|
| 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
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====== Press release dateline ======
{{Indexing|Announcement details||kind=prose|order=1}}
* The announcement was made in Paris on, February 26th26, 2026, at (6:45 am45am CET.)
== Full Year 2025 Earnings ==
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====== Underlying EPS growth and record results ======
{{Indexing|record results and EPS growth||kind=prose|order=2}}
* Underlying EPS growth at the top end of the target range
* AXA reported record results.
* Record results reported
* Underlying EPS growth was at the top end of the target range.
== Key FY25 highlights ==
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{{Indexing|====== Gross written premiums and underlying earnings||kind =====prose|order=3}}
* Gross written premiums & other revenues: at EUR 116bn, up +6% vs. FY24
* Underlying earnings: at EUR 8.4bn, up +6% vs. FY24, +9% excluding AXA IM
* Underlying earnings per share at EUR 3.86, +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
* Underlying earnings (excluding AXA IM): up +9%
* Underlying earnings per share: EUR 3.86, up +8% vs. FY24
* Underlying earnings per share included a -2% headwind from foreign exchange movements
* Underlying earnings per share included a -1% headwind from temporary earnings dilution due to the sale of AXA IM, resulting from the timing of an anti-dilutive share buyback
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{{Indexing|====== Solvency II ratio||kind =====prose|order=4}}
* Solvency II ratio: at 224% at December 31, 2025, up +9 points9pts vs. FY24, and 215% on January 1, 2026, reflecting the end of the grandfathering period
* Solvency II ratio: 215% on January 1, 2026, reflecting the end of the grandfathering period
== Capital Management ==
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====== Dividend and share buyback actions ======
{{Indexing|Shareholder returns||kind=prose|order=5}}
* Dividend of EUR 2.32 per share, +8% vs. FY24
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====== 2026 earnings and Solvency II outlook ======
{{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.
* The expectedExpected impact of Solvency II revision isat +17 points.
* AXA willto present its new strategic plan for 2027-2029 on September 21, 2026.
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====== 2025 performance and business line results ======
{{Indexing|2025 Performance and Commentary||kind=prose|order=7}}
* In 2025, AXAearnings delivered very strong performance, withgrowth +9% earnings growth in core businesses excluding AXA IM.
* Reserve prudence enhanced following 2025 results
* These results were used to further enhance reserve prudence.
* The P&C franchise posted stellar results, combining 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 increased with stable underlying margins.
* Life & Health earnings rose by +7%.
** Life earningssegment reflectedreflecting early benefits of the strategy to rejuvenate the business.
** Health grewsegment byearnings +17% even after absorbing the adverse change on VAT treatment in Mexico.
* Investments in automation and Artificial Intelligence are driving efficiency gains.
* The Solvency II ratio is at a very strong level.
* Thomas Buberl, CEO of AXA, stated that these"These results demonstrate the earnings power of theour well-diversified franchise and reinforce our confidence in AXA ' s ability to generate sustainable, long -term value. I would like to thank all our colleagues, agents and partners for their commitment, as well as our customers for their continued trust," said Thomas Buberl, Chief Executive Officer of AXA
== FY25 key highlights ==
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====== Gross written premiums & other revenues by lines of business ======
{{Indexing|Key figures – FY25 key highlights||kind=table|order=8}}
<div style="overflow-x:auto">
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{{Indexing|====== FY25 key highlights||kind =====table|order=9}}
<div style="overflow-x:auto">
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====== Solvency II ratio (%) ======
{{Indexing|FY25 key highlights||kind=table|order=10}}
<div style="overflow-x:auto">
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{{Indexing|Gross====== Total gross written premiums and other revenues||kind by business line =====prose|order=11}}
* Total gross written premiums and other revenues were up +6%.
* Property & Casualty +5%
* This growth was driven by:
** Commercial lines +4% from higher volumes, notably at AXA XL Insurance, and favorable price effects across all geographies
** Property & Casualty (+5%):
** Personal lines +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe and Asia & EME-LATAM
*** Commercial lines (+4%) due to higher volumes (notably at AXA XL Insurance) and favorable price effects across all geographies.
** AXA XL Reinsurance +8% with growth supported by alternative capital
*** Personal lines (+7%) due to favorable price effects and strong growth in net new contracts, particularly in France, Europe, Asia & EME-LATAM.
* Life & Health +8%
*** AXA XL Reinsurance (+8%) with growth supported by alternative capital.
** Life &premiums Health (+89%):
*** 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.
*** G/A (+4%) from continued momentum in Italy and France.
*** Health premiums up +5%, driven by price effects in all geographies.
=== Earnings ===
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{{Indexing|====== Underlying earnings andby EPS||kindbusiness line =====prose|order=12}}
* Underlying earnings +6% to EUR 8.4bn; +9% excluding AXA IM.
** Property & Casualty: +9% due toon higher volumes, underwriting margin expansion, and increasedhigher financial result from higher investment income.
** Life & Health: +7% due toon improved short-term technical results in Health & Protection and higher earnings in long-term business, including early benefits fromof businessstrategy rejuvenationto strategy.rejuvenate the business
** Holdings: underlying earnings broadly stable at EUR -1.2bn.
** Asset Management: decreasedunderlying byearnings -EUR 0.2bn due to thefollowing disposal of AXA IM on July 1, 2025.
* Underlying earnings per share +8% to EUR 3.86.
** Driven by: increase in underlying earnings (+6%) and decrease in interest expense on undated and deeply-subordinated debt.
** Driven by: impact of share buybacks (+3%), including annual share buyback program and anti-dilutive share buyback from AXA IM sale.
** Partially offset by: unfavorable foreign exchange rate movements, notably USD depreciation against EUR (-2%).
* Sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to timing of associated share buyback.
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====== Underlying earnings per share drivers ======
{{Indexing|Net income||kind=prose|order=13}}
* NetUnderlying incomeearnings per share +268% to EUR 9.8bn3.86
* ReflectsDriven increase inby underlying earnings andincrease significantly(+6%) positiveand exceptionaldecrease items,in includinginterest theexpense gainon fromundated the sale ofand AXAdeeply-subordinated IM.debt
* Driven by share buybacks (+3%) including annual share buyback program and anti-dilutive share buyback associated with sale of AXA IM
* Partially offset by foreign exchange rate movements (-2%), notably depreciation of U.S. dollar against Euro
* Sale of AXA IM resulted in temporary dilution of underlying earnings per share due to timing of associated share buyback (-1%)
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== Balance sheet ==
====== Net income and exceptional items ======
* Net income +26% to EUR 9.8bn
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* Reflects increase in underlying earnings and significantly positive exceptional items, notably gain from sale of AXA IM
{{Indexing|Shareholders' equity||kind=prose|order=14}}
== Balance sheet ==
* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
* The decrease was due to:
** Positive contribution from net income (+EUR 9.8bn) and net OCI (+EUR 1.3bn).
** FY24 dividend paid to shareholders (-EUR 4.6bn).
** Impact of share buybacks in 2025 (-EUR 4.7bn), including EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM.
** Unfavorable foreign exchange impact (-EUR 3.5bn), notably from USD depreciation.
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====== Shareholders' equity movements ======
{{Indexing|Contractual Service Margin (CSM)||kind=prose|order=15}}
* CSMShareholders' wasequity EUR 3347.3bn2bn atas of December 31, 2025, down EUR 02.6bn8bn versusvs December 31, 2024.
* New businessPositive contribution (+from net income EUR 2+9.2bn)8bn and underlyingnet returnOCI onEUR in-force (+EUR 1.3bn) more than offset CSM release (-EUR 3.0bn).
* FY24 dividend paid to shareholders EUR -4.6bn
* Normalized growth in CSM was +2%.
* Share buybacks executed in 2025 EUR -4.7bn, including EUR 3.5bn anti-dilutive buyback related to sale of AXA IM
* Market conditions had a favorable impact (+EUR 0.6bn), mainly driven by tightening government spreads and positive equity market performance.
* This was more than offset by unfavorableUnfavorable foreign exchange impactsimpact (-EUR 1-3.5bn), mainlynotably fromdue theto depreciation of JPYU.S. and HKD.dollar
* A negative operating variance (-EUR 0.3bn) occurred as better margins and net flows were offset by a reduction in the duration of Group Life business in Switzerland.
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====== CSM growth and drivers ======
{{Indexing|Solvency II ratio||kind=prose|order=16}}
* SolvencyCSM IIEUR ratio33.3bn was 224% as ofat December 31, 2025, updown +9EUR points0.6bn versusvs December 31, 2024.
* New business contribution EUR +2.2bn and underlying return on in-force EUR +1.3bn offset CSM release EUR -3.0bn
* Drivers of the Solvency II ratio change:
* +2% normalized growth in CSM
** Strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points).
* Favorable market conditions impact EUR +0.6bn, driven by tightening of government spreads and positive equity market performance
** Positive impact from net subordinated debt issuance (+6 points).
* Unfavorable foreign exchange impacts EUR -1.5bn, mainly from depreciation of Japanese yen and Hong Kong dollar
** Favorable impacts from financial markets (+4 points).
* Negative operating variance EUR -0.3bn as better margins and net flows offset by reduction in duration of Group Life business in Switzerland
** Partly offset by the net impact of Nobis and Prima acquisitions, and AXA IM disposal 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 increase the current Solvency II ratio by +17 points.
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====== Solvency II ratio components ======
{{Indexing|Underlying return on equity||kind=prose|order=17}}
* UnderlyingSolvency returnII onratio equity was 16.0224% as of December 31, 2025, up 0.8 points+9pts versusvs December 31, 2024.
* Strong operating return +28pts net of provision for dividend and annual share buyback -24pts
* This increase was notably from higher underlying earnings and lower shareholders' equity.
* Positive impact from net subordinated debt issuance +6pts
* Favorable impacts from financial markets +4pts
* Net impact of acquisitions of Nobis and Prima and disposal of AXA IM including associated EUR 3.8bn share buyback -5pts
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====== Solvency II transitional measures and revision ======
{{Indexing|Debt gearing||kind=prose|order=18}}
* 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
* Debt gearing was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* -10pts decrease in Solvency II ratio to 215% on January 1, 2026
* This was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn).
* Solvency II revision to come into effect in first quarter of 2027 estimated to result in +17pts increase to current Solvency II ratio
* This was partly offset by 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.
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====== Underlying return on equity ======
{{Indexing|Cash at Holding||kind=prose|order=19}}
* CashUnderlying atreturn Holdingon amountedequity to EUR 516.6bn0% as of December 31, 2025, up EUR 10.6bn8pts versusvs December 31, 2024.
* Increase notably from higher underlying earnings and lower shareholders' equity
* This reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.
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====== Debt gearing and cash at Holding ======
* Debt gearing 22.3% as of December 31, 2025, up 1.7pts vs December 31, 2024
* Driven by lower shareholders' equity and CSM, issuance of Restricted Tier 1 and Tier 2 subordinated debt EUR 3.5bn, partly offset by redemption of outstanding grandfathered Tier 1 debt EUR -1.9bn
* Debt gearing in line with 19-23% plan guidance for 2024-2026
* Cash at Holding EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs December 31, 2024
* Organic cash remittance from subsidiaries EUR 7.5bn, up EUR 0.4bn vs December 31, 2024
== Capital management and outlook ==
== Capital management ==
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====== Dividend proposal and share buyback program ======
{{Indexing|Shareholder returns||kind=prose|order=20}}
* A dividendDividend of EUR 2.32 per share proposed (+8% vs FY24) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026.
* TheDividend dividendpayment is expected to be paid ondate 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 on February 25, 2026.
* Program execution subject to Shareholders' Annual General Meeting authorization; all repurchased shares to be cancelled.
* The share buyback program will be executed in accordance with the terms of the applicable Shareholders' Annual General Meeting authorization.
* Buyback expected to commence as soon as reasonably practicable subject to market conditions and complete by year-end.
* AXA intends to cancel all shares repurchased under this program.
* The share buyback program is expected to commence as soon as reasonably practicable, subject to market conditions, and be completed by year-end.
== Outlook ==
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{{Indexing|Outlook for====== 'Unlock the Future' plan||kind drivers =====prose|order=21}}
* 2024-2026 'Unlock the Future' plan entering final year with confidence to achieve main financial targets
* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
* ThisTargets confidenceunderpinned isby: based on(i) profitable organic growth, (ii) scaling technical capabilities across businesses, and(iii) driving operational efficiency throughvia reinforced cost management.
* In P&C Retail and SME & Mid-market, favorable pricing is expected to continue benefiting from the earnthrough of higher pricing and underwriting actions.
* At AXA XL, the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital, despite varying pricing conditions.
* The normalized natural catastrophe load guidance for AXA XL remains at approximately 4.5 points of combined ratio for 2026.
* In Life & Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management.
* 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=2223|p=4}}
====== P&C and Life & Health outlook ======
{{Indexing|Financial targets and capital management||kind=prose|order=22}}
* P&C Retail and SME & Mid-market: favorable pricing; expect continued benefit from earnthrough of higher pricing and underwriting actions
* Results in Holdings in 2026 are expected to remain similar to 2025 levels.
* AXA XL: pricing conditions vary by line; focus on effective cycle management and disciplined capital allocation to grow where returns exceed cost of capital
* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and given the strong operating performance in 2025.
* Normalized natural catastrophe load guidance remains at ca. 4.5 points of combined ratio for 2026
* The targets include 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.
* Life & Health: earnings growth driven by short-term business via disciplined pricing and claims management initiatives
* Another target is an underlying return on equity between 14% and 16% between 2024 and 2026E.
* Life & Health: long-term business strategy to rejuvenate sales coupled with improved persistency expected to generate positive net flows driving CSM growth over time
* The Group also targets cumulative organic cash upstream in excess of EUR 21bn for 2024-2026E.
* AXA is committed to a capital management policy targeting a total payout ratio of 75%.
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* This payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.
====== Holdings results outlook ======
* 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.
* Holdings results in 2026 expected to remain at similar level as in 2025
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====== Financial targets and capital management ======
* Management on track to deliver 'Unlock the Future' plan targets assuming current operating conditions persist
* Underlying earnings per share growth target: upper end of 6-8% CAGR for plan period 2023-2026E and for 2026
* Underlying return on equity target: between 14% and 16% between 2024 and 2026E
* Cumulative organic cash upstream target: in excess of EUR 21bn for 2024-2026E
* Capital management policy targets total payout ratio of 75%
* Payout composition: 60% dividend payout ratio and additional 15% from annual share buybacks
* Proposed dividend per share expected to be at least equal to prior year dividend per share
=== Property & Casualty ===
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====== Gross written premiums and other revenues by lines of business ======
{{Indexing|Key figures – Property & Casualty||kind=table|order=23}}
<div style="overflow-x:auto">
</div>
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====== All-Year Combined ratio and Underlying earnings by FY ======
{{Indexing|Earnings||kind=table|order=24}}
<div style="overflow-x:auto">
</div>
{{chunk|doc=chq99br5nr|c=2528|p=5}}
====== Gross written premiums by line and geography ======
{{Indexing|Gross written premiums & other revenues|Gross written premiums, other revenues, Commercial lines, Personal lines, AXA XL Reinsurance, AXA XL Insurance, Asia, Africa & EME-LATAM, France, Türkiye, Mexico, Europe, UK & Ireland 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 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 attractiveProperty marginand linesCasualty (Property, Casualty 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 (higher average premiums) and Mexico (favorable volume and price effects) in Mexico.
** France (+6%) from favorable price effects acrossin all lines 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 afterfollowing strong repricing in 2024.
** Asia, Africa & EME-LATAM (+14%) driven by Türkiye (higher average premiums and volumes).
** France (+9%) with strong volume growth in all lines 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 softening in other lines.
{{chunk|doc=chq99br5nr|c=2629|p=5}}
====== Combined ratio drivers by component ======
{{Indexing|Combined ratio|Combined ratio, undiscounted current year loss ratio, natural catastrophe, expense ratio, prior years' reserve development, Commercial lines, Personal lines, SME & mid-market business, AXA XL Insurance|cos78e4bvi|caxaby4jlv|rhstabgyn2|kind=prose|order=26|f1=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%}}
* The allAll-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 margin expansion in Commercial lines (-0.5pts), driven by SME & mid-market business (-0.9pts) in a favorable pricing environment, while AXA XL Insurance margins were stable at attractive levels (+0.1pts).
** LowerCommercial undiscounted current yearlines loss ratio excluding natural catastrophe (-0.3pts)5pts fromdriven marginby expansionSME in& Personalmid-market linesbusiness (-0.4pts)9pts in a conducivefavorable pricing environment; AXA XL Insurance margins stable at attractive levels +0.1pts.
* Personal lines loss ratio -0.4pts in a conducive pricing environment.
** Lower expense ratio (-0.3pts) primarily from lower non-commission expense ratio reflecting efficiency gains.
* Lower expense ratio -0.3pts primarily from lower non-commission expense ratio reflecting efficiency gains.
** Lower natural catastrophe charges (-0.4pts to 3.4%) more than offset by lower prior years' reserve development (+0.7pts at -1.1%).
* Lower natural catastrophe charges -0.4pts to 3.4%.
* Lower prior years' reserve development +0.7pts at -1.1%.
{{chunk|doc=chq99br5nr|c=2730|p=6}}
====== Underlying earnings by result component ======
{{Indexing|P&C underlying earnings|P&C underlying earnings, technical result, financial result, income taxes|y30gelxv10|pw41e8kn7m|kmocop7wiu|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 were up +9% to EUR 5.9bn, driven by:.
** Increase in technical result (EUR +0.5bn) reflecting strong volume growth in volumes and improvedimprovement in 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=2831|p=6}}
{{Indexing|Key figures – Life & Health|Key figures, Life & Health,====== Gross written premiums & other revenues, Life,by Health,lines PVEP,of NBbusiness CSM, NBV, NBV margin, Net flows|kind=table|order=28}}====
<div style="overflow-x:auto">
</div>
{{chunk|doc=chq99br5nr|c=2932|p=6}}
{{Indexing|Earnings|Earnings, Life & Health,====== Underlying earnings, by Life, and Health|kind =====table|order=29}}
<div style="overflow-x:auto">
==== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ====
{{chunk|doc=chq99br5nr|c=3033|p=6}}
====== Life & Health gross written premiums by product ======
{{Indexing|Life & Health GWP and other revenues|Life GWP, Health GWP, Unit-Linked, G/A, Protection, Hong Kong, France, Switzerland, Japan, Germany|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=prose|order=30|f1=Life GWP growth|v1=9% to EUR 37.5bn|f2=Unit-Linked growth|v2=+13%|f3=G/A growth|v3=+4%|f4=Protection growth|v4=11%|f5=Health GWP growth|v5=5% to EUR 19.0bn}}
* Life GWP grew by +9% to EUR 37.5bn, mainly from Unit-Linked (+13%), G/A (+4%), and Protection (11%).
* Unit-Linked growth was+13% driven by successful sales initiatives across all geographies.
* G/A growth was+4% notably in France (+4%) and 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.
* Protection growth was+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 by +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.
{{chunk|doc=chq99br5nr|c=3134|p=7}}
====== Present value of expected premiums by line ======
{{Indexing|Present value of expected premiums (PVEP)|Present value of expected premiums (PVEP), Life PVEP, Health PVEP, Hong Kong, France, Switzerland|fz8evycjst|kind=prose|order=31|f1=PVEP decrease|v1=2% to EUR 49.4bn|f2=Life PVEP increase|v2=+1%|f3=Health PVEP decrease|v3=-12%}}
* Present value of expected premiums (PVEP) decreased by -2% to EUR 49.4bn.
* Life PVEP increased by +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 PVEP decreased by -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=3235|p=7}}
====== New business value and margin ======
{{Indexing|NB CSM and NBV|NB CSM, NBV (post-tax), NBV margin (post tax), Savings, Protection, short-term multinational business|cqvs0n2z2e|fz8evycjst|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=0.1 point to 4.5%}}
* NB CSM increased by +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.
* NBV (post-tax) was stable at EUR 2.2bn, 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 by +0.1 point1pts to 4.5%.
{{chunk|doc=chq99br5nr|c=3336|p=7}}
====== Net flows by product and geography ======
{{Indexing|Net flows|Net flows, Protection, Health, Unit-Linked, G/A Savings, G/A capital-light, traditional G/A Savings, Hong Kong, Japan, France, Germany|f4zcgwiyzm|kind=prose|order=33|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}}
* Net flows were EUR +5.4bn compared tovs EUR +1.5bn in 2024.
* Protection net flows EUR +4.9bn mainly in Hong Kong, Japan, and France
* Net flows in 2025 were driven by:
** ProtectionHealth net flows (EUR +42.9bn),7bn mainly in Hong KongGermany, Japan, and France.
** HealthUnit-Linked net flows (EUR +21.7bn),5bn mainlyprimarily in Germany, Japan, and France.
* G/A Savings net flows EUR -3.7bn as inflows in G/A capital-light (EUR +1.2bn) more than offset by outflows in traditional G/A Savings (EUR -5.0bn)
** Unit-Linked (EUR +1.5bn), primarily in France.
* 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=3437|p=7}}
====== Life & Health underlying earnings drivers ======
{{Indexing|Life & Health underlying earnings|Life & Health underlying earnings, Long-term technical result, Short-term technical result, income taxes, affiliates, ICBC-AXA, AXA MPS, Mexico, Germany, France|y30gelxv10|pw41e8kn7m|kmocop7wiu|kind=prose|order=34|f1=Life & Health underlying earnings increase|v1=7% to EUR 3.5bn|f2=Long-term technical result|v2=EUR +0.2bn|f3=Short-term technical result|v3=EUR +0.1bn|f4=Income taxes|v4=EUR +0.1bn}}
* Life & Health underlying earnings increased by +7% to EUR 3.5bn, 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=3538|p=7}}
{{Indexing|====== Holdings underlying earnings|Holdings underlying earnings|y30gelxv10|kind=prose|order=35|f1=Holdings underlying earnings|v1=EUR -1.2bn}}==
* Holdings underlying earnings remained broadly stable at EUR -1.2bn.
=== Ratings ===
{{chunk|doc=chq99br5nr|c=3639|p=8}}
====== Insurer financial strength ratings and AXA's credit ratings by Agency ======
{{Indexing|Ratings|Ratings, S&P Global Ratings, Moody's Investor Service, AM Best, AXA SA, AXA's principal insurance subsidiaries, AXA's credit ratings|u6q0bi3ei3|kind=table|order=36}}
<div style="overflow-x:auto">
=== Glossary ===
{{chunk|doc=chq99br5nr|c=3740|p=8}}
====== Glossary definitions for insurance metrics ======
{{Indexing|Glossary|Glossary|dsc5r029ax|kind=prose|order=37}}
=== Glossary definitions for insurance metrics [¶1-¶5] ===
* 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"): 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
* New business value ("NBV"): the value of newly issued contracts during the current year 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"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP
{{chunk|doc=chq99br5nr|c=3740|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes, net of reinsurance
* Present value of expected premiums ('PVEP'): 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 Group share
=== Scope ===
{{chunk|doc=chq99br5nr|c=3841|p=10}}
====== Scope by geographic and business segment ======
{{Indexing|Scope|Scope|kind=prose|order=38}}
=== Scope: Regional and business line composition [¶1-¶5] ===
* 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).
=== Exchange rates ===
{{chunk|doc=chq99br5nr|c=3942|p=10}}
====== Exchange rates ======
{{Indexing|Exchange rates|Exchange rates, EUR, USD, CHF, GBP, JPY, HKD|2g0bi52xlo|kind=table|order=39}}
<div style="overflow-x:auto">
== Notes ==
{{chunk|doc=chq99br5nr|c=4043|p=11}}
====== Notes ======
{{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|tepp01g689|n63zd2qo95|kind=prose|order=40}}
{{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=4144|p=11}}
====== Reporting basis and audit status ======
{{Indexing|Reporting basis and audit status|Activity indicators, actuarial and financial assumptions, NBV, PVEP, consolidated financial statements, Board of Directors, AXA's statutory auditors|ow7tevuxxr|ie3cmfrol3|x856lnzuq2|kind=prose|order=41}}
* Activity indicators comments and changes on a comparable basis (constant forex, scope and methodology).
== About the AXA group ==
{{chunk|doc=chq99br5nr|c=4245|p=12}}
====== Group profile and financials ======
{{Indexing|About the AXA group|AXA group|4cr8sbi842|kind=prose|order=42}}
=== Group overview and financials [¶1-¶1] ===
* 156,000 employees serving more than 92 million clients in 52 countries
* 2025 IFRS17 revenues: EUR 115.5bn
* 2025 IFRS17 underlying earnings: EUR 8.4bn
=== Listing, sustainability and contact details [¶1-¶2] ===
* AXA ordinary share listed on compartment A of Euronext Paris under ticker CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA)
* AXA American Depository Share quoted on OTC QX platform under ticker AXAHY
* Included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD
* Founding member of UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance
* Signatory of UN Principles for Responsible Investment
* Press release and regulated information available on axa.com pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation available on axa.com
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com
{{chunk|doc=chq99br5nr|c=46|p=12}}
* Individual Shareholder Relations contact: +33.1.40.75.48.43
====== Contact information ======
* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com
* Corporate Responsibility strategy available at axa.com/en/about-us/strategy-commitments
* Investor Relations: +33.1.40.75.48.42, investor.relations@axa.com
* SRI ratings available at axa.com/en/investor/sri-ratings-ethical-indexes
* Individual Shareholder Relations: +33.1.40.75.48.43
* Media Relations: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com
* Corporate Responsibility strategy: axa.com/en/about-us/strategy-commitments
* SRI ratings: 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=4347|p=12}}
====== Forward-looking statements and non-GAAP measures ======
{{Indexing|Important legal information and cautionary statements concerning forward-looking statements and the use of non-gaap financial measures|Legal information, cautionary statements, forward-looking statements, non-GAAP financial measures|tepp01g689|n63zd2qo95|kind=prose|order=43}}
=== Forward-looking statements and non-GAAP measures [¶1-¶1] ===
* Forward-looking statements include predictions of future events, trends, plans, expectations, or objectives, identified by terms such as 'expects', 'anticipates', 'may', 'plan', 'would', or 'could'.
* Statements regarding expected underlying earnings per share ("UEPS") growth for 2026 provideand one-offthose guidance forin the last"Outlook" yearsection ofare theforward-looking, based on GroupManagement's current strategicviews and intentions, and subject to planchange.
* Forward-looking statements are basedsubject onto Management'sknown currentand viewsunknown risks and intentions,uncertainties areoutside subjectAXA's tocontrol change,that andcould speakcause onlyactual atresults the dateto ofdiffer thematerially pressfrom releaseprojections.
* RisksRefer and uncertainties affecting AXA's business and/or results of operations are described into 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 important factors, risks, and uncertainties.
* AXA disclaims any obligation to publicly update or revise forward-looking statements except as required by applicable laws and regulations.
* The press release refers to non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management to analyze operating trends, financial performance, and financial position.
* APMsNon-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labelled measures used by other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, consolidated financial statements prepared in accordance with IFRS.
* "Underlying earnings", UEPS ("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.
== Appendix 1: Gross written premiums et other revenues by geography and business line ==
{{chunk|doc=chq99br5nr|c=4448|p=13}}
====== Gross Written Premiums and Other Revenues by geography and business line ======
{{Indexing|Gross written premiums et other revenues by geography and business line|Gross written premiums, other revenues, geography, business line, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL|kind=table|order=44}}
<div style="overflow-x:auto">
== Appendix 2: Underlying earnings by geography and by business line ==
{{chunk|doc=chq99br5nr|c=4549|p=14}}
{{Indexing|====== Underlying earnings by geography and by business line|Underlying earnings, geography, business line, Property & Casualty, Life & Health, Asset Management, France, Europe, AXA XL, Asia, Africa & EME-LATAM|kind=table|order=45}}====
<div style="overflow-x:auto">
== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==
{{chunk|doc=chq99br5nr|c=4650|p=15}}
{{Indexing|Property & Casualty – gross written====== premiumsTotal P& other revenuesC by business line and discount rates|Property & Casualty, gross written premiums, other revenues, business line, discount rates, Commercial lines, Personal lines, and AXA XL Reinsurance, France, Europe|kind=table|order=46}}====
<div style="overflow-x:auto">
{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
{{chunk|doc=chq99br5nr|c=4751|p=15}}
{{Indexing|====== Interest Rates (5Y) For the Discounting of P&C Claims Reserves|Interest Rates (5Y), Discounting, P&C Claims Reserves, EUR, USD, JPY, GBP, CHF, HKD|qfysbg8bas|kind=table|order=47}}====
<div style="overflow-x:auto">
== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==
{{chunk|doc=chq99br5nr|c=4852|p=16}}
====== P&C: Price effects by country and business line ======
{{Indexing|P&C: Price effects by country and business line|P&C, Price effects, country, business line, Commercial lines, Personal lines, AXA XL Reinsurance, Market pricing trends, France, Europe, Switzerland, Germany, Belgium & Luxembourg, UK & Ireland, Spain|llbwb4tj3c|kind=table|order=48}}
<div style="overflow-x:auto">
== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==
{{chunk|doc=chq99br5nr|c=4953|p=17}}
====== Gross written premiums & other revenues by geography and business line ======
{{Indexing|Life & Health – gross written premiums & other revenues and growth by business line|Life & Health gross written premiums, other revenues, growth, Protection, G/A Savings, Unit-Linked, Health, France, Europe, AXA XL|wpkf9ycgxf|n13vjesiav|kynhd2bvm1|kind=table|order=49}}
<div style="overflow-x:auto">
== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==
{{chunk|doc=chq99br5nr|c=5054|p=18}}
====== PVEP, NBV, and NBV margin by geography ======
{{Indexing|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=table|order=50}}
<div style="overflow-x:auto">
</div>
{{chunk|doc=chq99br5nr|c=5155|p=18}}
====== NB CSM to NBV by Life, Health, Total ======
{{Indexing|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|cqvs0n2z2e|kind=table|order=51}}
<div style="overflow-x:auto">
== Appendix 7: Life & Health – net flows ==
{{chunk|doc=chq99br5nr|c=5256|p=19}}
====== Total Life & Health net flows by business line ======
{{Indexing|Net flows by business line|Life & Health net flows, Health, Protection, G/A Savings, capital light, traditional G/A, Unit-Linked, Mutual Funds & Other|f4zcgwiyzm|kind=table|order=52}}
<div style="overflow-x:auto">
== Appendix 8: Main transactions and next main investor events ==
{{chunk|doc=chq99br5nr|c=5357|p=20}}
====== Main transactions in 2025 ======
{{Indexing|Appendix 8: Main transactions and next main investor events|Main transactions, next main investor events|kind=prose|order=53}}
* Share repurchase agreement executed for AXA share buyback program of up to EUR 1.2bn (February 28, 2025)
=== Main transactions in 2025 [¶1-¶1] ===
* Share repurchase agreement executed for AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)
* Acquisition of Nobis Group in Italy completed (April 1, 2025)
* Placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
* Share repurchase agreement executed for AXA's Shareplan and certain stock-based compensation (June 2, 2025)
* Sale of AXA Investment Managers to BNP Paribas completed (July 1, 2025)
* Share repurchase agreement executed for up to EUR 3.8bn following the sale of AXA IM (July 1, 2025)
* Acquisition of Prima, the leading direct insurance player in Italy, announced (August 1, 2025)
* 2025 employee share offering program (Shareplan 2025) launched (September 10, 2025) and successfully completed (December 3, 2025)
== Next main investor events ==
{{chunk|doc=chq99br5nr|c=5458|p=20}}
====== Upcoming investor events ======
{{Indexing|Next main investor events|Next main investor events|snkw7cucpt|kind=prose|order=54|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}}
* 2026 Shareholder's Annual General Meeting on April 30, 2026
|