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Line 22: {{chunk\|doc=chq99br5nr\|c=1\|p=1}} ~~======~~ {{Indexing\|Announcement Date ~~====~~\|\|kind=prose\|order=1}} * Paris, February 26th, 2026 (6:45am CET) Line 29: {{chunk\|doc=chq99br5nr\|c=2\|p=1}} ~~======~~ {{Indexing\|Record Results and EPS Growth ~~====~~\|\|kind=prose\|order=2}} * AXA reported record results. Line 37: {{chunk\|doc=chq99br5nr\|c=3\|p=1}} ~~======~~ {{Indexing\|Gross Written Premiums & Underlying Earnings ~~====~~\|\|kind=prose\|order=3}} * Gross written premiums & other revenues: EUR 116bn, +6% vs. FY24 Line 47: {{chunk\|doc=chq99br5nr\|c=4\|p=1}} ~~======~~ {{Indexing\|Solvency II Ratio ~~====~~\|\|kind=prose\|order=4}} * Solvency II ratio: 224% at December 31, 2025, +9 points vs. FY24 Line 55: {{chunk\|doc=chq99br5nr\|c=5\|p=1}} ~~======~~ {{Indexing\|Capital Returns ~~====~~\|\|kind=prose\|order=5}} * Dividend of EUR 2.32 per share, up +8% vs. FY24 Line 64: {{chunk\|doc=chq99br5nr\|c=6\|p=1}} ~~======~~ {{Indexing\|Outlook and Strategic Plan ~~====~~\|\|kind=prose\|order=6}} * Underlying earnings per share growth for 2026 is expected to be at the upper end of the 6-8% plan target range. Line 71: {{chunk\|doc=chq99br5nr\|c=7\|p=1}} ~~======~~ {{Indexing\|2025 Performance and Commentary ~~====~~\|\|kind=prose\|order=7}} * In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM. Line 88: {{chunk\|doc=chq99br5nr\|c=8\|p=2}} ~~======~~ {{Indexing\|Key figures (in Euro million, unless otherwise noted) ~~====~~\|\|kind=table\|order=8}} <div style="overflow-x:auto"> Line 169: {{chunk\|doc=chq99br5nr\|c=9\|p=2}} ~~======~~ {{Indexing\|Gross Written Premiums and Other Revenues ~~====~~\|\|kind=prose\|order=9}} * Total gross written premiums and other revenues were up 6%. Line 187: {{chunk\|doc=chq99br5nr\|c=10\|p=2}} ~~======~~ {{Indexing\|Underlying Earnings ~~====~~\|\|kind=prose\|order=10}} * Underlying earnings increased by +6% to EUR 8.4bn. Line 204: {{chunk\|doc=chq99br5nr\|c=11\|p=2}} ~~======~~ {{Indexing\|Net Income ~~====~~\|\|kind=prose\|order=11}} * Net income increased by +26% to EUR 9.8bn. Line 212: {{chunk\|doc=chq99br5nr\|c=12\|p=3}} ~~======~~ {{Indexing\|Shareholders' Equity and CSM ~~====~~\|\|kind=prose\|order=12}} * Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024. Line 234: {{chunk\|doc=chq99br5nr\|c=13\|p=3}} ~~======~~ {{Indexing\|Solvency II Ratio ~~====~~\|\|kind=prose\|order=13}} * Solvency II ratio was 224% as of December 31, 2025, up +9 points vs. December 31, 2024. Line 246: {{chunk\|doc=chq99br5nr\|c=14\|p=3}} ~~======~~ {{Indexing\|Financial Ratios and Cash ~~====~~\|\|kind=prose\|order=14}} * Underlying return on equity was 16.0% as of December 31, 2025, up 0.8 points vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity. Line 261: {{chunk\|doc=chq99br5nr\|c=15\|p=4}} ~~======~~ {{Indexing\|Dividend and Share Buyback ~~====~~\|\|kind=prose\|order=15}} * A dividend of EUR 2.32 per share (+8% versus FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026. Line 273: {{chunk\|doc=chq99br5nr\|c=16\|p=4}} ~~======~~ {{Indexing\|Outlook for 'Unlock the Future' Plan ~~====~~\|\|kind=prose\|order=16}} * 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. Line 283: {{chunk\|doc=chq99br5nr\|c=17\|p=4}} ~~======~~ {{Indexing\|Holdings and Financial Targets ~~====~~\|\|kind=prose\|order=17}} * Results in Holdings for 2026 are expected to be similar to 2025 levels. Line 296: {{chunk\|doc=chq99br5nr\|c=18\|p=5}} ~~======~~ {{Indexing\|Key figures (in Euro billion, unless otherwise noted) ~~====~~\|\|kind=table\|order=18}} <div style="overflow-x:auto"> Line 356: {{chunk\|doc=chq99br5nr\|c=19\|p=5}} ~~======~~ {{Indexing\|Gross Written Premiums & Other Revenues ~~====~~\|\|kind=prose\|order=19}} * Gross written premiums & other revenues were up 5% to EUR 58.0bn. Line 370: {{chunk\|doc=chq99br5nr\|c=20\|p=5}} ~~======~~ {{Indexing\|Combined Ratio ~~====~~\|\|kind=prose\|order=20}} * The all-year combined ratio improved by 0.3pts to 90.6%, mainly driven by: Line 378: {{chunk\|doc=chq99br5nr\|c=21\|p=6}} ~~======~~ {{Indexing\|P&C Underlying Earnings ~~====~~\|\|kind=prose\|order=21}} * P&C underlying earnings were up 9% to EUR 5.9bn driven by: Line 388: {{chunk\|doc=chq99br5nr\|c=22\|p=6}} ~~======~~ {{Indexing\|Key figures (in Euro billion, unless otherwise noted) ~~====~~\|\|kind=table\|order=22}} <div style="overflow-x:auto"> Line 470: {{chunk\|doc=chq99br5nr\|c=23\|p=6}} ~~======~~ {{Indexing\|Life & Health GWP & other revenues ~~====~~\|\|kind=prose\|order=23}} * Life GWP grew +9% to EUR 37.5bn, mainly from: Line 479: {{chunk\|doc=chq99br5nr\|c=24\|p=7}} ~~======~~ {{Indexing\|Present Value of Expected Premiums (PVEP) ~~====~~\|\|kind=prose\|order=24}} * Present value of expected premiums (PVEP) decreased -2% to EUR 49.4bn, driven by: Line 486: {{chunk\|doc=chq99br5nr\|c=25\|p=7}} {{Indexing\|NB CSM and NBV\|NB CSM, NBV, NBV margin, Savings, Protection, multinational business in France\|fz8evycjst\|c9uq82u1iy\|kind=prose\|order=25\|f1=NB CSM increase\|v1=+3%\|f2=NB CSM\|v2=EUR 2.2bn\|f3=NBV (post-tax)\|v3=EUR 2.2bn\|f4=NBV margin (post tax)\|v4=+0.1pt to 4.5%}} ~~====== NB CSM and NBV ======~~ * NB CSM increased +3% to EUR 2.2bn, driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits. Line 493: {{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=26\|f1=Net flows\|v1=EUR +5.4bn\|f2=Net flows 2024\|v2=EUR +1.5bn\|f3=Protection net flows\|v3=EUR +4.9bn\|f4=Health net flows\|v4=EUR +2.7bn\|f5=Unit-Linked net flows\|v5=EUR +1.5bn\|f6=G/A Savings net flows\|v6=EUR -3.7bn\|f7=G/A capital-light inflows\|v7=EUR +1.2bn\|f8=traditional G/A Savings outflows\|v8=EUR -5.0bn}} ~~====== Net flows ======~~ * Net flows were EUR +5.4bn compared to EUR +1.5bn in 2024. Line 503: {{chunk\|doc=chq99br5nr\|c=27\|p=7}} {{Indexing\|Life & Health underlying earnings\|Life & Health underlying earnings, CSM release, technical margin, income taxes, affiliates, ICBC-AXA, AXA MPS, Mexico, Germany, France\|y30gelxv10\|pw41e8kn7m\|kind=prose\|order=27\|f1=Life & Health underlying earnings increase\|v1=+7%\|f2=Life & Health underlying earnings\|v2=EUR 3.5bn\|f3=Long-term technical result\|v3=EUR +0.2bn\|f4=Short-term technical result\|v4=EUR +0.1bn\|f5=Lower income taxes\|v5=EUR +0.1bn\|f6=Legislative change in Mexico\|v6=EUR -0.1bn}} ~~====== Life & Health underlying earnings ======~~ * Life & Health underlying earnings increased +7% to EUR 3.5bn, driven by: Line 514: {{chunk\|doc=chq99br5nr\|c=28\|p=7}} ~~======~~ {{Indexing\|Holdings Underlying Earnings\|Holdings underlying earnings\|y30gelxv10\|1smvf6a29l\|kind=prose\|order=28\|f1=Holdings underlying earnings\|v1===EUR -1.2bn}} * Holdings underlying earnings remained broadly stable at EUR -1.2bn. Line 523: {{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=table\|order=29}} ~~====== Ratings ======~~ <div style="overflow-x:auto"> Line 572: {{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\|kind=prose\|order=30}} ~~====== Glossary of Financial Terms ======~~ * 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%. Line 595: {{chunk\|doc=chq99br5nr\|c=31\|p=10}} {{Indexing\|Scope of Operations\|France, Europe, Switzerland, Germany, Belgium, Luxembourg, United Kingdom, Ireland, Spain, Italy, Prima, AXA Life Europe, AXA XL, Asia, Africa, EME-LATAM, Japan, Hong Kong, Thailand P&C, Indonesia L&S, China P&C, South Korea, Asia Holdings, China L&S, Philippines L&S and P&C, India, Egypt, Morocco, Nigeria, Mexico, Colombia, Brazil, Türkiye, Russia (Reso), AXA Mediterranean Holdings, Transversal & Other, AXA Assistance, AXA Liabilities Managers, AXA SA, AXA Investment Managers, Select, Capza\|lht8rybaqk\|kind=prose\|order=31}} ~~====== Scope of Operations ======~~ * France: includes insurance activities, banking activities, and holding. Line 614: {{chunk\|doc=chq99br5nr\|c=32\|p=10}} {{Indexing\|Exchange rates\|USD, CHF, GBP, JPY, HKD exchange rates\|2g0bi52xlo\|kind=table\|order=32}} ~~====== Exchange rates ======~~ <div style="overflow-x:auto"> Line 664: {{chunk\|doc=chq99br5nr\|c=33\|p=11}} {{Indexing\|Notes\|Gross written premiums, new business value, present value of expected premiums, contractual service margin, new business contractual service margin, underlying earnings, underlying earnings per share, underlying return on equity, combined ratio, debt gearing, AXA Investment Managers, BNP Paribas, share repurchase agreement\|tepp01g689\|n63zd2qo95\|kind=prose\|order=33\|f1=AXA IM disposal date\|v1=July 1, 2025\|f2=Share repurchase agreement amount\|v2=EUR 3.8 billion\|f3=Share buyback start date\|v3=July 2, 2025\|f4=Share buyback end date\|v4=January 20, 2026}} ~~====== Notes ======~~ {{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.}} Line 692: {{chunk\|doc=chq99br5nr\|c=34\|p=11}} ~~======~~ {{Indexing\|Basis of Reporting and Assumptions\|Activity indicators, actuarial assumptions, financial assumptions, NBV, PVEP calculations\|ie3cmfrol3\|kind=prose\|order=~~====~~34}} * All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology). Line 698: {{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=35\|f1=Board of Directors examination date\|v1=February 25, 2026}} ~~====== Financial Statement Approval ======~~ * AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026. Line 706: {{chunk\|doc=chq99br5nr\|c=36\|p=12}} {{Indexing\|AXA Group Overview\|AXA Group, insurance, employees, clients, countries, IFRS17 revenues, IFRS17 underlying earnings, Euronext Paris, ticker symbol, American Depository Share, OTC QX platform, SRI indexes, Dow Jones Sustainability Index, FTSE4GOOD, UN Environment Programme’s Finance Initiative, Principles for Sustainable Insurance, UN Principles for Responsible Investment, Investor Relations, Individual Shareholder Relations, Media Relations, Corporate Responsibility strategy, SRI ratings\|4cr8sbi842\|kind=prose\|order=36\|f1=Employees\|v1=156,000\|f2=Clients\|v2=92 million\|f3=Countries\|v3=52\|f4=IFRS17 revenues 2025\|v4=EUR 115.5bn\|f5=IFRS17 underlying earnings 2025\|v5=EUR 8.4bn\|f6=Ticker symbol\|v6=CS\|f7=ISN\|v7=FR 0000120628\|f8=Bloomberg ticker\|v8=CS FP\|f9=Reuters ticker\|v9=AXAF.PA}} ~~====== AXA Group Overview ======~~ * AXA Group is a worldwide leader in insurance. Line 728: {{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), ESMA guidelines, AMF position statement, underlying earnings, underlying return on equity, combined ratio, debt gearing\|tepp01g689\|n63zd2qo95\|kind=prose\|order=37\|f1=2024 Universal Registration Document\|v1=Part 5 – “Risk Factors and Risk Management”}} ~~====== Forward-looking statements and non-GAAP measures ======~~ * Certain statements in the document are forward-looking, including predictions of future events, trends, plans, expectations, or objectives, and non-historical information. Line 748: {{chunk\|doc=chq99br5nr\|c=38\|p=13}} ~~======~~ {{Indexing\|APPENDIX 1: GROSS WRITTEN PREMIUMS ET OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE\|Gross Written Premiums and Other Revenues, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other, AXA Investment Managers\|wpkf9ycgxf\|kynhd2bvm1\|n13vjesiav\|kind=table\|order=~~====~~38}} <div style="overflow-x:auto"> Line 862: {{chunk\|doc=chq99br5nr\|c=39\|p=14}} ~~======~~ {{Indexing\|APPENDIX 2: UNDERLYING EARNINGS BY GEOGRAPHY AND BY BUSINESS LINE\|Underlying earnings, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other, AXA Investment Managers\|y30gelxv10\|iycymgpuon\|pw41e8kn7m\|kind=table\|order=~~====~~39}} <div style="overflow-x:auto"> Line 968: {{chunk\|doc=chq99br5nr\|c=40\|p=15}} ~~======~~ {{Indexing\|APPENDIX 3: PROPERTY & CASUALTY – GROSS WRITTEN PREMIUMS & OTHER REVENUES BY BUSINESS LINE AND DISCOUNT RATES\|Gross Written Premiums & Other Revenues, Commercial lines, Personal lines, AXA XL Reinsurance, Total P&C, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other\|wpkf9ycgxf\|n13vjesiav\|kind=table\|order=~~====~~40}} <div style="overflow-x:auto"> Line 1,121: {{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, 2026 Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain\|llbwb4tj3c\|kind=table\|order=41}} ~~====== P&C: Price effects by country and business line ======~~ <div style="overflow-x:auto"> Line 1,207: {{chunk\|doc=chq99br5nr\|c=42\|p=17}} ~~======~~ {{Indexing\|APPENDIX 5: LIFE & HEALTH – GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE\|Gross written premiums & other revenues, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other\|wpkf9ycgxf\|n13vjesiav\|kind=table\|order=~~====~~42}} <div style="overflow-x:auto"> Line 1,323: {{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, Europe, AXA XL, Asia, Africa & EME-LATAM, Transversal & Other\|fz8evycjst\|kind=table\|order=~~====~~43}} <div style="overflow-x:auto"> Line 1,472: {{chunk\|doc=chq99br5nr\|c=44\|p=19}} {{Indexing\|Net flows by business line\|Net flows, Health, Protection, G/A Savings, capital light, traditional G/A, Unit-Linked, Mutual Funds & Other, Total Life & Health net flows\|f4zcgwiyzm\|kind=table\|order=44}} ~~====== Net flows by business line ======~~ <div style="overflow-x:auto"> Line 1,523: {{chunk\|doc=chq99br5nr\|c=45\|p=20}} {{Indexing\|Main transactions in 2025\|Share repurchase agreement, AXA's share buyback program, Nobis Group, Italy, Restricted Tier 1 Notes, Tier 2 Notes, Shareplan, stock-based compensation, AXA Investment Managers, BNP Paribas, Prima\|c5r2rmwxo6\|70zdwfnrmi\|bhnpa5y4f0\|kind=prose\|order=45\|f1=Share buyback program amount\|v1=EUR 1.2bn\|f2=Nobis Group acquisition date\|v2=April 1, 2025\|f3=Restricted Tier 1 Notes placement\|v3=EUR 1bn\|f4=Tier 2 Notes placement\|v4=EUR 1bn\|f5=AXA Investment Managers sale completion\|v5=July 1, 2025\|f6=Share repurchase agreement amount\|v6=EUR 3.8bn\|f7=Prima acquisition date\|v7=August 1, 2025\|f8=Shareplan 2025 launch\|v8=September 10, 2025\|f9=Shareplan 2025 completion\|v9=December 3, 2025}} ~~====== Main transactions in 2025 ======~~ * Announced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.2bn on February 28, 2025. Line 1,539: {{chunk\|doc=chq99br5nr\|c=46\|p=20}} {{Indexing\|Investor Events\|Shareholder’s Annual General Meeting, Activity Indicators, Earnings Release, Investor Day\|snkw7cucpt\|kind=prose\|order=46\|f1=2026 Shareholder’s Annual General Meeting\|v1=April 30, 2026\|f2=First quarter 2026 Activity Indicators release\|v2=May 5, 2026\|f3=HY26 Earnings Release\|v3=July 31, 2026\|f4=AXA Investor Day\|v4=September 21, 2026}} ~~====== Investor Events ======~~ * 2026 Shareholder’s Annual General Meeting is scheduled for April 30, 2026.

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