EUR 3.5bn (LFL), driven by:
** '''Long-term technical result''': EUR +0.2bn, driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business.
** '''Short-term technical result''': EUR +0.1bn, driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies, which more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn).
** '''Lower income taxes''': EUR +0.1bn, reflecting favorable tax effects mainly in Germany, France and Mexico.
** '''Lower contribution from affiliates''', notably ICBC-AXA, and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders.
== Holdings ==
{{chunk|doc=chq99br5nr|c=28|p=7}}
{{Indexing|Holdings Underlying Earnings|Holdings underlying earnings|y30gelxv10|kind=prose|order=35|f1=Holdings underlying earnings|v1=stable at EUR -1.2bn}}
====== Holdings Underlying Earnings ======
{{chunk|doc=chq99br5nr|c=35|p=7}}
* '''Holdings underlying earnings''' remained broadly stable at EUR -1.2bn.
== RATINGS AND GLOSSARY ==
=== Ratings ===
{{chunk|doc=chq99br5nr|c=29|p=8}}
{{Indexing|Ratings|Insurer financial strength ratings, AXA's credit ratings, S&P Global Ratings, Moody's Investor Service, AM Best, AXA SA, AXA's principal insurance subsidiaries, senior debt, short-term debt|u6q0bi3ei3|kind=prose|order=36|f1=Rating agencies|v1=S&P Global Ratings, Moody's Investor Service, AM Best|f2=S&P Global Ratings: AXA SA|v2=A+|f3=S&P Global Ratings: Outlook|v3=Positive|f4=Moody's Investor Service: AXA SA|v4=Aa2|f5=Moody's Investor Service: Outlook|v5=Stable|f6=AM Best: AXA SA|v6=A+ Superior|f7=AM Best: Outlook|v7=Stable}}
====== Ratings ======
{{chunk|doc=chq99br5nr|c=36|p=8}}
<div style="overflow-x:auto">
=== Glossary ===
{{chunk|doc=chq99br5nr|c=30|p=8}}
{{Indexing|Glossary of Financial Terms|Capital-light G/A products, Contractual service margin (CSM), CSM release, Economic variance, Financial result, Gross written premiums and other revenues, Other Revenues, New business contractual service margin (NB CSM), New business value (NBV)|dsc5r029ax|ie3cmfrol3|kind=prose|order=37}}
====== Glossary of Financial Terms ======
{{chunk|doc=chq99br5nr|c=37|p=8}}
* '''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%.
* '''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.
* '''CSM release''' is: the portion of CSM stock (net of reinsurance) at the end of athe defined period that flowsflowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* '''Economic variance''': isthe variance of the year-end CSM variance resultingarising from changes in market conditions, net of the underlying return on in-force.
* '''Financial result''' includes: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* '''Gross written premiums and other revenues''' include: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
** '''Other Revenues''': represent premiums and fees collected on activities other than insurance (ei.ge., banking, services, and asset management activities).
* '''New business contractual service margin ("NB CSM")''' is: a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* '''New business value ("NBV")''' is: the value of newly issued contracts during the current year, comprising:consisting 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.
* '''New business value margin ("NBV Margin")''' is: the ratio of (i) NBV (representing the value of newly issued contracts during the current year) to (ii) PVEP.
{{chunk|doc=chq99br5nr|c=3730|p=9|cont=1}}
* '''Operating variance''' is: the variation of the year-end CSM versusvs. 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) the impact of model changes, all net of reinsurance.
* '''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, discounted at the reference interest rate and representing the Group share.
* '''Technical experience''': consists of the impacts on the underlying earnings fromof (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) other long-term elements, mainly composed of non-attributable expenses.
* '''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.
== SCOPE AND EXCHANGE RATES ==
=== Scope ===
{{chunk|doc=chq99br5nr|c=31|p=10}}
{{Indexing|Scope of Operations|France, Europe, Switzerland, Germany, Belgium, Luxemburg, United Kingdom, Ireland, Spain, Italy, Prima, AXA Life Europe, AXA XL, Asia, Japan, Hong Kong, Thailand P&C, Indonesia L&S, China P&C, South Korea, Africa, Egypt, Morocco, Nigeria, EME-LATAM, Mexico, Colombia, Brazil, Türkiye, Russia (Reso), AXA Mediterranean Holdings, Transversal & Other, AXA Assistance, AXA Liabilities Managers, AXA SA, AXA Investment Managers, Select, Capza|cmtswfs0go|lht8rybaqk|kind=prose|order=38}}
====== Scope of Operations ======
{{chunk|doc=chq99br5nr|c=38|p=10}}
* '''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), and AXA Life Europe (insurance activities).
* '''AXA XL''': includes insurance and reinsurance activities and holding.
* '''Asia, Africa & EME-LATAM''' includes:
** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings (are fully consolidated).
** '''Asia (equity method)''': 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 are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income.
** '''Africa''': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (are fully consolidated).
** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (are fully consolidated).
** '''EME-LATAM (equity method)''': Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
** '''Other'''EME-LATAM: AXA Mediterranean Holdings.
* '''Transversal & Other''': includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.
* '''AXA Investment Managers''': includes AXA Investment Managers, Select (previously Architas), and Capza, which are (fully consolidated).
* '''AXA Investment Managers (equity method)''': Asian joint ventures are consolidated under the equity method.
=== Exchange rates ===
{{chunk|doc=chq99br5nr|c=32|p=10}}
{{Indexing|Exchange rates|Exchange rates, EUR, USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=prose|order=39}}
====== Exchange rates ======
{{chunk|doc=chq99br5nr|c=39|p=10}}
<div style="overflow-x:auto">
== Notes ==
{{chunk|doc=chq99br5nr|c=33|p=11}}
{{Indexing|Notes|Gross written premiums & other revenues, new business value (NBV), present value of expected premiums (PVEP), contractual service margin (CSM), new business contractual service margin (NB CSM), Underlying earnings, underlying earnings per share, underlying return on equity, combined ratio, debt gearing, AXA IM, BNP Paribas, share repurchase agreement|dsc5r029ax|n63zd2qo95|kind=prose|order=40|f1=Share repurchase amount|v1=Euro 3.8 billion|f2=Share repurchase start date|v2=July 2, 2025|f3=Share repurchase end date|v3=January 20, 2026}}
====== Notes ======
{{chunk|doc=chq99br5nr|c=40|p=11}}
{{fn note|1=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 note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}
{{chunk|doc=chq99br5nr|c=34|p=11}}
{{Indexing|Reporting Basis and Assumptions|Activity indicators, actuarial assumptions, financial assumptions, NBV, PVEP calculations|ow7tevuxxr|ie3cmfrol3|kind=prose|order=41}}
====== Basis of Reporting and Assumptions ======
{{chunk|doc=chq99br5nr|c=41|p=11}}
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
{{chunk|doc=chq99br5nr|c=35|p=11}}
{{Indexing|Financial Statement Approval|Consolidated financial statements, Board of Directors, audit procedure, statutory auditors|x856lnzuq2|kind=prose|order=42|f1=Financial statements year ended|v1=December 31, 2025|f2=Board of Directors examination date|v2=February 25, 2026}}
====== Financial Statement Approval ======
{{chunk|doc=chq99br5nr|c=42|p=11}}
* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026.
== ABOUT THE AXA GROUP ==
{{chunk|doc=chq99br5nr|c=36|p=12}}
{{Indexing|About AXA Group|AXA Group, employees, clients, IFRS17 revenues, IFRS17 underlying earnings, AXA ordinary share, Euronext Paris, ticker symbol CS, American Depository Share, OTC QX platform, ticker symbol AXAHY, SRI indexes, Dow Jones Sustainability Index (DJSI), FTSE4GOOD, UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance, UN Principles for Responsible Investment, Investor Relations, Individual Shareholder Relations, Media Relations, Corporate Responsibility strategy, SRI ratings|4cr8sbi842|snkw7cucpt|tq2q8ln3jw|kind=prose|order=43|f1=Employees|v1=156,000|f2=Clients|v2=92 million|f3=Countries|v3=52|f4=IFRS17 revenues|v4=EUR 115.5bn|f5=IFRS17 underlying earnings|v5=EUR 8.4bn|f6=Stock listing|v6=Euronext Paris|f7=Ticker|v7=CS}}
====== AXA Group Overview ======
{{chunk|doc=chq99br5nr|c=43|p=12}}
* AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* AXA Group has 156,000 employees.
* In 2025, '''IFRS17 revenues''' amounted to EUR 115.5bn.
* AXA Group serves over 92 million clients in 52 countries.
* In 2025, '''IFRS17 underlying earnings''' amounted to EUR 8.4bn.
* In 2025, IFRS17 revenues amounted to EUR 115.5bn.
* 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).
* In 2025, IFRS17 underlying earnings amounted to EUR 8.4bn.
* AXA’s '''American Depository Share''' is quoted on the OTC QX platform under ticker symbol AXAHY.
* 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).
* AXA Group is included in main international '''SRI indexes''', such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* AXA 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.
* AXA Group is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* AXA Group is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.
* AXA Group is a signatory of the UN Principles for Responsible Investment.
* This press release and regulated information are available on the AXA Group website (axa.com).
* '''Investor Relations''' contact: +33.1.40.75.48.42, investor.relations@axa.com.
* '''Individual Shareholder Relations''' contact: +33.1.40.75.48.43.
* '''Media Relations''' contactcontacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* '''Corporate Responsibility strategy''' information is available at axa.com/en/about-us/strategy-commitments.
* '''SRI ratings''' information is available at axa.com/en/investor/sri-ratings-ethical-indexes.
== IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES ==
{{chunk|doc=chq99br5nr|c=37|p=12}}
{{Indexing|Forward-looking statements and non-GAAP measures|Forward-looking statements, non-GAAP financial measures, alternative performance measures (APMs), underlying earnings per share (UEPS), Management, risks, uncertainties, 2024 Universal Registration Document, IFRS|tepp01g689|n63zd2qo95|w8ma8usdpx|kind=prose|order=44}}
====== Forward-looking statements and non-GAAP measures ======
{{chunk|doc=chq99br5nr|c=44|p=12}}
* StatementsCertain statements in this press releasethe maydocument beare forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information.
* Forward-looking statements are identified by words like ‘expects’'expects', ‘anticipates’'anticipates', ‘may’'may', ‘plan’'plan', or conditional verbs such as “would”"would" and “could”"could".
* Statements regarding expected '''underlying earnings per share''' ("UEPS") growth for 2026 are forward-looking, providingand provide one-off guidance for the last year of the Group’s current strategic plan.
* These statements, including those in the "Outlook" section, are based on Management’s current views and intentions and are subject to change.
* Undue reliance should not be placedReliance on forward-looking statements should be limited due to known and unknown risks and uncertainties, many outside AXA’s control, which could cause actual results to differ materially.
* Each forward-looking statement is valid only atas of the date of thisthe press release.
* ReferImportant tofactors, risks, and uncertainties affecting AXA’s business are described in Part 5 – “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024 Universal Registration Document”) for details on factors, risks, and uncertainties affecting AXA’s business and/or results.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.
* ThisThe press release refers to non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management for analyzing operating trends, financial performance, and position.
* These non-GAAP financial measures generally have nolack standardized meaning and may not be comparable to similarlymeasures labeled measuresused fromby other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
* '''Underlying“Underlying earnings'''earnings”, '''UEPS''' (“underlying earnings per share”), '''underlying“underlying return on equity'''equity”, '''combined“combined ratio'''ratio”, and '''debt“debt gearing'''gearing” are APMs as defined inby ESMA’s guidelines and the AMF’s related position statement issued in 2015.
* AXA provides a reconciliation of APMs to the most closely related linefinancial item, subtotal, or total in financialstatement statementsitems (and/or their calculation methodology) in its Activity Report as of December 31, 2025 (“AXA’s 2025 Activity Report”), under the heading “USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES”.
* Further information on non-GAAP financial measures is available in the Glossary of AXA’s 2025 Activity Report.
== APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE ==
{{chunk|doc=chq99br5nr|c=38|p=13}}
{{Indexing|APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE||kind=prose|order=45}}
====== APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE ======
{{chunk|doc=chq99br5nr|c=45|p=13}}
<div style="overflow-x:auto">
== APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE ==
{{chunk|doc=chq99br5nr|c=39|p=14}}
{{Indexing|APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE||kind=prose|order=46}}
====== APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE ======
{{chunk|doc=chq99br5nr|c=46|p=14}}
<div style="overflow-x:auto">
== APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES ==
{{chunk|doc=chq99br5nr|c=40|p=15}}
{{Indexing|APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES||kind=prose|order=47}}
====== APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES ======
{{chunk|doc=chq99br5nr|c=47|p=15}}
<div style="overflow-x:auto">
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
{{Indexing|Interest Rates (5Y) For the Discounting of P&C Claims Reserves||kind=prose|order=48}}
{{chunk|doc=chq99br5nr|c=48|p=15}}
<div style="overflow-x:auto">
== APPENDIX 4: PROPERTY & CASUALTY – PRICE EFFECT & 2026 MARKET PRICING TRENDS ==
{{chunk|doc=chq99br5nr|c=41|p=16}}
{{Indexing|P&C: Price effects by country and business line|P&C price effects, Commercial lines, Personal lines, AXA XL Reinsurance, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|llbwb4tj3c|kynhd2bvm1|kind=prose|order=49}}
====== P&C: Price effects by country and business line ======
{{chunk|doc=chq99br5nr|c=49|p=16}}
<div style="overflow-x:auto">
== APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE ==
{{chunk|doc=chq99br5nr|c=42|p=17}}
{{Indexing|APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE|Life & Health gross written premiums, other revenues, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=50}}
====== APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE ======
{{chunk|doc=chq99br5nr|c=50|p=17}}
<div style="overflow-x:auto">
== APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN ==
{{chunk|doc=chq99br5nr|c=43|p=18}}
{{Indexing|APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN|Life new business metrics, Health new business metrics, Total new business metrics, PVEP, NBV, NBV margin, France|fz8evycjst|kind=prose|order=51}}
====== APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN ======
{{chunk|doc=chq99br5nr|c=51|p=18}}
<div style="overflow-x:auto">
|}
</div>
{{Indexing|APPENDIX 6: NEW BUSINESS VOLUME (PVEP), NEW BUSINESS VALUE (NBV), AND NBV MARGIN|NB CSM to NBV, Life, Health, Total, NB CSM (pre-tax), Other NBV (pre-tax), Tax & Other, NBV|fz8evycjst|kind=prose|order=52}}
{{chunk|doc=chq99br5nr|c=52|p=18}}
<div style="overflow-x:auto">
== APPENDIX 7: LIFE & HEALTH – NET FLOWS ==
{{chunk|doc=chq99br5nr|c=44|p=19}}
{{Indexing|Net flows by business line|Net flows by business line, Health, Protection, G/A Savings, Unit-Linked, Mutual Funds & Other, Total Life & Health net flows|f4zcgwiyzm|kind=prose|order=53}}
====== Net flows by business line ======
{{chunk|doc=chq99br5nr|c=53|p=19}}
<div style="overflow-x:auto">
== APPENDIX 8: MAIN TRANSACTIONS AND NEXT MAIN INVESTOR EVENTS ==
{{chunk|doc=chq99br5nr|c=45|p=20}}
{{Indexing|Main transactions in 2025|Main transactions in 2025, share repurchase agreement, acquisition of Nobis Group, placement of Restricted Tier 1 Notes, placement of Tier 2 Notes, sale of AXA Investment Managers, acquisition of Prima, employee share offering program|c5r2rmwxo6|70zdwfnrmi|bhnpa5y4f0|kind=prose|order=54|f1=Share repurchase agreement|v1=EUR 1.2bn (February 28, 2025)|f2=Acquisition|v2=Nobis Group in Italy (April 1, 2025)|f3=Placement|v3=EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)|f4=Sale|v4=AXA Investment Managers to BNP Paribas (July 1, 2025)|f5=Employee share offering program|v5=Shareplan 2025 (September 10, 2025)}}
====== Main transactions in 2025 ======
{{chunk|doc=chq99br5nr|c=54|p=20}}
* Announced the execution of a '''share repurchase agreement''' in relation tofor AXA's share buyback program of up to EUR 1.2bn (on February 28, 2025).
* Announced the completion of the '''acquisition of Nobis Group''' in Italy (on April 1, 2025).
* Announced the '''placement of EUR 1bn Restricted Tier 1 Notes''' and EUR 1bn Tier 2 Notes (on May 28, 2025).
* Announced the execution of a '''share repurchase agreement''' in relation tofor AXA's Shareplan and certain stock-based compensation (on June 2, 2025).
* Announced the completion of the '''sale of AXA Investment Managers''' to BNP Paribas (on July 1, 2025).
* Announced the execution of a '''share repurchase agreement''' of up to EUR 3.8bn following the sale of AXA IM (on July 1, 2025).
* Announced the '''acquisition of Prima''', a direct insurance player in Italy, on (August 1, 2025).
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the '''2025 employee share offering program''' (Shareplan 2025).
* Announced the '''placement of EUR 750m Restricted Tier 1 Notes''' and EUR 750m Tier 2 Notes (on October 14, 2025).
* Announced the completion of the '''acquisition of a majority stake in Prima''' in Italy (on November 28, 2025).
== Next main investor events ==
{{chunk|doc=chq99br5nr|c=46|p=20}}
{{Indexing|Investor Events|Investor events, Shareholder’s Annual General Meeting, Activity Indicators, Earnings Release, Investor Day|snkw7cucpt|kind=prose|order=55|f1=Shareholder’s Annual General Meeting|v1=April 30, 2026|f2=First quarter 2026 Activity Indicators|v2=May 5, 2026|f3=HY26 Earnings Release|v3=July 31, 2026|f4=AXA Investor Day|v4=September 21, 2026}}
====== Investor Events ======
{{chunk|doc=chq99br5nr|c=55|p=20}}
* '''2026 Shareholder’s Annual General Meeting''' willis bescheduled held onfor April 30, 2026.
* '''First quarter 2026 Activity Indicators''' will be released on May 5, 2026.
* '''HY26 Earnings Release''' is scheduled for July 31, 2026.
* '''AXA Investor Day''' willis takescheduled place onfor September 21, 2026.
|